Dow falls 299 points after Powell signals Fed will keep raising rates to contain inflation
U.S. stocks fell for the first time in four days Tuesday after comments from new Federal Reserve Chair Jerome Powell sent rates higher.
Economy
Jobless claims plunge to 222,000, second-lowest mark in decades
New applications for unemployment benefits dropped 7,000 to 222,000 in the second full week of February, the Department of Labor reported Thursday, the second-lowest mark of the recovery and a good sign for the economy.
Sessions creates cybersecurity task force
The Department of Justice is creating a task force to evaluate cybersecurity issues, in particular efforts to undermine U.S. elections, Attorney General Jeff Sessions announced Tuesday.
Trump’s budget will propose cutting $3 trillion, set goal of reducing the debt rather than balancing the budget
President Trump’s second budget will cut $3 trillion in spending over the next 10 years, White House officials indicated Sunday night, but won’t be balanced.
Dow plunges more than 1,000 points, falls into correction territory
The Dow Jones industrial average plunged 1,033 points Thursday, its second-worst drop in history, extending its losses in the recent selloff to more than 10% and putting it officially into correction territory.
Job growth bounced back in January with 200,000 new payroll jobs, wage growth strongest since 2009
The economy added 200,000 new jobs and the unemployment rate held steady at 4.1 percent in January, the Department of Labor reported Friday, as job creation bounced back to a robust pace.
Economy to grow at 5.4% rate in first quarter, Atlanta Fed tracker shows
The economy is on track to put up blockbuster growth numbers in the first quarter, according to the latest forecast from the Atlanta Fed.
UN envoy: Gaza on verge of ‘total systems collapse’
Gaza is beyond a ‘humanitarian crisis’ and ‘on the verge of a total systems failure,’ UN Middle East envoy Nickolay Mladenov said on Tuesday.
Iran protests spread nationwide, now ‘far bigger than 2009’
Pictures and videos coming out of Iran are starting to look more like a full-on revolution than a protest movement, but American news agencies continue to be slow to react, describing the historic protests as mostly about the country’s weak economy and chastising President Trump for cheering them on.
Putin tells Assad Russia will help defend Syrian sovereignty
Russian President Vladimir Putin told his Syrian counterpart Bashar Assad in a new year’s greeting that Russia will continue supporting Syria’s efforts to defend its sovereignty, the Kremlin said on Saturday.
Catalan separatists win election in rebuke to Spain and EU
Catalonia’s separatists look set to regain power in the wealthy Spanish region after local elections on Thursday, deepening the nation’s political crisis in a sharp rebuke to Prime Minister Mariano Rajoy and European Union leaders who backed him.
U.S. economy grew at solid 3.2 percent rate in the third quarter
The U.S. economy grew at a solid 3.2 percent annual rate from July through September, slightly slower than previously estimated but still enough to give the country the best back-to-back quarterly growth rates in three years.
Republicans push for final version of tax cut bill to meet year-end goal
Congressional Republicans say they are pressing forward after the Senate passed its $1.4 trillion tax cut bill late last week and that its differences with the House version shouldn’t create major roadblocks in the process as they look to send a bill to President Trump’s desk before year’s end.
12 Years Since GDP Grew 3% in 3 Straight Quarters
With the Bureau of Economic Analysis announcing today that, according to its second estimate, real Gross Domestic Product grew at an annual rate of 3.3 percent in the third quarter–following a second quarter rate of 3.1 percent–the United States took a step toward doing something it has not done in more than 12 years: seeing the economy grow at an annual rate of 3.0 percent or better in three straight quarters.
U.S. Third-Quarter Growth Revised to Three-Year High of 3.3%
The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday.
Robots May Take Over Nearly 375 Million Jobs By 2030
A significant number of jobs could be completed by robots as early as 2030, according to a new report published Tuesday by the McKinsey Global Institute. The transition into a heavily automated workplace wouldn’t arrive right away, but it may affect up to 375 million workers globally.
Economist: States With Lower Taxes on Business and Personal Income Have Higher Economic Growth
States with lower taxes on businesses and personal income have higher economic growth, according to an economist at the American Legislative Exchange Council.
German coalition talks break down, raising prospect of new election
High-stakes talks to form a new German government collapsed Sunday as the pro-business FDP party walked out, plunging Europe’s biggest economy into a political crisis and potentially precipitating the end of Chancellor Angela Merkel’s career.
Republicans rally for a ‘comeback,’ push $1.4 trillion tax cut through House
With spines stiffened by a presidential pep talk, House Republicans easily approved a $1.4 trillion tax cut Thursday, taking the first big step toward a decades-overdue overhaul that Republicans hope will send the economy soaring and win back wavering voters.
Senate’s Tax Reform Bill Will Give American Families a $1,500 Tax Cut
The Senate plans to introduce their version of tax reform today, which will give a typical American family a tax cut of nearly $1,500, according to a two-page summary of the bill.