U.S. manufacturing sector falls into deeper recession
September marked the worst month for U.S. manufacturing in more than a decade—since June 2009—according to the closely watched Institute for Supply Management’s Manufacturing Index.
Economy
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Gap between rich, poor in U.S. expands to historic size
In the midst of the longest economic expansion the United States has ever seen, the separation between rich and poor from 2017 and 2018 reached its highest level since the Census Bureau started tracking it in 1967.
U.S. economy slows in second quarter to 2% growth
The April-June increase in the gross domestic product, the economy’s total output of goods and services, slipped from a brisk 3.1% gain in the first quarter.
U.S. consumer confidence drops as economic uncertainties rise
The trade war with China and a global slowdown have contributed to uncertainties that are clouding the outlook for the U.S. economy, now in its 11th year of expansion.
Saudi oil attack could push gas prices up 25 cents, expert says
Should the recovery take weeks or months, the impact could be far-reaching. Higher fuel prices can not only motivate consumers to cut spending elsewhere but also ultimately reach into virtually every corner of the economy.
U.S. retail sales show solid increase as auto-buying jumps
Figures released Friday showed August retail sales advanced more than forecast, while consumer sentiment rebounded from an almost three-year low.
U.S. household income hits 1999 peak; poverty rate lowest since 2001
Government figures show that after more than a decade of economic growth—the longest expansion on record—Americans are finally earning what they did two decades ago once inflation is taken into account.
IBJ Podcast: Pete The Planner on how to prepare for the next recession
Pete the Planner talks to host Mason King about how to look at your budget and evaluate your readiness for a recession, and he offers advice about the kinds of changes that can help. Plus, he explains why you’re making a mistake if you try to time the market’s ups and downs.
U.S. added slightly fewer jobs than expected in August
The Labor Department’s monthly jobs report showed that the unemployment rate remained 3.7%, near the lowest level in five decades. And average hourly pay rose 3.2% from a year earlier, outpacing inflation and lifting Americans’ spending power.
Indicators in U.S. jobs market warn of possible weakness ahead
Two key indicators—hiring for temporary-help positions and weekly working hours—have declined this year even as unemployment has remained near a half-century low.
Survey shows solid monthly job growth for companies of all sizes
U.S. businesses added a healthy 195,000 jobs last month, a sign companies are still hiring at a brisk pace despite the ongoing trade war with China.
Optimistic U.S. consumers boosted spending 0.6% in July
U.S. consumer spending grew 0.6% in July, a healthy gain that suggests American shoppers are largely ignoring concerns about trade tensions and driving the economy forward.
U.S. orders for long-lasting goods show 2.1% July increase
Orders for transportation equipment powered the overall gain, rising 7%, the category’s strongest month in almost a year.
U.S. Steel expects 150 layoffs by idling Indiana plant
The Pittsburgh-based company says the East Chicago plant was underutilized because low-priced imports have captured roughly half of the U.S. tin products market.
Trump vows response as China plans tariffs on $75B in U.S. goods
President Donald Trump on Friday called on U.S. companies with operations in China to consider an alternative place to do business after Beijing announced a series of retaliatory tariffs Friday.
Weak world demand, trade take their toll on U.S. factories
Bigger cracks are forming across America’s manufacturing foundation after lackluster global demand and persistent trade tensions led to the first contraction in U.S. factory activity since September 2009.
Trump drops tax cut idea, citing ‘strong economy’
President Donald Trump also knocked down the idea of indexing to the capital gains tax, which applies when investors sell assets, to inflation.
Trump acknowledges China policies could mean U.S. economic pain
President Donald Trump said Tuesday his aggressive China trade policies might mean economic pain for Americans but insisted they’re needed for more important long-term benefits.
Trump confirms he’s considering temporary payroll tax cut
The White House has, in recent days, sought to exude confidence about the economy’s strength while at the same time hunting for ways to bolster business and consumer confidence.
Economists survey: 74% expect U.S. recession by end of 2021
The economists surveyed were skeptical about prospects for success of the latest round of U.S.-China trade negotiations. Only 5% predicted that a comprehensive trade deal would result.