economy

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In Lebanon, Scores of Migrant Maids Dumped Like 'Garbage'

Ethiopian workers are being abandoned on embassy steps in Beirut as virus kills economy

(Newser) - There are about a quarter-million migrant workers in Lebanon, many of them from Ethiopia, but as the coronavirus continues to wreak havoc on the former country's economy, maids from the latter are finding themselves suddenly out of a job and dumped on the doorstep of the Ethiopian Embassy in...

Mnuchin Gives His Take on Closing the Economy Again

The treasury secretary gave his take as Wall Street shuddered over the coronavirus

(Newser) - Treasury Secretary Steven Mnuchin says re-closing the US economy is not an option. "We can't shut down the economy again. I think we've learned that if you shut down the economy, you're going to create more damage," he told CNBC 's Jim Cramer on...

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...

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...

China Just Had Its Worst Economic Drop Since 1970s

World's second-largest economy shrinks 6.8% from a year prior

(Newser) - China suffered its worst economic contraction since at least the 1970s in the first quarter as it fought the coronavirus, and weak consumer spending and factory activity point to a longer, harder recovery than initially expected. The world’s second-largest economy shrank 6.8% from a year ago in the...

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...

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...

'A Faint Glimmer of Light' Is Seen in the Economy

Some employers have a message for laid-off staffers

(Newser) - As millions of job cuts tear through the US economy, a faint glimmer of light has emerged: Some employers are trying to maintain ties to the staffers they're letting go so they can more quickly rehire them once the viral outbreak has passed, the AP reports. Several large retail...

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...

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...

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...

There's a 'New Abnormal.' Here's Where Banks Come In

San Francisco Fed warns of financial risks that could come into play due to global warming

(Newser) - Greta Thunberg has warned about the environmental perils of climate change. Now, bank regulators are sending up the red flag on possible financial consequences. The warnings come courtesy of the Federal Reserve Bank of San Francisco , which put out a series of 19 papers, compiled by more than three...

Looking for a Thriving Economy? These US Cities Fit the Bill

You'd do well to check out certain areas in the South and West

(Newser) - What helps keep a city afloat (and even thriving) as others hit hard times: a healthy, growing economy. WalletHub took a look at more than 500 cities of all different population sizes, looking at growth and decline over a seven-year stretch. The site examined 17 metrics in two key categories:...

US-China Trade War May Mean Higher Prices

Tariffs of 10% and 5% apply to various goods imported from China

(Newser) - The US and China on Sunday put in place their latest tariff increases on each other's goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season, the AP reports. President Donald Trump said US-China trade talks were still...

Elizabeth Warren: We're Headed for 'Economic Crash'

She says it can be warded off in the next year or two, but not with Trump policies

(Newser) - One of the factors thought to be in President Trump's favor in the 2020 election is the economy, thanks to low unemployment and a rising stock market, notes Politico . But if Elizabeth Warren is correct, Trump might actually be in trouble over the economy before election day. "Warning...

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