Treasury Department Secretary Janet Yellen told Bloomberg that she is “feeling very good” about the U.S. making a soft economic landing without a recession.
Few Credit Biden for Rebounding Economy
A new Wall Street Journal poll finds voters have a slightly rosier view of the economy now that inflation is easing, but few are giving President Biden credit for the improvement.
“It is a dilemma for Biden given that weaker inflation and a strong labor market typically help incumbents when they seek a second term.”
Fed Set to Double Its Economic Growth Forecast
Bloomberg: “Following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product. One widely-followed, unofficial estimate produced by the Atlanta Fed even has it expanding 5.6% on an annualized basis in the third quarter.”
Biden Thinks Auto Strike Unlikely
“President Joe Biden said on Monday that he did not think workers at the nation’s three large automakers were likely to go on strike, despite a looming contract deadline later this month,” Reuters reports.
Said Biden: “I’m not worried about a strike. I don’t think it’s going to happen.”
Biden Trashes Trump’s Jobs Record
President Biden stepped up attacks on “the last guy” Donald Trump in a Labor Day speech that touted his strong record of creating jobs, the New York Daily News reports.
Said Biden: “The guy who held this job before me was just one of two presidents in history … who left office with fewer jobs in America than when he got elected to office. By the way, you know who the other one was? Herbert Hoover.”
Auto Strike Looms
“The United Auto Workers union and the three Detroit automakers have less than two weeks to negotiate a new labor contract, and a strike of some sort seems increasingly likely,” the New York Times reports.
“The union’s president, Shawn Fain, has primed rank-and-file members to be prepared to walk off the job if the union’s long list of demands for improved wages and benefits are not met.”
“A strike against one of the companies, especially a prolonged stoppage, could send an economic jolt through several Midwestern states and crimp the profits of General Motors, Ford Motor or Stellantis. G.M. workers walked out for 40 days in 2019 before reaching an agreement.”
“A strike against all three — a step the union has never taken but one Mr. Fain has said he is willing to call for this year — could have a noticeable impact on the broader U.S. economy.”
Biden Struggles to Make ‘Bidenomics’ a Plus
New York Times: “The gambit does not appear to be working yet. Even as Mr. Biden presides over what is by all indicators a strong economy — one on track to dodge the recession many had feared — he is still struggling to convince most of the country of the strength of his economic stewardship. Wages are up, inflation has slowed, but credit to the president remains in short supply.”
“Polling last month from the Democratic organization Navigator found that 25 percent of Americans support Mr. Biden’s major actions, such as the Inflation Reduction Act, but still think the president is doing a poor job handling the economy. It’s a group that tends to be disproportionately younger than 40 and is more likely to be Black or Latino — voters critical to Democratic victories.”
Wall Street Journal: Resilient U.S. economy defies expectations.
Another Strong Jobs Report
“The U.S. added more jobs than expected in August, a sign of resilience for a labor market under pressure from Federal Reserve interest rate hikes,” CNBC reports.
“Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the estimate for 170,000.”
New York Times: “The data is the latest indication that while hiring has weakened, there is no sign of an imminent recession that would result in widespread joblessness.”
Trump’s Tariff Proposal Would Cut 0.7% From GDP
Bloomberg: “Donald Trump’s proposal to institute a 10% tariff on almost all imports would cost American consumers $300 billion a year, result in the loss of 550,000 US jobs, and cut growth by 0.7%, according to a new analysis from the nonpartisan Tax Foundation.”
“If other countries retaliate by imposing tariffs on US goods, the economic damage could be even greater.”
Overtime Pay to Be Extended to Millions of Workers
“Millions more Americans would be eligible for overtime pay if they work more than 40 hours a week, under a new rule proposed by the Biden administration,” the Wall Street Journal reports.
“The Labor Department said Wednesday that workers who make around $55,000 a year or less would now be eligible for overtime by default. That would raise the annual salary threshold from the current $35,568 a year, which was set by the Trump administration. The median full-time worker in the U.S. makes around $57,000 a year, according to the Labor Department.”
More in U.S. See Unions Strengthening
Gallup: “Labor unions continue to enjoy high support in the U.S., with 67% of Americans approving of them, similar to the elevated level seen in recent years after more than a decade of rising support.”
“Mirroring this trend, Americans have gradually become more likely than a decade ago to want unions’ influence to strengthen and to believe unions benefit various aspects of business and the economy.”
Auto Union Boss Wants 4-Day Work Week
Shawn Fain, president of the United Auto Workers union since March, has declared “war” on the Detroit Three automakers, with contract demands that even he calls “audacious,” including proposals for a 46% raise, a return to traditional pensions and a 32-hour work week, Bloomberg reports.
Immigration and Labor Crisis Are Linked
“The U.S. had more than 9 million open roles in June, and while that’s down from the peak of 12 million in March 2022, it’s still among the highest number of openings we’ve had since before 2000,” CNBC reports.
“With 5.8 million unemployed workers in the U.S., some economists say all of these roles are unlikely to be filled by people currently living in the U.S.”
“Currently, American immigration policies bar many employers from hiring unskilled migrants.”
Trump Vows Massive New Tariffs If Elected
“Even in the face of growing personal legal peril, Donald Trump summoned his top economic advisers to his private golf club in New Jersey for a two-hour dinner last Wednesday night to map out a trade-focused economic plan for his presidential bid,” the Washington Post reports.
“Trump and top aides — including former senior White House officials Larry Kudlow and Brooke Rollins, as well as outside advisers Stephen Moore and former House speaker Newt Gingrich — spent the dinner discussing how Trump could attack President Biden in the 2024 election on the economy, amid a recent spate of positive economic news that has buoyed Biden’s fortunes.”
“Among the ideas they discussed was Trump’s plan to enact a ‘universal baseline tariff’ on virtually all imports to the United States.”
Why Xi Jinping Is Letting China’s Economy Flail
Bloomberg: “Where Biden has opted to run his economy hot, spending trillions of dollars on household stimulus and infrastructure to goose the economy, Xi is running his cold in a bid to finally break China’s addiction to fueling growth with speculative apartment construction and low-return projects funded by opaque local borrowing. If China is a ‘ticking time bomb,’ Xi’s aim is to defuse it.”
“The clash of economic philosophies between the world’s two largest economies is already shifting investment flows and may delay the date at which China overtakes the US, or perhaps mean that moment will never arrive.”
Biden’s Infrastructure Building Boom Needs Workers
“The Biden administration on Monday continued its push toward internet-for-all by 2030, announcing about $667 million in new grants and loans to build more broadband infrastructure in the rural U.S.,” the AP reports.
NBC News: “Expanding broadband access is just one of the areas in which state and industry officials are scrambling to find workers as $550 billion in new federal infrastructure funds from the Infrastructure Investment and Jobs Act, which was passed in 2021, begins to come their way.”
“But with unemployment hovering around historic lows, they are turning to whatever untapped pockets of potential workers they can find to fill the hundreds of thousands of jobs economists expect the federal spending to create.”
Biden Gets Poor Marks on Economy from Voters of Color
“In a focus group last week, eight men of color who voted for President Joe Biden in 2020 were asked to describe their feelings about the economy,” Politico reports.
“The answers were bleak.”
“The signs of dissatisfaction with Democrats didn’t end there. Respondents were also asked about the rise in crime and border issues. Democrats got zeros across the board. Perhaps most troubling of all, some respondents indicated that they preferred the economy under former President Donald Trump.”
Biden’s Approval on the Economy Stagnates
AP-NORC Poll: “Only 36% of U.S. adults approve of Biden’s handling of the economy, slightly lower than the 42% who approve of his overall performance, according to the new poll.”
- « Previous Page
- 1
- …
- 8
- 9
- 10
- 11
- 12
- …
- 152
- Next Page »