Tim Smart

Washington, D.C.

Contributor at U.S. News and World Report

Executive Editor of U.S. News & World Report, Manchester United fan. Views are my own.

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Articles

So I Was Walking My Dog …

5 days ago | money.usnews.com | Tim Smart |Elizabeth Whitehead

I had to take a vacation from my column for a couple of weeks. I enjoyed three good meals a day, exercised with a trainer and received 24/7 care. Sounds great, right? Well, not so much. The truth is I went for a walk with the dog and, 15 minutes later, turning to acknowledge a neighbor, I lost my balance and landed in the street. I think I remember pavers and a sidewalk en route to the ground. But that’s about all. A flurry of neighbors came to my rescue, and I can’t thank them enough.
May’s Job Report Comes in Stronger Than Expected With 139K Gain

3 weeks ago | usnews.com | Tim Smart

Employers added a better-than-expected 139,000 jobs in May, as there was little effect from President Donald Trump’s sweeping import tariffs, the Labor Department reported on Friday. Forecasts had varied in advance but ranged from around 100,000 to 125,000 jobs expected. In April, employers added a downwardly revised 147,000 jobs. The unemployment rate held steady at 4.2%. By sector, health care added 62,000 jobs, while employment in leisure and hospitality rose by 48,000.
ADP: Employers Add a Paltry 37,000 Jobs in May

3 weeks ago | usnews.com | Tim Smart

The labor market slowed sharply in May as private employers added a paltry 37,000 jobs, payroll firm ADP said on Wednesday. The monthly employment report came in lower than the 110,000 expected by analysts and also below the 62,000 in April. “After a strong start to the year, hiring is losing momentum,” said ADP Chief Economist Nela Richardson.
OECD Further Cuts U.S. Growth Forecast Amid Tariff Turmoil

3 weeks ago | usnews.com | Tim Smart

The Organization for Economic Co-operation and Development on Tuesday further downgraded the outlook for U.S. economic growth this year, citing continued concerns over President Donald Trump’s ever-changing tariff policies. The OECD now sees 2025 growth in the U.S. falling to 1.6% from 2.2% back in March. The organization also trimmed global growth forecasts.
Jobs Report Could Be Early Sign of Tariffs Cost

3 weeks ago | usnews.com | Tim Smart

Economists and investors will be looking at this week’s jobs report for any indication that President Donald Trump’s tariff policies have affected hiring. Since the May employment report from the Labor Department covers the month of April, it should reflect whether companies slowed down their hiring after the announcement of the “Liberation Day” tariffs on April 2. But the picture won’t be entirely clear as Trump has delayed or otherwise changed those proposed tariffs in various ways since then.
Consumer Moods Hold Steady as Inflation Improves

4 weeks ago | usnews.com | Tim Smart

American consumers grew somewhat more positive in May, but those sentiments – like many other current readings on the economy – appear tied to the roller-coaster nature of President Donald Trump’s tariff policies. The University of Michigan’s final consumer sentiment index for May was basically unchanged after four months of sharp declines, but views of the future state of the economy remain weak.
Court Rules Trump Overstepped on ‘Liberation Day’ Tariffs, Orders Halt

4 weeks ago | usnews.com | Tim Smart

The U.S. Court of International Trade threw a monkey wrench into President Donald Trump's global trade war Wednesday, ruling the majority of his sweeping import tariffs must be halted for the time being. A panel of three judges, one appointed by Ronald Reagan, another by Barack Obama and the third by Trump, ruled unanimously that Trump’s use of the International Economic Emergency Powers Act to slap import levies on dozens of countries was illegal.
Tariffs Flip-Flop Drives Markets as Economic Data Takes a Back Seat

1 month ago | usnews.com | Tim Smart

After a break for Memorial Day, the economic news picks up this week with key readings on home prices, inflation, consumer spending and gross domestic product. In another time, any one of the economic data reports would warrant attention from investors and economists. But with the Federal Reserve on the sidelines at the moment and last week’s sell-off of stocks and a nervy bond market, there is really only one thing that is grabbing attention: tariffs.
Don't Forgo This Year's Vacation

1 month ago | money.usnews.com | Tim Smart |Elizabeth Whitehead

Memorial Day marks the traditional start of the summer travel season. I got a jump on some of you this year, taking a much-needed break a couple weeks ago. The weather was spectacular and the crowds minimal at Cape San Blas on Florida’s Forgotten Coast, as is often the case during the shoulder season. But this year, according to reports, you may not find as many people traveling as usual.
GOP Budget Faces a Nervous Bond Market Worried About Tax Cuts, Increased Debt

1 month ago | usnews.com | Tim Smart

Is America about to have a Liz Truss moment? Truss was the British prime minister who proposed a budget that combined tax cuts and increased government spending in 2022 as the country faced a cost of living crisis. But interest rates on U.K. bonds soared while the value of the pound slumped, forcing Truss to resign after 50 days – the shortest tenure of a British prime minister in history.