LeadStory

What's the latest news on the U.S. economy?

Asked 16 hours ago

Answer

The U.S. economy recently added more jobs than expected in June, with 147,000 new positions and an unemployment rate steady at 4.1%. However, job growth is slowing, especially in the private sector, and much of the recent gains are from government hiring. The Federal Reserve is not expected to cut interest rates soon, as the economy remains strong and recent changes in immigration are affecting labor supply. Additionally, U.S. manufacturing continues to expand, with the latest PMI at its highest since May 2022. There are also ongoing political debates over the federal budget and new trade agreements, such as the recent deal with Vietnam imposing tariffs and increasing U.S. market access.

References

Fed can't justify cutting rates right now, says Allison Schrager
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CNBC
21 hours ago
Fed can't justify cutting rates right now, says Allison Schrager

Economists note that recent surges in immigration are still affecting labor supply, making it difficult to interpret jobs numbers. Despite uncertainty, the economy shows strength and there are no clear signs of weakness that would justify the Federal Reserve cutting interest rates.

White House reacts to June jobs report that beat expectations
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CBS America
21 hours ago
White House reacts to June jobs report that beat expectations

The U.S. added 147,000 jobs in June, surpassing expectations, with the unemployment rate steady at 4.1%. However, job growth is slowing, especially in the private sector, and much of the recent gains are from government hiring.

House Republican divisions could threaten Trump's budget bill
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CBS America
1 day ago
House Republican divisions could threaten Trump's budget bill

House Republicans are struggling to reach consensus on President Trump's budget bill, with disagreements over spending and green energy tax credits, which could impact the national debt and economic policy.

President Trump announces trade deal with Vietnam
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CNBC
2 days ago
President Trump announces trade deal with Vietnam

A new trade deal with Vietnam imposes a 20% tariff on Vietnamese goods and a 40% tariff on transshipped goods, while granting U.S. exporters full access to Vietnamese markets, removing previous trade barriers.

S&P global U.S. manufacturing PMI comes in at 52.9 vs. 52 estimated
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CNBC
3 days ago
S&P global U.S. manufacturing PMI comes in at 52.9 vs. 52 estimated

The S&P Global U.S. manufacturing PMI for June was 52.9, higher than estimated and the strongest since May 2022, indicating ongoing expansion in the sector.

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