Stock market today: Wall Street leaps, nearly escapes its bear market after strong jobs reportJune 2, 2023 GMT
NEW YORK (AP) — Stocks rushed higher Friday after a strong report on the U.S.
US hiring jumped last month. So did unemployment. Here’s what that says about the economyJune 2, 2023 GMT
WASHINGTON (AP) — The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool.
BEIJING (AP) — Asian stock markets followed Wall Street higher Friday ahead of an update on the U.S. jobs market after Federal Reserve officials reignited hopes another interest rate hike might be postponed and lawmakers gave final approval to a deal to avert a government debt default.
NEW YORK (AP) — Macy's slashed its outlook for the entire year as sales weakened in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation.
Sales began to flag in March, forcing the New York department store to cut prices on clothes and other discretionary items.
Know any airplane mechanics? A wave of retirements is leaving some US industries desperate to hireJune 1, 2023 GMT
WASHINGTON (AP) — Kwasi Bandoh, a senior recruiter for an airline, stood before a group of aviation mechanic students at their graduation ceremony last month and congratulated them for all having jobs.
Know any airplane mechanics? A wave of retirements is leaving some US industries desperate to hire
WASHINGTON (AP) — Across the U.S. economy, a number of industries are facing the same formidable challenge: Replenishing a workforce that is being diminished by a surge of retirements that began during the pandemic and has continued since.
Supreme Court revives claims that SuperValu, Safeway overcharged governments for generic drugsJune 1, 2023 GMT
WASHINGTON (AP) — The Supreme Court on Thursday unanimously revived whistleblower lawsuits claiming that supermarket and pharmacy chains SuperValu and Safeway overcharged government health-care programs for prescription drugs by hundreds of millions of dollars.
Average long-term US mortgage rate climbs to 6.79% this week, highest level since NovemberJune 1, 2023 GMT
LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed this week to its highest level since November, driving up borrowing costs for would-be homebuyers at a time when the housing market is being held back by a near record-low inventory of homes on the market.
BERLIN (AP) — The world is set to add a record amount of renewable electricity capacity this year as governments and consumers seek to offset high energy prices and take advantage of a boom in solar power, according to a new report Thursday.
FRANKFURT, Germany (AP) — Europe's inflation took a positive turn with a significant drop to 6.1%, but prices are still posing a pinch to shoppers who are yet to see real relief in what they pay for food and other necessities.
TOKYO (AP) — Asian benchmarks were mostly higher Thursday after the United States House of Representatives approved a debt ceiling and budget cuts package, avoiding a default crisis.
Federal Reserve likely to skip interest rate hike at next meeting in June, officials signalMay 31, 2023 GMT
WASHINGTON (AP) — Leading Federal Reserve officials are sending out stronger signals that they will forego an interest rate increase at the central bank's next meeting in June, though they indicate hikes could resume later this year.
US job openings hit 10.1 million and labor market still strong despite Fed efforts to cool economyMay 31, 2023 GMT
WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, illustrating the resilience of the American labor market and complicating Federal Reserve efforts to fight inflation.
BERLIN (AP) — German inflation eased to 6.1% in May following several months of declines, even as Europe's biggest economy registered another painful increase in food prices of nearly 15%.
Preliminary figures show that the annual inflation rate was lower than the 7.2% registered in April, the Federal Statistical Office said Wednesday.
Consumer confidence declines again in May, 4th time in 5 months, particularly for older AmericansMay 30, 2023 GMT
Consumer confidence fell in May as Americans, particularly older ones, became more pessimistic about the labor market, on top of elevated anxiety over inflation.
Stock market today: Tech leads more gains on Wall StreetMay 27, 2023 GMT
NEW YORK (AP) — Technology stocks powered solid gains for Wall Street on Friday after another chipmaker reported strong demand related to artificial intelligence.
The upbeat finish to the week for major indexes comes amid lingering anxiety over persistently high inflation, the risk of a U.S.
Business Highlights: Inflation creeps up in April; ‘Crunch’ time in debt ceiling talksMay 26, 2023 GMT
A measure of inflation that is closely tracked by the Federal Reserve increased in April
WASHINGTON (AP) — A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high.
A measure of inflation that is closely tracked by the Federal Reserve increased in AprilMay 26, 2023 GMT
WASHINGTON (AP) — A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high.
The index, which the Federal Reserve closely monitors, showed that prices rose 0.4% from March to April.
LONDON (AP) — Britain's Treasury chief said he would be prepared to see the U.K. economy slip back into recession if further interest rate hikes are necessary to bring down inflation.
Quarterly results from Best Buy, Ralph Lauren and Dollar Tree show divergence in consumer spendingMay 25, 2023 GMT
NEW YORK (AP) — As inflation on necessities like groceries remains stubbornly high, the well-heeled consumer appears to still be spending, while lower-income shoppers continues to cut back their purchases, according to the latest batch of earnings reports.
BERLIN (AP) — The German economy shrank unexpectedly in the first three months of this year, marking the second quarter of contraction that is one definition of recession.
WASHINGTON (AP) — The U.S. economy grew at a lackluster 1.3% annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate.
UK household energy bills to fall in July, bringing some relief in cost-of-living crisisMay 25, 2023 GMT
LONDON (AP) — Britain's energy regulator said Thursday that the typical household energy bill will come down by around 400 pounds ($495) a year starting in July as global wholesale energy prices decline.
A June pause in rate hikes would be a close call for Fed officials, minutes of last meeting showMay 24, 2023 GMT
WASHINGTON (AP) — Federal Reserve officials were divided earlier this month on whether to pause their interest rate hikes at their upcoming meeting in June, according to the minutes of their May 2-3 meeting released Wednesday.
Kohl’s reports surprise profit in 1Q helped by inventory cutsMay 24, 2023 GMT
NEW YORK (AP) — Kohl's posted a surprise profit for the fiscal first quarter, helped by the department store chain's moves to cut inventory in the wake of weak sales.
The company, based in Menomonee Falls, Wisconsin, also affirmed its annual financial guidance, pushing up shares 11% higher in premarket trading on Wednesday.
UK inflation falls to lowest level in over a year but food prices keep decline in checkMay 24, 2023 GMT
LONDON (AP) — Inflation in the U.K. has fallen to its lowest level since the immediate aftermath of Russia's invasion of Ukraine, though elevated food prices meant it didn't fall as much as anticipated.
New Zealand’s central bank raises key interest rate to 5.5% but signals next move will be a cutMay 24, 2023 GMT
WELLINGTON, New Zealand (AP) — New Zealand's central bank raised its benchmark interest rate again Wednesday to 5.5% but signaled its next move would be a cut, sparking a sell-off in the currency.
Wednesday's quarter-point rate rise was the 12th straight hike imposed by the Reserve Bank of New Zealand since October 2021.
AutoZone, BJ’s Wholesale fall; Lowe’s, Yelp riseMay 23, 2023 GMT
NEW YORK (AP) — Stocks that traded heavily or had substantial price changes Tuesday:
Lowe's Companies Inc., up $3.50 to $206.65.
The home improvement retailer beat analysts' first-quarter profit and revenue forecasts.
ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan has remained in power for 20 years by repeatedly surmounting political crises: mass protests, corruption allegations, an attempted military coup and a huge influx of refugees fleeing Syria's civil war.
LONDON (AP) — The British economy will avoid falling into recession this year, according to upgraded growth forecasts Tuesday from the International Monetary Fund.
Argentina introduces larger bank note amid galloping inflationMay 22, 2023 GMT
BUENOS AIRES, Argentina (AP) — Argentina has put a new 2,000-peso bill into circulation as the country endures one of the world’s highest inflation rates that has decimated the value of the local currency.
Kimberly Palmer: How to set and vet money goals midyearMay 22, 2023 GMT
If you set money goals for 2023 back in January, now can be a smart time to check in on your progress. And if you didn’t, it’s not too late to create goals for the next six months and beyond.
“If you don’t have your goals, everyone is so busy with life that a year will whiz by and you’ll have forgotten to start,” says Dan Casey, owner of Bridgeriver Advisors, a financial firm in Bloomfield Hills, Michigan.
This Week in Business: housing market and inflation updates, Federal Reserve insightMay 22, 2023 GMT
Housing market update
The Commerce Department delivers data on April newly constructed home sales Tuesday.
Economists forecast that sales slowed last month to a seasonally adjusted annual rate of 650,000 homes from 683,000 in March.
Survey of economists: Inflation will stay high this year, and so will Fed’s key interest rateMay 22, 2023 GMT
WASHINGTON (AP) — The Federal Reserve will make only modest progress in its fight against inflation for the rest of this year, even while keeping its benchmark interest rate at a 16-year high, a group of business economists predict in a survey released Monday.
NEW YORK (AP) — Wall Street’s best week since March ran out of steam Friday as worries rose about the U.S. government’s efforts to avoid a potentially disastrous default on its debt.
The S&P 500 slipped 6.07 points, or 0.1%, to 4,191.98.
Federal Reserve Chair Powell hints at a pause in rate hikes when central bank meets next monthMay 19, 2023 GMT
WASHINGTON (AP) — Chair Jerome Powell indicated Friday that the Federal Reserve will likely forgo an increase in its benchmark interest rate when it meets in June for the first time since it began raising its key rate 14 months ago to fight high inflation.
___ More than 30 million US drivers don’t know if they’re at risk from a rare but dangerous airbag blast
DETROIT (AP) — More than 33 million people in the United States are driving vehicles that contain a potentially deadly threat: Airbag inflators that in rare cases can explode in a collision and spew shrapnel.
LOS ANGELES (AP) — The average long-term U.S. mortgage rate edged higher this week after a two-week drop, a modest move in line with a mostly moderate shift in home-loan rates in recent weeks.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.39% from 6.35% last week.
Walmart shines in rough retail environment, ratchets up outlook after strong first quarterMay 18, 2023 GMT
NEW YORK (AP) — Walmart reported strong first-quarter sales results as the nation's largest retailer's low-prices continue to draw budget conscious consumers in a challenging economic environment of stubbornly high inflation, particularly in groceries.
Hike again? Take a pause? Fed officials are split about what to do next to fight inflationMay 18, 2023 GMT
WASHINGTON (AP) — The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates in the coming months, leaving the outlook for the Fed's policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes beginning in March 2022.
NEW YORK (AP) — The possible end to the Federal Reserve's long campaign of rate hikes appears like an oasis to beaten-down Wall Street investors, but is it a mirage?
With inflation cooling from its peak last summer, Wall Street overwhelmingly assumes the central bank will hold rates steady for the first time in more than a year when it meets next month.
LONDON (AP) — The International Monetary Fund's executive board has approved a long-awaited $3 billion bailout for Ghana in hopes of combating the country’s economic crisis.
UN says prospects dim for robust global economic recovery despite uptick for US, EU and ChinaMay 16, 2023 GMT
UNITED NATIONS (AP) — The United Nations on Tuesday forecast a slight uptick in economic growth in the United States, the European Union and China, but said prospects for a robust global economy recovery this year remain dim, pointing to stubbornly high inflation, the lingering effects of the COVID-19 pandemic, war in Ukraine, and the worsening impact of climate change.
Retail sales up 0.4% in April, buoyed by solid job market and declining prices in some areasMay 16, 2023 GMT
NEW YORK (AP) — Americans picked up their spending modestly in April, spending money online and dining out, buoyed by a solid job market and a retreat in prices for some things.
Car sales also rose despite prices that continue to soar, according to the Commerce Department report issued Tuesday.
BEIJING (AP) — Chinese leaders face pressure to shore up a slowing economic recovery and generate jobs after consumer spending and other activity in April were weaker than expected and a survey found 1 in 5 young workers in cities was unemployed.
Europe’s economic outlook brightens a little after avoiding recession. But inflation still squeezesMay 15, 2023 GMT
FRANKFURT, Germany (AP) — The European Union's executive body raised its economic growth forecast, saying Europe had dodged a winter recession that was feared amid an energy crisis but warning that stubbornly high inflation is likely to keep hurting the economy by sapping people's ability to spend.
G7 finance leaders vow to contain inflation, strengthen supply chains but avoid mention of ChinaMay 13, 2023 GMT
NIIGATA, Japan (AP) — The Group of Seven’s top financial leaders united Saturday in their support for Ukraine and their determination to enforce sanctions against Russia for its aggression but stopped short of any overt mention of China.
WASHINGTON (AP) — Federal Reserve governor Philip Jefferson said Friday that inflation remains too high and there has been “little progress” made toward bringing it down to the central bank's 2% target, a pessimistic assessment given signs in a report earlier this week that price increases might be slowing.
NEW YORK (AP) — Another seemingly listless week on Wall Street came to a quiet close on Wall Street Friday, but big worries continue to roil under the surface.
The S&P 500 dipped 6.54 points, or 0.2%, to 4,124.08 to cap a sixth straight week where it moved by less than 1%.
BUENOS AIRES, Argentina (AP) — Gimena Páez could barely pay her bills.
Then inflation in Argentina started rising even faster.
Biden taps Philip Jefferson to be Fed’s vice chair, Adriana Kugler as first Hispanic on Fed boardMay 12, 2023 GMT
WASHINGTON (AP) — President Joe Biden has nominated Philip Jefferson, a member of the Federal Reserve's Board of Governors, to serve as vice chair of the board, the White House announced Friday.
Biden has also chosen Adriana Kugler, a Georgetown University economist, to join the Fed's board.
UK economy grows sluggishly in 1st quarter as double-digit inflation curbs consumers spendingMay 12, 2023 GMT
LONDON (AP) — The U.K. economy grew sluggishly during the first three months of the year as double-digit inflation curbed consumer spending and labor unrest curtailed output in industries ranging from transportation to healthcare and education.
Stock market today: Asian shares mostly lower on looming worry over US banks, China growthMay 12, 2023 GMT
TOKYO (AP) — Asian shares were mostly lower Friday on looming worries over U.S. banks and lagging demand from China, the region's major driver of growth.
“Asian equities struggled for direction after weak inflation data in China pointed to weakening demand,” said Stephen Innes, managing partner at SPI Asset Management.
Average long-term US mortgage rate falls to 6.35% this week, lowest level in 5 weeksMay 11, 2023 GMT
LOS ANGELES (AP) — The average rate on a long-term U.S. home loan is down to the lowest level in five weeks, welcome news for house hunters facing a market constrained by persistently high prices and a near-historic low number of homes for sale.
LONDON (AP) — The Bank of England raised interest rates to their highest level since late 2008 as it continues to combat stubbornly high inflation in the U.K.
The decision on Thursday by the bank’s nine-member Monetary Policy Committee to lift its main interest rate by a quarter of a percentage point to 4.5% was widely anticipated in financial markets.
WASHINGTON (AP) — Wholesale prices in the United States rose modestly last month, the latest sign that inflationary pressures may be easing more than a year after the Federal Reserve unleashed an aggressive campaign of steadily higher interest rates.
Hot employment market shows signs of coolingMay 11, 2023 GMT
NEW YORK (AP) — The hot jobs market has been defying a weakening economy and confounding the Federal Reserve for months, but now shows signs of cooling.
The latest set of employment data from the government shows that job openings fell in March to their lowest level since April 2021.
G7 finance ministers to vow support for Ukraine, seek ways to spur global economy as debt risks loomMay 11, 2023 GMT
NIIGATA, Japan (AP) — Financial leaders of the Group of Seven advanced economies are discussing ways to support Ukraine and pressure Russia to end the war as they meet in Japan starting Thursday.
Ukraine's finance minister, Serhiy Marchenko, was participating online in the first session of the G-7 talks in Niigata, a port city on the Japan Sea coast.
TOKYO (AP) — Asian shares were mixed in choppy trading Thursday after a report showed evidence that inflation in the United States was cooling, even if it remains too high.
Fed’s Barkin: Inflation still ‘stubbornly high’ and isn’t easing fast enough toward 2% targetMay 10, 2023 GMT
Inflation remains “stubbornly high” and is no longer making much progress toward the Federal Reserve's 2% target, a top Fed official said Wednesday, hours after price data for April were released.