Jim Zarroli

Jim Zarroli is a business reporter for NPR News, based at NPR's New York bureau.

He covers economics and business news including fiscal policy, the Federal Reserve, the job market and taxes

Over the years, he's reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders and Ponzi schemers. He's been heavily involved in the coverage of the European debt crisis and the bank bailouts in the United States.

Prior to moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position he covered the United Nations during the first Gulf War. Zarroli added to NPR's coverage of the aftermath of Hurricane Katrina, the London transit bombings and the September 11, 2001 attacks on the World Trade Center.

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

Zarroli graduated from Pennsylvania State University.

President Trump said Friday he will nominate conservative TV commentator and former Trump campaign adviser Stephen Moore to one of two vacant seats on the Federal Reserve Board.

Moore, 59, has joined the president in criticizing the central bank, led by Chairman Jerome Powell, for raising interest rates.

"I have known Steve for a long time — and have no doubt he will be an outstanding choice!" Trump said in a tweet.

The U.S. trade deficit soared to a 10-year high in 2018 on the heels of a strong economy, despite President Trump's ongoing efforts to bring it down through tariffs on imported goods.

For 2018 as a whole, the deficit grew to $621 billion — the highest since 2008, the Commerce Department said Wednesday. When the service sector is excluded, the gap was even greater, rising to a record $891.3 billion.

In the 1980s, China was beginning a long economic boom that would transform the global trading system, and Michael Korchmar decided to go there to launch a joint venture.

He quickly soured on the country.

"It didn't feel right," recalls Korchmar, whose family runs a 102-year-old Florida-based company that makes briefcases and travel bags. The Chinese government maintained a heavy hand in his staffing and factory decisions, and its minders followed him everywhere.

Updated at 11:33 a.m. ET

The U.S. economy expanded at a solid 2.6 percent rate during the last three months of 2018, but growth was significantly lower than it had been earlier in the year, the government said Thursday.

For 2018 as a whole, the economy grew 2.9 percent, a touch below the Trump administration's projected target of 3 percent.

When U.S. Trade Representative Robert Lighthizer was growing up in Ashtabula, Ohio, in the 1950s, it was a thriving port town on Lake Erie where everyone who wanted one found a job. Ships brought in iron ore destined for the steel mills of Pennsylvania, and left with coal from the mines of Appalachia.

But as steel and coal have declined, the Ashtabula of Lighthizer's childhood has disappeared, taking a lot of jobs with it.

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.

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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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