Scott Horsley | Michigan Radio
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Scott Horsley

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.

Horsley spent a decade on the White House beat, covering both the Trump and Obama administrations. Before that, he was a San Diego-based business reporter for NPR, covering fast food, gasoline prices, and the California electricity crunch of 2000. He also reported from the Pentagon during the early phases of the wars in Iraq and Afghanistan.

Before joining NPR in 2001, Horsley worked for NPR Member stations in San Diego and Tampa, as well as commercial radio stations in Boston and Concord, New Hampshire. Horsley began his professional career as a production assistant for NPR's Morning Edition.

Horsley earned a bachelor's degree from Harvard University and an MBA from San Diego State University. He lives in Washington, D.C.

As the United States tumbles into a coronavirus recession, the Federal Reserve is using its nearly unlimited power to generate cash to cushion the fall.

"The Fed is doing everything they can to keep financial markets functioning and credit available to households and firms," former Fed Chair Janet Yellen said during a forum organized by the Brookings Institution.

Updated at 10:09 a.m. ET

For the first time in nearly a decade, the U.S. suffered a net loss of jobs as the coronavirus began to take hold in the country. But a monthly snapshot from the Labor Department shows only the first pinpricks of what will soon be a gaping wound.

Factories in the U.S. are hunkering down like the rest of us.

Manufacturing activity slowed in March, according to a survey conducted by the Institute for Supply Management.

Production and factory employment fell sharply, as the coronavirus pandemic and other problems weighed on the factory sector. New orders hit their lowest level in 11 years.

With millions of American workers suddenly idled in an effort to slow the spread of the coronavirus, the United States appears poised to go from the lowest unemployment rate in half a century to the highest since World War II.

Toilet tissue isn't the only paper product that Americans are hoarding these days. Paper money is also in high demand.

Banks are seeing more cash withdrawals as nervous customers try to protect themselves from the uncertainty of the coronavirus clampdown.

The U.S. economy has never hit the brakes quite like this before.

While the course of the coronavirus pandemic is unpredictable, forecasters are using their economic models and making some educated guesses about just how bad the damage will be. The forecasts are not pretty:

  • Oxford Economics expects the U.S. economy to shrink at an annual rate of 12% between April and June.
  • JPMorgan Chase sees a second-quarter contraction of 14%.

Updated at 11:15 a.m. ET Thursday

The Trump administration wants to give Americans an emergency shot of spending money, even as it's closing many of the places they would ordinarily spend it.

As part of its $1 trillion proposal to address the economic fallout from the coronavirus pandemic, the administration has proposed sending up to $500 billion directly to U.S. households.

Updated at 9:58 a.m. ET

The tariff war has caused a lot of anxiety for business owners and farmers. But how much has it hurt the overall economy?

The stock market got off to a rocky start this week when President Trump launched a new round of tariff threats. But administration loyalists insist concern about the trade war is overblown.

Updated at 5:05 p.m. ET

U.S. employers added 130,000 jobs in August, according to a monthly snapshot from the Labor Department, signaling a slowdown in the pace of job growth.

Forecasters surveyed by the Reuters news service had predicted job gains of around 158,000.

The unemployment rate held steady at 3.7%.

The jobs total would have been lower without the addition of 25,000 temporary census jobs. Job gains for the two previous months were revised downward by a total of 20,000.

When Rep. Alexandria Ocasio-Cortez rolled out her "Green New Deal," calling for clean energy, universal health care and guaranteed jobs, one of the first questions she got was: How do you plan to pay for it?

The New York Democrat argued that ambitious programs can easily be financed through deficit spending.

These are prosperous times in America. The country is plump with jobs. Out of every 100 people who want to work, more than 96 of them have jobs. This is what economists consider full employment.

The economy has grown for almost 10 years, making it one of the longest economic expansions in U.S. history. And over that time, the job market has come back. It grew slowly at first, then steadily, finally reaching a point at which there are many more openings than job seekers.

Updated at 3:08 p.m ET

Frustrated by the large number of Central Americans who have been entering the country from Mexico, President Trump doubled down on his threat to close the Southern U.S. border.

"I'm ready to close it," Trump said Tuesday. "If we don't make a deal with Congress, the border is going to be closed, 100 percent."

Updated at 4:50 p.m. ET

President Trump's budget proposal for 2020 calls for $8.6 billion in new border wall funding, a signal that the White House is not backing away from a demand that triggered a 35-day government shutdown.

The border wall is just one flashpoint in the president's $4.7 trillion budget blueprint. Trump is also calling for a 5 percent boost in military spending along with deep cuts to domestic programs and foreign aid.

In declaring a national emergency Friday, President Trump tried to underscore the urgency of what he calls a national security crisis along the U.S. border with Mexico, while at the same time downplaying the gravity of his response.

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