Economy

More stories

  • 88 Shares179 Views

    in Economy

    Could the world decouple from US trade?

    by

    $99 for your first yearFT newspaper delivered Monday-Saturday, plus FT Digital Edition delivered to your device Monday-Saturday.What’s included Weekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysis More

  • 163 Shares169 Views

    in Economy

    Friday’s Jobs Report Will Be Confusing. Here’s How to Make Sense of It.

    by

    The Labor Department’s January survey will include revisions making data for previous months look stronger in some cases and weaker in others.The Labor Department’s latest monthly report on hiring and unemployment will include revisions for previous months that should give a more accurate picture of the U.S. job market — but that could also sow confusion.When the data is released on Friday, one major measure of employment will be revised up. Another will be revised down. Some historical numbers will be revised, but others won’t. And the updates, though part of a routine process, will be taking place in a political environment where both sides have at times expressed skepticism of government economic statistics.“There is going to be a massive amount of confusion,” said Wendy Edelberg, director of the Hamilton Project, an economic policy arm of the Brookings Institution.Here is what economists say you will need to know about the revisions to make sense of the numbers.The revisions are part of a longstanding annual process.The monthly job figures are based on two surveys, one of employers and one of households. Those surveys are generally reliable — they involve a number of interviews far larger than a presidential election poll, for example — but they aren’t perfect. And so, once a year, the government reconciles the numbers with less timely but more reliable data from other sources. Similar processes are in place for revising other government statistics, like gross domestic product and personal income.“Revisions are how statistical agencies achieve both timeliness and accuracy,” said Jed Kolko, who oversaw economic statistics at the Commerce Department during the Biden administration. “Near-real-time data like the jobs report later get revised to match other data sources that are more accurate but take longer to collect and publish.”The revisions being released on Friday were scheduled far in advance and will use methodologies that were announced ahead of time, allowing economists, including Mr. Kolko and Ms. Edelberg, to publish detailed forecasts of what the new figures will show.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 150 Shares149 Views

    in Economy

    Trump’s Attacks on DEI Get Approval From Some in the Left Wing

    by

    Many Democrats and activists are rallying to defend diversity programs, but others say they distract from deeper efforts to address inequality.A few days after President Trump issued an order urging the private sector to end “Illegal D.E.I. Discrimination and Preferences,” the Rev. Al Sharpton led about 100 people into a Costco in East Harlem for a so-called buy-cott. The idea was to shop and support the company for maintaining its diversity, equity and inclusion policies amid pressure from the new administration.But the gesture by the civil rights activist did not win universal acclaim on the political left. In interviews, self-identified socialists and other leftists worried that Mr. Sharpton’s action helped bolster the company at a moment when it faced pressure from unionized workers, who had threatened to strike beginning Feb. 1.“Al Sharpton making Costco into a titan of progress that needs mass support days before a potential strike,” Bhaskar Sunkara, the president of the progressive magazine The Nation, grumbled on the platform X.The episode at Costco, which did not respond to a request for comment, illustrates an underappreciated tension on the left at a time when Mr. Trump has targeted diversity initiatives: Some on the left have expressed skepticism of such programs, portraying them as a diversion from attacking economic inequality — and even an obstacle to doing so.“I am definitely happy this stuff is buried for now,” Mr. Sunkara said in an interview. “I hope it doesn’t come back.”Corporate-backed initiatives promoting diversity can take various forms. Starbucks, for instance, pledges to “work hard to ensure our hiring practices are competitive, fair and inclusive” and says it is “committed to consistently achieving 100 percent gender and race pay equity.” It also offers anti-bias training.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

  • 88 Shares119 Views

    in Economy

    Trump tracker: US trade, tariffs and economy

    by

    Unlock the White House Watch newsletter for freeYour guide to what the 2024 US election means for Washington and the worldSome content could not load. Check your internet connection or browser settings.Mexico has been the largest foreign supplier of goods to the US annually since 2023, following a decline in imports from China after tariffs were introduced during Donald Trump’s first termCanada, China and Mexico are the three largest suppliers to the US, accounting for more than 40 per cent of imported goodsSome content could not load. Check your internet connection or browser settings.Overall, the US runs an annual global trade in goods deficit in excess of $1tn, but the picture varies considerably on a per-country levelSome content could not load. Check your internet connection or browser settings.Some content could not load. Check your internet connection or browser settings.Some content could not load. Check your internet connection or browser settings.Some content could not load. Check your internet connection or browser settings.Additional development by Caroline Nevitt and Eade Hemingway More