Jim Zarroli

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.

Over the years, he has reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders, and Ponzi schemers. Most recently, he has focused on trade and the job market. He also worked as part of a team covering President Trump's business interests.

Before moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position, he reported from the United Nations and was also involved in NPR's coverage of Hurricane Katrina, the London transit bombings, and the Fukushima earthquake.

Before joining NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

He lives in Manhattan, loves to read, and is a devoted (but not at all fast) runner.

Zarroli grew up in Wilmington, Delaware, in a family of six kids and graduated from Pennsylvania State University.

Updated at 11:34 a.m. ET

New claims for unemployment benefits rose last week for the first time in four months — since March 28 — as states began reimposing lockdown restrictions in an effort to reverse a surge of coronavirus cases.

More than 1.4 million new claims were filed during the week ending July 18, an increase of more than 100,000 over the week before, the Labor Department reported Thursday.

Updated at 12:45 p.m. ET

The dramatic collapse of the U.S. economy from the coronavirus is pummeling America's largest banks, raising new concerns about how much growth is slowing.

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Trevon Ellis spent years building up his north Minneapolis barbershop, the Fade Factory, luring customers with smart haircuts, snacks and friendly conversation.

It took just one terrible night to destroy it all.

"Inside is totally burned down," Ellis says. "Everything was burned to a crisp."

The recent wave of protests against police brutality has left a trail of chaos and destruction in many city neighborhoods, with countless businesses looted and damaged.

Normally, spring is the time when Gillson Trucking's fleet of 150 trucks are at their busiest, transporting strawberries and lettuce from the farms of California's Central Valley to restaurants in the Northeast and Midwest.

But with most of the country's restaurants shut down indefinitely, the trucks are mostly sitting idle right now.

"The produce is available, but because of these restaurant chains has been closed down there are no buyers," says the Stockton, Calif., company's co-owner, Harsimran Singh.

Updated at 8:46 a.m. ET

The number of people forced out of work during the coronavirus lockdown continues to soar to historic highs. Another 4.4 million people claimed unemployment benefits last week around the country, the Labor Department said.

That brings the total of jobless claims in just five weeks to more than 26 million people. That's more than all the jobs added in the past 10 years since the Great Recession.

Updated at 1:36 p.m. ET

Restaurant chains, construction companies and mobile-home makers are among more than a million businesses approved for loans so far under the government's $349 billion Paycheck Protection Program.

The program is primarily intended to benefit small businesses — defined as those with fewer than 500 employees — hurt by the coronavirus pandemic. However, some larger, publicly traded companies have also qualified for loans.

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Tonight President Trump announced new guidelines for a gradual step-by-step reopening of the country.

(SOUNDBITE OF ARCHIVED RECORDING)

Updated at 8:43 a.m. ET

The number of people filing for unemployment climbed by another 5.2 million last week as the toll of the nation's economic dive amid the pandemic continues to mount. That number is down from the revised 6.6 million in the week that ended April 4, the Labor Department said.

But in the past four weeks, a total of 22 million have filed jobless claims — nearly wiping out all the job gains since the Great Recession.

Banks are starting to reel from the financial impact of job losses and business shutdowns across the country from the coronavirus.

Two of the nation's biggest banks reported plummeting profits during the first three months of the year as they sought to prepare for an onslaught of defaults in debt that ranged from credit cards and mortgages to business loans.

Updated at 2:25 p.m. ET

One of the country's largest pork-producing plants closed indefinitely after nearly 300 of its employees tested positive for COVID-19. And the company's CEO warned that the coronavirus pandemic is pushing the nation's meat supply "perilously close" to the edge.

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Over the years, the federal government has spent trillions of dollars more than it brings in, racking up big deficits even in good times, when it ought to be paring debt down.

Now, as it struggles to repair the damage from the coronavirus epidemic, it's getting ready to spend trillions more, pushing up this year's deficit above $3 trillion.

"It's mind-boggling. I never contemplated this," says Douglas Holtz-Eakin, president of the American Action Forum, who headed the Congressional Budget Office under President George W. Bush.

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Updated at 10:13 a.m. ET

New claims for unemployment benefits climbed to 281,000 last week as the coronavirus pandemic shuttered businesses and left people out of work, the Labor Department said Thursday. It was the highest level since Sept. 2, 2017, when they totaled 299,000.

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There's been a sharp spike in the number of companies laying workers off. A lot of states say they're suddenly flooded with unemployment claims. And as NPR's Jim Zarroli reports, some are not prepared for the onslaught.

The 20th century was an era of rapid and unprecedented improvement in public health all over the world.

In the United States alone, a person born in 1900 could expect to live to 49; by 2000, that person's great grandchildren were likely to see their 77th birthdays. Reaching old age is no longer an anomaly, and that is true for people of every race, ethnicity and social class.

Updated at 4:22 p.m. ET

An emergency interest-rate cut by the Federal Reserve failed to mollify investors worried about the coronavirus epidemic, and stocks once again plummeted.

The Dow Jones Industrial Average ended down 786 points, a drop of 2.94% after an especially volatile trading day.

All the major indexes have lost more than 10% of their value since their all-time highs, moving back into what the market calls a correction.

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Australia calls itself the Lucky Country, a nation so fortunate in geography and natural resources that it hasn't had a recession in nearly three decades.

But the deadly wildfires raging through large parts of the country are slowing tourism and other key sectors that contribute to its impressive economic growth.

In March 2009, Wall Street was a fearful and anxious place, where fortunes had been decimated and retirement funds deflated.

What few people could foresee in the depths of the Great Recession was that the stock market was also on the verge of a historic recovery, one that persists today. The decadelong run is also raising caution flags for some analysts who worry that investors are accepting too much risk.

Stocks are finishing 2019 on a remarkable upswing, with all of the major indexes hitting record highs and the S&P 500 up nearly 30% for the year.

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This was the year that President Trump's trade strategy began showing results - a revised NAFTA sailed through the U.S. House; the administration got a trade deal with China. But as NPR's Jim Zarroli reports, some of the thorniest trade problems remain unsolved.

Boeing CEO Steps Down

Dec 23, 2019

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If there's one company that can slow U.S. growth to a crawl, it's Boeing.

The aircraft and aerospace giant is so important to the economy — it's the No. 1 exporter — that its decision this week to suspend production of its troubled 737 Max airplane is expected to reverberate throughout the manufacturing sector.

Several analysts project that the move will slash economic growth by half a percentage point and eventually lead to layoffs.

China and the United States have agreed on what has been called the first phase of a trade deal.

As part of this Phase One agreement announced Friday, the U.S. suspended tariffs that were planned on $160 billion in Chinese imports that were set to take effect Sunday. The U.S. also halved the September 1 tariffs from 15% to 7.5% — they included all kinds of consumer products such as clothing and sports equipment.

Under the deal, China will purchase an unspecified amount of American products and has also agreed to "structural" changes, which have so far not been detailed.

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