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Articles written by Martin Crutsinger

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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...

 

3 things to watch for from the Federal Reserve on Wednesday

WASHINGTON (AP) — Not since America's financial system and economy appeared to be in grave danger — back in December 2008 — has the Federal Reserve cut its benchmark interest rate. Yet that is just what the Fed is set to do when it ends its...

 

Fed set to cut rates for first time in decade. Is it a risk?

WASHINGTON (AP) — There's little dispute that the Federal Reserve this week will do something it hasn't done since 2008, when the U.S. economy was gripped by the Great Recession: Cut its benchmark interest rate. This time, by contrast, the economy... Full story

 

US economy slowed to 2.1% growth rate in second quarter

WASHINGTON (AP) — The U.S. economy slowed sharply in the April-June quarter even as consumers stepped up their spending. The gross domestic product, the economy's total output of goods and services, grew at a 2.1% annual rate last quarter, down...

 

American Airlines extends Boeing plane flight cancellations

WASHINGTON (AP) — American Airlines said Sunday that it will keep the Boeing 737 Max plane off its schedule until Nov. 3, which is two months longer than it had planned. In a statement, American said the action will result in the cancellation of ab...

 

US budget deficit jumps 23% through June

WASHINGTON (AP) — The U.S. budget deficit increased by $140 billion during the first nine months of this budget year to $747.1 billion as government revenues and spending both hit records. The Treasury Department reported Thursday that the deficit...

 

Powell's message to Congress: Rate cut is likely coming soon

WASHINGTON (AP) — Pointing to a weaker global economy, rising trade tensions and chronically low inflation, Chairman Jerome Powell signaled Wednesday that the Federal Reserve is likely to cut interest rates late this month for the first time in a...

 

Trump says US should start manipulating the dollar

WASHINGTON (AP) — President Donald Trump on Wednesday accused China and Europe of playing a "big currency manipulation game." He said the United States should match that effort, a move that directly contradicts official U.S. policy not to...

 

Trump says he will tap economists for 2 key Fed vacancies

WASHINGTON (AP) — President Donald Trump, who has criticized the Federal Reserve for not cutting interest rates, said Tuesday that he intends to nominate two economists to fill influential positions on the central bank's Board of Governors. Trump...

 

US economy grew at solid 3.1% rate in first quarter

WASHINGTON (AP) — The U.S. economy grew at a healthy 3.1% rate in the first three months of this year, but signs are mounting that growth has slowed sharply in the current quarter amid slower global growth and a confidence-shaking trade battle...

 

Powell says economy facing growing uncertainties

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell said Tuesday the outlook for the U.S. economy has become cloudier since early May, with rising uncertainties over trade and global growth causing the central bank to reassess its next move...

 

Fed leaves its key rate unchanged but hints of future cuts

WASHINGTON (AP) — The Federal Reserve left its key interest rate unchanged Wednesday but signaled that it's prepared to start cutting rates if needed to protect the U.S. economy from trade conflicts and other threats. The Fed kept its benchmark rat...

 

Powell hints Fed will cut rates if needed over trade wars

WASHINGTON (AP) — Chairman Jerome Powell said Tuesday that the Federal Reserve is prepared to respond if it decides the Trump administration's trade conflicts are threatening the U.S. economy. Investors read his remarks as a signal that the Fed...

 

US does not brand China as currency manipulator

WASHINGTON (AP) — The Trump administration has again decided not to label China or any other country as a currency manipulator. But in a report to Congress on Tuesday, the administration is keeping China on a list of countries whose trade...

 

US government records $160.3 billion April surplus

WASHINGTON (AP) — The federal government recorded a $160.3 billion surplus in April as revenues for the month jumped to an all-time high. But even with a flood of tax receipts, the deficit so far this year is running 37.7% higher than a year ago....

 

Fed signals neither a rate hike nor a cut is likely soon

WASHINGTON (AP) — The Federal Reserve left its key interest rate unchanged Wednesday and signaled that it's unlikely to either raise or cut rates in coming months amid signs of renewed economic health but unusually low inflation. The Fed left its...

 

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