US economy

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1 in 6 American Workers Seeking Unemployment Aid

Another 3.8M join the ranks

(Newser) - More than 3.8 million laid-off workers applied for unemployment benefits last week as the US economy slid further into a crisis that is becoming the most devastating since the 1930s, per the AP . Roughly 30.3 million people have now filed for jobless aid in the six weeks since...

'Devastating Force' of Virus Rampages Through Q1 GDP

US economy shrank at 4.8% annual rate last quarter—and it's estimated to fall 40% in Q2

(Newser) - The US economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest economic expansion on record. The Commerce Department says the gross domestic product, the total output of goods and...

With Millions More Laid Off, a Dire Prediction From Economists

After 5.2M more file for unemployment, unemployment rate could hit 20% in April

(Newser) - The wave of layoffs that has engulfed the US economy since the coronavirus struck forced 5.2 million more people to seek unemployment benefits last week. Roughly 22 million have sought jobless benefits in the past month—easily the worst stretch of US job losses on record. All told, nearly...

We Just Saw an Unprecedented Plummet in Retail Sales

They were down 8.7% in March, and the reality is likely worse

(Newser) - US retail sales plummeted 8.7% in March, an unprecedented decline that came as the viral outbreak forced an almost complete lockdown of commerce nationwide. The deterioration of sales far outpaced the previous record decline of 3.9% that took place during the depths of the Great Recession in November...

Congressman: We'll Preserve 'Way of Life' Over Lives

It's an 'insult' to Americans to do otherwise: Trey Hollingsworth

(Newser) - A GOP congressman said Tuesday that it's better to let Americans die than deal with a tanking economy, and to do otherwise "is to insult" Americans. "Both of these decisions will lead to harm for individuals, whether that’s dramatic economic harm or whether it's loss...

White House Considers a New Goal to Reopen US
White House Considers
a New Goal to Reopen US
updated
Apr 9, 2020 3:50 PM CDT

White House Considers a New Goal to Reopen US

The next several weeks could see businesses reboot on a 'rolling basis'

(Newser) - When will the US get back to business? The simple question has a nuanced answer, but the White House appears to be aiming for at least a partial easing of the shutdown in a span that can be measured in weeks. "The next month or two, we should be...

Fed Chief: Economy's Rebound May Be 'Robust'

Agency unveils $2.3T loan program to help small businesses, cities

(Newser) - The Federal Reserve is taking additional steps to provide up to $2.3 trillion in loans to support the economy, per the AP . The money will target American households and businesses, as well as local governments besieged by the coronavirus outbreak. The Fed said Thursday that it's activating a...

Grim Numbers Expected in Today's Jobs Report

And there is much worse to come, analysts say

(Newser) - After a record 113 straight months of hiring, the government's monthly jobs report Friday is expected to show that the American jobs machine came to a sudden halt in March as a result of the coronavirus. Economists have forecast that the government will say employers shed about 150,000...

What Trump&#39;s Early Return to Work May Look Like
What Trump's Early Return
to Work May Look Like
the rundown
Mar 24, 2020 11:23 AM CDT

What Trump's Early Return to Work May Look Like

It would likely be phased in by geography and health next month. Some still see doom.

(Newser) - President Trump is making clear that he wants to get the nation working again sooner rather than later— by Easter Sunday, to be exact . That has some in the business community happy, but others worried that easing up on restrictions will only worsen the coronavirus outbreak and damage the economy...

Texas Lt. Gov.: Don't 'Sacrifice the Country' to Save Us Seniors

It's unclear just how many seniors agree with Dan Patrick on his thoughts about saving US economy

(Newser) - These are times in which we may all have to make some sacrifices, but in the Texas lieutenant governor's mind, senior citizens in the US should be ready to make the ultimate sacrifice. NBC News reports that Dan Patrick appeared on Tucker Carlson's Fox News show Monday night,...

Obama Remarks on US Economy, Trump Hits Back

'Did you hear the latest con job?'

(Newser) - Presidents Day featured the current president of the United States going on the attack against a predecessor after President Trump became agitated by a tweet from former President Obama. Per the Hill , Obama started things off Monday morning by commemorating the 11th anniversary of his signing of the American Recovery...

How Coronavirus May Help Trump's Re-Election

Axios: Global economy could rebound strongly in the summer and fall

(Newser) - One line of thought is that the coronavirus outbreak in China could take a toll on the global economy, causing "ripple effects" in the US that spell trouble for President Trump in an election year, per the Hill . But an analysis at Axios floats the idea of the opposite...

Budget Deficit Nears 'Unprecedented' Level

The CBO says it will top $1 trillion, again

(Newser) - An annual congressional report says the US budget deficit is likely to burst through the symbolic $1 trillion barrier this year despite a healthy economy, the AP reports. Tuesday's Congressional Budget Office report follows a burst of new spending last year and the repeal in December of several taxes...

At Davos, Trump Talks Up America's 'Blue-Collar Boom'

President also had a lot to say about impeachment trial

(Newser) - On the first day of President Trump's impeachment trial, Republican senators stymied Democrats' attempts to bring additional evidence and witnesses, but on the witness topic, Trump says he actually wants to see those like chief of staff Mick Mulvaney and former national security adviser John Bolton brought in to...

This Is the Shortest Holiday Shopping Season Since 2013

More intense scramble predicted

(Newser) - The mad scramble between Thanksgiving and Christmas just got six days shorter. Black Friday once again kicks off the start of the holiday shopping season. But with six fewer days than last year, it will be the shortest season since 2013 because Thanksgiving fell on the 28th—the latest possible...

Fed Cuts Rates Again, With a Big 'But'

The short-term rate is lowered to between 1.5% and 1.75%

(Newser) - The Federal Reserve cut its benchmark interest rate Wednesday for the third time this year to try to sustain the economic expansion in the face of global threats, the AP reports. But it hinted that it won't likely cut again this year. The Fed's move reduces the short-term...

New GDP Number Is One Trump Once Assailed
New GDP Number
Is Out. Here's
What It Means
the rundown
Oct 30, 2019 11:00 AM CDT

New GDP Number Is Out. Here's What It Means

Growth slips to 1.9% in 3rd quarter but beats expectations

(Newser) - The summer temps may have been record-setting hot, but the economy experienced some chills. Data out Wednesday via the Commerce Department shows GDP grew at a 1.9% rate from July through September, down from a growth rate of 2% in the second quarter. Why, what it means, and President...

Survey: US Business Hiring Falls to 7-Year Low

Fewer employers are raising pay, economists say

(Newser) - A measure of hiring by US companies has fallen to a seven-year low and fewer employers are raising pay, a business survey has found. Just one-fifth of the economists surveyed by the National Association for Business Economics said their companies or industries have hired additional workers in the past three...

Trump on Tax Cuts: &#39;We Don&#39;t Need It&#39;
Trump Flip-Flops
on Tax Cut Plan
Aug 22, 2019 1:03 AM CDT

Trump Flip-Flops on Tax Cut Plan

'We don't need it,' he says

(Newser) - A day after considering cutting taxes to promote economic growth, President Trump on Wednesday changed course and said he would abandon the idea because the nation already had "a strong economy." Trump's flip-flop came after recent market volatility and economic uncertainty, and amid a debate about whether...

What RV Shipments Say About a Possible Recession
What RV Shipments Say
About a Possible Recession
the rundown
Aug 19, 2019 10:00 AM CDT

What RV Shipments Say About a Possible Recession

They're down 2 years in a row, which happened before last 3 recessions

(Newser) - Last week saw Wall Street's worst day in 2019—and also saw President Trump telling a crowd in New Hampshire that their 401(k)s will be in far worse shape if Democrats take the White House in 2020. "I don't think we're having a recession," Trump...

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