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.

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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.

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A few days ago, we heard an assessment of the economy. Fed Chairman Jerome Powell said Congress needs to act as the recovery gets harder.

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Summer temperatures in Glendale, Ariz., frequently climb to 110 degrees.

"I can go outside and scramble eggs on the sidewalk," says Glendale resident Leandra Ramirez. "That's crazy."

Air conditioning is essential. And now that she and her family are at home all day during the pandemic, Ramirez's AC is running around the clock.

With lights out in many offices and shuttered businesses, millions of people — both with and without jobs — are plugging in at home. Residential demand for power in the U.S. has soared, even as commercial and industrial use have declined.

President Trump wants to give a $100 billion boost to the U.S. economy by hitting the "pause" button on workers' payroll taxes.

That would leave more money in people's paychecks. But the move — which Trump ordered over the weekend — is only temporary. And that could produce headaches down the road for workers, employers and the Social Security system.

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U.S. employers added 1.8 million jobs last month, as the unemployment rate dipped to 10.2%.

The pace of hiring slowed from June, when employers added a record 4.8 million jobs. That suggests a long road back to full employment for the tens of millions of people who have been laid off during the coronavirus pandemic.

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Ordinarily when people lose their job, they spend less money. But something unusual happened this spring when tens of millions of people were suddenly thrown out of work by the coronavirus pandemic.

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The coronavirus pandemic triggered the sharpest economic contraction in modern American history, the Commerce Department reported Thursday.

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From airlines to paper mills, the job news is grim, and there are growing signs it won't be getting better anytime soon. On Thursday, the Labor Department reported nearly 2.4 million new applications for state and federal unemployment benefits last week.

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Employers added a record 4.8 million jobs last month, as the U.S. economy continued to slowly bounce back from a deep and painful coronavirus recession. The unemployment rate dipped to 11.1%.

Job growth accelerated from May, when revised figures show employers added 2.7 million jobs.

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Texas Gov. Greg Abbott imposed new limits on bars and restaurants Friday, one day after declaring he didn't want to move backward and shut down businesses.

But many people aren't waiting. Faced with a growing number of coronavirus cases across the South and West, they're making their own choices about spending, and many have already locked down their wallets.

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Just as supplies of toilet paper are finally getting back to normal, the coronavirus has triggered another shortage of something we typically take for granted: pocket change.

Banks around the U.S. are running low on nickels, dimes, quarters and even pennies. And the Federal Reserve, which supplies banks, has been forced to ration scarce supplies.

The wealthiest American households are keeping a tight grip on their purse strings even as their lower-income counterparts are spending a lot more freely when they emerge from weeks of lockdown. That decline in spending by the wealthy could limit the whole country's economic recovery.

Researchers based at Harvard have been tracking spending patterns using credit card data. They found that people at the bottom of the income ladder are now spending nearly as much as they did before the coronavirus pandemic.

Our national fascination with sourdough starter appears to have stopped. Or at least slowed down a bit.

The price of baking flour fell last month along with the price of eggs, suggesting that the baking craze that gripped hungry and housebound consumers in the early weeks of the coronavirus pandemic has cooled.

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With America stuck in recession, prices have been falling but not at the supermarket. Grocery stores are doing a brisk business. As NPR's Scott Horsley reports, the way people are filling their shopping carts tells us something about how Americans are adjusting to the pandemic.

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The Federal Reserve left interest rates near zero Wednesday and once again promised to deliver whatever monetary medicine it can to an economy that's badly ailing from the coronavirus pandemic.

"The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time," the central bank said in a statement.

It may seem obvious, with double-digit unemployment and plunging economic output. But if there was any remaining doubt that the U.S. is in a recession, it's now been removed by the official scorekeepers at the National Bureau of Economic Research.

The bureau's Business Cycle Dating Committee — the fat lady of economic opera — said the expansion peaked in February after a record 128 months, and we've been sliding into a pandemic-driven recession since.

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The U.S economy rebounded with surprising strength last month as businesses began to reopen from the coronavirus lockdown. U.S. employers added 2.5 million jobs in May, and the unemployment rate fell to 13.3%.

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The coronavirus pandemic has pushed unemployment to its highest level since the Great Depression, but the pace of layoffs has been easing. And there are now some signs that the job market could slowly start to recover.

The Labor Department says another 1.87 million people filed claims for unemployment insurance last week. That's down 249,000 from the previous week. While still very high by historical standards, the number has been declining steadily from a peak of 6.8 million the week ending March 28.

President Trump is warning of possible sanctions this week against China over its treatment of Hong Kong. It's the latest source of friction in what's become an increasingly tense relationship between the world's two biggest economies.

Preschool teacher Lainy Morse has been out of work for more than two months. But the Portland, Ore., child care center where she worked is considering a reopening. Morse says she is dreading the idea, as much as she loves the infants and toddlers for which she cared.

"They always have snotty faces. It's just one cold after another," she says. "It feels just like an epicenter for spreading disease. And it feels really scary to go back to that."

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Members of the Senate Banking Committee squabbled Tuesday over how quickly the U.S. economy can rebound from the coronavirus shutdown and whether the federal government is doing enough to support struggling families and businesses in the meantime.

Federal Reserve Chairman Jerome Powell warns it could be another year and a half before the U.S. recovers from the economic fallout of the coronavirus pandemic. But he says this will not be another Great Depression.

"It's going to be a very sharp downturn," Powell said in an interview with 60 Minutes that aired Sunday. "It should be a much shorter downturn than you would associate with the 1930s."

With the U.S. economy in free-fall, a lot of forecasters have been digging deep into the history books, looking for a guideposts of what to expect. Often, they've turned to the chapter on the 1930s.

"Clearly people have made comparisons to the Great Depression," said former Federal Reserve Chairman Ben Bernanke.

"It's not a very good comparison," he cautioned.

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