Financial related news.
WASHINGTON — Inflation at the wholesale level jumped 9.8 percent in July from a year earlier, a slowdown from the June pace, yet still a painfully high level suggesting that rampant inflation will persist for months to come. The report from the Labor Department also showed that on a month-to-month basis, the producer price index [...]
WASHINGTON (AP) — Americans may finally be catching a break from relentlessly surging prices — if just a slight one — even as inflation is expected to remain painfully high for months. Consumer prices jumped 8.5 percent in July compared with a year earlier, the government said Wednesday, but thanks largely to falling gas prices, [...]
WASHINGTON — Defying anxiety about a possible recession and raging inflation, America’s employers added a stunning 528,000 jobs last month, restoring all of the jobs lost in the coronavirus recession. Unemployment fell to 3.5 percent, the lowest since the pandemic struck in early 2020. July’s job creation was up from 398,000 in June and the [...]
Equifax, one of the three major credit bureaus, announced that a computer coding error resulted in the miscalculation of credit scores for consumers in a three-week period between March 17 and April 6. For 300,000 consumers, the error shifted credit scores as much as 25 points. The changes to credit scores did not show up [...]
NEW YORK (AP) — To understand the impact of surging inflation on this year’s back-to-school spending, look no further than children’s rain boots with motifs like frogs and ladybugs made by Washington Shoe Co. Spending held steady for these evergreen items even after the Kent, Wash.-based business was forced to pass along 15 percent price [...]
NEW YORK — The head of the nation’s financial watchdog is having second thoughts about how useful fines are in deterring illegal behavior in the financial industry, saying some companies have gotten so big that the money makes little difference. In an interview with The Associated Press, Rohit Chopra signaled that the Consumer Financial Protection [...]
WASHINGTON — The economy shrank from April through June for a second straight quarter, contracting at a 0.9 percent annual pace and raising fears that the nation may be approaching a recession. The decline that the Commerce Department reported in the gross domestic product — the broadest gauge of the economy — followed a 1.6 [...]
WASHINGTON — Treasury Secretary Janet Yellen this week said the economy is slowing but pointed to healthy hiring as proof that it is not yet in recession. Yellen spoke on NBC's "Meet the Press" just before a slew of economic reports will be released this week that will shed light on an economy currently besieged [...]
NEW YORK — This year's crazy market swings prove once again how little control we have over our investments. Stocks are down about 20 percent from their peak early this year, and along the way they've zoomed erratically in every direction. A seemingly solid gain for stocks on Wall Street in the morning can quickly [...]
Companies hit the brakes on deal-making during the first half of 2022 as concerns over pervasive inflation, interest rate hikes and the threat of a recession loomed over Wall Street. Overall, companies announced $2.2 trillion worth of buyout deals in the first half of the year, a 21 percent drop from a year earlier. The [...]