economy

Updated at 6:56 p.m. ET

Stocks plunged Wednesday on deepening worries over a slowdown in the global economy.

The Dow closed down 800 points, or about 3%. Investors have been whipsawed in recent days by mixed signals emerging from the Trump administration about tariffs and the escalating trade war with China.

The jitters were exacerbated amid worrisome economic data from two big countries. Germany posted negative growth in the latest quarter, and China's growth in industrial output fell to a 17-year low.

Updated at 9:31 a.m. ET

The economy is slowing down, but it keeps creating jobs at a healthy pace. Employers added 164,000 jobs last month, as the unemployment rate held steady at 3.7%, the Labor Department said Friday. The jobless rate remains at a nearly 50-year low.

Analysts had expected about 165,000 jobs to be added in July and the unemployment rate to be 3.6%.

AP FACT CHECK: In 2020 Debut, Trump Exaggerates Growth

Jun 19, 2019

President Donald Trump officially opened his 2020 campaign Tuesday with a speech exaggerating what he’s done for the economy and against illegal immigration. 

Updated at 2:15 p.m. ET

U.S. employers added a better-than-expected 263,000 jobs in April, as the nearly decade-old economic expansion shows no signs of slowing. And the unemployment rate dropped to 3.6% — the lowest in nearly 50 years.

In March, the jobless rate was 3.8%. A monthly snapshot from the Labor Department showed solid hiring in services, construction and health care.

courtesy: AutoNation

Mike Jackson used to shovel horse manure for one dollar a stall. He wound up leading a company selling over half a million new and used cars and trucks a year.

In March, Jackson stepped aside from CEO of AutoNation, the position he held for 20 years. AutoNation is one of South Florida’s largest publicly traded companies -- worth almost $3.5 billion. And Florida is its most important market, with quarter of its revenues coming from auto dealers it owns here.

Updated at 10:45 p.m. ET

President Trump said Friday he will nominate conservative TV commentator and former Trump campaign adviser Stephen Moore to one of two vacant seats on the Federal Reserve Board.

Moore, 59, has joined the president in criticizing the central bank, led by Chairman Jerome Powell, for raising interest rates.

"I have known Steve for a long time — and have no doubt he will be an outstanding choice!" Trump said in a tweet.

Updated at 5:55 p.m. ET

There aren't many people who can command attention at the White House, the classrooms of Princeton University, and the Rock & Roll Hall of Fame.

Alan Krueger did all three.

Krueger, who served as economic adviser to former President Barack Obama, died over the weekend at age 58. The cause was suicide, according to a statement from his family, released by Princeton University where Krueger taught.

Updated at 11:33 a.m. ET

The U.S. economy expanded at a solid 2.6 percent rate during the last three months of 2018, but growth was significantly lower than it had been earlier in the year, the government said Thursday.

For 2018 as a whole, the economy grew 2.9 percent, a touch below the Trump administration's projected target of 3 percent.

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Black people, regardless of ethnicity or nationality, fare worse than white Americans and other groups that identify as white, according to a new study that looks at the accumulation of wealth in the South Florida region.

“The Color of Wealth” examines the wealth disparities that exist across racial and ethnic groups in West Palm Beach, Miami-Dade and Broward counties. 

South Florida has a significant Hispanic population, 43 percent. But when broken down by race, white Hispanics have significantly better economic outcomes than black Hispanics, the authors found. 

Updated at 9:27 a.m. ET

Job growth picked up for the 100th consecutive month in January even as hundreds of thousands of federal workers were furloughed during the partial government shutdown, the Labor Department said Friday.

Employers added 304,000 jobs last month — topping analysts' expectations and the 223,000 average monthly gain in 2018. The string of job growth underscores the long economic expansion since the Great Recession.

Updated at 4:07 p.m. ET

The markets have been a mess, but companies are still hiring — a lot.

The economy ended the year by adding a much-stronger-than-expected 312,000 jobs in December — the biggest gain in 10 months, the Labor Department said Friday.

Meanwhile, the unemployment rate jumped to 3.9 percent — the highest rate since August — as more people felt confident enough to quit their jobs and look for new ones.

Updated at 4:03 p.m. ET

Despite enormous pressure from President Trump, the U.S. Federal Reserve announced Wednesday it is increasing interest rates by a quarter point.

The Fed said in a statement it is raising the key borrowing rate to a range of 2.25 percent to 2.50 percent — the highest level in a decade, when the economy was in the early stages of the financial crisis and the beginning of the Great Recession. The Dow ended the day down 352 points, or 1.5 percent, after the Fed announcement. The index was up nearly 300 points earlier.

Updated at 4:35 p.m. ET

After the huge sell-off Wednesday, U.S. stocks fell sharply again Thursday. At one point, the Dow was down nearly 700 points. By late afternoon, it had regained some ground but closed down 546 points or a little more than 2 percent.

Over the past two days, the Dow has lost 1,378 points. The S&P 500 was down 2 percent for the day. The Nasdaq lost 1.25 percent.

Republican gubernatorial candidate Ron DeSantis has released his plan for Florida’s economy. The former congressman bills himself as an enemy of taxes, as state Democrats attack him for his economic record in Washington.

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