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U.S. Stock market chart. Photo: Bryan R. Smith/AFP via Getty Images

The U.S. economy is leaving the rest of the world behind: While U.S. economic growth is ramping up, Europe's and other major economies are slowing down, the Wall Street Journal reports.

The big picture: Though the United States' economic growth has been modest in its progression, the country's counterparts across the globe have seen their economies lose steam, which could end a rare period in which the world' largest economies have been growing simultaneously.

By the numbers:

The details: Europe's economy is cooling down, with the value of the Euro dropping after it lost 1.88% against the U.S. dollar on Thursday.

  • Business activity has also slowed in China, which means an economic slowdown could be on the horizon after initial growth at its rapid pace.

What's next: With a strengthening economy and a steadily low unemployment rate, the U.S. Federal Reserve is raising the benchmark for interest rates by a quarter of a percentage point, and could continue to increase rates as the economy strengthens.

Go deeper

Sidewalk robots get legal rights as "pedestrians"

"We’ve got about 1,000 of them running around out there," Ryan Tuohy of Starship tells Axios. Photo courtesy of Starship Technologies.

As small robots proliferate on sidewalks and city streets, so does legislation that grants them generous access rights and even classifies them, in the case of Pennsylvania, as "pedestrians."

Why it matters: Fears of a dystopian urban world where people dodge heavy, fast-moving droids are colliding with the aims of robot developers large and small — including Amazon and FedEx — to deploy delivery fleets.

Felix Salmon, author of Capital
31 mins ago - Economy & Business

The biggest obstacle to a wealth tax

Illustration: Aïda Amer/Axios

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.