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.

Wells Fargo has agreed to pay $3 billion to settle charges that the bank engaged in fraudulent sales practices for more than a decade.

The company acknowledged collecting millions of dollars in fees for bank accounts, debit cards and other products that customers neither asked for nor needed. The illegal practices were carried out by thousands of Wells Fargo employees in order to meet unrealistic sales targets.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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Updated at 11:23 a.m. ET

The U.S. labor market revved up in January, with employers adding 225,000 jobs. That's well above the number forecasters were expecting. The unemployment rate inched up to 3.6%, near a 50-year low, according to a new report from the Labor Department.

Employment growth for November and December was also revised upwards by a total of 7,000 jobs.

Updated at 10:05 a.m. ET

The U.S. economy grew 2.3% last year, the Commerce Department said Thursday. That's a slowdown from the previous year, when the economy grew 2.9%. And it's well short of the 3% growth target set by the White House.

The "Phase 1" trade deal with China that President Trump signed this week is unlike any previous free trade agreement. From Trump's point of view, that's the whole point.

"We are righting the wrongs of the past," Trump said Wednesday during a White House signing ceremony, "and delivering a future of economic justice and security for American workers, farmers and families."

Updated at 2:07 p.m. ET

A year and a half after launching his trade war against China, President Trump signed a partial truce on Wednesday.

"We mark more than just an agreement. We mark a sea change in international trade," Trump said during a White House signing ceremony. "At long last, Americans have a government that puts them first."

China is light-years ahead of the United States in doing away with old-fashioned paper money. Now China's central bank is preparing to test a digital currency. And some observers say it could mark the beginning of a new economic arms race, challenging the supremacy of the U.S. dollar.

Already, hundreds of millions of consumers in China have grown used to paying for purchases without cash, using popular smartphone apps such as WeChat and Alipay.

Job growth slowed last month as U.S. employers added just 145,000 jobs. But there was an interesting milestone in Friday's report from the Labor Department. Ninety-five percent of the net jobs added in December went to women.

Updated at 10:53 a.m. ET

Hiring slowed somewhat in December, as U.S. employers added 145,000 jobs. According to the Labor Department, that's down slightly from the three previous months, when employers added an average of 200,000 jobs. But the unemployment rate held steady at 3.5%, matching its lowest level in 50 years.

Kecia Jolley is getting a pay raise this week. But she's still making minimum wage.

Jolley works as a grocery store cashier in Missouri — one of nearly two dozen states that increased their minimum wages on Jan. 1. Economists say those mandatory wage hikes are an important factor boosting pay for workers at the bottom of the income ladder.

Jolley's Friday paycheck will be the first to reflect Missouri's 2020 minimum of $9.45 an hour, up from $8.60 last year.

"I think that I'll be better off," she says. "But I think that it's going to still be a struggle."

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