Cracks are beginning to form in the American economy, threatening to tip the country into recession. And at least some of those cracks are self-inflicted. The biggest problem facing the United States economy is a slowdown that has struck China, Germany, South Korea and other manufacturing powerhouses. President Donald Trump’s escalating trade war with China…… MORE
Asian markets mostly moved cautiously higher Friday as investors awaited Federal Reserve Chairman Jerome Powell’s speech for clues on whether the US central bank will cut interest rates in the future. Hong Kong’s Hang Seng Index advanced 0.6%, while China’s Shanghai Composite Index also gained 0.6%. Japan’sNikkei rose 0.2%, while South Korea’s Kospi was flat.…… MORE
Federal Reserve Chairman Jerome Powell will face his most serious test in the job yet when he speaks Friday at the annual economic powwow in Jackson Hole, Wyoming. He is facing tremendous political pressure from President Donald Trump, and expectations from many investors, to deliver more rate cuts. Powell will need to assure markets —…… MORE
The outspoken CEO of online home goods retailer Overstock.com resigned Thursday, days after he issued a press release entitled “Comments on Deep State” that claimed he helped the FBI carry out “political espionage.” The strange post from longtime Overstock chief Patrick Byrne triggered a steep decline in Overstock’s stock price last week. The company’s stock…… MORE
Dick’s Sporting Goods said it is still reviewing whether to continue to sell firearms as it weighs results from 135 stores which no longer carry guns. The nation’s largest sporting goods-only retailer reported strong results from its other businesses: athletic equipment, clothing and footwear. Its sales were not significantly hit in stores where it replaced…… MORE
The manufacturing sector has become the problem child of the US economy. American manufacturing activity is slowing as rising tariffs have made materials more expensive. The sector shrunk for the first time since September 2009, according to IHS Markit. Markit’s flash manufacturing purchasing managers’ index for August fell just below 50, indicating a contraction. It…… MORE
The bond market is trying to tell us something: The yield curve keeps inverting, flashing a warning sign that a recession could be coming. The 10-year US Treasury yield briefly fell below the 2-year yield again this week. A yield curve inversion happens when long-term bond yields fall below short-term bond yields. That rarely occurs.…… MORE
The nation’s job market is strong — just not quite a strong as previously believed. The Labor Department is revising down the number of jobs that employers added to payrolls by 501,000 during the 12-month period that ran from April, 2018 through March of this year. The government initially estimated the economy added 2.5 million…… MORE
Former White House press secretary Sarah Sanders has joined Fox News as a contributor, the network announced on Thursday. It is the latest sign of the revolving door relationship between Fox and the Trump administration. Sanders, who exited the White House in June, will make her debut before a live studio audience episode of “Fox…… MORE
Carole Ghosn, the wife of embattled auto executive Carlos Ghosn, has for months been blasting Japanese authorities for how they have handled her husband’s case. Now she wants French President Emmanuel Macron to step in. In a statement on Thursday, Carole Ghosn asked Macron to discuss her husband’s case with Japanese Prime Minister Shinzo Abe.…… MORE
