Articles written by Martin Crutsinger
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Fed minutes show concerns about severity of downturn
WASHINGTON (AP) — Federal Reserve officials last month expressed concerns about the severity of the economic downturn triggered by the coronavirus pandemic, saying the drop in economic activity in the spring would likely be the steepest in the...
Powell says US economy facing heightened uncertainty
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says the outlook for the U.S. economy is "extraordinarily uncertain" and the success of the recovery effort will depend in large part on the country's ability to contain the spread of the...
US service sector contracts for second month in May
WASHINGTON (AP) — The U.S. services sector shrank for a second month in May as the coronavirus pandemic triggered shutdowns and layoffs around the country. Activity did rise from levels last month that had not been seen since the recession. The...
Trump takes aim at WHO as US economic outlook worsens
WASHINGTON (AP) — With new U.S. economic numbers highlighting the rough road ahead for a hoped-for rebound, President Donald Trump on Friday took aim at the World Health Organization and China, blaming both for their roles in the pandemic's...
Trump takes aim at WHO as US economic outlook worsens
WASHINGTON (AP) — With new U.S. economic numbers highlighting the rough road ahead for a hoped-for rebound, President Donald Trump on Friday took aim at the World Health Organization and China, blaming both for their roles in the pandemic's...
Fed report notes businesses less optimistic about economy
WASHINGTON (AP) — Businesses across the country surveyed by the Federal Reserve don't appear to share the Trump administration's optimism about a rapid economic recovery starting this summer. The Federal Reserve released a report Wednesday that...
Fed's Powell says economic forecasts filled with uncertainty
WASHINGTON (AP) — Efforts to forecast the U.S. economy's path to recovery from the current deep downturn face "a whole new level of uncertainty," Federal Reserve Chairman Jerome Powell said Thursday. Not only is there the difficulty predicting how...
US wholesale prices drop record 1.3% in April
WASHINGTON (AP) — Wholesale prices slid a record 1.3% in April led by a 19% plunge in the cost of energy, further signaling the potential threat of deflation in the United States. The Labor Department said that its producer price index, which...
Drug proves effective against virus as economic damage rises
Scientists on Wednesday announced the first effective treatment against the coronavirus — an experimental drug that can speed the recovery of COVID-19 patients — in a major medical advance that came as the economic gloom caused by the scourge...
Trump: Postal Service must charge Amazon more, or no loan
WASHINGTON (AP) — President Donald Trump said Friday that he won't approve a $10 billion loan for the U.S. Postal Service unless the agency raises charges for Amazon and other big shippers to four to five times current rates. "The Postal Service...
Social Security and Medicare funds at risk even before virus
WASHINGTON (AP) — The financial condition of the government's two biggest benefit programs remains shaky, with Medicare expected to become insolvent in just six years, while Social Security will be unable to pay full benefits starting in 2035, the...
Wholesale prices fall 0.2% in March
WASHINGTON (AP) — Wholesale prices fell for a second consecutive month, led by a big drop in energy prices. The Labor Department reported Thursday that its producer price index, designed to measure inflation before it reaches the consumer, dropped...
US budget deficit totals $743.6 billion over past 6 months
WASHINGTON (AP) — The federal government's budget deficit for the first half of this budget year totaled $743.6 billion, up 7.6% from last year, and well on its way to topping $1 trillion even before the impacts of the coronavirus were felt. The...
US economy grew at 2.1% rate in Q4 but virus threat looms
WASHINGTON (AP) — The U.S. economy grew at an annual rate of 2.1% in the final quarter of last year, but damage from the spreading coronavirus is likely depressing growth in the current quarter and for the rest of the year. The overall pace of...
View of a longtime economist: Slower growth but no recession
WASHINGTON (AP) — In this high-profile election year, the U.S. economy boasts an unemployment rate that is near its lowest level in a half-century. But economic growth has been slowing. And some economists say the expansion may be vulnerable to...
US budget deficit running 11.8% higher this year
The U.S. budget deficit through the first three months of this budget year is up 11.8% from the same period a year ago, putting the country on track to record its first $1 trillion deficit in eight years. In its monthly budget report, the Treasury...
US deficit hits nearly $1 trillion. When will it matter?
WASHINGTON (AP) — The Trump administration reported a river of red ink Friday. The federal deficit for the 2019 budget year surged 26% from 2018 to $984.4 billion — its highest point in seven years. The gap is widely expected to top $1 trillion...
Finance officials pledge to combat global economic slowdown
WASHINGTON (AP) — Global finance officials wrapped up their fall meetings on Saturday with a pledge to "employ all appropriate tools" to combat the weakest global growth in a decade, but there was little evidence of progress in easing trade...
US retail sales dip 0.3% in September
WASHINGTON (AP) — Retail sales dropped in September by the largest amount in seven months, possibly signaling that rising trade tensions and turbulent markets are having an impact on consumer spending. Retail sales fell 0.3% last month following a...
Fed chairman says goal is to keep economy in 'good place'
WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Friday that the U.S. economy is facing some risks at the moment, but overall it is in a "good place" and the Fed's main job is to "keep it there as long as possible." Powell noted that...
A divided Fed reduces rates but may not cut again this year
WASHINGTON (AP) — A sharply divided Federal Reserve cut its benchmark interest rate Wednesday for a second time this year but declined to signal that further rate cuts are likely this year. The Fed's move reduced its key short-term rate — which...
Thanks to consumers, US economy is rising steadily if slowly
WASHINGTON (AP) — The U.S. economy slowed in the spring, and most analysts expect it to weaken further in the months ahead. Yet the main driver of growth — consumer spending — remains vigorous enough to keep the economy growing steadily if stil...
'Our bigger enemy': Trump escalates attack on Fed chief
WASHINGTON (AP) — President Donald Trump launched a furious and highly personal Twitter attack Friday against the Federal Reserve and Chairman Jerome Powell, fuming that the Fed once more "did NOTHING!" and wondering who is "our bigger enemy" ...
IMF contradicts Trump: China hasn't manipulated its currency
WASHINGTON (AP) — The International Monetary Fund sees little evidence that China's central bank has deliberately reduced the value of the nation's currency — a position at odds with the Trump administration's decision this week to accuse...
Fed cuts key rate in its first reduction in more than decade
WASHINGTON (AP) — The Federal Reserve cut its key interest rate Wednesday for the first time in a decade to try to counter threats ranging from uncertainties caused by President Donald Trump's trade wars to chronically low inflation and a dim...
