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Economy

2021-12-09 16:32:37
by Dan McCue
House Passes Bipartisan Bill Aimed at Strengthening Shipping Supply Chain

WASHINGTON —The House on Wednesday night overwhelmingly endorsed a bipartisan bill intended to strengthen ocean supply chains that have been... Read More

WASHINGTON —The House on Wednesday night overwhelmingly endorsed a bipartisan bill intended to strengthen ocean supply chains that have been racked by bottlenecks since last summer. The Ocean Shipping Reform Act, introduced by Rep. John Garamendi, D-Calif., in August just... Read More

2021-12-03 20:08:46
by Reece Nations
Holiday Sales Could Be Higher Than Expected Despite Supply Chain, Inflation Woes

WASHINGTON — Holiday shopping appears to be on track to beat out the National Retail Federation’s spending forecast in spite... Read More

WASHINGTON — Holiday shopping appears to be on track to beat out the National Retail Federation’s spending forecast in spite of continued supply chain impediments, rising inflation and the omicron variant. Holiday retail sales for November and December are now... Read More

US Employers Added a Sluggish 210,000 Jobs in November

WASHINGTON (AP) — America’s employers slowed the pace of their hiring in November, adding 210,000 jobs, the fewest in nearly... Read More

WASHINGTON (AP) — America’s employers slowed the pace of their hiring in November, adding 210,000 jobs, the fewest in nearly a year. Friday’s report from the Labor Department also showed that the unemployment rate fell sharply to 4.2% from 4.6%.... Read More

2021-12-02 21:45:01
by Tom Ramstack
China’s Trade Practices Criticized as Unfair Amid Growing US Tensions

WASHINGTON — The get-tough attitude toward China’s trade practices was on full display Thursday during a congressional hearing as international... Read More

WASHINGTON — The get-tough attitude toward China’s trade practices was on full display Thursday during a congressional hearing as international tensions heat up. Trade experts and lawmakers accused China of unfairly subsidizing its industries to beat out American competitors, stealing... Read More

Supply Chain Problems Hit Charities' Holiday Gifts for Kids

With less than four weeks to go until Christmas, Kristyn Begari has been rushing to find enough doll styling heads... Read More

With less than four weeks to go until Christmas, Kristyn Begari has been rushing to find enough doll styling heads to give to kids in need. But, the purchasing coordinator for the California-based nonprofit Family Giving Tree says it's been... Read More

World Shares, US Futures Slip on Worries Over Omicron Risks

NEW YORK (AP) — Global shares mostly slipped Tuesday as investors cautiously weighed how much damage the new omicron coronavirus... Read More

NEW YORK (AP) — Global shares mostly slipped Tuesday as investors cautiously weighed how much damage the new omicron coronavirus variant may unleash on the global economy. Germany's DAX lost 1.1% to 15,106.35 in afternoon trading. France’s CAC 40 slipped... Read More

Stores Kick Off Black Friday But Pandemic Woes Linger

NEW YORK (AP) — Retailers are expected to usher in the unofficial start to the holiday shopping season Friday with... Read More

NEW YORK (AP) — Retailers are expected to usher in the unofficial start to the holiday shopping season Friday with bigger crowds than last year in a closer step toward normalcy. But the fallout from the pandemic continues to weigh... Read More

US Jobless Claims Hit 52-Year Low After Seasonal Adjustments

WASHINGTON (AP) — The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year's coronavirus recession. Jobless... Read More

Beyond Manchin: Dems' $2T Bill Faces Senate Gauntlet

WASHINGTON (AP) — It took half a year but Democrats have driven President Joe Biden’s $2 trillion package of social... Read More

WASHINGTON (AP) — It took half a year but Democrats have driven President Joe Biden’s $2 trillion package of social and climate initiatives through the House. It gets no easier in the Senate, where painful Republican amendments, restrictive rules and Joe Manchin... Read More

Biden to Keep Powell as Fed Chair, Brainard Gets Vice Chair

WASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal... Read More

WASHINGTON (AP) — President Joe Biden announced Monday that he's nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing Powell's stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate policies... Read More

House Moves Toward OK of Dems' Sweeping Social, Climate Bill

WASHINGTON (AP) — Democrats brushed aside months-long divisions and approached House passage of their expansive social and environment bill Friday,... Read More

WASHINGTON (AP) — Democrats brushed aside months-long divisions and approached House passage of their expansive social and environment bill Friday, as President Joe Biden and his party neared a defining win in their drive to use their control of government... Read More

Divided House Debates Dems' Expansive Social, Climate Bill

WASHINGTON (AP) — A divided House finally launched debate Thursday on Democrats' expansive social and environment bill, with party leaders hoping... Read More

WASHINGTON (AP) — A divided House finally launched debate Thursday on Democrats' expansive social and environment bill, with party leaders hoping that cost estimates expected from Congress' top fiscal analyst would nail down moderate lawmakers' votes and allow passage by week's... Read More

US Jobless Claims Drop Seventh Straight Week to 268,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000. U.S. jobless claims dipped by 1,000 last week from the week before, the Labor Department reported Thursday.... Read More

2021-11-17 16:07:15
by Dan McCue
Biden Suspects Oil Companies Are Illegally Jacking Up Prices At The Pump

WASHINGTON — President Biden asked the Federal Trade Commission on Wednesday to investigate if oil companies are illegally driving up... Read More

WASHINGTON — President Biden asked the Federal Trade Commission on Wednesday to investigate if oil companies are illegally driving up gas prices. In a letter to FTC Chair Lina Khan, the president says there is “mounting evidence of anti-consumer behavior... Read More

Biden Pushes Electric Vehicle Chargers as Energy Costs Spike

WASHINGTON (AP) — President Joe Biden is highlighting billions of dollars in his giant bipartisan infrastructure deal to pay for the installation... Read More

WASHINGTON (AP) — President Joe Biden is highlighting billions of dollars in his giant bipartisan infrastructure deal to pay for the installation of electric vehicle chargers across the country, an investment he says will go a long way to curbing planet-warming carbon emissions while creating good-paying... Read More

Americans Ramped up Retail Spending a Strong 1.7% Last Month

WASHINGTON (AP) — Americans sharply boosted their spending last month, pushing up retail sales and giving the economy a lift.... Read More

WASHINGTON (AP) — Americans sharply boosted their spending last month, pushing up retail sales and giving the economy a lift. Much of the gain reflected the fact that shoppers are also paying higher prices. Retail sales rose a seasonally adjusted... Read More

US Jobless Claims Drop to Pandemic Low of 267,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week,... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week, another sign that the job market is recovering from last year's sharp coronavirus downturn. Jobless claims fell by 4,000 last... Read More

2021-11-08 19:32:28
by Victoria Turner
US Economy Moves from Recovery to Expansion, Focusing on Full Employment

WASHINGTON — The U.S. economy has transitioned ”from recovery to expansion” as of the second fiscal quarter of this year,... Read More

WASHINGTON — The U.S. economy has transitioned ”from recovery to expansion” as of the second fiscal quarter of this year, said Richard Calida, vice-chair of the board of governors of the Federal Reserve, Monday.  This rapid recovery from the pandemic-induced... Read More

2021-11-05 18:31:05
by Dan McCue
Air Travel Up in August, Though COVID-19 Still Proved a Drag

WASHINGTON – The number of airline flights in the U.S were up 50.4% in August compared to a year earlier,... Read More

WASHINGTON – The number of airline flights in the U.S were up 50.4% in August compared to a year earlier, but the pace of recovery of the industry continued to be impacted by the drag on travel caused by the... Read More

US Hiring Rebounded in October, With 531,000 Jobs Added

WASHINGTON (AP) — America’s employers stepped up their hiring in October, adding a solid 531,000 jobs, the most since July... Read More

WASHINGTON (AP) — America’s employers stepped up their hiring in October, adding a solid 531,000 jobs, the most since July and a sign that the recovery from the pandemic recession may be overcoming a virus-induced slowdown. Friday’s report from the Labor... Read More

Unemployment Claims Drop to 269,000, Another Pandemic Low

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell to a fresh pandemic low last week, another sign the job market is healing after last year's coronavirus recession. Jobless claims dropped by 14,000 to 269,000 last week.... Read More

2021-11-03 14:05:45
by Kate Michael
Snapchat CEO Joins Budget Hawks to Focus on Fiscal Issues

WASHINGTON — Snapchat Founder and CEO Evan Spiegel made a bit of a surprise appearance at the Committee for a... Read More

WASHINGTON — Snapchat Founder and CEO Evan Spiegel made a bit of a surprise appearance at the Committee for a Responsible Budget’s annual Budget Ball reception on Capitol Hill Tuesday night. The “camera company” entrepreneur was lauded for his focus... Read More

2021-10-26 15:08:48
by Tom Ramstack
Consumer Confidence Grew in October as Concerns Over Delta Variant Eased

NEW YORK — Consumer confidence grew in October, reversing three month of declines due to concerns over the spread of... Read More

NEW YORK — Consumer confidence grew in October, reversing three month of declines due to concerns over the spread of the delta variant of the coronavirus, the Conference Board reported Tuesday. The not-for-profit, non advocacy think tank said its proprietary... Read More

US Jobless Claims Fall to New Pandemic Low of 290,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted, evidence that layoffs are declining as companies hold onto workers. Unemployment claims dropped 6,000 to 290,000 last... Read More

2021-10-20 21:25:22
by Tom Ramstack
Congress Tries to Intervene In Supply Chain Disruptions

WASHINGTON -- While economists warned about disruptions to the U.S. supply chain, Chuck Fowke told a congressional panel Wednesday about... Read More

WASHINGTON -- While economists warned about disruptions to the U.S. supply chain, Chuck Fowke told a congressional panel Wednesday about countertops. “If you can’t get the cabinets, you can’t put the countertops on,” Fowke said as he testified on behalf... Read More

Commerce Head Out to Save US Jobs, 1 Computer Chip at a Time

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father,... Read More

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father, closed its Rhode Island factory and moved production to China in 1983. The watches give Raimondo, the U.S. commerce secretary,... Read More

2021-10-14 19:52:46
by Dan McCue
White House Action on Supply Chain Bottleneck Seen As First Step To Ending Crisis

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a... Read More

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a tropical storm during hurricane season. We refer, of course, to the daily television news footage of a reporter bobbing up... Read More

US Wholesale Prices Rose Record 8.6% Over 12 Months

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance... Read More

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010. The Labor Department reported Thursday that the monthly increase in its... Read More

2021-10-13 15:44:22
by Dan McCue
White House Steps Up Fight Against Supply Chain Woes

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble... Read More

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble merchandise like cars and trucks flow into the nation’s ports. The largest of these ports, those blessed to sit on... Read More

2021-10-12 17:18:19
by Dan McCue
IMF Downgrades Global Growth Outlook on Supply Chain Woes, Uncertainty

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing... Read More

WASHINGTON -- The International Monetary Fund on Tuesday downgraded its estimate for global gross domestic product growth this year, citing supply chain concerns and uncertainties related to the pandemic. However, the global financial institution suggests growth should rebound next year.... Read More

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