economy

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.

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.

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.

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