Morning Business Report: Trump reassures economy, stocks fall
President Donald Trump used a prime-time speech to try to reassure Americans about the state of the economy, highlighting what he described as signs of progress while laying out future plans.
(LILAMAX)- President Donald Trump used a prime-time speech to try to reassure Americans about the state of the economy, highlighting what he described as signs of progress while laying out future plans.
The president pointed to falling gas prices and said native-born workers accounted for all net new job gains. He credited tariffs with protecting U.S. jobs and helping fund a $1,776 dividend for service members, while blaming previous administrations’ policies for inflation pressures.
Trump also said he plans to appoint a new Federal Reserve chair next year, signaling a push for more aggressive interest rate cuts aimed at stimulating economic growth.
Meanwhile, Honda is recalling more than 70,000 vehicles in the United States due to a potential loss of brake function that could increase the risk of a crash or injury. Auto safety regulators say the recall affects certain 2016 through 2020 Acura ILX models. Honda says the defect can increase the distance required to stop the vehicle.
On Wall Street, stocks declined as investors continued rotating out of major artificial intelligence stocks. The Nasdaq was the worst performer, falling about 400 points.
Travelers looking to save money on airfare may want to consider flying out of smaller, secondary airports. Dollar Flight Club says airports located 30 to 100 miles from major hubs often host budget airlines such as Avelo, Allegiant, Spirit, and Frontier, which can charge up to 50 percent less in fares. Lower landing fees and operating costs at these airports help airlines pass savings on to travelers.
In the restaurant industry, Mediterranean fast-casual chain Cava is standing out by avoiding discounts. The company, which has expanded rapidly nationwide over the past decade, says it is sticking to a no-discount strategy, even as competitors rely heavily on promotions to attract budget-conscious customers.
