US economy

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Trump Points to Jobs Report as Cure for Race Issues
Trump: It's a 'Great Day'
for George Floyd
the rundown
Jun 5, 2020 12:12 PM CDT

Trump: It's a 'Great Day' for George Floyd

President celebrates the jobs numbers, speaks of need for 'fair treatment' from police

(Newser) - "Victory lap." That's the term used by the AP and CNN to describe President Trump's reaction to Friday's surprisingly strong jobs report . "This shows that what we've been doing is right," Trump said in the Rose Garden, referring to the White House...

Virus Clobbers Retail Sales, US Factories

Both industries see record drops

(Newser) - US retail sales tumbled by a record 16.4% from March to April as business shutdowns caused by the coronavirus kept shoppers away, per the AP . The Commerce Department’s report Friday on retail purchases showed a sector that has collapsed so quickly that sales over the past 12 months...

Trump's Top Economic Advisers Warn Things Will Get Worse

Unemployment rate could end up higher than 20% by next month, one predicts

(Newser) - The US economy is in rough shape, and things are going to get worse. That was the dire prediction from not one but two of the White House's top economic advisers Sunday, per the Washington Post :
  • "The reported numbers are probably going to get worse before they get
...

The Jobs Report Is Coming. It&#39;s Going to Be Grim
'And Now, It's Gone':
What the Jobs Report Will Hold
the rundown
May 8, 2020 12:45 AM CDT

'And Now, It's Gone': What the Jobs Report Will Hold

US is expected to have wiped out a decade's worth of jobs

(Newser) - The monthly jobs report is out at 8:30am ET Friday, when we'll find out just how grim the April employment numbers are. The March report was "shocking," without even showing the true brunt of the coronavirus pandemic's impact since the relevant surveys end mid-month. Media...

Millions More Join the Ranks of the Unemployed

20% of US workers have filed for unemployment aid

(Newser) - Another 3.2 million Americans filed for unemployment benefits last week, bringing the total over seven weeks to 33.5 million—or one in five Americans who were employed as of February, per the AP . Economists had predicted 3 million claims, Reuters reports. The week ending May 2 was the...

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...

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