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.

Stocks fell sharply for a second day in a row. The Dow dropped 879 points on Tuesday, after tumbling more than 1,000 points on Monday.

While the coronavirus outbreak in China appears to have peaked, investors are worried by the growing number of cases in other countries, as well as a warning from U.S. health officials that the virus could hit closer to home.

Just last week, the S&P 500 stock index was hitting record highs. Now it's fallen more than 6% in just the last two days.

Updated at 5:05 p.m. ET

The coronavirus contagion has spread to Wall Street.

U.S. markets fell sharply Monday amid widening concern that the continuing spread of cases could lead to a global pandemic. The Dow Jones Industrial Average tumbled nearly 1032 points, or 3.56% All of the major market indexes were down more than 3%.

Stock markets in Europe and Asia were also down sharply.

"This is not a health pandemic yet, but it's rapidly becoming an economic pandemic," said Diane Swonk, chief economist at Grant Thornton.

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Updated at 11:23 a.m. ET

The U.S. labor market revved up in January, with employers adding 225,000 jobs. That's well above the number forecasters were expecting. The unemployment rate inched up to 3.6%, near a 50-year low, according to a new report from the Labor Department.

Employment growth for November and December was also revised upwards by a total of 7,000 jobs.

Updated at 10:05 a.m. ET

The U.S. economy grew 2.3% last year, the Commerce Department said Thursday. That's a slowdown from the previous year, when the economy grew 2.9%. And it's well short of the 3% growth target set by the White House.

China is light-years ahead of the United States in doing away with old-fashioned paper money. Now China's central bank is preparing to test a digital currency. And some observers say it could mark the beginning of a new economic arms race, challenging the supremacy of the U.S. dollar.

Already, hundreds of millions of consumers in China have grown used to paying for purchases without cash, using popular smartphone apps such as WeChat and Alipay.

Job growth slowed last month as U.S. employers added just 145,000 jobs. But there was an interesting milestone in Friday's report from the Labor Department. Ninety-five percent of the net jobs added in December went to women.

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Two years ago Friday, Republicans in Congress passed a sweeping tax cut. It was supposed to be a gift-wrapped present to taxpayers and the economy. But in hindsight, it looks more like a costly lump of coal.

Passed on a party-line vote, the tax cut is the signature legislative accomplishment of President Trump's first term. He had campaigned hard for the measure, promising it would boost paychecks for working people.

It took seven decades after World War II to put together a system of free trade around the world. That system has been rocked in just the past seven days.

Last Tuesday, congressional Democrats agreed to an updated trade agreement with Canada and Mexico. Three days later, China agreed to its own, preliminary trade pact with the United States.

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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 2:33 p.m. ET

U.S. employers added a better-than-expected 266,000 jobs in November in a sign the economy continues to power ahead.

The unemployment rate dipped to 3.5%. Job gains for the two previous months were revised up by a total of 41,000.

"It's a tremendous report," said White House economist Tom Philipson. "Obviously, it's something to be very happy about."

President Trump is abruptly reimposing tariffs on steel and aluminum imported from Brazil and Argentina.

Trump announced the move in a pair of tweets Monday, saying he was acting in response to "massive devaluation" of the two countries' currencies. Brazil and Argentina had been exempted from Trump's 25% tariff on imported steel and his 10% tariff on imported aluminum since May of last year.

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So we like to think of ourselves as a highly mobile society, but these days Americans are staying put more than ever before. And this has consequences for families, communities and the economy, as NPR's Scott Horsley reports.

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Updated at 12:10 p.m. ET

U.S. employers added 128,000 jobs in October as the unemployment rate inched up to 3.6%.

Friday's report from the Labor Department suggests job growth remains resilient, despite the ongoing trade war and temporary setbacks such as the United Auto Workers strike at General Motors, which was settled a week ago.

Job gains for August and September were also revised upward by a combined 95,000.

Updated at 2:22 p.m. ET

President Trump is counting on a strong economy to help him win reelection next year. But new numbers from the Commerce Department show the economy lost steam during the summer and early fall.

President Trump is renewing his push for U.S. control of Syrian oil. But experts say there's not much oil there, and what there is belongs to the Syrian government.

Still, the idea of controlling the oil fields is one that has long appealed to Trump. And it may provide a rationale for maintaining a U.S. military presence in Syria, reversing the president's promise of a full withdrawal.

As autoworkers at General Motors plants around the country vote this week on whether to accept a new contract, workers elsewhere see an opportunity to demand their own chance in the driver's seat.

The U.S. is enjoying a record-long economic boom, but workers' slice of the pie has barely increased. After decades of relative silence, newly emboldened workers are increasingly vocal in demanding higher pay and better working conditions.

A publishing company plans to add an advisory note to future copies of a book written by White House adviser Peter Navarro, after it was revealed that Navarro fabricated one of the people he quoted.

The character Ron Vara appears in Navarro's 2011 book, Death By China, offering dire warnings about Chinese imports.

"Only the Chinese can turn a leather sofa into an acid bath, a baby crib into a lethal weapon, and a cellphone battery into heart-piercing shrapnel," Vara is quoted as saying.

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U.S. farmers, who have been hard hit by President Trump's trade wars, got some relief Wednesday, when Trump signed an interim trade deal with Japan.

The agreement calls for lower Japanese tariffs on U.S. farm exports such as beef and pork. It also locks in tariff-free digital commerce. But it does not address the president's threat to level punishing tariffs on imported cars from Japan. A top trade negotiator says Trump has no plans to act on that threat for now.

The Trump administration ordered new economic sanctions against Iran Friday in response to the attack last weekend in Saudi Arabia. The sanctions target Iran's central bank and its sovereign wealth fund.

"This is very big," said Treasury Secretary Steven Mnuchin. "We've now cut off all sources of funds to Iran."

The move comes less than a week after an attack on a Saudi oil facility that temporarily cut off nearly 6% of the world's oil supply. While Houthi rebels in Yemen claimed responsibility for that attack, the administration suspects Iran was behind it.

Updated at 5:15 p.m. ET

The Federal Reserve cut interest rates Wednesday for the second time in seven weeks, in an effort to prolong the decade-old economic expansion in the face of rising headwinds.

The Fed lowered its target for the federal funds rate by a quarter percentage point, to a range of 1.75% to 2%. President Trump, who has been calling for deeper rate cuts, criticized the move as another "fail" by the Fed. Major stock indexes fell after the central bank's announcement but later recovered.

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