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First Post
10 hours ago
- Business
- First Post
US recession fears rise as personal income and spending fall in May
Amid the tariffs introduced by US President Donald Trump, fears of a recession loom in America as the US witnessed a decline in personal income and consumer spending in May read more Amid the fears of recession and inflation, the US consumer spending declined for the first time since January. According to the new data released by the US Bureau of Economic Analysis, personal income decreased by $109.6 billion (0.4 per cent at a monthly rate) in May. The Commerce Department report also showed that consumer spending fell 0.1 per cent last month after rising 0.2 per cent in April. The 50 per cent drop-off in motor vehicle sales in May was a significant driver of the overall spending retreat. The vehicle industry saw a sharp decline in May because consumers rushed to dealerships to buy cars in March and April, fearing that President Donald Trump's tariffs would send those costs soaring. STORY CONTINUES BELOW THIS AD However, the Friday report also reflected that the consumers pulled back on spending at restaurants and hotels. It is pertinent to note that Consumer spending powers more than two-thirds of American economic activity. The sharp decline prompted concerns among economists who argue that the steep tariffs on imported goods will erode Americans' resiliency. Consumer economy plunders over fear of Trump Tariffs According to the data released by the US Bureau of Economic Analysis, Personal income fell more than expected for the month, sinking 0.4 per cent. However, the economists argued that the May decline was largely a reflection of Social Security payments returning to more typical levels. In March and April, former public workers received large retroactive payments made under the Social Security Fairness Act due to reduced benefits under the prior legislation. Gregory Daco, chief economist at EY-Parthenon, told CNN that despite the recent months' volatility in those income numbers, the trend is one where income growth 'remains quite subdued." 'Real disposable income (what's left after taxes) is currently trending at a pace of 1.7 per cent year over year,' he said. 'That will bring down consumer spending from the 3 per cent (annual) pace that we were accustomed to through most of 2024 closer to 1.5 per cent over the coming months and perhaps even below 1% in the back half of 2025.' He cautioned that the closer the spending growth gets to 1 per cent, the more vulnerable the US economy becomes. 'You're much more subject to a stalling,' he said. 'You're exposed to price shocks, oil price shocks, tariff shocks, interest rate shocks, stock market shocks, and therefore you're more at risk of experiencing a more significant slowdown or possibly a recession.' STORY CONTINUES BELOW THIS AD However, the figures are still concerning. Major economic forecasts now predict sharply slower growth for the rest of 2025, with real GDP expected to weaken to as low as 1.1 per cent by year-end, compared to 2.5 per cent in late 2024. Economists warn that persistent inflation, higher tariffs, and policy uncertainty are putting additional pressure on household budgets and business confidence. Some analysts caution the US could be facing stagflation — a combination of slow growth and stubborn inflation — rather than a typical recession. The probability of a US recession in 2025 remains significant, with estimates ranging from 25 per cent to 40 per cent depending on the model and scenario. While the latest data do not guarantee an imminent recession, the combination of falling income, weaker spending, and negative leading indicators has heightened risks and could signal more economic trouble ahead.
CNBC
16 hours ago
- Politics
- CNBC
University of Virginia president resigns amid Trump admin investigation of diversity initiatives
The president of the University of Virginia is resigning following pressure from the Trump administration to step aside amid a Justice Department probe into the school's diversity practices. James E. Ryan convened a meeting with his senior leadership on Friday and announced that he would be stepping down, according to a source who attended the UVA Board of Visitors meeting. The Justice Department had demanded Ryan step down in order to resolve an investigation over the school's diversity, equity and inclusion initiatives, according to The New York Times, which was first to report the news of his resignation. The university's governing Board of Visitors voted in March to end its DEI office under the Trump administration's order that U.S. schools end diversity programs or risk losing federal funding. Republican Gov. Glenn Youngkin had praised the decision, saying the board "voted for common sense." "DEI is done at the University of Virginia. We stand for the universal truth that everyone is created equal, and opportunity is at the heart of Virginians' and Americans' future," he said in a March 7 news release. But the Justice Department accused the school of failing to completely dismantle DEI and sent a letter dated June 17 warning that it needed to act fast, the NYT reported. The DOJ and the University of Virginia did not immediately respond to a request for comment on Friday. Democratic Sens. Mark Warner and Tim Kaine said in a joint statement Friday that it was "outrageous that officials in the Trump Department of Justice demanded the Commonwealth's globally recognized university remove President Ryan." They called him a "strong leader" who served the school "honorably and moved the university forward." "Virginia's economy and prosperity depend on the strength and integrity of our higher education system," the statement read. "Decisions about UVA's leadership belong solely to its Board of Visitors, in keeping with Virginia's well-established and respected system of higher education governance. This is a mistake that hurts Virginia's future." The school's board accepted Ryan's resignation, The New York Times reported. He has served as the school's ninth president since 2018.
Newsweek
17 hours ago
- Politics
- Newsweek
Birthright Citizenship: What Polls Show About Americans' Views
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Following the Supreme Court's Friday ruling in a case pertaining to President Donald Trump's move to end birthright citizenship, here's what several polls show about Americans' views on the matter. Why It Matters While the case is about injunctions, at the center is the issue of whether anyone born in the U.S. is considered an American citizen or not, and what exactly the 14th Amendment says, or doesn't say, to define birthright. The Supreme Court's 6-3 ruling on Friday ended the use of nationwide injunctions by federal judges, clearing the way for Trump's restrictions on automatic U.S. citizenship to take effect in some states while remaining blocked in others, as injunctions issued by more than 20 states remain in place. In states without active injunctions, Trump's policy could take effect 30 days after the ruling. The ruling did not decide whether President Trump's executive order—which seeks to deny U.S. citizenship to children born on American soil to illegal immigrants—is constitutional. Jenny Harris, of Baltimore, protests in support of birthright citizenship and the immigrant community, Thursday, May 15, 2025, outside of the Supreme Court in Washington. Jenny Harris, of Baltimore, protests in support of birthright citizenship and the immigrant community, Thursday, May 15, 2025, outside of the Supreme Court in Washington. AP Photo/Jacquelyn Martin What To Know While the Supreme Court's ruling leaves the issue of birthright citizenship slightly unclear and in limbo, Americans' views on the matter are also split. The concept of birthright citizenship has long been established in the U.S., with the 14th Amendment of the U.S. Constitution guaranteeing citizenship to "all persons born or naturalized in the United States." Released just ahead of the Supreme Court's ruling, an Emerson College Polling survey of 1,000 registered U.S. voters conducted between June 24 and 25, found that a majority support birthright citizenship, 68 percent. Meanwhile, 32 percent of voters believe it should be ended for people who are not born to U.S. citizen parents. "Support for birthright citizenship policy is highest among voters under 30, at 83%, and lowers steadily as voters' age increases, to 55% of voters over 70," Spencer Kimball, executive director of Emerson College Polling, said. The poll's findings also fall along partisan lines, with 90 percent of Democrats supporting birthright citizenship for everyone, with 49 percent of Republicans believing it should continue. The poll has a margin of error of plus or minus 3 percentage points. A Reuters/Ipsos poll of 1,136 Americans conducted between June 11 and 12 found a smaller percentage of people support ending birthright citizenship, 24 percent, while 52 percent opposed ending it. Similarly, it found a large partisan divide, with 84 percent of Democrats opposing it, while 43 percent of Republicans support ending the automatic citizenship. The poll has a margin of error of plus or minus 3 percentage points. A May NPR/Ipsos poll found similar data, with just over half of participants opposing ending birthright citizenship, 53 percent, whereas 28 percent support ending the measure. The poll surveyed 1,019 people between May 9 and 11. It has a margin of error of plus or minus 3.7 percentage points. A Pew Research Center survey in April found much closer results, with 49 percent of participants in favor of ending birthright citizenship, while 50 percent believe that children born to illegal immigrant parents should be granted U.S. citizenship. The poll of 3,589 people was conducted between April 7 and 13 and has a margin of error of plus or minus 1.8 percentage points. What People Are Saying President Donald Trump wrote on Truth Social: "GIANT WIN in the United States Supreme Court! Even the Birthright Citizenship Hoax has been, indirectly, hit hard. It had to do with the babies of slaves (same year!), not the SCAMMING of our Immigration process. Congratulations to Attorney General Pam Bondi, Solicitor General John Sauer, and the entire DOJ." Supreme Court Justice Samuel Alito wrote in a concurring opinion: "First, the Court does not address the weighty issue whether the state plaintiffs have third-party standing to assert the Citizenship Clause claims of their individual residents." Professor Samuel Bray said in a statement to Newsweek for a related article: "Given that the birthright-citizenship executive order is unconstitutional, I expect courts will grant those preliminary injunctions, and they will be affirmed on appeal. I do not expect the President's executive order on birthright citizenship will ever go into effect. Today's decision is a vindication and reassertion of the proper role of the federal courts in our constitutional system." What Happens Next The Court's ruling allows the Trump administration to issue guidance on how the executive order on birthright citizenship can be implemented, which can now happen in 30 days. The executive order could still face challenges, with at least two attempts at class action lawsuits filed later Friday. One came in the form of an updated complaint in Casa Inc. v. Trump, one of the cases before the Supreme Court. Another was in a new suit filed by the American Civil Liberties Union (ACLU) in New Hampshire, with the group making it clear it was seeking relief for all families across the U.S.
NBC News
17 hours ago
- Politics
- NBC News
University of Virginia president resigns amid Trump admin investigation of diversity initiatives
The president of the University of Virginia is resigning following pressure from the Trump administration to step aside amid a Justice Department probe into the school's diversity practices. James E. Ryan convened a meeting with his senior leadership on Friday and announced that he would be stepping down, according to a source who attended the UVA Board of Visitors meeting. The Justice Department had demanded Ryan step down in order to resolve an investigation over the school's diversity, equity and inclusion initiatives, according to The New York Times, which was first to report the news of his resignation. The university's governing Board of Visitors voted in March to end its DEI office under the Trump administration's order that U.S. schools end diversity programs or risk losing federal funding. Republican Gov. Glenn Youngkin had praised the decision, saying the board 'voted for common sense.' 'DEI is done at the University of Virginia. We stand for the universal truth that everyone is created equal, and opportunity is at the heart of Virginians' and Americans' future,' he said in a March 7 news release. But the Justice Department accused the school of failing to completely dismantle DEI and sent a letter dated June 17 warning that it needed to act fast, the NYT reported. The DOJ and the University of Virginia did not immediately respond to a request for comment on Friday. Democratic Sens. Mark Warner and Tim Kaine said in a joint statement Friday that it was 'outrageous that officials in the Trump Department of Justice demanded the Commonwealth's globally recognized university remove President Ryan.' They called him a 'strong leader' who served the school 'honorably and moved the university forward.' 'Virginia's economy and prosperity depend on the strength and integrity of our higher education system,' the statement read. 'Decisions about UVA's leadership belong solely to its Board of Visitors, in keeping with Virginia's well-established and respected system of higher education governance. This is a mistake that hurts Virginia's future.' The school's board accepted Ryan's resignation, The New York Times reported. He has served as the school's ninth president since 2018.
Yahoo
17 hours ago
- Politics
- Yahoo
UVA president resigns under pressure from Trump administration, per reports
The New York Times is reporting that James Ryan, the president of the University of Virginia, will resign following pressure from President Donald Trump's administration. The school's board of visitors voted in March to dissolve UVA's Office of Diversity, Equity, Inclusion and Community Partnerships. 'The Board of Visitors voted for common sense, saying 'no' to illegal discrimination and 'yes' to merit-based opportunity,' Virginia Gov. Glenn Youngkin said at the time. 'DEI is done at the University of Virginia. We stand for the universal truth that everyone is created equal, and opportunity is at the heart of Virginians' and Americans' future.' Still, reports said the Department of Justice felt Ryan mispresented the steps he'd taken to eliminate the programs, and the Trump administration had pushed for his removal. At the time this story was published, UVA has not released an official statement on Ryan's resignation, but the New York Times obtained a letter to the head of the Board of Visitors saying he submitted his resignation. More: $15 million mental health crisis and detox facility to open near Augusta Health Democrats Mark Warner and Tim Kaine, both United States Senators from Virginia, released a joint statement on Ryan's decision. 'Virginia's economy and prosperity depend on the strength and integrity of our higher education system,' the senators said. 'It is outrageous that officials in the Trump Department of Justice demanded the Commonwealth's globally recognized university remove President Ryan — a strong leader who has served UVA honorably and moved the university forward—over ridiculous 'culture war' traps. 'Decisions about UVA's leadership belong solely to its Board of Visitors, in keeping with Virginia's well-established and respected system of higher education governance. This is a mistake that hurts Virginia's future.' Later, in a press call with Virginia reporters, Kaine called the move "a sad day for Virginia" and suggested that Ryan stepped down because he did not have the backing of the UVA Board to stand up to the administration. He urged other college boards across Virginia to stick to their appointed roles of overseeing those who run their colleges and back them to the hilt. "If you're on a board, you have to have the back of your president and stand strong," Kaine said. He likened the move to a test of loyalty to the Trump Administration. "It's like they now have a pelt and they are proud of it," Kaine said. Rep. Jennifer McClellan, D-Virginia, said in a statement that the move by the administration goes against every foundation on which UVA was built. 'Thomas Jefferson founded the University of Virginia to serve as a bastion of academic freedom for students to engage in intellectual curiosity without fear of censorship or retaliation. He viewed education as a shield against tyranny," McClellan said. "The bullying of his beloved university by President Trump and his Justice Department are the exact brand of government overreach he feared. University leaders should be accountable to the university community and its governing bodies, not subjected to political pressure from the president of the United States.' More: Augusta County residents speak out against Pride event cancellation — Patrick Hite is a reporter at The News Leader. Story ideas and tips always welcome. Connect with Patrick (he/him/his) at phite@ and on Instagram @hitepatrick. Subscribe to us at Bill Atkinson (he/him/his) is an award-winning journalist who covers breaking news, government and politics. Reach him at batkinson@ or on X (formerly known as Twitter) at @BAtkinson_PI. This article originally appeared on Staunton News Leader: UVA president resigns under pressure from Donald Trump, per reports
