Category: Economy

Trump’s Proposed $12 Billion Aid Package to Farmers Not a Winner

Donald Trump’s plan to provide $12 billion in federal aid to American farmers hurt by a trade war drew a sharp mix of reactions Tuesday from Iowa farm groups, politicians, agricultural economists and others. U.S. Agriculture Secretary Sonny Perdue described the initiative as a short-term strategy that will protect agricultural producers while Trump works on…

Trump Pulls Trigger on Trade War with China Tonight [VIDEO]

President Donald Trump is preparing to slap tariffs on Chinese goods early Friday, the first shot in a trade war between the world’s two biggest economies.  Tariffs on $34 billion of Chinese goods are scheduled to take effect at 12:01 a.m. in Washington.  Beijing has said retaliatory tariffs on U.S. goods ranging from soybeans to…

Trump Starts Trade War for the Hell of It

The Trump White House said it would move ahead with imposing tariffs on $50 billion of Chinese products, after previously declaring that the trade war was “on hold.” The U.S. tariffs will fall on 1,102 categories of Chinese goods, focusing on industrial sectors like aerospace, automobiles, industrial machinery, information technology and robotics, the administration said.…

Jobs Report: U.S. Economy Added 313,000 Jobs In February

U.S. employers added 313,000 non-farm jobs in February, exceeding expectations and marking the biggest gain since mid-2016. Economists polled by MarketWatch had predicted an increase of 222,000 jobs. January’s gains were adjusted up to 239,000 from 200,000. Unemployment remained at 4.1 percent, and hourly pay rose by 4 cents to $26.75. The 12-month wage gain…

Senate To Vote Monday Afternoon On Reopening Government

With no deal made Sunday night, the Senate adjourned and will vote at noon Monday on a bill to reopen the government for at least three weeks. Senate Majority Leader Mitch McConnell (R-Ky.) wanted to hold a vote at 10 p.m. Sunday, but Senate Minority Leader Chuck Schumer (D-N.Y.) objected, saying there still wasn’t a…

John Oliver Talks Corporate Consolidation [VIDEO]

On Sunday’s Last Week Tonight John Oliver explains how big businesses are getting even bigger thanks to a rise in corporate mergers. “It’s true, ‘small businesses are the backbone of our economy’ is that rare thing that every politician agrees on,” along with “support the troops,”

U.S. Added 156K Jobs in August, Fewer Than Expected

The U.S. economy added 156,000 jobs in August, the Bureau of Labor Statistics reported early Friday. The lower than average increase was less than analysts had forecast—174,000 in Wall Street Journal surveys—but still an indicator of strong growth. Over the past three months, job gains had averaged 185,000. The unemployment rate increased slightly to 4.4…

U.S. Added 209K Jobs In July, Unemployment Down To 4.3%

The U.S. economy added 209,000 jobs in July, exceeding analysts’ expectations and indicating continued strength in American hiring. Unemployment edged down to 4.3 percent—matching May’s level and the lowest recorded in 16 years. Average hourly earnings rose 2.5 percent from a year earlier. The Wall Street Journal reports the “food services and drinking places” category…

Amazon To Buy Whole Foods For $13.7 Billion

Amazon announced that it will buy upscale supermarket chain Whole Foods for $13.5 billion. Under the proposed deal, Amazon will pay $42 a share, a 27 percent premium to Thursday’s closing price. It will open the door to Amazon, which has been experimenting with food and grocery delivery, as well as billions of products from…

Federal Reserve Raises Interest Rates By One Quarter-Point

The Federal Reserve raised interest rates for the second time in three months Wednesday, bumping the benchmark rate by one quarter-point. Wednesday’s rate hike shows Fed officials “forged ahead with an interest-rate increase and additional plans to tighten monetary policy despite growing concerns over weak inflation,” Bloomberg noted. The Fed’s inflation target is 2 percent;…

The U.S. Added Fewer Jobs Than Expected In May

The U.S. economy added 138,000 jobs in May, a number that disappointed analysts but signaled the Federal Reserve would raise interest rates when it meets in two weeks. The Bureau of Labor Statistics reported the unemployment rate ticked down to 4.3 percent—its lowest measure since May 2001. Analysts had expected a figure of 185,000 jobs…

Trump Economist Interview: I Came Up With ‘Prime the Pump’

In a new interview with The Economist, President Trump claimed that he came up with the phrase “prime the pump” during a talk about his plan to overhaul the tax code. The common idiom is most-often understood to mean an increase in government expense in order to stimulate the economy or promote a specific improvement,…

Jobs Report: 211,000 Jobs Added, Unemployment Rate Fell To 4.4%

In April, the U.S. economy added 211,000 jobs and the unemployment rate fell to a new post-crisis low of 4.4%. This is the lowest unemployment rate since May 2007. Wages, which are closely tracked by the Federal Reserve, rose 0.3% month-on-month, as expected. The the annual increase in wages, however, disappointed with wages up just…

House Votes To Approve $1.1 Trillion Spending Bill

A bipartisan $1.1 trillion spending bill that will keep the federal government running through September was approved Wednesday by the House. The bill does not include any funding for President Trump’s proposed wall along the U.S. border with Mexico, secures funding for Planned Parenthood, and adds $15 billion to the military’s budget. The National Endowment…

Trump Won’t Pull U.S. Out of NAFTA

President Donald Trump has announced that he will not pull the U.S. out of the North American Free Trade Agreement, despite numerous promises to do so. Trump informed the leaders of Mexico and Canada of his decision Wednesday, and the White House later confirmed that the president had “agreed not to terminate NAFTA at this…

Trump To Propose Cutting Corporate Tax Rate To 15 Percent

On Wednesday, President Trump will announce his plan to overhaul the tax code, including his proposal to cut the corporate tax rate from 35 percent to 15 percent, White House officials told The Washington Post on Monday. Independent analysts have estimated a cut this severe could cost the federal government $2.4 trillion over 10 years,…

President Trump to Sign ‘Buy American, Hire American’ Order

President Donald Trump will sign an executive order Tuesday calling for the end of America’s lottery system for H-1B work visas in favor of a merit-based system, Axios reports. The “Buy American, Hire American” order will look to scrap the existing visa application system, which enters applicants into a lottery for limited number of visas.…

Economy Created Just 98,000 Jobs In March, Missing Expectations

The U.S. economy added just 98,000 non-farm jobs in March, falling significantly short of the 185,000 new jobs economists polled by MarketWatch had predicted. Despite the weak gains, the unemployment rate fell to 4.5 percent from 4.7 percent, hitting the lowest level in nearly a decade. The Labor Department’s Friday report also cut the estimate…

Obama Policies Created 235,000 Jobs Last Month

Nonfarm employers added a seasonally adjusted 235,000 jobs in February, above economists’ expectations for a 197,000 gain. Employers added a revised 238,000 in January for the best back-to-back performance since June and July 2016. One area of strength those two months: construction jobs. Over the past three months, total job growth has averaged 209,000. That…

J.C. Penney To Close Up To 140 Stores, Offer Buyouts

J.C. Penney plans to close up to 140 stores and offer buyouts to 6,000 workers as the department-store industry sags in competition with online sellers and nimble niche retailers. The company said Friday that it would shutter 13% to 14% of its stores, representing about 5% of its annual sales, and two distribution centers. The…

President Trump To Meet With British Prime Minister Theresa May

President Trump is hosting his first world leader Friday, holding talks and a joint press conference with British Prime Minister Theresa May. May and Trump separately addressed congressional Republicans on Thursday, with May touting the benefits of a strong United Nations, NATO alliance, and European Union, all organizations Trump has disparaged. Britain is looking to…

Report: DOW Hits 20,000 For The First Time Ever

U.S. equities rose on Wednesday after a series of executive orders from President Donald Trump increased bullish sentiment on Wall Street. “Traders have been waiting for more details on infrastructure spending and now they have it in a very clear format,” said Naeem Aslam, chief market analyst at Think Markets. “There is nothing bigger than…

Putin: Those Who Leaked Trump Dossier ‘Worse Than Prostitutes’

At a news conference Tuesday morning, Russian President Vladimir Putin accused President Obama’s administration of attempting to “undermine the legitimacy” of President-elect Donald Trump. Addressing the unconfirmed dossier that surfaced last week alleging Russia has compromising information on Trump, Putin reportedly said anyone circulating the “fake” claims about the president-elect is “worse than prostitutes.” Putin…

Lady Liberty Will Be Depicted In Coin As A Black Woman

Lady Liberty will be portrayed as an African American for the first time in U.S. history, the U.S. Mint announced Thursday. The $100, 24-karat gold coin, which will be inscribed with “1792” for the year of the Mint’s establishment and “2017” marking its 225th anniversary, is expected to be released in April. Though Lady Liberty…

Jobs Report: Payroll Employment Rises By 156,000 In December

U.S. employers added 156,000 jobs in December, capping a year of slower but solid hiring. The report is the last major snapshot of the economy President-elect Donald Trump will inherit from President Barack Obama. The Labor Department says the unemployment rate ticked up to 4.7 percent from a nine-year low of 4.6 percent. Hourly pay…

Lockheed Drops as Trump Tweets F-35 Costs Are ‘Out of Control’

Lockheed Martin Corp. shares drop after President-elect Donald Trump tweeted that costs for the F-35 fighter-jet program, the Pentagon’s most expensive weapons system, are “out of control.” “Billions of dollars can and will be saved on military (and other) purchases after January 20th,” the Monday post continued, referring to inauguration day. The tweet followed similar…

Sanders: Carrier Just Showed Corporations How To Beat Trump [VIDEO]

President-elect Donald Trump will reportedly announce a deal with United Technologies, the corporation that owns Carrier, that keeps less than 1,000 of the 2,100 jobs in America that were previously scheduled to be transferred to Mexico. Let’s be clear: It is not good enough to save some of these jobs. Trump made a promise that…

Black Friday Online Shopping Sales On Thanksgiving Top $1 Billion

Americans got an early start to Black Friday shopping this year, spending $1.15 billion on online shopping by 5 p.m. ET on Thanksgiving, Adobe Digital Index revealed. That marked a nearly 14 percent increase from last year, as more U.S. consumers avoid showing up to stores in favor of snagging deals online and as Black…

Google Cracks Down on Fake News Sites

Google will ban fake news sites from using its advertising software, The Wall Street Journal reports. The move will prohibit the placement of Google’s AdSense ads “on pages that misrepresent, misstate, or conceal information about the publisher, the publisher’s content, or the primary purpose,” the company told the Journal. Websites that published deliberately false news…