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, DC, with his dog, Rosie.

The Trump administration struck a tentative deal to lift tariffs on imported tomatoes from Mexico. But importers warn the agreement could still put protectionist roadblocks in the path of $2 billion worth of the produce.

Mexico supplies more than half the fresh tomatoes sold in the U.S., and imports have more than doubled since 2002. Florida growers, who used to dominate the market for tomatoes in the winter and spring, have long complained that Mexico unfairly subsidizes its tomato crop.

Congressional budget forecasters are predicting more red ink — nearly $1 trillion this year — as a result of the bipartisan spending agreement lawmakers struck this summer.

The nonpartisan Congressional Budget Office now says the federal deficit will hit $960 billion in fiscal 2019 and average $1.2 trillion in each of the next 10 years.

Updated at 4:26 p.m. ET

The Trump administration is acting as a cheering section for the U.S. economy. And at least on Monday, investors were cheering along. The Dow Jones Industrial Average rose nearly 250 points or 1%. The S&P 500 jumped 1.2% and the Nasdaq was up 1.35%.

President Trump and his team are downplaying warnings of slower economic growth, despite signals from the bond market that a recession could be looming. At the same time, the president is also calling on the Federal Reserve to cut interest rates again to help boost growth.

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Updated at 4:32 p.m. ET

Investors paused to catch their breath Thursday, one day after the stock market suffered its worst drop of the year. Market indexes closed up modestly as investors digested mixed signals about prospects for the U.S. economy. The Dow Jones Industrial Average gained nearly 100 points, or 0.4%. The S&P 500 rose 0.25%.

The stock market soared Tuesday on news that the Trump administration is postponing some tariffs on Chinese imports this fall, sparing popular consumer items such as cellphones and laptops until after the Christmas shopping season. It's only a partial reprieve, though. Other Chinese imports will still be hit with a 10% tariff on Sept. 1, as scheduled. The administration reportedly was guided by which products could most easily be obtained outside China. But there were still some head-scratchers on the tariff lists.

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The United States has become the world's leading producer of oil and natural gas — reshaping the global energy economy from the shipping lanes of the Middle East to the factories of the Midwest.

President Trump hopes to call attention to that change on Tuesday when he tours a petrochemical plant in western Pennsylvania.

Federal agents carried out one of the largest immigration raids in recent history this week, arresting nearly 700 workers at chicken processing plants in Mississippi.

But you can still buy a rotisserie bird at your local supermarket tonight for less than $10.

So far, the government crackdown has had little effect on the wider food processing industry, a dangerous business that is heavily reliant on immigrant labor.

The U.S. and China opened a new front in their trade war this week, when China allowed its currency to fall, triggering a sharp drop in the U.S. stock market.

The seemingly modest adjustment in global exchange rates had a seismic effect on Wall Street confidence, rattling retirement accounts and prompting a new round of bellicose rhetoric from President Trump.

Both the market and the currency stabilized on Tuesday, but not before investors got a stomach-churning preview of what an escalating trade war might look like.

The Treasury Department formally labeled China a currency manipulator Monday, after Beijing allowed its currency to fall to an 11-year low. The tit-for-tat moves mark the latest escalation in the two countries' trade war, which triggered a sharp sell-off on Wall Street.

While President Trump has long accused China of tinkering with its currency to gain an unfair advantage on world markets, this is the first time in a quarter century the U.S. has formally accused Beijing of currency manipulation.

Higher prices will be coming to stores this fall, retailers warn, if President Trump follows through with his threat to slap new tariffs on Chinese imports.

The White House pressed the tariff threat on Friday, even as Trump announced a new agreement aimed at boosting beef exports to Europe. A day earlier, Trump threatened to set a new 10% tariff on $300 billion worth of products imported from China.

Updated at 9:31 a.m. ET

The economy is slowing down, but it keeps creating jobs at a healthy pace. Employers added 164,000 jobs last month, as the unemployment rate held steady at 3.7%, the Labor Department said Friday. The jobless rate remains at a nearly 50-year low.

Analysts had expected about 165,000 jobs to be added in July and the unemployment rate to be 3.6%.

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President Trump is threatening to add tariffs to almost everything the U.S. buys from China. He says the new tariffs will take effect a month from now.

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Updated at 5:34 p.m. ET

The Federal Reserve is cutting interest rates for the first time in over a decade — a preemptive move aimed at extending the already record-long economic expansion.

The Fed on Wednesday lowered its target for the key federal funds rate by a quarter percentage point. The move should decrease the cost of borrowing, including for credit cards, auto loans and mortgages.

Updated at 11:15 a.m. ET Tuesday

U.S. trade negotiators opened a new round of talks in China on Tuesday. But there appears to be little pressure for a settlement, even as the year-old conflict begins to weigh on the global economy.

"We'll see what happens," President Trump told reporters Tuesday. "We're either going to make a great deal or we're not going to make a deal at all."

When Rep. Alexandria Ocasio-Cortez rolled out her "Green New Deal," calling for clean energy, universal health care and guaranteed jobs, one of the first questions she got was: How do you plan to pay for it?

The New York Democrat argued that ambitious programs can easily be financed through deficit spending.

President Trump has named Tomas Philipson as acting chair of his Council of Economic Advisers. Philipson, who is already a member of the council, is a University of Chicago professor who specializes in the economics of health care.

He previously served as a top economist at the Food and Drug Administration and the Centers for Medicare & Medicaid Services.

Philipson takes over from White House economist Kevin Hassett, whose departure was announced on Twitter last month.

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Updated at 7:34 p.m. ET

Stocks rallied Wednesday as Federal Reserve Chairman Jerome Powell testified about challenges facing the U.S. economy, adding to expectations that the central bank will cut interest rates later this month.

The Fed had hinted at such a cut in June.

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The job market accelerated last month. U.S. employers added a net 224,000 jobs in June. That is far more than many analysts were expecting and also a sharp improvement over a disappointing May.

Updated at 9:25 a.m. ET

Hiring rebounded strongly in June as U.S. employers added 224,000 jobs. That's well above the pace many forecasters were expecting, and a sharp pickup after a disappointing May.

A monthly snapshot from the Labor Department showed unemployment rose slightly, to 3.7%, as more workers entered the job market.

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The U.S. and China have agreed to restart trade talks, and the Trump administration will hold off for now adding new and costly tariffs on some $300 billion in Chinese imports.

President Trump announced the trade truce after an 80-minute meeting with Chinese President Xi Jinping on the sidelines of the Group of 20 summit in Osaka, Japan.

"Basically we agreed today that we're going to continue the negotiation," Trump told reporters Saturday. "We're going to work with China on where we left off to see if we can make a deal."

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