Author: Money Mechanics

Real gross domestic product (GDP) increased in 2,357 counties, decreased in 734 counties, and was unchanged in 23 counties in 2023, according to estimates released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP ranged from 125.8 percent in Throckmorton County, TX, to –39.6 percent in Lincoln County, WA (table 1). GDP is the value of final goods and services produced within a county. The size of a county’s economy as measured by GDP varies considerably across the United States. In 2023, the total level of real GDP ranged from $17.0 million in Petroleum County,…

In-brief analysis July 9, 2025 Data source: U.S. Energy Information Administration, Refinery Capacity Report and Petroleum Supply MonthlyNote: Refinery Capacity Report data are reported as of January 1 of each year, so changes in capacity that take place during a given year are represented in the newly reported total capacity number for the start of the following year. California is set to lose 17% of its oil refinery capacity over the next 12 months because of two planned refinery closures. If realized, the closure of the facilities is likely to contribute…

President Donald Trump said Friday he will fire Federal Reserve Governor Lisa Cook if she does not resign from her position.”What she did was bad,” the president told reporters who asked about Cook, an appointee of former President Joe Biden who has come under fire from the Trump administration over allegations about her mortgages.”So I’ll fire her if she doesn’t resign,” he said during a surprise visit to The People’s House, a museum of the White House.If Trump were to successfully remove Cook “for cause,” he would get the chance to reshape the central bank’s governing board, potentially for years…

Joseph Maldonado/ZDNET ZDNET’s key takeaways Pixel 10 is the first US phone to get Bluetooth 6.Bluetooth 6 adds upgrades, including precise channel sounding.Both devices need Bluetooth 6 to fully take advantage, so adoption will be slow.Get more in-depth ZDNET tech coverage: Add us as a preferred Google source on Chrome and Chromium browsers.Google’s Pixel 10 smartphones debuted with plenty of noteworthy features, including native magnetic wireless charging, an industry-first IP68 dust- and waterproof foldable phone design, and more intuitive AI features. One of the most significant updates, however, is the phone’s adoption of Bluetooth 6, making them the first in…

Early retirees: Protect yourself and spouse with medical insurance.getty You can read many facts and figures that help explain why early retirees need to find a good health insurance policy. However, research on how people make decisions shows that often it takes powerful stories to motivate you to put in the time, effort, and money needed to take action. To help you with this endeavor, here are two true stories that illustrate the protective power that good health insurance policies can provide for retirees who aren’t yet eligible for Medicare at age 65. ForbesAffordable Health Insurance Can Be A Deal-Breaker…

Key Takeaways U.S. equities took off at midday as Fed Chair Jerome Powell indicated interest-rate cuts may be appropriate now.Solar power, EV, and homebuilder stocks rose on Powell’s comments.Intuit’s outlook was below forecasts as its MailChimp and TurboTax products showed weakness in the second quarter. U.S. equities jumped at midday after Federal Reserve Chair Jerome Powell hinted that policymakers could be cutting interest rates soon. The Dow Jones Industrial Average, S&P 500, and Nasdaq all rose around 2%. Companies that benefit from lower borrowing costs saw their shares advance. Those included solar power providers Enphase Energy (ENPH) and First Solar…

From increased credit card debt stressing Americans out to the Federal Reserve possibly nearing an interest rate cut, here is some news that could impact your wallet this week, and how you can prepare your finances for the week ahead. Americans Are More Concerned About Their Debt Several reports this week show more Americans are struggling with their debt. Many continue to add debt, yet they have become overwhelmed with balancing a volatile economy and high interest rates which make borrowing more expensive. About six in 10 parents surveyed by National Debt Relief have gone into debt to pay for…

Unlike Intel (INTC), Taiwan Semiconductor Manufacturing Company (TSM) and Micron (MU) may not be required to give up stakes in exchange for their CHIPS Act grants, following some signs of pushback in early talks.  “The Administration is not seeking equity stakes in TSMC or Micron,” a Trump administration official told Investopedia Friday, after comments from Commerce Secretary Howard Lutnick earlier this week fueled speculation that new equity deals could be in the works. “The Biden administration literally was giving Intel [money] for free, and giving TSMC money for free, and all these companies just giving them money for free,” Lutnick…

KEY TAKEAWAYS Nvidia reportedly has told suppliers to suspend production of its H20 chip, after Beijing asked local firms to avoid using the chip tailored for the Chinese market due to security concerns.Nvidia said it always manages its “supply chain to address market conditions.”Earlier this month, Nvidia and rival Advanced Micro Devices were given the approval to resume sales of key AI chips to China, with the condition that they pay 15% of their chip revenue generated there to the U.S. government in exchange for the export licenses.  Nvidia (NVDA) reportedly has told suppliers to suspend production of its H20…

The odds of a September rate cut jumped Friday and U.S. stocks rallied after Federal Reserve Chair Jerome Powell struck a dovish tone in his speech at the central bank’s annual Jackson Hole Symposium. According to federal funds futures trading data, traders now see a nearly 90% chance the Fed lowers rates by 25 basis points on Sept. 17, up from 75% yesterday.  “With policy in restrictive territory, the baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said, signaling the Fed is open to resuming interest rate cuts after about nine months on…