U.S. economy

The Bureau of Economic Analysis (BEA) of the United States Department of Commerce is a U.S. government agency that provides official macroeconomic and industry statistics, most notably reports about the gross domestic product (GDP) of the United States and its various units—states, cities/towns/townships/villages/counties and metropolitan areas. They also provide information about personal income, corporate profits, and government spending in their National Income and Product Accounts (NIPAs).
Keep up with economic issues facing the U.S., from jobs to taxes and more.
  • The Global Economy is Showing Signs of Slowing Down

    The Global Economy is Showing Signs of Slowing Down

    The 2020 recession could change the course of Capitalism as we know it We are due for an economic recession with analyst consensus pointing to this happening in 2020. However there are a lot of micro signs that growth is slowing driven also by Europe and China. Executives at FedEx, BMW, UBS and others are describing bleak macroeconomic conditions, which they say are weighing on business. On Friday, March 22nd, 2019 the stock-market experienced a slight sell-off that is reacting to some signs the economy is slowing down. The American economy is supposedly as healthy as it has been in years, but is Capitalism? A fifth of Americans (20%) have no savings at all, according to a recent survey. Macro

  • Other voices: Produce a budget, Democrats

    Other voices: Produce a budget, Democrats

    NEW YORK — The process of funding the U.S. government begins when the president submits a budget request to Congress in February. Then everything falls apart. At least, that's the way things have been going, year after year. In a more rational world, Congress would prepare a budget resolution of its own, as the law requires. The details would be worked out in committees, and compromise between the U.S. House and U.S. Senate versions would be achieved. Then Congress would use the final resolution to arrive at appropriations for each federal department and agency — bills that the president would sign into law by the Oct. 1 start of the new fiscal year. But Congress has taken to sidestepping that

  • CNBC.com

    Trump's tax cuts will boost the US for two more years at most, says Nobel Prize winner

    The $1.5 trillion tax reform initiated by U.S. President Donald Trump in 2017 has boosted the American economy, but the positive effect of lower corporate and individual taxes can only last so long, according to a Nobel-winning economist. The U.S. economy has been a bright spot among advanced economies over the past year, partly thanks to higher corporate investment that followed Trump's tax cuts. But such an effect will only last for another two years at the maximum, said Edmund Phelps, a professor at Columbia University. "I would be surprised if the elevated level of investment continues much longer. Maybe another year, maximum two years." -Edmund Phelps, professor, Columbia University "We're

  • The Budget needed a different emphasis
    Jamaica Gleaner

    The Budget needed a different emphasis

    The Gleaner's front-page headline, in an affectionate play on words, dubbed Finance Minister Dr Nigel Clarke 'Santa Clarke' essentially capturing his gift-giving Budget. The minister has received rave reviews from analysts, editorials, the Jamaica Chamber of Commerce (JCC), the Private Sector of Jamaica (PSOJ), and the Small Business Association. When I look at Jamaica's pressing problems at this time, I thought the minister did not use Budget allocations, especially in the area of taxes foregone on real estate transactions, judiciously. It would have been better to use those billions of dollars to make a convincing statement and set a tone that structural impediments, bottlenecks, and social dysfunction, must be addressed forthwith.

  • Guyana on the verge of sharp economic growth -CDB
    The Jamaica Observer

    Guyana on the verge of sharp economic growth -CDB

    BRIDGETOWN, Barbados (CMC) — The Barbados-based Caribbean Development Bank (CDB) says Guyana is on the verge of a sharp increase in economic growth but immediate prospects partly depend on ending political uncertainty. It said that the coalition government is targeting 4.6 per cent gross domestic product (GDP) growth in 2019, with all major sectors contributing. But the bank noted that increased political uncertainty in early 2019 may dampen this momentum. The National Industrial and Commercial Investments Ltd bond issue will push total public and publicly guaranteed debt above 60 per cent of GDP in 2019, but that ratio is projected to decline sharply after 2020. “Business reforms are needed

  • Brevard's Unemployment Rate 3.5 Percent in February, Added 9,900 Private-Sector Jobs Year-Over-Year |

    Brevard's Unemployment Rate 3.5 Percent in February, Added 9,900 Private-Sector Jobs Year-Over-Year |

    Space Coast business spotlight BREVARD COUNTY, FLORIDA – Brevard County's unemployment rate was reported at 3.5 percent in February, compared to 3.9 percent year-over-year, according to statistics released by the State of Florida. Also in February, the Space Coast area added more than 9,900 new private-sector jobs year-over-year. Statewide, Florida's labor force continued to grow with 170,000 people entering the labor force at an annual growth rate of 1.7 percent, up 0.2 percent from January 2019. Also in the past year, 206,300 new private-sector jobs were created in Florida overall and 24,300 private-sector jobs were created in February. Florida's unemployment rate is at a low 3.5 percent. “Florida's

  • www.thetimes.co.uk

    Scottish Scene: Derek Mackay may praise jobs and growth statistics, but the devil is in the detail

    Our economy “continues to go from strength to strength”, our finance secretary opined last week. Derek Mackay was commenting on the news that Scotland's unemployment rate hit a record low of 3.4%, below the UK's 3.9%, and that our economy had expanded — for want of a better word — by 0.3% in the last quarter of 2018, slightly faster than the abysmal UK figure of 0.2%. Mackay was joined in the bravos by a host of other ministers. Never has so little been so highly praised by so many. Before anyone else in the Scottish government gets carried away, they might want to examine both sets of statistics more closely. One of the paradoxes of the low unemployment of recent years has been the…

  • Senate gives Gov't authority to spend
    The Jamaica Observer

    Senate gives Gov't authority to spend

    The Government now has the authority to spend funds allocated in the 2019/20 Estimates of Expenditure, following the passage of the Appropriation Act 2019 in the Upper House last Friday. This annual Bill provides authority for expenditure (other than statutory expenditure) for the financial year 2019/20, and specifies the manner in which the money is to be allocated to the various services and for the purposes of the Government. The Bill was approved following a five-hour-long debate in the Senate, with senators from both sides making contributions. Piloting the legislation, minister of state in the Ministry of Foreign Affairs and Foreign Trade, Senator Pearnel Charles Jnr noted that this is

  • msnbc.com

    Factory workers at GM see layoffs, not benefits, after tax cuts

    LORDSTOWN, Ohio — Cheryl Jonesco had a plum job installing backup cameras in the Chevrolet Cruze compact car at the storied General Motors plant here. Her work on the assembly line for the last decade provided the financial means to buy a home while raising her now-teenage daughter. But now, at 40, Jonesco's life has been upended. On the Monday after Thanksgiving, GM announced it was ending current production at the plant here and at four others in the United States and Canada, largely because of changing customer tastes, which now favor SUVs over compacts. GM idled the plant March 8. Meanwhile Jonesco and hundreds of co-workers have essentially been forced to move south to fill GM openings in

  • Stock indexes drop as bond market flashes recession warning

    Stock indexes drop as bond market flashes recession warning

    The stock market tumbled Friday as investors digested an ominous warning sign: Interest rates on long-term government debt fell below the rate on short-term bills. That's often a signal that a recession is on the horizon. The Dow Jones Industrial Average fell more than 460 points Friday, or about 1.8 percent. The broader S&P 500 index fell 1.9 percent. Ordinarily, the yield on long-term debt is higher, just as 10-year certificates of deposit tend to pay higher interest rates than three-month CDs. Bond watchers get nervous when that typical pattern is turned on its head. “We don't see that occur that often, but when it does, it's almost always bad news,” said Campbell Harvey, a professor of finance

  • VAN GEYN: Ford government's first budget must demonstrate self-control
    Toronto Sun

    VAN GEYN: Ford government's first budget must demonstrate self-control

    The famous marshmallow experiment at Stanford University studied the lives of children who were offered a choice between one marshmallow immediately, or two marshmallows if they could wait for 15 minutes. The children who could wait tended to do better in life, as measured by SAT scores, educational attainment and even body mass index. The lesson of delayed gratification is one that the new Ford government should keep in mind going into its first budget on April 11. The previous Liberal government's failure to learn to put the long-term ahead of the short-term resulted in the province's $13.5 billion deficit and $324 billion provincial debt. Former premier Kathleen Wynne acknowledged that a balanced

  • Louisville Courier-Journal

    LMPD will cancel new recruit classes after Metro Council tax hike vote

    Louisville Mayor Greg Fischer discussed the impact of the Metro Council vote to meet budget requirements by cutting government programs. March 22 2019 The Louisville Metro Police Department will move forward with its plan to eliminate three upcoming recruit classes after Metro Council rejected Thursday a proposed insurance premium tax hike, officials said. Among the "devastating" potential cuts to city services and departments that Mayor Greg Fischer outlined last month were the elimination of a police academy class in June and two classes next year. The gunshot detection technology ShotSpotter would also be on the chopping block. After Thursday's Metro Council vote against a plan to double the

  • Opinion: America's ability to identify financial stability risks is weakening

    Opinion: America's ability to identify financial stability risks is weakening

    Disclaimer: The views expressed in this article are solely mine, and do not represent the views of my employer. As the ten year anniversary of the infamous Lehman Weekend has come and gone, it's important to reflect on the lessons that we learnt. Or in the tragic case of the Office of Financial Research, the independent federal agency Congress set up to identify risks to America's financial stability; lessons that we should have learnt. Let's take a quick trip down memory lane to July 21, 2010, as the United States reeled with the deepest economic recession since the Great Depression. A bill named after Barney Frank, a Democratic Representative, and Chris Dodd, a Democratic Senator, was signed

  • Raising Taxes on the Rich Isn't Just Fair — It's Necessary

    Raising Taxes on the Rich Isn't Just Fair — It's Necessary

    Running Out of Solutions The ostensibly reliable value of the U.S. housing market has long been used as collateral to underwrite a great deal of derivative financial securities. That assumption collapsed when the market tanked in 2007, snatching the rug out from under many of the world's largest investment banks who were all heavily indebted to one another. Suddenly, no one was able to pay their creditors, so banks stopped lending in such a risky environment. The contagion of debt defaults ricocheted down Wall Street. The United States, and much of the world to which it is connected, plunged into a deep recession. It was central banks' time to shine. In this era of secular stagnation, rapid economic