Articles written by Martin Crutsinger
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US economy surpasses pre-pandemic size with 6.5% Q2 growth
WASHINGTON (AP) — Fueled by vaccinations and government aid, the U.S. economy grew at a solid 6.5% annual rate last quarter in another sign that the nation has achieved a sustained recovery from the pandemic recession. The total size of the...
US economy up 6.4% in Q1 with stronger future gains expected
WASHINGTON (AP) — The U.S. economy grew at a solid 6.4% rate in the first three months of this year, setting the stage for what economists are forecasting could be the strongest year for the economy in possibly seven decades. The Commerce...
US consumers boosted spending in April as inflation surged
WASHINGTON (AP) — Americans increased their spending by 0.5% in April, a slowdown after a massive gain in March that had been powered by the distribution of billions of dollars in individual stimulus checks. Even with the pullback from a 4.7%...
IRS says new round of COVID relief payments on the way
WASHINGTON (AP) — Along with daylight saving time, this weekend could bring some Americans fatter bank balances. Officials at the Treasury Department and Internal Revenue Service said Friday that processing of the new round of stimulus payments...
Fed survey finds modest gains in the US economy in February
WASHINGTON (AP) — A Federal Reserve survey of business conditions across the United States has found that economic activity was expanding at a modest pace in February. The Fed survey released Wednesday shows that the central bank's business...
Fed's Powell: Recovery incomplete, high inflation unlikely
WASHINGTON (AP) — Federal Reserve Chair Jerome Powell underscored the U.S. economy's ongoing weakness Tuesday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. "The economic recovery...
Yellen: Biden's plan could restore full employment by 2022
WASHINGTON (AP) — Treasury Secretary Janet Yellen said Sunday the country was still in a “deep hole” with millions of lost jobs but that President Joe Biden’s $1.9 trillion relief plan could generate enough growth to restore full employment... Full story
Yellen says Treasury focus to help nation reeling from virus
WASHINGTON (AP) — Janet Yellen, sworn in Tuesday as the nation's 78th Treasury secretary and the first woman to hold the office, said in a message to the department's 84,000 employees that they would play a major role in addressing the country's...
Janet Yellen wins Senate approval as treasury secretary
WASHINGTON (AP) — The Senate on Monday approved President Joe Biden's nomination of Janet Yellen to be the nation's 78th treasury secretary, making her the first woman to hold the job in the department's 232-year history. Yellen, a former chair of...
Effort to put Tubman on $20 bill restarted under Biden
WASHINGTON (AP) — With a change of administrations, it looks like Harriet Tubman is once again headed to the front of the $20 bill. Biden press secretary Jen Psaki said Monday that the Treasury Department is taking steps to resume efforts to put...
Fed keeps rate near zero but sees brighter economy in 2021
WASHINGTON (AP) — The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes "substantial" progress — a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely....
Fed reports slowing US economic activity due to virus surge
WASHINGTON (AP) — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as coronavirus cases surged. The Fed report released Wednesday said that overall, the Fed's 12...
Mnuchin defends shut down of Fed emergency loan programs
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin is defending his decision to close down a number of emergency Federal Reserve loan programs at a time when coronavirus cases are surging. Democrats were unconvinced, however, saying that Mnuchin's...
Mnuchin denies trying to hinder incoming administration
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve....
US industrial production growth slows, up 0.4% in August
WASHINGTON (AP) — U.S. industrial production slowed to a modest increase of 0.4% in August, far weaker than the strong bounce back recorded in previous months when factories were coming back to life. The slight uptick followed gains of 3.5% in...
Fed: Rates to stay ultra-low even after inflation picks up
WASHINGTON (AP) — The Federal Reserve announced a significant change Thursday in how it manages interest rates by saying it plans to keep rates near zero even after inflation has exceeded its 2% target level. The change means the Fed is prepared...
Fed's Main Street pandemic support program off to slow start
WASHINGTON (AP) — The Federal Reserve says that its Main Street Lending Program designed to help small and medium-sized companies get through the pandemic has managed to make just eight loans in its first month of operations. In its first report...
US budget deficit hits all-time high of $864 billion in June
WASHINGTON (AP) — The federal government incurred the biggest monthly budget deficit in history in June as spending on programs to combat the coronavirus recession exploded while millions of job losses cut into tax revenues. The Treasury...
US wholesale prices fell 0.2% in June as food costs plunged
WASHINGTON (AP) — U.S. wholesale prices fell 0.2% in June as food costs dropped sharply, offsetting a big increase in energy prices. The drop in the Producer Price Index, which measures inflation pressures before they reach consumers, followed a...
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...
