Financial related news.
WASHINGTON — Inflation at the wholesale level climbed 11.3 percent in June compared with a year earlier, the latest painful reminder that inflation is running hot through the American economy. The Labor Department reported that the U.S. producer price index — which measures inflation before it hits consumers — rose at the fastest pace since [...]
WASHINGTON — The dollar has been surging so much that it's nearly equal in value to the euro for the first time in 20 years. That trend, though, threatens to hurt American companies because their goods become more expensive for foreign buyers. If U.S. exports were to weaken as a result, so, too, would the [...]
WASHINGTON — The economy is healthy and shows little sign of an imminent recession, and can withstand higher interest rates, St. Louis Federal Reserve President James Bullard said this week. Financial markets are flashing signs that an economic downturn could arrive sometime next year, as Americans grapple with the highest inflation in four decades and [...]
MINNEAPOLIS (AP) — When the Houston Firefighters Relief and Retirement Fund bought $25 million in cryptocurrencies, with the fund’s chief investment officer touting their potential, retired fire Capt. Russell Harris was concerned. Harris, 62, has attended the funerals of 34 firefighters killed in the line of duty. He was already worried about his pension after [...]
Americans with stock portfolios or retirement investment plans would likely prefer to forget the last six months. The S&P 500, Wall Street’s broad benchmark for many stock funds, closed the first half of 2022 with a loss of more than 20 percent after starting the year at an all-time high. It was the worst start [...]
WASHINGTON (AP) — The nation’s economy shrank at a 1.6 percent annual pace in the first three months of the year, the government reported June 29 in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest measure of economic output — since [...]
Only half of LGBTQ+ individuals who participated in a recent survey reported they are confident in their ability to save for retirement. The Nationwide Retirement Institute survey found that LGBTQ+ Americans are less likely to be on track to meet their financial goals, have the capacity to absorb unexpected expenses or are confident in their [...]
WASHINGTON — Furious about surging prices at the gasoline station and the supermarket, many consumers feel they know just where to cast blame: On greedy companies that relentlessly jack up prices and pocket the profits. Responding to that sentiment, the Democratic-led House of Representatives last month passed on a party-line vote — most Democrats for, [...]
DETROIT — High gas prices have Wallace Reid looking for a new career. Reid, who drives for Uber and Lyft in New York, fills up his Lexus at least three times a week. He pays around $95 each time, about double what he was paying last year. To make up for that, he’s driving more [...]
WASHINGTON — Federal Reserve Chair Jerome Powell won praise for his deft leadership during the maelstrom of the pandemic recession. As threats to the economy have mounted, though, Powell has increasingly struck Fed watchers as much less sure-footed. Inflation has proved higher and far more persistent than he or the Fed’s staff economists had foreseen. [...]