President Donald Trump touts the economy’s quick recovery as evidence of his administration’s success. He’s not wrong, but it’s not the full picture.
Federal Reserve Chairman Jerome Powell spent all last week testifying about the recovery on Capital Hill. His message: This is a tale of two economies, and one looks much stronger than the other.
On paper, the economy is roaring back even stronger than Powell and many economists expected.: More than 22 million jobs vanished in the spring lockdown, but 10.6 million jobs have since been added back.
For years, Twitter (TWTR) and Facebook (FB) have enjoyed a healthy rivalry: They’ve competed for acquisitions, talent and advertising dollars, and sometimes gone so far as to copy each others’ features in the never-ending pursuit to grow their audiences.
But the clash between the two tech companies appeared to take on new life this week after Twitter’s decision to place fact-check labels on some of President Donald Trump’s tweets sparked a series of threats, including an imminent executive order regulating social media companies.
The CEOs of the two companies traded criticisms in public. Former employees posted their own jabs on social media. And some legislators were quick to highlight the differences between the approach Twitter and Facebook took, potentially only adding to the tensions.
The manufacturers most affected by US tariffs on imported goods are worried about their future, according to the Federal Reserve.
The Fed’s Beige Book, which compiles anecdotes on business activity from across its 12 districts, showed Wednesday that manufacturers in all districts expressed concern about tariffs. In many districts, manufacturers said US trade policy had driven up their costs and disrupted supply.