US Economy Archives

US job openings rose in April, signaling resilience in the American labor market

WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, showing that the labor market remains resilient in the face of uncertainty arising from President Donald Trump’s trade wars. The Labor Department reported Tuesday that employers posted 7.4 million job vacancies in April, up from 7.2 million in March. Economists had expected opening to drift down to 7.1 million. But the number of Americans quitting their job — a sign of confidence in their prospects — fell, and layoffs ticked higher. Openings remain high by historical standards but have dropped sharply since peaking at 12.1 million in March 2022 when the economy was still roaring back COVID-19 lockdowns.… Continue Reading

Americans increased spending tepidly last month as anxiety over the economy takes hold

WASHINGTON (AP) — U.S. shoppers stepped up their spending just a bit in February after a sharp pullback the previous month, signaling that Americans are shopping more cautiously as concerns about the direction of the economy mount. Retail sales rose just 0.2% in February, a small rebound after a sharp drop of 1.2% in January, the Commerce Department said Monday. Sales rose at grocery stores, home and garden stores, and online retailers. Sales fell at auto dealers, restaurants, and electronics stores. The small increase suggests Americans may be growing more wary about spending as the stock market has plunged and President Donald Trump’s tariff threats and government spending cuts have led to widespread uncertainty among consumers and businesses.… Continue Reading

How the stock market defied expectations again this year, by the numbers

NEW YORK (AP) — What a wonderful year 2024 has been for investors. U.S. stocks ripped higher and carried the S&P 500 to records as the economy kept growing and the Federal Reserve began cutting interest rates. The benchmark index posted its first back-to-back annual gains of more than 20% since 1998. The year featured many familiar winners, such as Big Tech, which got even bigger as their stock prices kept growing. But it wasn’t just Apple, Nvidia and the like. Bitcoin and gold surged and “Roaring Kitty” reappeared to briefly reignite the meme stock craze.… Continue Reading

Holiday shoppers increased spending by 3.8% despite higher prices

New data shows holiday sales rose this year even as Americans wrestled with still high prices in many grocery necessities and other financial worries. According to Mastercard SpendingPulse, holiday sales from the beginning of November through Christmas Eve climbed 3.8%, a faster pace than the 3.1% increase from a year earlier. The measure tracks all kinds of payments including cash and debit cards. This year, retailers were even more under the gun to get shoppers in to buy early and in bulk since there were five fewer days between Thanksgiving and Christmas. Mastercard SpendingPulse says the last five days of the season accounted for 10% of the spending. Sales of clothing, electronics and Jewelry rose.… Continue Reading

Federal Reserve cuts its key rate by a quarter-point but envisions fewer reductions next year

WASHINGTON (AP) — The Federal Reserve cut its key interest rate by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, largely because of still-elevated inflation. The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their previous estimate in September of four rate cuts. Their new quarterly projections suggest that consumers may not enjoy much lower rates next year for mortgages, auto loans, credit cards and other forms of borrowing.… Continue Reading

Trump is named Time’s Person of the Year and rings the New York Stock Exchange’s opening bell

NEW YORK (AP) — President-elect Donald Trump rang the opening bell at the New York Stock Exchange after being recognized by Time magazine as its person of the year. The honors Thursday for the businessman-turned-politician are a measure of Trump’s remarkable comeback from an ostracized former president who refused to accept his election loss four years ago to a president-elect who won the White House decisively in November. At the stock exchange, Trump was accompanied by his wife, Melania Trump, daughters Ivanka and Tiffany and Vice President-elect JD Vance. Trump grinned as people chanted “USA” before he opened the trading day and raised his fist.… Continue Reading

Stock market today: Wall Street hits records despite tariff talk

NEW YORK (AP) — U.S. stocks rose to records after Donald Trump’s latest talk about tariffs created only some ripples on Wall Street. The S&P 500 rose 0.6% to reach another all-time high. The Dow Jones Industrial Average added 0.3% to its own record set the day before, while the Nasdaq composite rose 0.6% as Big Tech stocks helped lead the way. Stock markets abroad saw mostly modest losses after President-elect Trump said he plans to impose sweeping tariffs on Mexico, Canada and China as soon as he takes office. U.S. automakers and other companies that could be hurt particularly by such tariffs fell.… Continue Reading

Stock market today: Wall Street weakens as Target tumbles

NEW YORK (AP) — U.S. stocks drifted to a mixed finish, though the modest moves for indexes masked some thrashing underneath the surface. The S&P 500 ended barely changed Wednesday after trading lower for much of the day. The Nasdaq composite slipped 0.1%, and the Dow Jones Industrial Average eked out a gain of 0.3%. Target led the market lower and lost more than a fifth of its value after the retailer gave a dour forecast for the holiday shopping season. The day’s headliner is due after the close of trading, when Nvidia will release its latest earnings report.… Continue Reading

Trump chooses billionaire and key transition adviser Howard Lutnick for commerce secretary

WASHINGTON (AP) — President-elect Donald Trump has chosen Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and cryptocurrency enthusiast, as his nominee for commerce secretary. Trump made the announcement Tuesday on his social media platform, Truth Social. Lutnick is a co-chair of Trump’s transition operation helping to find the team that will work in the next administration. He has donated to both Democrats and Republicans in the past, once appeared on Trump’s NBC reality show, “The Apprentice,” and has become a part of the president-elect’s inner circle. He shared the stage with Trump at events in the closing days of his campaign, including at a rally at Madison Square Garden.… Continue Reading

Stock market today: Wall Street weakens as its post-election boom slows some more

NEW YORK (AP) — U.S. stocks slipped as the market’s big burst following Donald Trump’s election continued to cool. The S&P 500 dipped 0.6% Thursday. The Dow Jones Industrial Average dropped 0.5%, and the Nasdaq composite sank 0.6%. Several areas of the market that had bounced highest following Trump’s election reversed their momentum and led the way lower. Tesla sank to just its second loss since Election Day, while smaller stocks fell harder than the rest of the market. Short-term Treasury yields swung following the latest economic reports before rising after Chair Jerome Powell said the Federal Reserve is not in a hurry to cut interest rates.… Continue Reading