Also, all the news you need on the US and global economy
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Good morning. America’s economic situation is…complicated. In the background, the national debt is surging while inflation remains persistent. But job growth remains relatively stable, and the US economy remains stronger than its European counterparts. We’ll break down the latest with the economy — and how it affects you. |
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WHAT WE'RE WATCHING |
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📈 US economy outpaces G7 rivals in first quarter. American GDP expanded by 2 percent in Q1, dwarfing the EU's anemic 0.1 percent growth and leaving Germany and France far behind. Federal spending grew at a 9.3 percent annual rate while business investment surged 8.7 percent, driven largely by AI spending. Consumer spending, however, slowed amid uncertainty surrounding the war in Iran. |
📊 April jobs report shows modest gains. The US economy added 115,000 jobs in April, beating economists’ expectations of 62,000. The unemployment rate held steady at 4.3 percent. Private payrolls grew by 123,000 jobs while government payrolls contracted by 8,000, with federal workforce reductions continuing under DOGE initiatives. Revisions to prior months showed February and March employment was 16,000 jobs lower than initially reported. |
👷 Labor force participation hit a half-century low. The share of working-age Americans either employed or seeking work fell to 61.9 percent in March, its lowest level since 1977, excluding the COVID pandemic. Economists attribute the decline to baby boomer retirements and the administration's immigration crackdown, which has cut off a pipeline of younger workers. Prime-age participation remains near multidecade highs, suggesting the drop reflects demographics rather than discouraged workers. |
⛽ Gas prices won't return to normal anytime soon. Even if the US-Iran peace deal holds and the Strait of Hormuz reopens, analysts project that pump prices will remain elevated through the midterm elections. The average US price sits at $4.54 per gallon compared to just under $3 pre-war. GasBuddy analysts expect prices to drop by about a third of the wartime increase within one to three months of the strait reopening, with a full recovery possibly not arriving until early 2027. |
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COVERED BEHIND THE PAYWALL |
What’s happening in economies around the globe US retailers’ strong showing Donald Jr. and Eric Trump’s new investment fund A new DOJ criminal probe And our main article on America’s surging national debt
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