economy

YAMIL LAGE / AFP/GETTY IMAGES

The Cuban government announced economic measures this week to seek dollars in a bid to stay afloat in the midst of an acute financial crisis triggered by its dependence on Venezuelan oil and new U.S. sanctions.

On Tuesday, Cuban Vice President Salvador Mesa and several ministers announced on television that the government was going to lower the prices of household appliances and other items on the condition that Cubans pay in dollars.

The move is an attempt to obtain a larger percentage of remittances sent from abroad.

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The gap between the richest and the poorest U.S. households is now the largest it's been in the past 50 years — despite the median U.S. income hitting a new record in 2018, according to new data from the U.S. Census Bureau.

The percentage of children living in high-poverty neighborhoods in Florida has decreased 8 percent since the Great Recession, according to a new study from the Annie E. Casey Foundation.

BILL OXFORD / GETTY IMAGES

A bill that would halt employment-based immigration from any countries other than India or China is headed back to the floor of the U.S. Senate next week.

If it passes, immigration policy experts estimate that for the next 10 years or so, Indian nationals, as well as a small number of Chinese nationals, would be the only foreign workers able to obtain green cards through employment — a move that would crush U.S. businesses seeking other talented foreign employees.

Al Diaz / Miami Herald

DREAMSTIME / TNS

Cryptocurrencies like Bitcoin continue to explode in popularity, with social media giants like Facebook and Twitter now expressing interest in getting involved in crypto platforms. Over the past year, Bitcoin has already gained 200% in value. The currency was valued at 3 cents on the dollar back in 2010 when it first entered the market and now it’s around 10,000.

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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