Economy

Microsoft is cutting 10,000 workers, almost 5% of its workforce, joining other tech companies that have scaled back their pandemic-era expansions. The company said in a regulatory filing Wednesday that the layoffs were a response to “macroeconomic conditions and changing... Read More

DAVOS, Switzerland (AP) — The world is in a “sorry state" because of myriad interlinked challenges including climate change and Russia's war in Ukraine that are “piling up like cars in a chain reaction crash,” the U.N. chief said at... Read More

WASHINGTON (AP) — Rising U.S. consumer prices moderated again last month, bolstering hopes that inflation’s grip on the economy will continue to ease this year and possibly require less drastic action by the Federal Reserve to control it. Inflation declined to... Read More

WASHINGTON (AP) — The federal government is on track to max out on its $31.4 trillion borrowing authority as soon as this month, starting the clock on an expected standoff between President Joe Biden and the new House Republican majority... Read More

WASHINGTON (AP) — The White House is moving forward with a proposal that would lower student debt payments for millions of Americans now and in the future, offering a new route to repay federal loans under far more generous terms.... Read More

NEW YORK (AP) — Wall Street is rallying Friday amid hopes inflation may continue to cool and the Federal Reserve may ease up on its hikes to interest rates following some mixed readings on the U.S. economy. The S&P 500... Read More

WASHINGTON (AP) — Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter... Read More

Early trading on Wall Street is muted ahead of the Federal Reserve's final decision of the year on interest rates. Futures for the Dow Jones Industrial Average and the S&P 500 were flat Wednesday, shifting between tiny gains and losses.... Read More

WASHINGTON (AP) — Fresh off his party’s better-than-anticipated performance in the midterm elections, President Joe Biden is facing consistent but critical assessments of his leadership and the national economy. A new poll from The Associated Press-NORC Center for Public Affairs Research finds 43%... Read More

President Joe Biden on Tuesday plans to visit the building site for a new computer chip plant in Arizona, using it as a chance to emphasize how his policies are fostering job growth in what could be a challenge to... Read More

WASHINGTON — The price of gasoline has plunged since Thanksgiving, with stations in Texas and across the Deep South now reporting prices below $3 a gallon, and the national average standing at $3.40 for a gallon of regular gasoline. However,... Read More

WASHINGTON — Illegal trade isn’t good. It’s not good for companies who depend on the revenue from their products to expand and add jobs, and it’s certainly not good for the consumers who unknowingly shell out considerable sums of money... Read More

WASHINGTON — Mitch Landrieu could hardly contain himself as he waited to address the NewDEAL Leaders 12th annual conference last Friday. Bouncing on his heels, the senior advisor to President Joe Biden and the man responsible for implementing the sweeping... Read More

WASHINGTON — President Joe Biden moved quickly Friday morning to sign H.J. Res. 100 into law and thereby avert a nationwide rail shutdown that many have said would have caused a devastating $2 billion-per-day hit to the U.S. economy. The... Read More

WASHINGTON — Chairman of the Federal Reserve Jerome Powell gave America news that encouraged a stock market rally Wednesday when he admitted the Fed is willing to slow the rate of interest rate increases. After he spoke at the Brookings... Read More

WASHINGTON — The House passed legislation Wednesday to avert a nationwide rail strike, the first step in avoiding an economic calamity at the height of the holiday shopping season. The chamber passed the main resolution in a 290-137 vote, sending... Read More

WASHINGTON — Railroad unions that rejected a proposed labor contract on Monday are threatening the nation’s economy as the Christmas season approaches. The “no” vote by the unions sets the stage for a strike as soon as Dec. 9, unless... Read More

WASHINGTON — Wholesale prices increased less than expected in October, yet another indicator that inflation, which has stubbornly dogged the economy for much of the year, is finally beginning to wane. The producer price index, a measure of the prices... Read More

DALLAS, Texas — A federal judge in Texas on Thursday blocked the Biden administration’s plan to wipe out as much as $20,000 in student debt for millions of borrowers. He said the plan exceeds the authority of the president without... Read More

Wall Street pointed higher in premarket trading Friday, adding to the hefty gains from a day earlier when government data showed that U.S. inflation eased more than expected, spurring hopes the Federal Reserve might scale down plans for more interest rate... Read More

WASHINGTON — Holiday retail sales during November and December will grow between 6% and 8% compared to last year, and come in somewhere in excess of $942.6 billion despite stubbornly persistent inflation woes, the National Retail Federation said on Thursday.... Read More

WASHINGTON — Despite a global pandemic that stalled state and local economies for months, a record 96% of Americans had bank accounts in 2021, according to a new survey released Tuesday by the Federal Deposit Insurance Corporation. The FDIC’s “2021... Read More

AMSTERDAM, Netherlands — U.S. home prices recorded a second consecutive month-over-month decline in August, something that hasn't happened since 2012, according to an analysis by the ING Group. Demand is weakening as mortgage rates surge while housing inventory for sale... Read More

A group of major U.S. businesses wants the government to hide key import data -- a move trade experts say would make it more difficult for Americans to link the products they buy to labor abuse overseas. The Commercial Customs Operations... Read More

WASHINGTON — The roughly 70 million Americans collecting Social Security will receive an 8.7% jump in their benefits next year, the largest raise since 1981, the Social Security Administration announced Thursday. On average, Social Security benefits will increase by more... Read More

WASHINGTON (AP) — Inflation in the United States accelerated in September, with the cost of housing and other necessities intensifying pressure on households, wiping out pay gains that many have received and ensuring that the Federal Reserve will keep raising... Read More

WASHINGTON (AP) — More U.S. adults are now feeling financially vulnerable amid high inflation — a political risk for President Joe Biden and his fellow Democrats one month before the midterm elections. Some 46% of people now call their personal financial situation poor,... Read More

WASHINGTON (AP) — America's employers slowed their hiring in September but still added a solid 263,000 jobs — a dose of encouraging news that may mean the Federal Reserve's drive to cool the job market and ease inflation is starting... Read More

NEW YORK — Consumer confidence jumped to a five-month high this month as falling gas prices helped ease the pinch of stubbornly persistent inflation. According to The Conference Board, the nonpartisan, member-driven think tank, its Consumer Confidence Index® increased in... Read More

WASHINGTON — If rechargeable batteries leading the switch away from gasoline-powered vehicles are impressive, electrical industry executives told a Senate panel Thursday they haven’t seen anything yet. They say they are developing new technologies that will generate more electricity than... Read More