Wholesale Prices Moderate, Adding to Hopes That Inflation Is Waning
Wholesale Prices Moderate, Adding to Hopes That Inflation Is Waning
2022-11-15 16:25:23
by Dan McCue

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

Opinion Polls
Biden Hit on Economy as More Say Finances Poor: AP-NORC Poll

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

US Inflation Falls for 2nd Straight Month on Lower Gas Costs

WASHINGTON (AP) — Sharply lower prices for gas and cheaper used cars slowed U.S. inflation in August for a second straight month, though many other items rose in price, indicating that inflation remains a heavy burden for American households. Consumer prices... Read More

Falling Gas Prices Offsetting Inflation Pressures, Providing Relief to Consumers
2022-08-10 15:29:48
by Dan McCue

WASHINGTON — The Consumer Price Index was unchanged in July, a sign that rapidly declining gas prices are beginning to offset the pressures that led to a monthslong surge in inflation. According to the U.S. Bureau of Labor Statistics, the... Read More

Pallone Blasts Oil Companies Over Profits As Consumers Suffer at the Pump
2022-08-03 16:05:25
by Dan McCue

WASHINGTON — Rep. Frank Pallone, Jr., D-N.J., chairman of the House Energy and Commerce Committee ripped into four major oil companies who reported record high profits in the first half of the year as consumers continued to suffer sticker shock... Read More

Inflation Hits NYC's Bodega Favorite: Bacon, Egg and Cheese

NEW YORK (AP) — Ah, the bacon, egg and cheese. The classic bodega breakfast sandwich is a staple in many a New Yorker's diet. It's easy to make, easy to eat on the go and cheap — although not as... Read More

US Inflation Reached a New 40-Year High in June of 9.1%

WASHINGTON (AP) — Surging prices for gas, food and rent catapulted U.S. inflation to a new four-decade peak in June, further pressuring households and likely sealing the case for another large interest rate hike by the Federal Reserve, with higher borrowing... Read More

Inflation Pressures Easing, but It’ll Be Awhile Before Consumers Feel It
2022-07-01 20:18:11
by Dan McCue

NEW YORK — Though there has been some improvement in the metrics used to measure inflation, a slowing U.S. manufacturing sector among other factors suggests the risk of a looming recession continues to be strong, according to an economist with... Read More

Key Inflation Gauge Tracked by the Fed Remains a High 6.3%

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve jumped 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that... Read More

Biden Calls for ‘Gas Tax Holiday’ in Bid to Kneecap Inflation Woes
2022-06-22 15:52:07
by Dan McCue

WASHINGTON — President Joe Biden on Thursday called on Congress to suspend the federal tax on gas and diesel for three months to provide some relief to soaring inflation and surging prices at the pump. The federal gas tax holiday... Read More

Biden Tells Oil Refiners: Produce More Gas, Fewer Profits

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “The crunch that families... Read More

Wall Street
US Markets Point Higher; EU Hikes Rates to Cool Inflation

NEW YORK (AP) — U.S. markets appeared to be headed for gains Thursday with European Central Bank announcing its first interest rate hike in 11 years. The bank will make two quarter-point increases, with the second arriving in September. The surprise decision... Read More

New Dems Roll Out Sweeping Inflation Action Plan
2022-06-08 23:09:44
by Natalie McCormick

WASHINGTON — The New Democrat Coalition released an Inflation Action Plan Wednesday, urging their colleagues in Congress and the Biden administration to take further, pragmatic steps to ease the financial pressures on American families.   In doing so, the coalition acknowledged... Read More

Bank Economists Foresee Economic Soft Landing, But Concerns Linger
2022-06-03 17:25:39
by Dan McCue

WASHINGTON — A panel of the nation’s top bank economists sees the U.S. economy continuing to expand through 2024, though at a slower pace than its long-term potential. Perhaps of even greater interest to U.S. consumers at the moment, the... Read More

US Added 390,000 Jobs in May as Hiring Remained Robust

WASHINGTON (AP) — U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates. Last month’s gain reflects a still-healthy job market despite... Read More

Biden to Meet Fed Chair as Inflation Bites US Pocketbooks

WASHINGTON (AP) — President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans' pocketbooks and the president's public approval. Tuesday's meeting is the first since Biden renominated Powell to lead the... Read More

A Bear Market May be on the Horizon. Here’s What That Means

NEW YORK (AP) — The bears are rumbling toward Wall Street. The stock market’s skid this year has pulled the S&P 500 close to what’s known as a bear market. Rising interest rates, high inflation, the war in Ukraine and... Read More

In The States
California Fights Inflation With Relief Package, Minimum Wage Bump 
2022-05-17 16:51:23
by Reece Nations

SACRAMENTO, Calif. — Californians are getting help addressing the costs of rising inflation through a higher minimum wage and a new relief package proposal from Gov. Gavin Newsom. California's minimum wage will rise to $15.50 per hour next year under... Read More

Biden Administration Taking Steps to Lower Farming, Food Costs
2022-05-11 19:40:00
by Reece Nations

KANKAKEE, Ill. — President Joe Biden is blaming Russia’s invasion of Ukraine for supply chain disruptions that are causing yield-impairing fertilizer shortages and driving up food prices. The war’s repercussions have sent international food prices to record highs, according to... Read More

US Added 428,000 Jobs in April Despite Surging Inflation

WASHINGTON (AP) — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs. Friday’s jobs report from the Labor... Read More

Wall Street
US, World Markets Retreat After Powell's Hawkish Rate Stance

NEW YORK (AP) — Wall Street was pointed toward losses before markets opened on Friday, following global shares lower after Federal Reserve Chair Jerome Powell indicated aggressive increases in interest rates were needed to fight inflation. The futures for the Dow industrials... Read More

U.S. Interior Dept. Allows Oil and Gas Leases in Policy Reversal
2022-04-18 17:21:26
by Tom Ramstack

WASHINGTON — The Biden administration plans to auction oil and gas leases this week in a policy reversal intended to bring down the price of fuel for consumers. The leases would open 144,000 acres to corporate oil and gas extraction,... Read More

US Added 431,000 Jobs in March in Sign of Economic Health

America’s employers extended a streak of robust hiring in March, adding 431,000 jobs in a sign of the economy’s resilience in the face of a still-destructive pandemic, Russia's war against Ukraine and the highest inflation in 40 years. The government’s... Read More

US Growth in Q4 Revised Lower to 6.9%, Slower Growth to Come

WASHINGTON (AP) — The U.S. economy ended 2021 by expanding at a healthy 6.9% annual pace from October through December, the government reported Wednesday, a slight downgrade from its previous estimates. For all of 2021, the nation’s gross domestic product —... Read More

AP-NORC Poll: Low Marks for Biden on Economy as Prices Rise

WASHINGTON (AP) — A majority of Americans say they don't blame President Joe Biden for high gasoline prices, but they're giving his economic leadership low marks amid fears of inflation and deep pessimism about economic conditions. About 7 in 10... Read More

Federal Reserve
Fed Begins Inflation Fight With Key Rate Hike, More to Come

WASHINGTON (AP) — The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The Fed's quarter-point hike... Read More

Wall Street
World Shares Mixed, Oil Down $5.50 Per Barrel

BANGKOK (AP) — Shares rose in Europe after a mixed session in Asia on Monday, where Hong Kong’s Hang Seng index sank 5% after the neighboring city of Shenzhen was ordered into a shutdown to combat China’s worst COVID-19 outbreak... Read More

Wall Street
Stocks Fall on Wall Street as US Oil Price Briefly Hits $130

NEW YORK (AP) — Stocks are falling in morning trading on Wall Street, as more gains for oil prices threaten to worsen the world's already high inflation. The S&P 500 sank 1.5% after a barrel of U.S. oil leaped as... Read More

US Added 678,000 Jobs in February in Sign of Economic Health

WASHINGTON (AP) — U.S. employers added a robust 678,000 jobs in February, another gain that underscored the economy’s solid health as the omicron wave fades and more Americans venture out to spend at restaurants, shops and hotels despite surging inflation.... Read More

Fewer Americans Applied for Jobless Benefits Last Week

WASHINGTON (AP) — Fewer Americans applied for unemployment benefits last week reflecting a low number of layoffs across the economy. Jobless claims fell by 18,000 to 215,000 for the week ending February 26, from 233,000 the previous week, the Labor... Read More

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