US consumer confidence improves slightly in July, but Americans remain concerned about tariffs
The Conference Board said Tuesday that its consumer confidence index rose two points to 97.2 in July, up from 95.2 the previous month.
The increase in confidence was in line with analysts' forecasts.
In April, American consumers' confidence in the economy sank to its lowest reading since May 2020, largely due to anxiety over the impact of President Donald Trump's tariffs.
A measure of Americans' short-term expectations for their income, business conditions and the job market rose 4.5 points to 74.4, however that's still well below 80, the marker that can signal a recession ahead.
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San Francisco Chronicle
20 minutes ago
- San Francisco Chronicle
Corporation for Public Broadcasting to shut down after being defunded by Congress, targeted by Trump
WASHINGTON (AP) — The Corporation for Public Broadcasting, a cornerstone of American culture for three generations, announced Friday it would take steps toward its own closure after being defunded by Congress — marking the end of a nearly six-decade era in which it fueled the production of renowned educational programming, cultural content and even emergency alerts. The demise of the corporation, known as CPB, is a direct result of President Donald Trump's targeting of public media, which he has repeatedly said is spreading political and cultural views antithetical to those the United States should be espousing. The closure is expected to have a profound impact on the journalistic and cultural landscape — in particular, public radio and TV stations in small communities across the United States. CPB helps fund both PBS and NPR, but most of its funding is distributed to more than 1,500 local public radio and television stations around the country. The corporation also has deep ties to much of the nation's most familiar programming, from NPR's 'All Things Considered' to, historically, 'Sesame Street,' 'Mister Rogers' Neighborhood' and the documentaries of Ken Burns. The corporation said its end, 58 years after being signed into law by President Lyndon B. Johnson, would come in an 'orderly wind-down.' In a statement, it said the decision came after the passage through Congress of a package that clawed back its funding for the next two budget years — about $1.1 billion. Then, the Senate Appropriations Committee reinforced that policy change Thursday by excluding funding for the corporation for the first time in more than 50 years as part of a broader spending bill. 'Despite the extraordinary efforts of millions of Americans who called, wrote, and petitioned Congress to preserve federal funding for CPB, we now face the difficult reality of closing our operations,' said Patricia Harrison, the corporation's president and CEO. As part of Thursday's committee deliberations, Sen. Tammy Baldwin, D-Wis., authored but then withdrew an amendment to restore CPB funding for the coming budget year. She said she still believed there was a path forward 'to fix this before there are devastating consequences for public radio and television stations across the country.' 'It's hard to believe we've ended up in the situation we're in,' she said. 'And I'm going to continue to work with my colleagues to fix it.' But Sen. Shelley Moore Capito, sounded a less optimistic tone. 'I understand your concerns, but we all know we litigated this two weeks ago,' Capito said. 'Adopting this amendment would have been contrary to what we have already voted on.' CPB said it informed employees Friday that most staff positions will end with the fiscal year on Sept. 30. It said a small transition team will stay in place until January to finish any remaining work — including, it said, 'ensuring continuity for music rights and royalties that remain essential to the public media system.' 'Public media has been one of the most trusted institutions in American life, providing educational opportunity, emergency alerts, civil discourse, and cultural connection to every corner of the country,' Harrison said. 'We are deeply grateful to our partners across the system for their resilience, leadership, and unwavering dedication to serving the American people.' The impact will be widespread NPR stations use millions of dollars in federal money to pay music licensing fees. Now, many will have to renegotiate these deals. That could impact, in particular, outlets that build their programming around music discovery. NPR President and CEO Katherine Maher estimated recently, for example, that some 96% of all classical music broadcast in the United States is on public radio stations. Federal money for public radio and television has traditionally been appropriated to the Corporation for Public Broadcasting, which distributes it to NPR and PBS. Roughly 70% of the money goes directly to the 330 PBS and 246 NPR stations across the country, although that's only a shorthand way to describe its potential impact. Trump, who has called the CPB a 'monstrosity,' has long said that public broadcasting displays an extreme liberal bias, helped create the momentum in recent months for an anti-public broadcasting groundswell among his supporters in Congress and around the country. It is part of a larger initiative in which he has targeted institutions — particularly cultural ones — that produce content or espouse attitudes that he considers 'un-American.' The CPB's demise represents a political victory for those efforts. His impact on the media landscape has been profound. He has also gone after U.S. government media that had independence charters, including the venerable Voice of America, ending that media outlet's operations after many decades. Trump also fired three members of the corporation's board of directors in April. In legal action at the time, the fired directors said their dismissal was governmental overreach targeting an entity whose charter guarantees it independence.
CBS News
21 minutes ago
- CBS News
Trade adviser says Trump has "real concerns" about jobs data after president fires labor statistics chief
U.S. Trade Representative Jamieson Greer defended President Trump's decision to fire a key official responsible for employment reports, telling CBS News on Friday that Mr. Trump has "real concerns" about the accuracy of federal economic data. Greer spoke to "Face the Nation with Margaret Brennan" hours after the monthly jobs report showed a hiring slowdown in July and revised down earlier reports for May and June. Mr. Trump reacted by firing Commissioner of Labor Statistics Erika McEntarfer, claiming — without evidence — Friday's jobs numbers were "RIGGED." "You know, even last year during the campaign, there were enormous swings in the jobs numbers, and so it sounds to me like the president has real concerns," Greer told CBS News, adding that Mr. Trump's issues with government labor data extend beyond Friday's report. "You want to be able to have somewhat reliable numbers. There are always revisions, but sometimes you see these revisions go in really extreme ways," said Greer. The Bureau of Labor Statistics' reports are based on surveys of households and businesses. It's common for the agency to revise prior months' figures up or down as more data comes in. The May and June revisions — which cut the number of new jobs by a combined 258,000 — were the largest downward change in employment figures since 1979, excluding pandemic-era jobs reports, though that doesn't mean the data was manipulated, as Mr. Trump claims. Greer defended Mr. Trump's right to fire McEntarfer, an economist who was nominated to the post by former President Joe Biden. "The President is the President. He can choose who works in the executive branch," Greer said. The firing drew staunch criticism, with McEntarfer's predecessor William Beach — who was first nominated in Mr. Trump's first term — calling it "groundless" and a "dangerous precedent." "This rationale for firing Dr. McEntarfer is without merit and undermines the credibility of federal economic statistics that are a cornerstone of intelligent economic decision-making by businesses, families, and policymakers," Beach said in a statement. Friday's report showed the economy added 73,000 jobs in July, below the 115,000 predicted by economists. The unemployment rate rose slightly to 4.2%, up from 4.1% a month earlier. The jobs report also showed a slight drop in manufacturing jobs last month. Mr. Trump's tariff hikes are intended in part to boost American manufacturing — though critics warn some U.S.-based factories that rely on foreign-made inputs will be hurt by tariffs. When asked about July's manufacturing data, Greer — one of Mr. Trump's trade negotiators — told CBS News he doesn't "read tariff policy into that number." Instead, Greer argued that the numbers reflect conditions prior to the Trump-backed One Big Beautiful Bill Act that passed through Congress last month. He argued businesses were "waiting to see" if some of the bill's tax provisions would pass, including parts that GOP lawmakers believe will encourage more business investment. "I think that we're going to see a big increase in manufacturing jobs now that we have the 'one big, beautiful bill' passed," Greer said. "And I think that … our manufacturers know that they have a clear and certain path forward on that now."
Yahoo
37 minutes ago
- Yahoo
2 Stalwart Canadian Stocks to Buy During Tariff Uncertainty
Written by Puja Tayal at The Motley Fool Canada Large tariff or low tariff? That is the question. There have been months of negotiations, but rarely has there been an outcome that is welcoming to all. Such is the state of global trade. Protectionist measures by the world's largest consumer, the United States, have made it expensive for the world to access the American market. The tariff uncertainty has made investors and companies indecisive about the road ahead and, consequently, affected stock markets worldwide. Why the tariff uncertainty? Recently, U.S. president Donald Trump negotiated a 15% across-the-board tariff with Europe and Japan, a shift from the previously 30% and 25% tariffs suggested on August 1. The two countries also promised to invest in the United States. While these negotiations were considered a win by the two countries, Trump did not negotiate on steel and aluminum imports to the United States. The next in line is Canada. Europe and Japan are not as dependent on the United States as Canada. Canada's Prime Minister Mark Carney stated that the country's geographical closeness and energy exports to the U.S. put it in a different situation. Canada has a free-trade agreement on certain goods and expects to retain that. Bombardier was a beneficiary of this agreement. Moreover, Canada has a lower tariff of 10% on oil exports. The negotiations will determine if the 20% tariff on other goods increases to 35% or is reduced. When such uncertainty exists, investors, consumers, and businesses stall their decisions. Low business and investing activity stagnates growth. At times, it creates panic among investors, who then opt for safer stocks that continue doing business or benefit from the situation. Two stalwart Canadian stocks to buy during tariff uncertainty Canadian energy stocks have the biggest exposure to exports to the United States. Whereas Canada imports several grocery items from the United States. As Canada's dependence on the U.S. exports is greater, it is only imposing counter-tariff policies on products for which it has alternatives. Loblaw's (TSX:L) second-quarter earnings reflected that. Loblaw Loblaw noted that Canadians are seeking value, quality, and service. Its food retail business saw growth in same-store traffic, basket size, and item count as the grocer focused on Hard Discount and Real Canadian Superstores banners. The grocer's pharmacy brand, Shoppers Drug Mart, saw strong growth in specialty drug and prestige beauty categories. Loblaw is expanding rapidly. It is on track to open approximately 80 new stores and 100 new pharmacy clinics this year to increase its reach to more communities across Canada. More stores will lead to more revenue. Loblaw's cyclical rally can be attributed to a shift in consumer buying trends towards discounted products. In a tough economy, Loblaw outperforms but underperforms in a growing economy as buying shifts to discretionary. Loblaw stock surged 30% between February 21 and May 30, during the first round of Trump tariffs. That was the time when the entire Toronto Stock Exchange (TSX) fell. If the tariff negotiations move in Canada's favour, Loblaw stock could remain stagnant. But if the negotiations go sideways and a higher tariff is implemented, Loblaw stock could rally as consumers may stock up on goods before the new high-tariff goods hit the shelf. Loblaw is also splitting its shares 4-for-1, effective August 18, to make them accessible to retail investors. It means you won't have to shell out over $220 to buy one share. They will be available for under $60, depending on what the share price is in August. Descartes Systems While Loblaw gives you a contrarian approach, Descartes Systems (TSX:DSG) gives you a buy-the-dip approach. At present, the stock is down 16% from its February peak when tariff uncertainty began. The supply chain solutions provider is affected by a slowdown in trade activity as companies adopt a wait-and-watch approach. A favourable negotiation could pump up trading activity as companies prepare for the holiday season. The August 1st tariff deadline has stalled Descartes's seasonal rally. Now is the time to buy the stock as the seasonal rally could increase the stock price by more than 30%. The company is well prepared to take on higher trade volumes. In conclusion Every scenario presents an opportunity. Following the money trail will tell you where to look. As long as money is not locked in vaults and is exchanging hands, there will be growth somewhere. The post 2 Stalwart Canadian Stocks to Buy During Tariff Uncertainty appeared first on The Motley Fool Canada. Just Released! 5 Stocks Under $50 (FREE REPORT) Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $50 a share. Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune. Don't miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now. Claim your FREE 5-stock report now! More reading 10 Stocks Every Canadian Should Own in 2025 3 Canadian Companies Powering the AI Revolution A Commonsense Cash Back Credit Card We Love The Motley Fool recommends Descartes Systems Group. The Motley Fool has a disclosure policy. Fool contributor Puja Tayal has no position in any of the stocks mentioned. 2025 Sign in to access your portfolio
