Sales of hybrid cars and passenger trucks, which run on both gasoline and battery power, shot up 33 percent in May, year on year, as gas prices stuck above $4 a gallon and drove American consumers to look for alternatives.
Tag: U.S. Economy
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PROMISED MANUFACTURING “RENAISSANCE” HAS YET TO APPEAR IN THE U.S.
Despite a tariff war, two tax cuts, and pressure on domestic and foreign companies to build factories in the U.S., President Donald Trump’s promised “manufacturing renaissance” in the U.S. has failed to materialize.
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U.S. PRODUCTIVITY GROWTH SLOWED IN FIRST QUARTER
A new report from the Labor Department’s Bureau of Labor Statistics (BLS) showed workers’ productivity growth slowed faster than initially thought in the first quarter.
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U.S. JOBLESS CLAIMS RISE MORE THAN EXPECTED
New claims for jobless benefits rose more than expected to 225,000 during the week of 30 May, the U.S. labor department reported, rising from 212,000 the week before and surpassing the 213,000 economists had forecast in a Reuters poll.
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U.S. HIRING PERKED UP IN MAY
Last month, U.S. nonfarm payrolls grew by 172,000 new workers, topping all forecasts and indicating the U.S. labor market is stronger than suspected.
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MARKET OVERVIEW
Investors fled the chip sector in last week’s latter days, driving the NASDAQ down by more than 1,100 points, or about 4.18 percent, on Friday to book its biggest one-day loss since Donald Trump’s “Liberation Day” tariff turmoil in April 2025.
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ECONOMIC UPDATE
There are two major forces driving the equity markets, the Iran War and the AI boom.
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ENERGY SHOCK MAY NOT BE TEMPORARY, FED OFFICIAL SAYS
“I place little stock in assuming that the most recent runup in [energy] prices is transitory within an acceptable time horizon,” Jeffrey Schmid, president of the Federal Reserve Bank of Kansas City, said at a conference in Iceland last month.
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HOUSING MARKET IS BLEEDING PROFESSIONALS AS SALES TANK
About 6.1 million homes were sold in the U.S. in 2021. The number slipped to barely five million in 2022 and stagnated at roughly four million in 2023, 2024, and 2025, according to research service Statista.
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SALES OF U.S. NEWLY BUILT HOMES FELL IN APRIL
New home sales dropped at an annualized rate of 6.2 percent in April from March, with interest rates remaining high, the U.S. census bureau said. The decline was 11.3 percent from April 2025.