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.

Updated at 4:37 p.m. ET

Federal Reserve Chairman Jerome Powell said the pace of jobs growth is rising faster than many people expected, but it may take years before the economy has fully recovered.

Updated at 10:19 a.m. ET

U.S. employers added 1.4 million jobs last month, down from 1.7 million in July. The unemployment rate fell to 8.4%, from 10.2% a month earlier.

While the monthly snapshot from the Labor Department shows improvement, job growth has slowed steadily since June in a sign of what could be a long and painful recovery from the pandemic recession.

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Another 881,000 people applied for state unemployment benefits last week, the Labor Department says. That's 130,000 fewer than the previous week. But the report comes with an asterisk.

The department just changed the way it adjusts claims data to account for seasonal variation. That should make the reports more accurate in the weeks to come. But it also means the reported change from the previous week is not an apples-to-apples comparison.

Without the seasonal adjustment, state unemployment claims rose by more than 7,500.

The pandemic is taking a big toll on the government's bottom line.

The federal government's accumulated debt burden is projected to be larger than the overall economy next year for the first time since 1946. Debt is expected to reach an all-time high of 107% of gross domestic product in 2023.

The nonpartisan Congressional Budget Office expects the deficit to reach $3.3 trillion in the fiscal year ending this month. That's about 16% of GDP — a level not seen since the end of World War II in 1945.

With the start of a new month, some workers may get a boost in their take-home pay. The Trump administration has given employers the option to stop collecting payroll taxes for most workers through the end of this year.

President Trump announced the move three weeks ago, after failing to reach a deal with Congress on a more comprehensive pandemic relief package.

"This will mean bigger paychecks for working families as we race to produce a vaccine," Trump said.

Americans spent more money on cars, health care and eating out last month than they did in June. The Commerce Department says consumer spending rose 1.9% in July.

The punch bowl can stay.

The Federal Reserve is adjusting its long-term policy on inflation and employment, and says it will no longer tap the brakes preemptively to prevent the economy from overheating — a job famously likened to taking away the punch bowl just as the party gets going.

Almost 30 million people are now collecting unemployment benefits. Yet President Trump still gets relatively high marks for his handling of the economy.

As Republicans focus on "opportunity" at their convention Tuesday, the economy remains one of the president's strongest selling points.

"You see the kind of numbers that we're putting up. They're unbelievable," Trump told supporters in Minnesota last week. "More jobs in the last three months than ever before."

The Trump administration has struck a small-scale trade agreement with the European Union that could send more American lobster across the Atlantic.

Europe has agreed to suspend tariffs on imports of live and frozen lobster from the U.S. for at least 5 years. In exchange, the U.S. will cut tariffs by 50% on some European products, including crystal glassware and cigarette lighters.

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