US economy

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These States' Economies Are Pulling Their Weight

Washington tops WalletHub's rankings

(Newser) - How well the US economy is doing is dependent on how well the states themselves are doing, and WalletHub looked at all 50 states and the District of Columbia to see which ones boast the best economies. Three main categories are in play: economic activity (including startup activity, exports per...

Long-Cautious Jamie Dimon Has Another Economic Warning

He sees the potential for interest rates to hit 8% or more

(Newser) - Some market watchers suspect the Fed won't cut rates at all in 2024. JPMorgan Chase CEO Jamie Dimon sees the potential for things to move sharply in the other direction. In an annual letter to JPMorgan Chase shareholders released Monday, Dimon warned that while he expects the US economy...

Those 3 Fed Rate Cuts Are Starting to Look Shaky

Friday's strong jobs report has economists adjusting their expectations

(Newser) - Fewer than three weeks ago, the Fed signaled that they still expected to cut their key interest rate three times in 2024 , taking it down three-quarters of a point from its current 5.25% to 5.5% range. Traders are now growing increasingly doubtful that many cuts will come to...

Federal Reserve Keeps Rate As-Is Yet Again

It holds for 5th straight time, with 3 cuts still expected in 2024

(Newser) - After ending their latest meeting, Federal Reserve officials kept their benchmark interest rate unchanged for a fifth straight time at between 5.25% and 5.5%, reports the Wall Street Journal. They signaled that they still expect to cut their key interest rate three times in 2024 despite signs that...

Economic 'Vibes' May Be Tilting Toward Biden

The all-important consumer sentiment continues to rise

(Newser) - President Biden has been dogged for much of the past year by what the Economist calls an "emotional disconnect" on the economy. Growth has been strong, but Americans have remained in a lousy mood about money, thanks largely to high prices across the board. Now, however, a closely watched...

One Stat in New Poll a Big Problem for Biden

Respondents favor Trump on the economy by 22 points

(Newser) - "Inflation is coming down," President Biden declared on the campaign trail last week. "Jobs are growing," he added, a reference to the still-sizzling labor market . On top of that, the stock market has been booming to record levels. Despite the rosy stats, however, a new NBC...

New GDP Report Is Surprisingly Strong

Economy grew 3.3% in final quarter of 2023, well ahead of expectations

(Newser) - The nation's economy grew at an unexpectedly brisk 3.3% annual pace from October through December as Americans showed a continued willingness to spend freely despite high interest rates and price levels that have frustrated many households, per the AP . Most analysts had predicted growth of 2% for the...

Biden Democrats Are Unhappy With the Economy, Too

Analysts say other issues could be more important to voters in 2024

(Newser) - Joe Biden's voters in 2020 were younger, made less money, and were as a group more racially diverse than those who voted for Donald Trump. That happens to be the US segment suffering the most from inflation and high interest rates right now, the New York Times reports. It'...

Only One Part of Polls Should Worry Democrats

Only One
Part of Polls
Should Worry

Only One Part of Polls Should Worry Democrats

It's how Americans view the economy, writes pollster Mileah Kromer

(Newser) - Like a lot of political observers, Mileah Kromer doesn't think Democrats should be too worried about what Kromer calls "horse race polls" showing Donald Trump ahead of President Biden a year out from the election. But Kromer, who's director of the Sarah T. Hughes Center for Politics...

Poll: Belief in the American Dream Is Fading Fast

Only 36% agree that anyone can get ahead through hard work

(Newser) - Belief in the American dream is fading, with only 36% of respondents to a Wall Street Journal /NORC survey agreeing that anyone who works hard can get ahead. That's down from 53% who agreed with the sentiment in 2012 and 48% in 2016, the Journal reports. In the latest...

'It Doesn't Make Sense to Me to Spend $100 on Candy'

Ahead of Halloween trick-or-treaters, inflation for gum, other sweet treats reaches double digits

(Newser) - Spooked by the high price of Halloween candy? There's not much relief in sight. For the second year in a row, US shoppers are seeing double-digit inflation in the candy aisle. Candy and gum prices are up an average of 13% this month compared to last October, more than...

US Economy Is a Hot One Right Now
US Economy Is a
Hot One Right Now

US Economy Is a Hot One Right Now

It expanded at a strong 4.9% annual rate during Q3—more than twice the rate of Q2

(Newser) - The nation's economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates, and widespread forecasts of a recession to spend at a brisk pace. The Department of Commerce said the economy expanded last quarter at the fastest pace...

Warning to UAW: Don't Kill 'the Goose That Lays the Golden Egg'

In 'NYT' op-ed, Steven Rattner worries about strike's 'implications for our economy,' and for Biden

(Newser) - The United Auto Workers union is threatening to expand its targeted strike against Detroit's Big Three automakers if major advances aren't seen in contract negotiations by Friday. But at least one person thinks that the UAW is "overplaying its hand" in taking on Ford, General Motors, and...

Yellen: Signs Point Away From Recession

Treasury secretary expresses confidence about economy

(Newser) - Polls show Americans are feeling a bit better about the US economy lately, per the Wall Street Journal , and that includes Treasury Secretary Janet Yellen. Asked if the nation will be able to head off a recession while keeping inflation under control, she told Bloomberg , "I think you'd...

Fitch Downgrades US Credit Rating
Fitch Downgrades
US Credit Rating

Fitch Downgrades US Credit Rating

Agency cites mounting debt, political divisions

(Newser) - Fitch Ratings has downgraded the United States government's credit rating, citing rising debt at the federal, state, and local levels and a "steady deterioration in standards of governance" over the past two decades. The rating was cut Tuesday one notch to AA+ from AAA, the highest possible rating....

Fed Chair Says US May Have Dodged Recession

Congressional Budget Office is also predicting 'soft landing'

(Newser) - The Federal Reserve believes its policies may have helped the US economy avoid recession and achieve a "soft landing," a possibility analysts once saw as remote. In remarks after the latest interest rate rise was announced Wednesday, Fed Chair Jerome Powell said the central bank is no longer...

Fed Hikes Interest Rates to a 22-Year High

Quarter-point increase is 11th in 17 months

(Newser) - The expectation was that the Federal Reserve would lift its key interest rate for the 11th time in 17 months, and that's exactly what came to pass on Wednesday. The quarter-point hike brings the the Fed's short-term rate to roughly 5.3%, the highest level since 2001. As...

Biden: Future Is 'Bidenomics,' Not Trickle-Down

White House has embraced term used by president's critics

(Newser) - The term "Bidenomics" has a history of being used to criticize President Biden's policies, but the White House has decided to embrace it. The president used the term in a speech in Chicago on Wednesday, contrasting it with trickle-down economics, which he said "didn't represent the...

Wall Street Likes Latest News on Consumer Prices

4.9% inflation was a tad less than expected

(Newser) - Consumer prices in the United States rose again in April, and measures of underlying inflation stayed high, suggesting that rising costs could persist for months to come—but the annual increase came in a hair under what was expected, cheering investors. The major points:
  • Prices rose 0.4% from March

US Has Fewer Job Openings Than Expected

Employers post 9.6M vacancies in March, lowest figure since 2021

(Newser) - US job openings fell in March to the lowest level in nearly two years, a sign that the American labor market is cooling in the face of higher interest rates, per the AP . Employers posted 9.6 million vacancies in March, down from nearly 10 million in February, and layoffs...

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