Economy
Follow the latest Economy news, videos, and analysis from ABC News.
December 6, 2024 at 2:34 PM

Jobs report shows hiring surge as Fed weighs interest rate cut

The fresh data marks the first jobs report since the election of Trump.
December 6, 2024 at 2:34 PM
A construction worker walks on scaffolding at a building site on Sept. 4, 2024, in Waukee, Iowa.
December 6, 2024 at 9:34 AM

China's ban on key high-tech materials could have broad impact on industries, economy

China has banned exports of key materials used for a wide range of products, including smartphones, electric vehicles, radar systems and CT scanners, swiping back at Washington after it expanded export controls to include dozens of Chinese companies th...
December 6, 2024 at 9:34 AM
FILE - American flags are displayed with Chinese flags on top of a trishaw on Sept. 16, 2018, in Beijing. (AP Photo/Andy Wong, File)
December 5, 2024 at 10:11 PM

Congresswoman DelBene on Trump's tariff plan and DOGE's planned budget cuts

Democratic Rep. Suzan DelBene of Washington State discusses the incoming Trump transition and tariff plan as well as planned regulation slashing by Elon Musk and Vivek Ramaswamy's DOGE.
December 5, 2024 at 10:11 PM
VIDEO: Congresswoman DelBene on Trump's tariff plan and DOGE's planned budget cuts
December 5, 2024 at 4:22 PM

US applications for jobless benefits rise but remain at low levels

The number of Americans applying for unemployment benefits rose last week but remains at historically healthy levels
December 5, 2024 at 4:22 PM
A help wanted sign is displayed at a restaurant in Chicago, Ill., Monday, Nov. 25, 2024. (AP Photo/Nam Y. Huh)
December 2, 2024 at 11:15 PM

What to know about the Smoot-Hawley tariffs and their role in the Great Depression

The measure helped worsen the Great Depression, experts said.
December 2, 2024 at 11:15 PM
Former President Donald Trump arrives for a campaign event at Alro Steel in Potterville, Mich., Aug. 29, 2024.
December 1, 2024 at 3:31 PM

Trump's proposed tariffs and your wallet

Columbia Business School economics professor Brett House joins ABC News to discuss the potential impacts of the president-elect's proposed tariffs on consumers and industries reliant on global trade.
December 1, 2024 at 3:31 PM
VIDEO:  Trump's proposed tariffs and your wallet
November 29, 2024 at 11:43 AM

Holiday shopping season is heating up, despite widespread economic anxiety

Consumer spending is off to a strong start, as online shoppers have already spent more than $77 billion dollars since Nov. 1, which is a more than 9% increase over last year’s figures.
November 29, 2024 at 11:43 AM
VIDEO: Holiday shopping season is heating up, despite widespread economic anxiety
November 29, 2024 at 9:40 AM

Biden says he hopes Trump ‘rethinks’ tariff plan

ABC News’ Jay O’Brien reports on President Joe Biden’s comments on his successor’s plan to impose 25% tariffs on Mexico and Canada, saying he hopes he “rethinks” it and that it’s “counterproductive.”
November 29, 2024 at 9:40 AM
VIDEO: Biden says he hopes Trump ‘rethinks’ tariff plan
November 28, 2024 at 6:38 PM

Why retailers still see Black Friday as the high point of the holiday shopping season

After weeks of plugging increasingly inviting discounts, retailers in the United States and several other countries are preparing for prime time
November 28, 2024 at 6:38 PM
Shoppers pass a Christmas tree at the Bergdorf Goodman store on Sunday, Nov. 24, 2024, in New York. (AP Photo/Anne D'Innocenzio)
November 27, 2024 at 11:50 PM

US economy grows at 2.8% pace in third quarter on consumer spending

The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth
November 27, 2024 at 11:50 PM
November 27, 2024 at 5:18 PM

US inflation gauge ticks higher with price pressures still stubborn

Consumer price increases accelerated last month, the latest sign that inflation’s steady decline over the past two years has stalled
November 27, 2024 at 5:18 PM
FILE - Shoppers reach for items on display in a Costco warehouse Nov. 19, 2024, in Lone Tree, Colo. (AP Photo/David Zalubowski, File)
November 27, 2024 at 2:55 PM

Number of Americans filing for unemployment falls again, hovers near 7-month lows

The number of Americans applying for unemployment benefits fell last week, remaining near seven-month lows
November 27, 2024 at 2:55 PM
FILE - A hiring sign is displayed in the window of a Krispy Kreme donut shop on Nov. 19, 2024, in Lone Tree, Colo. (AP Photo/David Zalubowski, File)
November 27, 2024 at 2:05 PM

US economy grows at solid 2.8% pace in third quarter on consumer spending, exports, unchanged from initial estimate

US economy grows at solid 2.8% pace in third quarter on consumer spending, exports, unchanged from initial estimate
November 27, 2024 at 2:05 PM
November 27, 2024 at 10:31 AM

Trump tariff plan could raise prices, blow up his own trade deal with Mexico, Canada

Trump's plan for tariffs against Canada and Mexico could dramatically raise prices for Americans and threaten a trade agreement negotiated by his own administration.
November 27, 2024 at 10:31 AM
President-elect Donald Trump speaks during an America First Policy Institute gala at his Mar-a-Lago estate, Nov. 14, 2024, in Palm Beach, Fla.
November 26, 2024 at 12:39 AM

Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

The company added that the person behind the conduct is no longer an employee and that the investigation didn't identify involvement by any other worker.
November 26, 2024 at 12:39 AM
VIDEO: Macy's says employee hid up to $154 million in expenses, delays Q3 earnings
November 25, 2024 at 5:01 PM

Rising price of paying national debt a risk for Trump's promises on growth, inflation

Donald Trump has big plans for the economy
November 25, 2024 at 5:01 PM
FILE - Vivek Ramaswamy speaks at a campaign rally, Oct. 27, 2024, in New York. (AP Photo/Evan Vucci, File)
November 22, 2024 at 8:40 PM

How Trump’s plans for government efficiency could impact minority entrepreneurs

Deputy Under Secretary of Commerce for Minority Business Development Eric Morrissette discusses what a new Trump administration could mean for key government programs.
November 22, 2024 at 8:40 PM
VIDEO:
November 22, 2024 at 4:16 AM

Cities fear an economic doom loop as offices sit empty

ABC News’ Alexis Christoforous traveled to Boston, where vacant office buildings are being turned into apartments with many employees still working from home, while small businesses struggle.
November 22, 2024 at 4:16 AM
Cities fear an economic doom loop as offices sit empty
November 21, 2024 at 10:36 PM

Retirement plans are changing in 2025: What to know

Ages 60 to 63 will get a new, supersize limit for their 401(k) contributions and can save up to $34,750 for retirement.
November 21, 2024 at 10:36 PM
A sign marks the front of the Internal Revenue Service headquarters building on Sept. 15, 2024, in Washington, DC.
November 19, 2024 at 12:44 AM

How will the economy look under Trump 2.0?

From tariffs to tax cuts, ABC News’ Max Zahn explains what the president-elect’s proposed policies mean for the economy.
November 19, 2024 at 12:44 AM
From tariffs to tax cuts, ABC News’ Max Zahn explains what the president-elect’s proposed policies mean for the economy.
November 18, 2024 at 11:01 PM

Trump's proposed tariffs would raise prices for these products, experts say

“This will directly impact people’s pocketbooks,” one expert said.
November 18, 2024 at 11:01 PM
Republican presidential nominee former President Donald Trump arrives at a campaign event, Sept. 27, 2024 in Walker, Mich.
November 18, 2024 at 3:50 PM

Biden attends G20 after historic trip to Amazon rainforest

ABC News’ Alex Presha is traveling with Biden for his final lap as president on the world stage.
November 18, 2024 at 3:50 PM
VIDEO: Biden attends G20 after historic trip to Amazon rainforest
November 14, 2024 at 11:28 PM

Credit card rates have barely budged, despite interest rate cuts. Here's why

Credit card interest rates stand near a record high.
November 14, 2024 at 11:28 PM
A waiter running credit card scanner with a receipt.
November 14, 2024 at 9:55 PM

Why credit card rates remain high, even after interest rate cuts

Credit card debt has climbed 8% higher than where it stood a year ago, even while interest rates are dropping.
November 14, 2024 at 9:55 PM
Why credit card rates remain high, even after interest rate cuts
November 13, 2024 at 10:26 PM

Latest monthly inflation report released

"GMA" looks at a key inflation report: the October Consumer Price Index, showing consumer prices rose 2.6% from one year ago.
November 13, 2024 at 10:26 PM
VIDEO: Latest monthly inflation report released
November 13, 2024 at 5:19 PM

New inflation data shows increase, days after election

Inflation accelerated in October, snapping a streak of six consecutive months of cooling inflation.
November 13, 2024 at 5:19 PM
A shopper picks up his package of bacon while shopping for food items at a grocery store on August 14, 2024 in Rosemead, California.
November 13, 2024 at 4:18 PM

Inflation accelerated in October, offering 1st look at prices since election

ABC News’ Alexis Christoforous breaks down the latest figures for core inflation, as well as food and consumer prices for October.
November 13, 2024 at 4:18 PM
VIDEO: Inflation accelerated in October, offering 1st look at prices since election
1 month ago

Fed chair says he would not quit if Trump asked for his resignation

Jerome Powell, chairman of the Federal Reserve, said he has no near-term plans to change policy despite Trump reentering office in January.
1 month ago
Jerome Powell, chairman of the Federal Reserve, said he has no near-term plans to change policy despite Trump reentering office in January.
1 month ago

Federal Reserve cuts interest rates by a quarter-point

ABC News business reporter Alexis Christoforous breaks down the latest on the Federal Reserve’s cut to interest rates by a quarter-point. 
1 month ago
VIDEO: @here GMA3: What You Need to Know has been sent: 241107_GMA3_A-H Timecode: 00:01:38;13
1 month ago

Fed chair says Trump can't remove him. Could Trump still influence interest rates?

The standoff carries high stakes for the U.S. economy, experts said.
1 month ago
Former President Donald Trump at the Economic Club of Chicago in Chicago, Oct. 15, 2024.
1 month ago

Why inflation helped tip the election toward Trump, according to experts

Inflation has helped fuel a global backlash toward incumbents, experts say.
1 month ago
Donald Trump holds a news conference outside the Trump National Golf Club Bedminster on Aug. 15, 2024 in Bedminster, New Jersey.
1 month ago

Federal Reserve cuts interest rates by quarter-point

The Federal Reserve on Thursday announced a quarter-point rate cut, setting the path for borrowing costs two days after the victory of President-Elect Donald Trump.
1 month ago
VIDEO: Federal Reserve cuts interest rates by quarter-point
1 month ago

Fed cuts interest rates days after election

The Fed cut interest rates by a quarter of a percentage point.
1 month ago
The Federal Reserve Building is the headquarters of the Federal Reserve System and 12 Federal Reserve Banks, in Washington, D.C.
1 month ago

Fed expected to cut interest rates days after election

The Federal Open Market Committee (FOMC), a policymaking body at the Fed, has forecast further interest rate cuts.
1 month ago
The Federal Open Market Committee (FOMC), a policymaking body at the Fed, has forecast further interest rate cuts.
1 month ago

Trump's proposed economic polices could raise prices on goods

President-elect Donald Trump’s proposed policies on tariffs and deportation could mean Americans will face worsening inflation.
1 month ago
Trump's proposed economic polices could raise prices on goods
1 month ago

Inflation's role in the presidential election results

The economy was one of the key issues that drove people to the polls.
1 month ago
VIDEO: Inflation’s role in the presidential election results
1 month ago

Here's why some economists expect Trump's policies to worsen inflation

Expanded tariffs and mass deportation would raise prices, experts say.
1 month ago
1 month ago

What a Trump win means for the economy

ABC News’ Rebecca Jarvis examines how economics played a part in leading Trump into an election win.
1 month ago
VIDEO: What a Trump win means for the economy
1 month ago

Economy top of mind for 2024 voters

The economy was the top issue for voters in the 2024 election, with almost half of those polled saying they are worse off than they were four years ago.
1 month ago
VIDEO: Economy top of mind for 2024 voters
1 month ago

Gas prices near their lowest point of the year.

The national average has fallen to $3.10 for a gallon of gas, with 24 states now below $3.
1 month ago
VIDEO: Gas prices near their lowest point of the year.
1 month ago

Texas voters weigh immigration and economy as top issues

ABC News’ John Quiñones reports on which election issues are most important to voters in Texas.
1 month ago
Texas voters weigh immigration and economy as top issues
1 month ago

Stock market surges on Election Day

Major stock indexes and large tech firms showed gains on Tuesday.
1 month ago
Trader Michael Milano, foreground, works with colleagues on the floor of the New York Stock Exchange, Nov. 4, 2024.
1 month ago

Where the economy stands on Election Day

Consumer prices rose 2.4% in September compared to a year ago, according to the latest data released by the U.S. Bureau of Labor Statistics.
1 month ago
Consumer prices rose 2.4% in September compared to a year ago, according to the latest data released by the U.S. Bureau of Labor Statistics.
1 month ago

By the numbers: Where the economy stands on Election Day

The economy tops surveys of voters' most important issues.
1 month ago
Woman shopping at a grocery store.
1 month ago

Disappointing 12,000 jobs added in October

Hurricanes Helene and Milton along with the Boeing strike contributed to the weaker numbers, but the unemployment rate remains at 4.1%, matching the September rate and remaining historically low.
1 month ago
VIDEO: All eyes on October jobs report
1 month ago

Jobs report shows ‘overall picture of the economy remains unchanged’: White House

Acting Labor Secretary Julie Su talks to ABC News’ Elizabeth Schulze about the latest jobs report.
1 month ago
VIDEO: Jobs report shows ‘overall picture of the economy remains unchanged’: White House
1 month ago

US economy adds 12,000 jobs in October, unemployment rate remains at 4.1%

Hiring slowed in October, but fallout from hurricanes and labor strikes likely caused an undercount of the nation’s workers.
1 month ago
VIDEO: US economy adds 12,000 jobs in October, unemployment rate remains at 4.1%
1 month ago

A look at Trump and Harris’ plans for the economy

ABC News’ Alexis Christoforous looks at both candidates' plans for the economy and breaks it down for you and your wallet.
1 month ago
VIDEO: A look at Trump and Harris’ plans for the economy
1 month ago

Could a Trump presidency damage both democracy and the economy? Experts weigh in

Trump could damage the economy, experts say, if he makes good on threats to prosecute political rivals, including Kamala Harris.
1 month ago
Former President Donald Trump at the Economic Club of Chicago in Chicago, Oct. 15, 2024.
1 month ago

US economy grew at robust pace in 3rd quarter

U.S. GDP grew at a 2.8% annualized rate over three months ending in September.
1 month ago
Shoppers peruse merchandise at a Kohl's in Ramsey, N.J., Oct. 10, 2024.