As the U.S. economy restarts from the pandemic, parts of it are severely broken

The U.S. economy is trying to restart its engine after tumbling into its deepest recession in generations, but a variety of supply chain constraints are threatening the country’s rebound. The country faces major shortages in everything from labor to semiconductors, lumber and packaging materials. Not even swimming pools can be counted on this summer with… Continue reading As the U.S. economy restarts from the pandemic, parts of it are severely broken

This Top Biden Economist Has A Plan: Create Jobs, Address Inequality, Ignore Trolls

The U.S. economy added more than 900,000 jobs last month. For most White House officials, that would be considered a banner number. For Janelle Jones, the top economist at the Labor Department, there is much more work for the Biden administration to do. Jones, the first Black woman to ever hold her position, says it… Continue reading This Top Biden Economist Has A Plan: Create Jobs, Address Inequality, Ignore Trolls

Jerome Powell: Economy Is Better Thanks To ‘Dunkirk’-Like Rescue By Fed, Congress

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing on "Oversight of the Treasury Department's and Federal Reserve's Pandemic Response" in the Rayburn House Office Building in Washington, DC, on December 2, 2020. (Photo by JIM LO SCALZO / POOL / AFP) (Photo by JIM LO SCALZO/POOL/AFP via Getty Images)

A year after the pandemic plunged the U.S. economy into it worst crisis since the Great Depression, Federal Reserve chairman Jerome Powell is largely satisfied with the central bank’s rapid-fire response. “I liken it to Dunkirk,” Powell said in an interview with NPR’s Morning Edition, referring to the emergency rescue of British and allied forces… Continue reading Jerome Powell: Economy Is Better Thanks To ‘Dunkirk’-Like Rescue By Fed, Congress

Fed Chair Touts ‘Much Improved’ Economy 1 Year After Stocks Hit Pandemic-Era Low

WASHINGTON, DC - SEPTEMBER 23: Jerome Powell, chairman of the U.S. Federal Reserve, speaks during a House Select Subcommittee on the Coronavirus Crisis hearing on September 23, 2020 in Washington, DC. Powell yesterday said the U.S. economy has a long way to go before fully recovering from the coronavirus pandemic and will need further support. (Photo by Stefani Reynolds-Pool/Getty Images)

The economy is staging a strong but still incomplete recovery, Federal Reserve Chairman Jerome Powell is set to tell Congress on Tuesday, exactly a year after stock markets hit their lowest level during the pandemic. The economy is now “much improved,” Powell is set to say according to prepared remarks, thanks to “swift and vigorous… Continue reading Fed Chair Touts ‘Much Improved’ Economy 1 Year After Stocks Hit Pandemic-Era Low

This Was Bad’: Retail Sales Suffer Big Chill In February Amid Stormy Weather

AUSTIN, TEXAS - FEBRUARY 18: A shopper walks past a mostly bare shelf as people stock up on necessities at the H-E-B grocery store on February 18, 2021 in Austin, Texas. Winter storm Uri has brought historic cold weather and power outages to Texas as storms have swept across 26 states with a mix of freezing temperatures and precipitation. (Photo by Joe Raedle/Getty Images)

A shopper walks past a mostly bare shelf as people stock up on necessities at the H-E-B grocery store in Austin, Texas, on Feb. 18. A devastating winter storm that hit the middle of the country last month helped send retail sales tumbling.Joe Raedle/Getty ImagesConsumers put their pocketbooks on ice last month after a spending… Continue reading This Was Bad’: Retail Sales Suffer Big Chill In February Amid Stormy Weather

Biden’s $1.9 Trillion Rescue Plan: Vital Medicine Or Costly Overkill?

WASHINGTON, DC - FEBRUARY 22: U.S. President Joe Biden speaks during an announcement related to small businesses at the South Court Auditorium of the Eisenhower Executive Office Building February 22, 2021 in Washington, DC. President Biden announced changes to the Paycheck Protection Program aimed at helping small and minority-owned business to qualify for federal loans due to the economic impact that has been caused by the COVID-19 pandemic. (Photo by Alex Wong/Getty Images)

For President Biden, it’s a $1.9 trillion gamble. If successful, his “American Rescue Plan” will help struggling families and businesses weather an unprecedented pandemic and provide a boost to a badly dented economy. It’s also broadly popular with voters. Critics, however, worry it will be end up being a poorly targeted plan that squanders trillions… Continue reading Biden’s $1.9 Trillion Rescue Plan: Vital Medicine Or Costly Overkill?

Cutting China off from the U.S. would cost America hundreds of billions of dollars, report says

BEIJING — The U.S. economy could lose more than $1 trillion worth of production and long-term global competitiveness if the White House pursues a sharp separation with China, according to a report released Wednesday by the U.S. Chamber of Commerce and Rhodium Group. As U.S. President Joe Biden looks set to retain his predecessor’s tough… Continue reading Cutting China off from the U.S. would cost America hundreds of billions of dollars, report says

U.S. Adds Just 49,000 Jobs In January, ‘Not Anywhere Close’ To Recovering Lost Jobs

Construction workers talk at a USA Properties Fund site, Tuesday, Feb. 2, 2021, in Simi Valley, Calif. Hiring has weakened for six straight months. Nearly 10 million jobs remain lost since the coronavirus struck. And this week, the Congressional Budget Office forecast that employment won’t regain its pre-pandemic level until 2024. (AP Photo/Mark J. Terrill)

Hiring resumed just tepidly last month after a slump in December, as the labor market faces a long climb to recover the millions of jobs lost during the pandemic. U.S. employers added 49,000 jobs in January, after a revised drop of 227,000 the month before. Unemployment fell to 6.3%, from 6.7% in December, as hundreds… Continue reading U.S. Adds Just 49,000 Jobs In January, ‘Not Anywhere Close’ To Recovering Lost Jobs

U.S. Economy Slows Sharply As Pandemic Resurges

A "store closed" sign is posted behind a locked gate at the California Surplus Mart, a store selling camping equipment and survival gear on July 16, 2020 in Los Angeles, California. - COVID-19 cases have been surging in the United States, particularly in states that were among the first to reopen and lift restrictions designed to halt the spread of the highly contagious virus. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

The nation’s economic engine slowed considerably in recent months, as it faced off against a winter wave of coronavirus infections. The Commerce Department reported Thursday that the nation’s gross domestic product grew just under 1% in October, November and December — a marked downshift from the three previous months. On an annual basis the economy… Continue reading U.S. Economy Slows Sharply As Pandemic Resurges

Jamie Dimon’s warning for the U.S. economy — nobody knows what comes next

Attempting to forecast the path of the American economy right now is like peering into a dark well — nobody knows how deep the hole goes. Even Jamie Dimon, CEO of JPMorgan Chase and veteran prognosticator of all things financial, is flummoxed. As head of the financial system’s bellwether, a bank with $3.2 trillion in… Continue reading Jamie Dimon’s warning for the U.S. economy — nobody knows what comes next