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Reuters
5 days ago
- Business
- Reuters
Econ World Podcast: 'Shadow Fed chair'
Follow on Apple or Spotify. Listen on the Reuters app. The world's most important central bank is at the center of a succession drama. Host Carmel Crimmins talks to Dan Burns, Americas economics editor, and Federal Reserve correspondent Howard Schneider about the possibility of a central banker in-waiting, and what that would mean for the global economy. *This podcast was updated to fix a missed question by Carmel at the 17:40 minute mark. Further Listening The dollar Independence Budget deficits
Yahoo
03-07-2025
- Business
- Yahoo
How Trump is starting to shape the job market
By Dan Burns (Reuters) -Roughly half a year into his second stint in the White House, President Donald Trump is starting to shape portions of the U.S. job market through his policy changes, including aggressive crackdowns on immigration and reductions in the federal workforce. Less evident so far, though, is any indication of a rebound in factory employment, one of the chief goals of his imposition of sweeping tariffs on goods from foreign trading partners. Also the breadth of hiring continues on balance to narrow, reflecting ongoing uncertainty among businesses about the outlook under the shifting Trump policy landscape. Here's a look at how some of the employment data is shaping up in the face of Trump's policies. FEDERAL WORKERS The U.S. government workforce - excluding the U.S. postal service - shrank again in June, and Trump has now overseen more net reductions in the federal workforce in his early months than any president since Dwight D. Eisenhower. The decline of 8,100 federal positions last month pushed his running total to almost 60,000, edging him past fellow Republican Ronald Reagan, who had overseen a reduction of 55,000 in the first months of his presidency in 1981. That trajectory is likely to increase in late summer when the tens of thousands of federal workers who accepted a deferred resignation offer from the Trump administration will formally leave federal employment. IMMIGRATION Trump has launched raids to round up undocumented migrants, rescinded the legal status of thousands of other immigrants, and in general has slowed the inflow of foreigners allowed to work in the U.S. That has reversed the trend under his predecessor, Democrat Joe Biden, that had seen foreign-born workers contribute roughly as much or more to overall employment and labor force growth than those born in the U.S. From February - the first full month of Trump's second term - through June, all employment growth has come from native-born workers. Employment among those born here rose by 2.1 million in that period, while employment among foreign-born workers dropped by more than half a million. That's the largest February-through-June slide in foreign-born employment since at least the first year of Democrat Barack Obama's presidency. FACTORY WORK A key policy goal of Trump's tariffs has been to boost U.S. manufacturing employment, which has been in a long-term downtrend as companies offshored goods production to places like China and Mexico. It had seen a modest recovery in Trump's first term and again after the COVID-19 pandemic, but that recovery stalled more than two years ago and there were 5,000 fewer factory jobs in June than in January. The number of manufacturing jobs in June fell by 7,000 to its lowest overall since October. Factory employment as of last month was around the lowest in three years. BREADTH OF HIRING While 147,000 new payroll jobs were created last month, the gains were led by an increasingly narrow set of employment sectors. State government jobs, in education largely, led the way, followed by the healthcare sector. Private payrolls overall experienced their smallest increase since October, in keeping with surveys of businesses that show great uncertainty about the evolving outlook from Trump's tariff policies in particular. The Bureau of Labor Statistics' diffusion index, which tracks the breadth of hiring across 250 industries, fell back below 50 for the second time in three months. That indicates slightly more industries were reducing employment than adding to it and continues a narrowing trend. The average breadth of hiring over the last 12 months is the narrowest since August 2020 and is the lowest of any Trump presidency month - excluding the early days of the pandemic - going back through his first term. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-07-2025
- Business
- Yahoo
U.S. weekly new jobless claims drop to 6-week low
(Reuters) -The number of Americans filing new applications for jobless benefits fell to a six-week low last week, but the ranks of those continuing to collect benefits after their initial week held steady at the highest in nearly four years in the prior week. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 233,000 - the lowest since mid-May - for the week ended June 28, the Labor Department said on Thursday. Economists polled by Reuters had forecast 240,000 claims for the latest week. The total ranks of those on jobless benefits rolls was unchanged in the week ended June 21 at 1.964 million, which is the highest level since the fall of 2021. (Reporting By Dan Burns; Editing by Chizu Nomiyama ) Inicia sesión para acceder a tu portafolio
Reuters
24-06-2025
- Business
- Reuters
Prices
Follow on Apple or Spotify. Listen on the Reuters app. When are tariffs going to hit American wallets? So far, President Donald Trump's trade war hasn't sparked a surge in inflation. Host Carmel Crimmins talks to U.S. Economics Editor Dan Burns about what the data is showing and what might be lying in store for U.S. consumers. Plus, the rewards, financial and otherwise, of backyard chickens. Sign up for the Reuters Econ World newsletter here. For information on our privacy and data protection practices visit the Thomson Reuters Privacy Statement. You may also visit to opt out of targeted advertising. Further Listening Trump's tariffs China's price problem Inflation
Yahoo
05-06-2025
- Business
- Yahoo
US finds no currency manipulation in 2024, Ireland, Switzerland added to monitoring list
By Dan Burns (Reuters) -No major U.S. trading partner manipulated its currency in 2024, the Treasury Department said on Thursday in the first semi-annual currency report of President Donald Trump's new administration, although its "monitoring list" of countries warranting close attention grew to nine with the addition of Ireland and Switzerland and it issued a stern warning to China. While it did not label China a currency manipulator for now despite "depreciation pressure" facing its currency, the yuan, Treasury said the country "stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices." "This lack of transparency will not preclude Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist (yuan) appreciation in the future," Treasury said in a statement. Treasury said China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland were on its monitoring list for extra foreign exchange scrutiny. Countries that meet two of the criteria - a trade surplus with the U.S. of at least $15 billion, a global account surplus above 3% of GDP and persistent, one-way net foreign exchange purchases - are automatically added to the list. Ireland and Switzerland were added due to their large trade and current account surpluses with the U.S. Trump in his first term labeled China a manipulator in August 2019, a move made then - as now - amid heightened U.S.-China trade tensions. The Treasury Department dropped the designation in January 2020 as Chinese officials arrived in Washington to sign a trade deal with the U.S. The latest report covers the final full year of the administration of Trump's predecessor, Democrat Joe Biden, who over his four-year term never labeled any trading partner a currency manipulator but raised similar concerns over China's behavior and lack of transparency. The report was released hours after Trump spoke with China's leader Xi Jinping for the first time since returning to the White House amid an even more tense trade standoff between the world's two largest economies, and more recently a battle over critical minerals. The countries struck a 90-day deal on May 12 to roll back some of the triple-digit, tit-for-tat tariffs they had placed on each other since Trump's January inauguration. Sign in to access your portfolio
