San José, CA – With just one day to go before the federal government runs out of funding, President-elect Donald Trump, with the help of billionaire Elon Musk, derailed a bipartisan agreement to keep the government running through March. This plan would have also added billions of dollars in disaster relief aid to help pay for the damage from hurricanes Helene and Milton earlier this year.

San José, CA – On Friday, December 6, the U.S. Department of Labor reported that the survey of households showed that the unemployment rate for November 2024 increased to 4.2%, from 4.1% in October. This continued the trend of higher unemployment since bottoming out in April of 2023 at 3.4%.

San José, CA – On Wednesday, November 13, the Department of Labor’s monthly report on inflation showed that the increase in the Consumer Price Index, or CPI, ticked to 2.6% measured on a year-to-year basis, which smooths out monthly spikes or plunges. The so-called “core” rate of inflation, which leaves out food and energy prices (which tend to vary more than other prices month to month), was an even higher 3.3% measured year over year.

San José, CA – On Friday, November 1, the Department of Labor published its report on new job creation and unemployment for October. While the unemployment rate showed little change, the report on net new job creation came in far below what was expected and was the lowest number since the recession year of 2020.

San José, CA – On Friday, September 13, the Biden administration announced a further escalation of the U.S. trade war with China. Tariffs—taxes on imports—of electric cars from China will be increased to 100%. This is meant to protect legacy U.S. auto makers from competition from Chinese electric vehicle or EV manufactures.

San José, CA – On Wednesday, August 21, the U.S. Department of Labor released an initial estimate reducing the number of net new jobs created from April 2023 to March 2024 by 818,000, or about 28%. This is the biggest adjustment since 2009, the year after the Great Financial Crisis. The adjustment was about five times as big as previous years’ adjustments.

San José, CA – Average weekly earnings, adjusted for inflation, fell in July despite a drop in inflation. While average hourly wages outpaced inflation by one-tenth of one percent, or 0.1% ,in July, the average work week fell by three-tenths of one percent, or 0.3%. This meant the average weekly real earnings, which takes into account wage increases, inflation and the average number of hours worked, actually fell by two-tenths of one percent, 0.2%.

San José, CA – The decline in U.S. stock prices accelerated on Monday, August 5, with the broadest measure of large corporate stocks, the S&P 500, falling more than 160 points or 3%. Fears of a recession contributed to declines in stock prices around the world.

San José, CA – The latest jobs report released Friday, August 2, triggered new fears of a recession as the official unemployment rate rose to 4.3%. This pushes the three-month average unemployment rate up by more than one-half of one percent from its recent low. An increase of this size has been associated with a recession for the last 50 years.

San José, CA – On Monday, July 15, Donald Trump was officially nominated as the Republican Party candidate for president. Given his lead, albeit slim, in the polls over President Biden, it would be wise to look at Trump’s economic policies.

A central part of Trump’s economic plans is to raise tariffs, or taxes on imports. He is calling for 10% across the board and 60% for imports from China. Trump proudly calls himself “Tariff Man” and holds up President William McKinley as a role model for raising tariffs. McKinley was congressperson and president who was a strong advocate for tariffs in the late 1900s.