World

The entire stock market, and therefore the entire economy, depends on it maintaining pretty impossible growth metrics. As the price of almost everything has increased, and American workers’ wages have all but stalled, politicians like President Donald Trump have tried to ease our minds by telling us that the economy is “doing great” and that the stock market is booming. “Record high, record high, record high,” Trump said at an event earlier this month in Florida. Still, despite what has been a good year for the stock market, it’s hard to find a day in which a podcaster, influencer, or economist isn’t warning that the AI boom that’s powering the economy could be a bubble — one that is about to burst. The company that’s driving Wall Street’s positive movement is Nvidia, the mos...

Something in the US economy isn’t adding up, and it’s rattling the people charged with wrangling inflation and keeping the labor market intact. US companies have sharply slowed their hiring this year, hesitant to invest without knowing the full effects of President Donald Trump’s sweeping economic policies. The economy lost jobs in June and August, and the average pace of job gains for the three months ending in September was only around 62,000, according to the Labor Department. Yet workers’ productivity, a key driver of economic output, remains high. And gross domestic product, which captures all the goods and services produced in the economy, has stayed robust. That dichotomy of an expanding economy and a softening labor market presents a conundrum for policymakers at...

The UK could’ve been a true tech leader – but it has cheerfully submitted to US dominance in a way that may cost it dear Two and a half centuries ago, the American colonies launched a violent protest against British rule, triggered by parliament’s imposition of a monopoly on the sale of tea and the antics of a vainglorious king. Today, the tables have turned: it is Great Britain that finds itself at the mercy of major US tech firms – so huge and dominant that they constitute monopolies in their fields – as well as the whims of an erratic president. Yet, to the outside observer, Britain seems curiously at ease with this arrangement – at times even eager to subsidise its own economic dependence. Britain is hardly alone in submitting to the power of American firms, but it offers a cle...

United States job growth accelerated in September despite a cooling job market as the unemployment rate rose. Nonfarm payrolls grew by 119,000 jobs after a downwardly revised 4,000 drop in August, according to the Bureau of Labor Statistics (BLS) report released on Thursday. The unemployment rate rose to 4.4 percent, up from 4.3 percent in August. The healthcare sector had the most gains, totalling 43,000 jobs in September. Food and beverage services sectors followed, adding 37,000 jobs, and social assistance employment grew by 14,000. Other sectors saw little change, including construction, wholesale trade, retail services, as well as professional and business services. The federal workforce saw a decline of 3,000, marking 97,000 jobs cut from the nation’s largest empl...

President Donald Trump unexpectedly summoned reporters to the Oval Office on Thursday to present them with charts that he says show the U.S. economy is solid following a jobs report last week that raised red flags and led to the Republican firing the head of the Bureau of Labor Statistics. Joining Trump to talk about the economy was Stephen Moore, a senior visiting fellow in economics at the Heritage Foundation, a conservative think tank, and the co-author of the 2018 book “ Trumponomics.” Flipping through a series of charts on an easel, Moore sought to elevate Trump’s performance as president and diminish the economic track record of former President Joe Biden. Trump stood next to Moore and interjected with approvals. The moment in the Oval Office spoke to the president’s ho...