US economy

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Musk: 'Temporary Hardship' Under Trump Spending Plans
Musk: 'Temporary Hardship'
Under Trump Spending Plans
THE RUNDOWN
Oct 31, 2024 12:00 PM CDT

Musk: 'Temporary Hardship' Under Trump Spending Plans

He says he'll find $2 trillion to cut from federal spending

(Newser) - Elon Musk is set to lead a " government efficiency commission " if Donald Trump wins the election—and the world's richest man admits that there will be some "temporary hardship" under Trump's plans. Asked about cutting the nation's debt at a telephone town hall Friday,...

First GDP Estimate for Third Quarter Isn't Terrible

US economy grew at a healthy 2.8% annual rate

(Newser) - The US economy grew at a 2.8% annual rate from July through September, a figure the AP calls "healthy" and CNBC calls "solid though slightly disappointing." Wednesday's report from the Commerce Department said the gross domestic product—the economy's total output of goods and...

Even Wealthy Households Are Living Paycheck to Paycheck

Analysts say a quarter of Americans are spending almost all their income on necessities

(Newser) - If you've found it impossible to save money as living costs have surged over the last few years, you're far from alone. According to a Bank of America Institute analysis, around a quarter of American households live "paycheck to paycheck," which the institute defines as households...

Harris Is Repeating Hillary Clinton's Mistake
Harris Is Repeating
Hillary Clinton's
Mistake
OPINION
Oct 16, 2024 3:50 PM CDT

Harris Is Repeating Hillary Clinton's Mistake

She must focus on economic populism, stop trying to woo 'Never Trump' Republicans

(Newser) - Kamala Harris' decision to mention Alberto Gonzales being added to the list of Republicans who've thrown their support behind her rubbed Jeet Heer the wrong way. In a piece for the Nation , Heer writes that the reference to the former US attorney general at a Thursday town hall sponsored...

Biggest Bank Suggests US Has Achieved a 'Soft Landing'

JPMorgan exec uses the phrase while discussing better-than-expected quarterly results

(Newser) - The Federal Reserve has been adjusting rates and watching inflation as it attempts to pull off an elusive "soft landing" for the economy. On Friday, an exec at the nation's biggest bank said the central bank appears to have pulled it off and avoided a recession. After JPMorgan...

Stronger-Than-Expected Jobs Report Gets a 'Wow'

Feds say employers added 254K jobs last month

(Newser) - America's employers added a surprisingly strong 254,000 jobs in September, the latest evidence that the US labor market is still solid enough to support steady hiring and a growing economy. Last month's hiring gain was up sharply from the 159,000 jobs that were added in August,...

Why the Latest Jobs Report Is Such a Big Deal

It could affect White House race as well as Fed rate cuts

(Newser) - The monthly jobs report comes out Friday morning and since it has the potential to affect both the presidential race and the Federal Reserve's long-anticipated interest rate cut, it's being very closely watched. Economists will be watching to see if the unexpected spike in the unemployment rate in...

Surprise Poll Result: Harris Leads on the Economy

It's the first time the Democratic candidate has led since Financial Times poll began last year

(Newser) - Kamala Harris has been rising in the polls since entering the 2024 race, and a new survey might be of particular concern to the Donald Trump camp: The poll by the Financial Times and the University of Michigan's Ross School of Business finds that more people trust Harris with...

US Economy's Q2 Provides 'a Perfect Report for the Fed'

GDP grew, but not too much, at 2.8%

(Newser) - The nation's economy accelerated last quarter at a strong 2.8% annual pace, with consumers and businesses helping drive growth despite the pressure of continually high interest rates, reports the AP . Thursday's report from the Commerce Department said the gross domestic product—the economy's total output of...

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
Democrats
OPINION
Nov 27, 2023 10:50 AM CST

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...

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