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Scott Horsley

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.

Horsley spent a decade on the White House beat, covering both the Trump and Obama administrations. Before that, he was a San Diego-based business reporter for NPR, covering fast food, gasoline prices, and the California electricity crunch of 2000. He also reported from the Pentagon during the early phases of the wars in Iraq and Afghanistan.

Before joining NPR in 2001, Horsley worked for NPR Member stations in San Diego and Tampa, as well as commercial radio stations in Boston and Concord, New Hampshire. Horsley began his professional career as a production assistant for NPR's Morning Edition.

Horsley earned a bachelor's degree from Harvard University and an MBA from San Diego State University. He lives in Washington, D.C.

Toilet tissue isn't the only paper product that Americans are hoarding these days. Paper money is also in high demand.

Banks are seeing more cash withdrawals as nervous customers try to protect themselves from the uncertainty of the coronavirus clampdown.

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A large percentage of Americans working from home, schoolchildren on an indefinite break - those are just a couple of the rhythms of daily life that two weeks ago seemed unthinkable. Now they seem essential.

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In today's briefing from the coronavirus task force at the White House, President Trump sounded optimistic at times about the timeline for revising social distancing practices and getting the American economy back to business as usual.

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And I'm Ailsa Chang in Culver City, Calif., where residents have been ordered by the governor to stay home. Other states say they are taking similar steps.

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The U.S. economy has never hit the brakes quite like this before.

While the course of the coronavirus pandemic is unpredictable, forecasters are using their economic models and making some educated guesses about just how bad the damage will be. The forecasts are not pretty:

  • Oxford Economics expects the U.S. economy to shrink at an annual rate of 12% between April and June.
  • JPMorgan Chase sees a second-quarter contraction of 14%.

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This afternoon, in the White House briefing room, a reporter asked President Trump the question that's on the minds of most Americans - when will life go back to normal? This is how the president answered.

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Updated at 11:15 a.m. ET Thursday

The Trump administration wants to give Americans an emergency shot of spending money, even as it's closing many of the places they would ordinarily spend it.

As part of its $1 trillion proposal to address the economic fallout from the coronavirus pandemic, the administration has proposed sending up to $500 billion directly to U.S. households.

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This is just becoming all too familiar - the stock market opens and then quickly begins to fall. This is despite several efforts announced by the Trump administration aimed at bolstering the U.S. economy amid the coronavirus pandemic.

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One trillion dollars - that is how much money the Trump administration is asking Congress to give them to fight the economic devastation brought on by the coronavirus.

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Stocks fell deeper into the red this morning as investors tried to grapple with the economic cost of the coronavirus pandemic. Trading was briefly halted just minutes after the opening bell, when the S&P 500 index plunged by seven percent. Last night, President Trump announced new measures to try to contain the virus and shore up the economy.

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An 11-year bull market that survived hurricanes, a trade war and political upheaval was finally brought to an end today by the coronavirus. The Dow Jones Industrial Average fell more than 1,400 points.

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Six minutes after trading began on the New York Stock Exchange on Monday, it was suddenly halted. That's when the S&P 500 index had plummeted 7% and marketwide circuit breakers kicked in. Trading resumed about 15 minutes later.

The marketwide halt was the first since the stock market crash of Oct. 27, 1997, when the Dow Jones Industrial Average fell 554 points, or 7.2%.

Under market rules, circuit breakers kick in at three thresholds:

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Of course, the cancellation of South by Southwest is just one of many cancellations announced this weekend - another reminder of the power of the virus to disrupt both cultural and economic life. NPR's Scott Horsley reports.

Updated at 10:31 a.m. ET

Fear of the coronavirus doesn't appear to have infected the U.S. job market yet, despite sending shivers through Wall Street.

A new report from the Labor Department says employers added 273,000 jobs in February — the same as in January. The February increase was about 100,000 more than private analysts had forecast. The unemployment rate dipped to 3.5%, matching a 50-year low.

Job gains for December and January were revised up by a total of 85,000.

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The Federal Reserve is trying to inoculate the U.S. economy from the effects of the coronavirus. The Fed cut its benchmark interest rate today by half a percentage point. That move came after a conference call with central bankers from around the world, all of whom are grappling with the epidemic. But the rate cut failed to calm financial markets. The Dow dropped nearly 800 points today.

NPR's Scott Horsley is here.

Hey, Scott.

SCOTT HORSLEY, BYLINE: Good to be with you, Mary Louise.

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One of America's best-known corporate leaders died yesterday, longtime General Electric CEO Jack Welch. He was 84. Welch turned GE into one of the world's most valuable companies while building a reputation for himself as a management guru. NPR's Scott Horsley reports.

Updated at 4:05 p.m. ET

Stocks continued their free-fall on Thursday, with major indexes falling into correction territory. The Dow Jones Industrial Average tumbled nearly 1,200 points as worries mounted about the economic toll of a widening coronavirus epidemic.

The Dow ended the day down 4.4%, and nearly 13% below its recent peak on Feb. 12. A drop of 10% from a recent high is the technical definition of a "correction."

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