Economy
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Trade war is back on as White House floats a new minimum 10% tariff plan—with carveouts for coffee, beef, and microchip suppliers
President Trump’s team is once again ruffling international feathers with a new plan for import tariffs imposed on 60 trade allies, facing levies of either 10% or 12.5%. In an update released overnight, the United States Trade Representative claimed a number of trade partners had failed to effectively handle goods produced with forced labor, which…
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Texas is the new capital of the Fortune 500—taking California’s crown
Everything’s bigger in Texas—including the companies. The Lone Star State is now home to the most Fortune 500 companies, dethroning California as the capital of the Fortune 500. The state’s 57 Fortune 500 companies ranked roughly $2.8 trillion in renevue last year, compared to California’s 56 businesses and roughly $2.7 trillion revenue. New York comes…
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Iran war has cost U.S. families $100 billion between increased military funding and higher oil prices, says Moody’s
$750 a household—or $100 billion. This is the cost that Moody’s has calculated the Iran War has been so far to the U.S. consumer. Mark Zandi, chief economist at Moody’s Analytics, said the cost passed on to households is the result of increased military spending and higher prices as a result of oil supply disruption…
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New jobs report shows 7.6 million jobs added in April as layoffs and people quitting their jobs both fell
U.S. job openings jumped in April as the labor market looked resilient despite economic uncertainty caused by the Iran war. U.S. employers posted 7.6 million job vacancies in April, the Labor Department reported Tuesday, up from 6.9 million in March and most since May 2024. Economists had forecast just 6.8 million openings. The department’s Job…
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Meet America’s ‘Disillusioned’ 32%: They’re not who you think
They cut the dining out first. Then they stopped putting money away. Then came the retirement account—the one thing financial advisors tell you never to touch—drawn down not for an emergency exactly, but for the slow-motion emergency of a life where the math stopped working and never started again. For many of Americans, simply existing…
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It’s not a recession. But Goldman says your paycheck is acting like it
Americans aren’t losing their jobs. The stock market isn’t in freefall. And the official recession call is nowhere in sight. But Goldman Sachs is sounding an alarm about something quieter and more insidious: the purchasing power of the American paycheck is eroding at a pace the economy almost never sees unless it’s already in a…
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Last year was a ‘quiet’ one for wildfires. Catastrophic blazes in Canada, South Korea and LA still made it the costliest fire year in history
The global 2025 wildfire season can be summed up with one of two extreme datapoints. It can be strange to think of the good news of wildfires, but for the optimists, last year’s blazes set aflame the second smallest number of square miles since 2002, behind only 2018, when around 330 million hectares burned. For…
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Gen Z is losing the most in the AI economy—and Goldman warns it’s about to get worse
The net number of jobs AI is eliminating each month is shrinking. That sounds like good news. It isn’t — at least not for Gen Z. Two months ago, Goldman Sachs economists estimated that artificial intelligence was wiping out roughly 16,000 net U.S. jobs per month, with entry-level and young white-collar workers bearing the brunt.…
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CEOs are losing confidence in the economy and expect conditions to worsen in the next six months, survey finds
If you’ve been feeling uncertain about the future of the economy, you’re not the only one. As the war in Iran pinches the global energy supply for the foreseeable future, and as AI companies threaten to reshape the entire labor force, business leaders are feeling uncertainty too. A recent survey of 141 CEOs found their…
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Financial markets are losing the security blanket that’s bailed them out of trouble so many times, top economist warns
Stocks continue notching record high after record high as the AI boom overwhelms fears about the global oil shock, but markets are doing it without a long-implied safety net. That’s according to Mohamed El-Erian, chief economic adviser at Allianz and chair of Gramercy Funds Management, who warned in a Financial Times op-ed that a decades-old…