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Scott Horsley

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.

Horsley spent a decade on the White House beat, covering both the Trump and Obama administrations. Before that, he was a San Diego-based business reporter for NPR, covering fast food, gasoline prices, and the California electricity crunch of 2000. He also reported from the Pentagon during the early phases of the wars in Iraq and Afghanistan.

Before joining NPR in 2001, Horsley worked for NPR Member stations in San Diego and Tampa, as well as commercial radio stations in Boston and Concord, New Hampshire. Horsley began his professional career as a production assistant for NPR's Morning Edition.

Horsley earned a bachelor's degree from Harvard University and an MBA from San Diego State University. He lives in Washington, D.C.

Updated at 5 p.m. ET

Employers added a record 4.8 million jobs last month, as the U.S. economy continued to slowly bounce back from a deep and painful coronavirus recession. The unemployment rate dipped to 11.1%.

Job growth accelerated from May, when revised figures show employers added 2.7 million jobs.

It may seem obvious, with double-digit unemployment and plunging economic output. But if there was any remaining doubt that the U.S. is in a recession, it's now been removed by the official scorekeepers at the National Bureau of Economic Research.

The bureau's Business Cycle Dating Committee — the fat lady of economic opera — said the expansion peaked in February after a record 128 months, and we've been sliding into a pandemic-driven recession since.

Updated at 4:13 p.m. ET

The U.S economy rebounded with surprising strength last month as businesses began to reopen from the coronavirus lockdown. U.S. employers added 2.5 million jobs in May, and the unemployment rate fell to 13.3%.

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Updated at 8:47 a.m. ET

The coronavirus pandemic has pushed unemployment to its highest level since the Great Depression, but the pace of layoffs has been easing. And there are now some signs that the job market could slowly start to recover.

The Labor Department says another 1.87 million people filed claims for unemployment insurance last week. That's down 249,000 from the previous week. While still very high by historical standards, the number has been declining steadily from a peak of 6.8 million the week ending March 28.

Preschool teacher Lainy Morse has been out of work for more than two months. But the Portland, Ore., child care center where she worked is considering a reopening. Morse says she is dreading the idea, as much as she loves the infants and toddlers for which she cared.

"They always have snotty faces. It's just one cold after another," she says. "It feels just like an epicenter for spreading disease. And it feels really scary to go back to that."

Members of the Senate Banking Committee squabbled Tuesday over how quickly the U.S. economy can rebound from the coronavirus shutdown and whether the federal government is doing enough to support struggling families and businesses in the meantime.

Federal Reserve Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the coronavirus pandemic. But he says this will not be another Great Depression.

"It's going to be a very sharp downturn," Powell said in an interview with 60 Minutes that aired Sunday. "It should be a much shorter downturn than you would associate with the 1930s."

Additional government spending may be necessary to avoid long-lasting fallout from the coronavirus pandemic, Federal Reserve Chairman Jerome Powell said Wednesday.

Powell said the economy should recover once the virus is under control. But he cautioned that without more help, many small businesses may not survive that long. And he warned that a wave of business and household bankruptcies could do lasting damage to the nation's economic output.

Updated at 11:43 a.m. ET

The Labor Department delivered a historically bad employment report Friday, showing 20.5 million jobs lost last month as the nation locked down against the coronavirus. The jobless rate soared to 14.7% — the highest level since the Great Depression.

The highest monthly job loss before this was 2 million in 1945, as the nation began to demobilize after World War II. The worst monthly job loss during the Great Recession was 800,000 in March 2009.

Updated at 8:38 a.m. ET

The telephone lines are still jammed at the nation's unemployment offices.

Another 3.8 million people filed claims for jobless benefits last week, according to the Labor Department. While that's down from the previous week's 4.4 million, a staggering 30.3 million have applied for unemployment in the six weeks since the coronavirus began taking a wrecking ball to the U.S. job market.

That's roughly one out of five people who had a job in February.

The coronavirus has dealt a body blow to U.S. workers. So far, it's women who are paying much of the price.

The Labor Department says more than 700,000 jobs were eliminated in the first wave of pandemic layoffs last month. Nearly 60% of those jobs were held by women.

As the United States tumbles into a coronavirus recession, the Federal Reserve is using its nearly unlimited power to generate cash to cushion the fall.

"The Fed is doing everything they can to keep financial markets functioning and credit available to households and firms," former Fed Chair Janet Yellen said during a forum organized by the Brookings Institution.

Toilet tissue isn't the only paper product that Americans are hoarding these days. Paper money is also in high demand.

Banks are seeing more cash withdrawals as nervous customers try to protect themselves from the uncertainty of the coronavirus clampdown.

Stocks fell sharply for a second day in a row. The Dow dropped 879 points on Tuesday, after tumbling more than 1,000 points on Monday.

While the coronavirus outbreak in China appears to have peaked, investors are worried by the growing number of cases in other countries, as well as a warning from U.S. health officials that the virus could hit closer to home.

Just last week, the S&P 500 stock index was hitting record highs. Now it's fallen more than 6% in just the last two days.

The "Phase 1" trade deal with China that President Trump signed this week is unlike any previous free trade agreement. From Trump's point of view, that's the whole point.

"We are righting the wrongs of the past," Trump said Wednesday during a White House signing ceremony, "and delivering a future of economic justice and security for American workers, farmers and families."

Updated at 10:53 a.m. ET

Hiring slowed somewhat in December, as U.S. employers added 145,000 jobs. According to the Labor Department, that's down slightly from the three previous months, when employers added an average of 200,000 jobs. But the unemployment rate held steady at 3.5%, matching its lowest level in 50 years.

Before we close the books on 2019, we want to look back at some of the business stories that made headlines this year. While some were in the news for weeks — like the trade war or the strike at General Motors, which idled tens of thousands of workers — other stories came and went quickly, but not before leaving a mark on the nation's economy.

Mississippi immigration raids

Updated at 5:03 p.m. ET

The Federal Reserve cut interest rates by a quarter percentage point Wednesday in an effort to support an economy that continues to tap the brakes.

In announcing the move, Fed Chairman Jerome Powell pointed to weak business investment, which has been a drag on the economy, even as consumer spending has held up relatively well.

"We took this step to help keep the U.S. economy strong in the face of global developments and to provide some insurance against ongoing risks," he said.

New Trump administration tariffs threaten to raise prices on Italian cheeses, Spanish olive oil, and a wide range of other gourmet foods from Europe. But a Florida company has found a loophole in the new French wine tariff that's big enough to drive a truck through.

Updated at 4:26 p.m. ET

The Trump administration is acting as a cheering section for the U.S. economy. And at least on Monday, investors were cheering along. The Dow Jones Industrial Average rose nearly 250 points or 1%. The S&P 500 jumped 1.2% and the Nasdaq was up 1.35%.

President Trump and his team are downplaying warnings of slower economic growth, despite signals from the bond market that a recession could be looming. At the same time, the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.

The Treasury Department formally labeled China a currency manipulator Monday, after Beijing allowed its currency to fall to an 11-year low. The tit-for-tat moves mark the latest escalation in the two countries' trade war, which triggered a sharp sell-off on Wall Street.

While President Trump has long accused China of tinkering with its currency to gain an unfair advantage on world markets, this is the first time in a quarter century the U.S. has formally accused Beijing of currency manipulation.

Updated at 5:34 p.m. ET

The Federal Reserve is cutting interest rates for the first time in over a decade — a preemptive move aimed at extending the already record-long economic expansion.

The Fed on Wednesday lowered its target for the key federal funds rate by a quarter percentage point. The move should decrease the cost of borrowing, including for credit cards, auto loans and mortgages.

President Trump used his first prime-time address from the Oval Office to make the case for his controversial border wall. The president's demand for $5.7 billion in wall funding — and Democrats' opposition — has led to a partial shutdown of the federal government.

Here we check some of the arguments made by the president and top Democrats in their response.

Trump's Speech

Claim 1: Humanitarian and security crisis

"There is a growing humanitarian and security crisis at our Southern border."

President Trump on Friday issued an executive order freezing the salary rates for federal workers. The order wasn't a surprise but for some 800,000 federal employees furloughed during the partial government shutdown or working without pay, it was like rubbing salt into a wound.

The Christmas season is typically one of the busiest times of the year at Joshua Tree National Park in California, as rock climbers and car campers flock to the high desert getaway.

Updated at 7:05 a.m. ET

George Herbert Walker Bush died Friday at the age of 94.

Former President George W. Bush released a statement, saying for himself and his siblings, "Jeb, Neil, Marvin, Doro, and I are saddened to announce that after 94 remarkable years, our dear Dad has died."

Updated Friday at 5:08 p.m. ET

The Trump administration is taking steps to stem the flow of Central American migrants crossing the U.S. border from Mexico.

The administration issued a new rule Thursday designed to prohibit migrants who cross the border outside of designated entry points from seeking asylum in the United States.

Updated at 6:26 p.m. ET

Supreme Court nominee Brett Kavanaugh and the woman accusing him of sexual assault more than three decades ago, Christine Blasey Ford, will both testify publicly before the Senate Judiciary Committee on Sept. 24. The committee was supposed to vote on the nomination this Thursday but faced pressure after Ford went public with her allegation over the weekend.

Ford and Kavanaugh both agreed to testify under oath before the committee.

Updated at 1:50 p.m. ET

Friends, family and former political rivals saluted the late Sen. John McCain on Saturday as a loving father, a fierce but forgiving political brawler, and a champion of American values around the world.

Updated at 7:13 p.m. ET

President Trump's effort to reset relations with Russia backfired at home after he failed to side with the U.S. intelligence community over Moscow's interference in the 2016 election. The president's equivocation drew bipartisan condemnation, capping a week in which Trump alienated allies and cozied up to adversaries.

Trump himself declared his meeting with Russian President Vladimir Putin on Monday in Helsinki a success, in what he called the "proud tradition of bold American diplomacy."

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