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October 3, 2025

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September 25, 2025

Sept. 25, 2025, 11:38 AM EDTBy Rob WileData released Thursday reflects the resilience of the U.S. economy, even as concerns about the job market and inflation persist.U.S. economic growth, or the gross domestic product (GDP), reached 3.8% in the second quarter, according to a fresh revision of the data released Thursday by the Commerce Department. That was higher than the most recent estimate of 3.3% and the strongest reading since the third quarter of 2024. The revision largely reflected stronger growth in consumer spending, which was also revised upward, from 1.6% to 2.5%. Multiple surveys show the mood among consumers remains glum — but Thursday’s spending data, plus other releases from banks, signals they remain willing to maintain their pace of purchasing. Meanwhile, new and ongoing claims for unemployment assistance fell over the past week, according to the U.S. Department of Labor. The Federal Reserve said last week it expects the unemployment rate to climb from 4.3% to as much as 4.5% by the end of the year, but the latest data may allay some worries about further deterioration in the job market. “The mother lode of data just released suggest the economy is still doing just fine, despite the slowdown in employment growth,” wrote Alexandra Brown, North America economist for the market insight company Capital Economics, in a note to clients. The U.S. economy remains in a relatively precarious position. The latest GDP reading reflects the three months ending June 30, and the growth picture may have changed since then. A slowing labor market combined with President Donald Trump’s combination of aggressive tariffs and immigration enforcement has generated concerns about tepid growth. While consumer spending has remained resilient, there are growing warnings about a two tiered-economy in which lower- and middle-income people are squeezed as upper-income households continue to spend. Concerns about the job market spurred the Federal Reserve to take action this month, cutting interest rates in a bid to boost economic growth. There was some anticipation it would be the first of many.But Thursday’s positive economic data complicates the Fed’s situation.Following the morning’s data releases, investors dialed back the odds of additional cuts by the Federal Reserve this year. The Fed tends to cut when the economy is showing signs of slowing — and the new figures indicate there may be less of a need for lower interest rates to stimulate growth. “Thursday’s upward GDP revision for [the] second quarter confirmed that the economy grew at a healthy clip, even as tariff uncertainty reached fever pitch during the quarter,” Paul Stanley, chief investment officer of the Granite Bay Wealth Management financial group, said in a statement. “The U.S. economy is resilient and the strong GDP is another indication that we are not at risk of any kind of recession, even with slowing labor market growth.”But there are also concerns that growth is extremely uneven. A growing body of evidence suggests tech companies’ spending on artificial intelligence may almost single-handedly be propping up growth, especially as federal spending cuts and uncertainty over tariffs have clouded sentiment elsewhere. Commerce Department data show that in the first half of 2025, investment growth in equipment — a category that includes computers, electronics and power-supply parts — has been near records. “In the absence of tech-related spending, the US would be close to, or in, recession this year,” wrote George Saravelos, a head of research at the Deutsche Bank financial group. That’s not necessarily good news, he said: In order for tech to continue driving GDP growth, investments in AI, like building out data centers, needs to remain “parabolic.”“This is highly unlikely,” Saravelos said, given forecasts that such investment will likely peak this year.“Other sources of growth will have to take over,” he said. Rob WileRob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.

October 16, 2025

Oct. 16, 2025, 6:59 AM EDTBy Rob WileU.S. automakers are trimming their outlook for electric vehicles amid lingering consumer doubts, a pullback in federal support and a challenging economic landscape that is affecting all auto sales. On Tuesday, General Motors reported it was taking losses totaling $1.6 billion related to planned changes to its EV rollout. The company attributed some of the change to President Donald Trump’s elimination of the $7,500 in EV purchasing incentives enacted by President Joe Biden. The credit officially expired Sept. 30. “Following recent U.S. government policy changes, including the termination of certain consumer tax incentives for EV purchases and the reduction in the stringency of emissions regulations, we expect the adoption rate of EVs to slow,” GM said in a filing.Rival Ford has delayed plans to build out an EV plant in Tennessee. It told Reuters last week it would be “nimble in adjusting our product launch timing to meet market needs and customer demand while targeting improved profitability.”Plunging sales at Tesla — still the U.S. leader in EV sales — are also contributing to the weakening outlook. Its second-quarter sales dropped almost 13%, and CEO Elon Musk has warned of some “rough quarters” ahead for the company. The changes threaten to leave the United States behind in what many still consider the future of automobiles. In July 2024, EV sales officially overtook sales of conventional autos in China. There and in nearby countries, the cost of an electric vehicle has been falling more rapidly than in the United States, thanks largely to increased competition from the Chinese manufacturers that now dominate the global EV market. However, other Western countries are also rethinking previous EV commitments, including Canada and the United Kingdom, both of which have signaled relaxing electrification targets, partly in response to new pressures sparked by Trump’s trade war. Inside GMC’s design center where the future of its automobiles takes shape03:03The retreats are a turnabout from the heady ambitions for EVs that U.S. automakers signaled less than a decade ago. The highest-profile push came from General Motors CEO Mary Barra, who committed the storied automaker to a “zero emissions” future in 2017.“No more gas. No more diesel. No more carbon emissions,” she wrote at the time. But a series of challenges — cost concerns, sluggish adoption and the reversal in support in Washington — has left the U.S. auto industry with greater uncertainty about its EV future. “Penetration has stalled,” said David Whiston, a senior analyst at Morningstar investment research company who covers autos.Even before Trump’s “One Big Beautiful Bill” ended the tax credit, signs of resistance to EVs among U.S. consumers had begun to show. A survey published in August 2024 by Edmunds automotive information group showed concerns about finding charging stations and charging times, availability and reliability as the top reasons consumers would not purchase EVs.“They said they don’t want the hassle or don’t feel like learning something new,” said Jessica Caldwell, head of insights at Edmunds. In the second quarter of 2025, new EV sales declined by 6.3% year on year, according to Cox Automotive, which said the growth trajectory for EVs “has been curbed.” EV sales got a boost in the third quarter, but analysts said that was most likely the result of the looming expiration of the tax credit. “The federal tax credit was a key catalyst for EV adoption, and its expiration marks a pivotal moment,” Cox Automotive’s director of industry insights, Stephanie Valdez Streaty, said in a release. “This shift will test whether the electric vehicle market is mature enough to thrive on its own fundamentals or still needs support to expand further.”For a time, EVs seemed poised to take over the U.S. market. Following the lead of Barra of GM, Ford announced in 2018 that it planned to nearly triple its investments in electric and hybrid vehicles by 2022, with plans for 40 new such models. Barra also called for a National Zero Emission Vehicle program to help electrify the entire U.S. auto fleet. Electric vehicle industry faces challenges amid Trump administration policies04:28Meanwhile, sales at Tesla, which exclusively manufactures EVs, began to accelerate, turning the groundbreaking automaker into one of the most valuable companies in the world and giving it a dominant position in the electric market. The EV push was supercharged during the Biden administration, which introduced tough new emissions standards designed to boost EV sales alongside the EV purchasing tax credit. But last year, Barra told NBC News that GM’s all-electric future would now play out “over decades,” though the company said it continued to target 2035 to fully electrify its fleet. In its latest filing, GM said the review of its future EV output is “ongoing” and signaled additional charges could be announced in future quarters. A GM spokesman did not respond to a request for comment. Last month, The Wall Street Journal reported that GM had spent more to lobby the federal government in 2025 to fight clean air and fuel economy rules than any company other than Facebook parent Meta. “What we’re committed to is the customer,” Barra said about the shift away from EVs at a Wall Street Journal event in May, the paper reported. “The customer was telling us they weren’t ready.”Ford CEO Jim Farley said this month that EV sales could fall by around 50% after the EV tax credits expire. A Ford spokesperson did not respond to a request for comment. The entire U.S. auto market also remains challenged by affordability issues. The average price of a new car surpassed $50,000 for the first time last month, Kelley Blue Book reported Tuesday. The average monthly auto payment in the United States is now $749 for new vehicles and $529 for used vehicles, according to the credit reporting agency Experian. U.S. households in general continue to struggle with stubborn inflation and an increasingly shaky jobs market, which has left the pace of overall monthly auto sales below pre-pandemic levels. EVs currently cost about $7,000 more, according to Kelley Blue Book data.Anna Vanderspek, electric vehicle program director at the Green Energy Consumers Alliance, an environmental advocacy group, said she is hopeful that the global shift toward EVs will eventually rebound to U.S. automakers as they look to stay competitive and thus filter down to U.S. consumers. But she acknowledged the timetable for adoption has shifted. “There’s good reason to think that this transition will continue to happen,” she said. “But now it will just happen more slowly.”Rob WileRob Wile is a Pulitzer Prize-winning journalist covering breaking business stories for NBCNews.com.

October 29, 2025

Destruction captured at Jamaica airport after hurricane

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