Jim Zarroli

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.

Over the years, he has reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders, and Ponzi schemers. Most recently, he has focused on trade and the job market. He also worked as part of a team covering President Trump's business interests.

Before moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position, he reported from the United Nations and was also involved in NPR's coverage of Hurricane Katrina, the London transit bombings, and the Fukushima earthquake.

Before joining NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

He lives in Manhattan, loves to read, and is a devoted (but not at all fast) runner.

Zarroli grew up in Wilmington, Delaware, in a family of six kids and graduated from Pennsylvania State University.

President Trump has nominated Treasury Department official David Malpass, a vocal critic of the World Bank, to head the international financial institution.

Malpass, 62, is a conservative with longstanding ties to Trump. He once worked as chief economist at investment bank Bear Stearns, which collapsed in 2008 in the midst of the financial crisis. He also served in the Ronald Reagan and George H.W. Bush administrations. At Treasury, Malpass is currently involved in tense trade negotiations with China.

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When U.S. Trade Representative Robert Lighthizer was growing up in Ashtabula, Ohio, in the 1950s, it was a thriving factory town with a busy port where freighters brought iron ore to be used in the steel mills of Pennsylvania.

Today, many of the biggest factories have long since left the region for low-wage places — taking a lot of jobs with them — and the port ships a fraction of the freight it once did.

Updated at 5 p.m. ET

The partial shutdown of the government reduced federal spending by about $3 billion and cut into overall U.S. economic growth, according to a report released Monday by the nonpartisan Congressional Budget Office.

The report says that because of the shutdown, which lasted from Dec. 22 through last Friday, about $18 billion in discretionary government spending was delayed. Most of the money will be spent later, now that the shutdown has ended.

The stock market has left many investors struggling to catch their breath.

Just last Wednesday, the Dow Jones Industrial Average gained a record 1,086 points, after sliding 653 points on Christmas Eve. And there were many more days, when the markets swung by hundreds of points. In general, 2018 was a unusually bumpy year for markets.

Steve Heimoff remembers coming home from a restaurant December 10, 2008, to find an email from a cousin with the words "Bad news" in the subject line.

The $2 million retirement nest egg he had counted on was suddenly wiped out, as was much of the savings of his relatives, casualties of the multibillion-dollar Bernie Madoff scam that was dominating the headlines.

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Updated at 9:01 a.m. ET Wednesday

Stock prices tumbled Tuesday amid investor fears about trade, wiping out the gains that followed the Trump administration's decision to delay higher tariffs on imports from China.

The Dow Jones Industrial Average dropped 799 points, losing 3.1 percent of its value, while the S&P 500 index fell 3.2 percent. The Nasdaq composite index plunged 3.8 percent.

In another worrisome sign for the economy, the interest rate on short-term U.S. Treasury securities actually rose above that of longer-term instruments.

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Updated at 4:08 p.m. ET

The phrase "just below" neutral might seem bland or innocuous. But those words from Federal Reserve Chairman Jerome Powell touched off a wave of optimism among investors who took them to mean the central bank may be winding down its interest rate hikes.

The Dow Jones industrial average closed up more than 600 points, or 2.6 percent, Wednesday.

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Maxine Waters of California is known as a partisan firebrand who gives as good as she gets, especially where President Trump is concerned.

Now, with Democrats assuming control of the House in January, the California Democrat is about to become more visible than ever before, with the power to slow down an important part of Trump's agenda and even shine a light on his company's finances.

Investors worried about a slowdown in global growth helped push stocks sharply lower Monday, with the Dow Jones Industrial Average falling 602 points, or 2.3 percent.

Technology stocks fared especially badly, with Apple down 5 percent, after a report it was cutting orders for iPhone parts. The decline knocked 100 points off the Dow and helped lead to a broader rout. The technology-heavy Nasdaq Composite fell almost 2.8 percent., wiping out its gains for November.

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