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The committee tasked with marking U.S. business cycles says the economy peaked in February and has since been in a recession triggered by the pandemic. But it says the recession could be short-lived.
The Labor Department says about 1.9 million people filed for unemployment last week, but there are some signs that people may be returning to their jobs.
The speed and scale of the economic crash have drawn comparisons to the Great Depression. But this downturn should be shorter, former Fed Chairman Ben Bernanke and other economic historians say.
The Federal Reserve is widely expected to cut interest rates by a quarter percentage point. That could give a lift to the stock market but may not do much to help the economy amid the trade war.
The Labor Department says U.S. employers added 130,000 jobs in August, fewer than private analysts had expected. The unemployment rate was unchanged at 3.7%.
The Trump administration pushed back hard against warnings of an economic slowdown. But the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.
The Trump administration is postponing some tariffs on Chinese imports set to take effect on Sept.1. Tariffs on laptops, cellphones, some clothing and other items are now set to begin Dec. 15.
President Trump had been expected to nominate Tomas Philipson as permanent chair of his Council of Economic Advisers. Philipson, an expert on health economics, succeeds Kevin Hassett.
The Federal Reserve chairman is testifying before Congress this week about challenges the economy faces. Stocks rallied in anticipation the central bank will lower interest rates later this month.
Job growth rebounded strongly last month as employers added 224,000 jobs. That followed a disappointing May when employers added just 72,000 jobs.
There’s an unusual air of suspense surrounding the Federal Reserve’s policy meeting, with the possibility that the central bank could cut rates for the first time in nearly 11 years.
Under pressure from Florida lawmakers, the Trump administration is taking steps to protect domestic tomato growers from Mexican competition.
The Commerce Department says the U.S. economy picked up steam in the first three months of the year. GDP grew at an annual rate of 3.2% in the first quarter, up from 2.2% at the end of 2018,
In a turnaround, congressional analysts are no longer recommending a phaseout of paper dollars in favor a dollar coin. Paper money is lasting longer because of cashless transactions.
Employers added 196,000 jobs in March, bouncing back from February’s weak growth, the Labor Department said Friday. The jobless rate was unchanged at nearly 50-year lows.
President Trump has threatened to close the U.S. border with Mexico in response to a large number of illegal crossings. A closure would likely hit a wide range of industries, from produce to autos.
The Federal Reserve left interest rates unchanged Wednesday and signaled that no more rate hikes may be necessary this year amid signs of economic slowing.
President Trump used his veto pen for the first time Friday. GOP senators who bucked the president in Thursday’s vote said they did so to preserve congressional control over government spending.
President Trump’s 2020 budget proposal, released on Monday, calls for $8.6 billion in new border wall funding, along with increased military spending and deep cuts to domestic programs.
President Trump has suspended a planned increase in tariffs on hundreds of billions of dollars in Chinese imports, after what he called “very productive” trade talks in Washington this weekend.
President Trump is hunting for his third chief of staff in less than two years. So far, he is not finding many takers. “You have to wonder who would want to take this job,” said one scholar.
The patriarch of a political dynasty, Bush was the last World War II vet to serve in the Oval Office. His son George W. called him “one of the greatest one-term presidents in the nation’s history.”
Angered by General Motors’ decision to idle plants and lay off thousands of workers, the Trump administration threatened to retaliate by withholding federal subsidies for the company’s cars.
The fate of Obamacare may hinge on which party wins the midterm elections.
President Trump called for a doubling in the tariff on imported steel and aluminum from Turkey, escalating a diplomatic spat with a key NATO ally.