economy

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.

Updated at 3:30 p.m. ET

The Federal Reserve announced another quarter-percentage-point increase in interest rates Wednesday as expected, citing a strong labor market and economy.

The Fed raised the benchmark borrowing rate to a range of 2 percent to 2.25 percent, the third hike this year.

Updated at 6:43 p.m. ET

President Trump announced Monday that he is ordering 10 percent tariffs on $200 billion worth of imports from China.

Trump also threatened to add tariffs on about $267 billion of additional imports if China retaliates against U.S. farmers or other industries.

It's the latest round of an escalating trade dispute between the two countries.

When Argentine President Mauricio Macri told the country he had asked the International Monetary Fund to speed its disbursement of a $50 billion loan, he consciously aimed to assuage the fears of uneasy market watchers.

"We have seen new expressions of a lack of confidence in the markets, specifically over our financing capacity in 2019," Macri said in a speech posted to Facebook Wednesday, adding: "This decision aims to eliminate any uncertainty."

Despite a strong economy, about 40 percent of American families struggled to meet at least one of their basic needs last year, including paying for food, health care, housing or utilities.

Suzana Blake / NOAA Fisheries

Hurricane Irma cost Florida's fishing industries almost $200 million, according to a damage assessment released by the state and federal governments.

For years, the Caribbean Marketplace in Little Haiti, also known as Mache Ayisyen, sat empty and in disrepair. 

Updated at 10:07 a.m. ET

The U.S. economy had a blockbuster second quarter, with growth surging to a 4.1 percent pace, the Commerce Department said Friday. That was nearly double the first quarter rate of 2.2 percent and the strongest pace in nearly four years.

President Trump has been steadfastly claiming that his policies will catapult the U.S. economy into a much higher rate of growth — 4 percent over the next few years.

Updated 8:45 a.m. ET

The Labor Department on Friday reported another big month for job growth, with a larger than expected addition of 213,000 jobs for June.

The unemployment rate ticked up slightly to 4 percent as some people who had been on the sidelines moved back into the labor force.

The report underscores a familiar refrain: There are lots of jobs being created, but not enough people to fill them. That continues as employers consistently hire at robust rates and the unemployment rate keeps falling.

Updated at 2:21 p.m. ET

The Federal Reserve increased a key interest rate again Wednesday, which will trigger higher rates on credit cards, home equity lines and other kinds of borrowing.

Local and statewide community groups have teamed up to host South Florida’s first Democratic primary gubernatorial debate on Monday.

Unemployment in Miami-Dade has never been lower.

Unfortunately, the same can also be said of incomes.

AP Photo/Pablo Martinez Monsivais

The mass shooting at Marjory Stoneman Douglas High School almost 10 weeks ago has ushered in a new era of activism. A vocal group of students at Stoneman Douglas has led school walkouts, marches and social media campaigns protesting gun violence. They have inspired student groups across the country to do the same.

 

Pages