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 8:35 a.m. ET

Kris Snyder didn't set out to be a professional musician. She began her working life as a corporate trainer for a big retail company. But after churning through seven managers in five years, she got fed up. She gave up a regular paycheck and corporate benefits and started looking for music gigs.

"Weddings, funerals, parties — that sort of thing," says Snyder, a fourth-generation harpist.

Updated at 4:45 p.m. ET

The Federal Reserve left interest rates near zero as expected Wednesday and pledged to keep supporting an economic recovery that appears to be losing steam.

Most members of the Fed's rate-setting committee said they expect interest rates to remain near zero through at least 2023 as the economy slowly digs its way out of the coronavirus recession.

Household income in the United States rose sharply last year while poverty declined — fruits of a record-long period of economic growth that ended abruptly when the coronavirus pandemic struck.

An annual report from the Census Bureau shows median household income jumped 6.8% in 2019, to $68,700. That's the highest since the government started keeping track in 1967.

The poverty rate declined to 10.5% — the lowest since records began in 1959.

Gwen Mickens was startled by the prices in the butcher case during her last trip to the supermarket.

"Short ribs are like twice as much as they used to be. And of course the bacon is more expensive as well," said Mickens, a Florida data analyst who was shopping for her husband and adult son. "You kind of close your eyes and just pick it up and throw it in the grocery cart."

Her checkout receipt topped $250.

Much of the country is facing a long, painful recovery from the coronavirus recession. But some communities are getting a head start.

Owensboro, Ky., has already recovered most of the jobs it lost this spring, even as the rest of the country is experiencing a painfully slow improvement in employment.

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.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

NOEL KING, HOST:

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.

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