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The U.S. economy expanded at a surprising 3% annual pace from April through June, bouncing back at least temporarily from a first-quarter drop that reflected disruptions from President Donald Trumps trade wars. Still, details of the report suggested that U.S. consumers and businesses are wary about the economic uncertainty arising from Trump’s radical campaign to restructure the American economy by slapping big taxes tariffs on imports from around the world. Headline numbers are hiding the economys true performance, which is slowing as tariffs take a bite out of activity, Nationwide chief economist Kathy Bostjancic wrote. America’s gross domestic product the nations output of goods and services rebounded after falling at a 0.5% clip from January through March, the Commerce Department reported Wednesday. The first-quarter drop, the first retreat of the U.S. economy in three years, was mainly caused by a surge in imports which are subtracted from GDP as businesses scrambled to bring in foreign goods ahead of Trumps tariffs. The bounceback was expected but its strength was a surprise: Economists had forecast 2% growth from April through June. From April through June, a drop in imports the biggest since the COVID-19 outbreak added more than 5 percentage points to growth. Consumer spending registered lackluster growth of 1.4%, though it was an improvement over the first quarter’s 0.5%. Private investment fell at a 15.6% annual pace, biggest drop since COVID-19 slammed the economy. A drop in inventories as businesses worked down goods they’d stockpiled in the first quarter shaved 3.2 percentage points off second-quarter growth. A category within the GDP data that measures the economys underlying strength weakened in the second quarter, expanding at a 1.2% annual pace, down from 1.9% from January through March and the weakest since the end of 2022. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending. Federal government spending and investment fell at a 3.7% annual rate on top of a 4.6% drop in the first quarter. Wednesdays GDP report showed inflationary pressure easing in the second quarter. The Federal Reserves favored inflation gauge the personal consumption expenditures, or PCE, price index rose at an annual rate of 2.1% in the second quarter, down from 3.7% in the first. Stripping out volatile food and energy prices, so-called core PCE inflation rose 2.5%, down from 3.5% in the first quarter. On his Truth Social media platform, Trump heralded the GDP gain and stepped up his pressure on the Federal Reserve to cut interest rates: “2Q GDP JUST OUT: 3%, WAY BETTER THAN EXPECTED! Too Late MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!” Trump sees tariffs as a way to protect American industry, lure factories back to the United States, and help pay for the massive tax cuts he signed into law July 4. But mainstream economists viewed with disdain by Trump and his advisers say that his tariffs will damage the economy, raising costs and making protected U.S. companies less efficient. They note that tariffs are paid by importers in the United States, who try to pass along the cost to their customers via higher prices. Therefore, tariffs can be inflationary though their impact so far has been modest. Paul Wiseman, AP economics writer
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Historically dry conditions have combined with gusty winds to make it harder for crews to get a handle on a wildfire burning along the North Rim of the Grand Canyon, causing containment figures to plummet as the blaze nearly tripled in size in just a few days.Crews had managed to contain about 26% of the Dragon Bravo Fire last week, but that dropped into single digits as unfavorable conditions helped the flames to spread across more than 110 square miles (about 285 kilometers) by Tuesday.The fire made one of its biggest runs on Monday as it raced across 25 square miles of terrain.The periods when the fire is most active is spanning longer durations of the day, leaving less time for firefighters to make up ground, fire spokesperson Lisa Jennings said.“These record dry air masses are just the tip of the iceberg on what has created this fire weather, because it’s also been a dry season here and we haven’t got any of the monsoon moisture that usually comes in early July,” Jennings said.She added that type of fuels towering mixed conifers and ponderosa pines along with the topography of the rim are contributing to the fire’s spread.Crews on Tuesday continued work to reinforce protections near the Kaibab Lodge, which is surrounded by national forest land. Managers also were keeping an eye on a refuge for the state’s fish the Apache trout in the North Canyon and a bison herd in the House Rock Valley.The fire was sparked by lightning on July 4 and initially was managed to clear out vegetation to improve forest conditions. It wasn’t until a week later that dry and windy conditions helped to fan the flames, prompting evacuations of visitors and employees at Grand Canyon National Park’s North Rim. The historic Grand Canyon Lodge and dozens of cabins were destroyed. The rim remains closed for the season.A bipartisan slate of Arizona’s elected officials has questioned the handling of the fire, suggesting more could have been done early on. Following an aerial tour of the damage, Gov. Katie Hobbs met with federal officials and said U.S. Interior Secretary Doug Burgum committed to an independent review. Sejal Govindarao, Associated Press
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Whether youre managing a team or leveling up your own skills, these eight leadership books are among this years most essential reads. The Power of Mattering: How Leaders Can Create a Culture of Significance By Zach Mercurio Filled with practical advice and helpful exercises, The Power of Mattering gives leaders at all levels the skills they need to revitalize their teamsand entire organizationsby showing people that they matter. Listen to our Book Bite summary, read by author Zach Mercurio, in the Next Big Idea App, or view on Amazon. The Doors You Can Open: A New Way to Network, Build Trust, and Use Your Influence to Create a More Inclusive Workplace By Rosalind Chow Carnegie Mellon organizational behavior researcher Rosalind Chow, PhD, introduces the novel concept of sponsorship. While mentorship can change mentees for the better through valuable coaching and encouragement, sponsorship takes it one step furthersponsors can change the social environment around their protégés by actively advocating for, raising the social visibility of, and protecting them. Listen to our Book Bite summary, read by author Rosalind Chow, in the Next Big Idea App, or view on Amazon. Meaningful Work: How to Ignite Passion and Performance in Every Employee By Wes Adams and Tamara Myles A powerful revelation that finding meaning at work is the true driver of employee well-being, high performance, and even profit, and a practical road map to make it the cornerstone of your leadership approach. Listen to our Book Bite summary, read by coauthors Wes Adams and Tamara Myles, in the Next Big Idea App or view on Amazon. Managing Up: How to Get What You Need From the People in Charge By Melody Wilding A career coachs indispensable guide to navigating power dynamics, building effective relationships with higher-ups, and earning more authority, freedom, and confidence at work. Listen to our Book Bite summary, read by author Melody Wilding, in the Next Big Idea App, or view on Amazon. Youre the Boss: Become the Manager You Want to Be (and Others Need) By Sabina Nawaz Turn the hidden pressures of management into astonishing results and become the boss everyone wants to work for. This must-read guide from elite executive coach Sabina Nawaz reveals the leadership secrets of highly successful managers. Listen to our Book Bite summary, read by author Sabina Nawaz, in the Next Big Idea App, or view on Amazon. Masters of Uncertainty: The Navy SEAL Way to Turn Stress into Success for You and Your Team By Rich Diviney Retired Navy SEAL commander and performance expert Rich Diviney reveals a revolutionary method for training individuals and teams to perform at their best, no matter what. Listen to our Book Bite summary, read by author Rich Diviney, in the Next Big Idea App, or view on Amazon. No One Is Self-Made: Build Your Village to Flourish in Business and Life By Lakeysha Hallmon This inspirational guide dares to dismantle the myth of individualism and reveals how collective support can shatter systemic barriers to success. Its a bold road map for entrepreneurs and leaders determined to rewrite the rules of business. Listen to our Book Bite summary, read by author Lakeysha Hallmon, in the Next Big Idea App, or view on Amazon. Why Are We Here?: Creating a Work Culture Everyone Wants By Jennifer Moss A deeply human account of how our relationship with work has changed and a guide for leaders who want to make things right. Listen to our Book Bite summary, read by author Jennifer Moss, in the Next Big Idea App, or view on Amazon. This article originally appeared in Next Big Idea Club magazine and is reprinted with permission.
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E-Commerce
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