Moody's Analytics chief economist Mark Zandi warns of an impending recession, citing weak jobs data and other economic indicators. July's payroll growth was significantly lower than expected, and revisions to previous months' figures further paint a grim picture. Consumer spending has plateaued, construction and manufacturing are contracting, and...
Revised US job growth figures show a much weaker labor market than initially reported. Payroll growth was only 73,000 in July, significantly lower than predicted, with downward revisions to previous months revealing a near standstill in the spring. This prompted President Trump to fire the head of the Bureau...
July's job growth significantly weakened to 73,000, with May and June gains erased, pushing the unemployment rate to 4.2%. Trump's tariffs are cited as a major factor, impacting manufacturing with an 11,000 job loss in the sector. Factory managers report tariff uncertainty is depressing orders and causing unexpected...
US-Canada trade tariffs have increased prices on several goods in Canada. Refrigerators, washing machines, and new and used cars have seen price increases of 2% to over 5%, respectively, due to counter-tariffs on US-made appliances and vehicles. Grocery staples like peanut butter, canned soup, and tomato ketchup are...
Former President Trump renewed his attacks on Federal Reserve Chair Jerome Powell, urging the Fed's board of governors to override Powell's decisions on interest rates. Trump criticized Powell for not cutting rates, calling him 'stubborn' on his Truth Social platform. Powell, supported by most of the board, has...
US inflation rose to 2.6% in June, exceeding the Federal Reserve's 2% target, driven partly by President Trump's tariffs. The increase is reflected in higher prices for imported goods like furniture and appliances. The Fed, despite Trump's pressure, kept interest rates unchanged, citing concerns about persistent inflation. ...
The Trump administration announced a revised trade deal with South Korea, reducing tariffs from 25% to 15% on imports. Trade advisor Peter Navarro claims the deal, modeled after the Japan agreement, secured significant financial gains for the US, including a $350 billion investment from South Korea. Navarro highlighted...
President Trump signed an executive order eliminating the $800 de minimis import duty exemption for most countries, impacting online shopping. This means higher prices for Americans buying foreign goods from sites like Amazon and eBay, starting August 29th. While some exceptions exist for international postal networks, ultimately all...
China's Politburo pledged support for businesses affected by potential US tariff hikes following inconclusive trade talks in Stockholm. While both sides discussed extending a tariff deadline (August 12th), no agreement was reached. US Treasury Secretary Scott Bessent stated President Trump will decide on the next steps. China...
Federal Reserve officials may dissent from holding interest rates steady, reflecting a divided outlook on the economy's health. Governors Waller and Bowman could vote against maintaining the rate at 4.3%, marking the first such dissent in over three decades. This division might foreshadow potential conflicts after Chair Powell's term...
