As supply chains unclog, consumers enjoy (tentative) relief
December 7, 2022 GMTBack in January, 109 container ships waited off the California coast to unload cargo in Los Angeles and Long Beach, the nation's two largest ports. Consumers, stuck at home amid the pandemic, had unleashed an avalanche of orders for goods that overwhelmed factories and ports.
US futures point to continued slump this week on Wall Street
December 7, 2022 GMTWall Street futures edged lower Wednesday ahead of new employment and wholesale price data with the Federal Reserve gauging its next step in its fight to cool inflation.
Futures for the Dow Jones Industrials slipped 0.4% and the S&P 500 fell 0.7% just over an hour before the opening bell.
Stocks decline in Asia, extending losses on Wall Street
December 7, 2022 GMTShares fell in Asia on Wednesday after Wall Street declined on fears the Federal Reserve will need to keep the brakes on the economy to get inflation under control, risking a sharp recession. Oil prices were mixed.
Asian shares lower as strong data hit hopes for dovish Fed
December 6, 2022 GMTBANGKOK (AP) — Stocks were mostly lower in Asia on Tuesday after Wall Street pulled back as surprisingly strong economic reports highlighted the difficulty of the Federal Reserve’s fight against inflation.
Russian oil price cap, EU ban aim to limit Kremlin war chest
December 5, 2022 GMTFRANKFURT, Germany (AP) — Major Western measures to limit Russia's oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions.
Russian oil price cap, EU ban aim to limit Kremlin war chest
December 5, 2022 GMTFRANKFURT, Germany (AP) — Major Western measures to limit Russia's oil profits over the war in Ukraine took effect Monday, bringing with them uncertainty about how much crude could be lost to the world and whether they will unleash the hoped-for hit to a Russian economy that has held up better than many expected under sanctions.
Toll Brothers 4Q, consumer borrowing, producer prices
December 5, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
TOLL BROTHERS 4Q
Wall Street expects that Toll Brothers closed out its last fiscal year with another solid quarter.
Turkish inflation eases for 1st time in more than a year
December 5, 2022 GMTANKARA, Turkey (AP) — Annual inflation in Turkey slightly eased in November for the first time in more than a year, according to official figures released on Monday, although it remains close to 24-year highs.
No OPEC+ oil shakeup as Russian price cap stirs uncertainty
December 4, 2022 GMTFRANKFURT, Germany (AP) — The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market.
Russia rejects $60-a-barrel cap on its oil, warns of cutoffs
December 3, 2022 GMTKYIV, Ukraine (AP) — Russian authorities rejected a price cap on the country's oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it.
Gas prices drop again in NJ, around nation as oil cost drops
December 3, 2022 GMTTRENTON, N.J. (AP) — Gas prices dropped again in New Jersey and around the country as the cost of oil edged lower amid fears of economic slowdowns around the globe.
AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $3.63, down 12 cents from last week.
EXPLAINER: Can Ukraine pay for war without wrecking economy?
December 3, 2022 GMTFRANKFURT, Germany (AP) — Even as Ukraine celebrates recent battlefield victories, its government faces a looming challenge on the financial front: how to pay the enormous cost of the war effort without triggering out-of-control price spikes for ordinary people or piling up debt that could hamper postwar reconstruction.
EXPLAINER: What’s the effect of Russian oil price cap, ban?
December 2, 2022 GMTFRANKFURT, Germany (AP) — Western governments have agreed to cap the price of Russia's oil exports in an attempt to limit the fossil fuel earnings that support Moscow's budget, its military and the invasion of Ukraine.
G-7 joins EU on $60-per-barrel price cap on Russian oil
December 2, 2022 GMTMore on Russia-Ukraine War:
Wall Street ends mixed following strong data on wages, jobs
December 2, 2022 GMTWorries about inflation weighed on Wall Street Friday, leaving major indexes mixed after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation.
Biden sees economy avoiding recession, but risks remain
December 2, 2022 GMTUS hiring stays strong, complicating Fed’s inflation fight
December 2, 2022 GMTWASHINGTON (AP) — The nation’s employers kept hiring briskly in November despite high inflation and a slow-growing economy — a sign of resilience in the face of the Federal Reserve’s aggressive interest rate hikes.
Japan OKs $216B extra budget to counter impact of inflation
December 2, 2022 GMTTOKYO (AP) — Japan’s parliament approved a hefty 29 trillion yen ($216 billion) supplementary budget Friday aimed at countering the blow to household finances from rising food and utility costs and the weaker yen.
Hungarian filling stations running out of price-capped fuel
December 2, 2022 GMTMARTONVASAR, Hungary (AP) — Drivers in Hungary are increasingly running into gas and diesel shortages at filling stations as a government-imposed price cap squeezes the operators of independent stations and leaves the state energy company struggling to keep up with demand.
Asian shares sink on revived worries over recession, China
December 2, 2022 GMTBANGKOK (AP) — Shares retreated in Asia on Friday after a mixed day on Wall Street as optimism over signs the Federal Reserve may temper its aggressive interest rate hikes was replaced by worries the economy might be headed for a recession.
EU edges closer to $60-per-barrel Russian oil price cap
December 2, 2022 GMTBRUSSELS (AP) — The European Union was edging closer to setting a $60-per-barrel price cap on Russian oil — a highly anticipated and complex political and economic maneuver designed to keep Russia's supplies flowing into global markets while clamping down on President Vladimir Putin's ability to fund his war in Ukraine.
Kentucky agriculture on pace to achieve record receipts
December 1, 2022 GMTLOUISVILLE, Ky. (AP) — Having endured a turbulent year marked by high inflation and extreme weather trends, Kentucky agriculture is on pace to achieve record-setting cash receipts, agricultural economists said Thursday.
Mexico minimum wage up to $10.5 per day, but inflation hits
December 1, 2022 GMTMexico declared a 20% increase in the country’s daily minimum wage Thursday.
Starting next year, the basic minimum wage will be 207 pesos, or about $10.50, for an eight-hour day. That’s up from the current level of 172 pesos, or about $8.80 per day.
An inflation gauge tracked by the Fed slows to still-high 6%
December 1, 2022 GMTWASHINGTON (AP) — A measure of inflation that is closely monitored by the Federal Reserve eased but remained at an elevated level in October, likely reinforcing the Fed's intent to keep raising interest rates to cool the economy and slow the acceleration of prices.
Fed matches year of hot inflation with feverish rate hikes
December 1, 2022 GMTNEW YORK (AP) — Wall Street expects the impact of the Federal Reserve's most aggressive year of interest rate hikes in at least three decades to continue to be felt through next year.
The central bank’s plan to fight stubbornly high prices on everything from food to clothing has been the central focus for Wall Street in 2022.
Higher food prices worsen hunger crisis this holiday season
November 30, 2022 GMTWASHINGTON (AP) — Staffers at Bread for the City, a venerable charity in the nation's capital, thought they were prepared for this year's annual pre-Thanksgiving Holiday Helpers food giveaway. The pandemic had faded, but inflation was high, so they budgeted to give out 12,000 meals, 20% higher than normal pre-pandemic levels.
Amazon says it had its biggest Thanksgiving shopping weekend
November 30, 2022 GMTNEW YORK (AP) — Amazon said Wednesday it had its biggest ever Thanksgiving holiday shopping weekend, aided by a record number of consumers looking for deals online amid high inflation.
The e-commerce company does not typically share how much it earns during its sales events and did not disclose its overall revenue from the weekend.
Dallas Habitat for Humanity helps staff purchase homes
November 30, 2022 GMTRebecca Thompson was about to sign a lease for an apartment with a friend in early 2020 when businesses started shutting down because of the COVID-19 pandemic. So instead, the 34-year-old decided to stay with her parents to save money.
US revises up last quarter’s economic growth to 2.9% rate
November 30, 2022 GMTWASHINGTON (AP) — Despite high interest rates and chronic inflation, the U.S. economy grew at a 2.9% annual rate from July through September, the government said Wednesday in a healthy upgrade from its initial estimate.
Inflation in Europe eases but still in painful double digits
November 30, 2022 GMTFRANKFURT, Germany (AP) — Inflation in Europe has eased for the first time in more than a year as energy prices drifted down from painful highs, but the double-digit rate still hovers near a record that has robbed consumers of their spending power and led economists to predict a recession.
US lawmakers skeptical grocery merger will mean lower prices
November 29, 2022 GMTU.S. senators from both parties expressed skepticism Tuesday that a proposed merger between grocery giants Kroger and Albertsons would result in lower prices for consumers.
“Fewer local options mean less competition to keep prices low,” said Sen.
US consumer confidence falls in November for 2nd month
November 29, 2022 GMTU.S. consumer confidence fell for the second straight month in November amid ongoing high inflation, rising interest rates, and layoffs in the tech sector.
German inflation dips slightly in November to 10%
November 29, 2022 GMTBERLIN (AP) — German inflation slipped back slightly to 10% in November, official figures showed Tuesday, but galloping prices remain a major headache for Europe's biggest economy.
The annual inflation rate was off its peak of 10.4%, reached in October, as the increase in energy prices over a year ago slowed to 38.4% from 43% a month earlier, the Federal Statistical Office said.
Asian shares rise except Japan as markets eye China protests
November 29, 2022 GMTTOKYO (AP) — Asian shares were mostly higher Tuesday as market jitters declined over protests in China set off by growing public anger over COVID-19 restrictions.
Cyber Monday deals lure in consumers amid high inflation
November 28, 2022 GMTNEW YORK (AP) — Days after flocking to stores on Black Friday, consumers are turning online for Cyber Monday to score more discounts on gifts and other items that have ballooned in price because of high inflation.
2 Fed officials favor keeping key rate at peak through 2023
November 28, 2022 GMTWASHINGTON (AP) — Two Federal Reserve officials said Monday that they favor raising the Fed's key rate to roughly 5% or more and keeping it at its peak through next year — longer than many on Wall Street have expected.
Europe’s inflation likely hasn’t peaked, ECB’s Lagarde says
November 28, 2022 GMTBRUSSELS (AP) — The head of the European Central Bank said Monday she does not believe inflation has peaked after reaching the highest levels on record.
ECB President Christine Lagarde also told European lawmakers that the bank isn't through raising interest rates to combat those price spikes.
This Week: Consumer confidence, consumer spending, jobs data
November 28, 2022 GMTA look at some of the key business events and economic indicators upcoming this week:
CONFIDENCE CHECK
The Conference Board delivers its latest index of U.S. consumer confidence Tuesday.
Inflation hovers over shoppers seeking deals on Black Friday
November 25, 2022 GMTNEW YORK (AP) — Cautious shoppers hunted for the best deals at stores and online as retailers offered new Black Friday discounts to entice consumers eager to start buying holiday gifts but weighed down by inflation.
US stocks wobble to a mixed close, indexes keep weekly gains
November 25, 2022 GMTStocks wobbled to a mixed close on Wall Street Friday, but every major index notched weekly gains in a holiday-shortened week.
Investors faced a relatively quiet day, though concerns about inflation, high interest rates and a potential recession still hover over Wall Street.
Holiday shopping kicks off with inflation dampening spirits
November 24, 2022 GMTNEW YORK (AP) — While Black Friday will mark a return to familiar holiday shopping patterns, uncertainty still remains.
The U.S. job market remains strong, consumer spending is resilient and inflation has been slowing.
Turkish central bank cuts rates again despite high inflation
November 24, 2022 GMTANKARA, Turkey (AP) — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices.
Sweden’s big interest rate hike follows other central banks
November 24, 2022 GMTSTOCKHOLM (AP) — Sweden’s central bank followed other central banks in undertaking a big increase to its key interest rate to combat inflation, saying Thursday that high prices are undermining people's purchasing power and making it tough for households and companies to plan their finances.
Inflation or not, price of pro sports teams keeps going up
November 24, 2022 GMTInflation isn’t going to hurt the bankrolls of sports team owners.
In fact, it may help.
While the uber-rich will have to pay a little more for their eggs at the grocery store – just like everyone else – inflation isn’t likely to affect the bottom lines at their sports properties.
Asian shares rise on Fed rate hopes despite China worries
November 24, 2022 GMTTOKYO (AP) — Asian shares gained Thursday, although optimism about the Federal Reserve holding back on aggressive interest rate raises was countered by some uncertainty about coronavirus restrictions in China.
Shoppers hunt for deals but inflation makes bargains elusive
November 23, 2022 GMTNEW YORK (AP) — Consumers holding out for big deals — and some much-needed relief from soaring costs on just about everything — may be disappointed as they head into the busiest shopping season of the year.
Asian shares gain after earnings-fueled rally on Wall Street
November 23, 2022 GMTBANGKOK (AP) — Asian shares advanced on Wednesday after solid earnings pushed retailers higher on Wall Street ahead of the Thanksgiving holiday in the U.S.
Benchmarks rose in Hong Kong, Seoul and Sydney but fell in Shanghai.
Treasury releases more details of Russian oil price cap plan
November 22, 2022 GMTWASHINGTON (AP) — The Treasury Department released new details Tuesday of its long-awaited plan to impose a price cap on Russian oil, but the U.S. and its allies are still finalizing how much they'll pay for petroleum exports that have helped fund the war in Ukraine.
Inflation gives pay raise gift to top Pennsylvania officials
November 22, 2022 GMTHARRISBURG, Pa. (AP) — Inflation is gift-wrapping another big salary increase for hundreds of Pennsylvania state lawmakers, judges and top executive branch officials in 2023, including boosting rank-and-file lawmakers and district judges into six-figure territory.
German extends energy subsidy plan for consumers, companies
November 22, 2022 GMTBERLIN (AP) — Consumers and businesses in Germany will receive subsidies to soften the blow of higher natural gas and electricity prices starting in January, two months earlier than originally planned, officials said Tuesday.
Asian stocks mixed after Wall St slide, China virus fears
November 22, 2022 GMTBEIJING (AP) — Asian stock markets were mixed Tuesday after Wall Street sank and Chinese anti-virus controls fueled concern about an economic slowdown.
Shanghai and Hong Kong declined while Tokyo advanced.
Consumers could pay price if railroads, unions can’t agree
November 21, 2022 GMTOMAHA, Neb. (AP) — Consumers could see higher gas prices and shortages of some of their favorite groceries during the winter holiday season if railroads and all of their unions can't agree on new contracts by an early-December deadline that had already been pushed back.
Greek economic growth seen lower in 2023 amid energy woes
November 21, 2022 GMTATHENS, Greece (AP) — Greece’s economy is projected to grow by 1.8% next year, according to the country’s 2023 budget, slightly lower than the figures predicted last month as higher energy costs and inflation take a toll.
Asian stocks down after Wall St weekly loss on rate fears
November 21, 2022 GMTBEIJING (AP) — Asian stock markets sank Monday after Wall Street ended with a loss for the week amid anxiety about Federal Reserve plans for more interest rate hikes to cool inflation.
Biden says inflation help is coming but ‘will take time’
November 18, 2022 GMTWASHINGTON (AP) — President Joe Biden cautioned on Friday that “it's going to take time” for inflation to recede, but he offered fresh assurance that legislation he signed earlier this year will soon help limit costs for health care and energy.
US home sales fell in October for ninth straight month
November 18, 2022 GMTSales of previously occupied U.S. homes fell in October for the ninth consecutive month to the slowest pre-pandemic sales pace in more than 10 years as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market.
Lagarde warns ECB may do more to rates than remove stimulus
November 18, 2022 GMTFRANKFURT, Germany (AP) — European Central Bank President Christine Lagarde warned Friday that the bank may have to raise interest rates beyond merely withdrawing stimulus and into territory that could restrain growth as the bank fights to control record inflation in the 19 countries that use the euro.
German industrial workers to get pay raises in 2-year deal
November 18, 2022 GMTBERLIN (AP) — Germany's biggest industrial union agreed with employers Friday on a pay deal that will see millions of workers get raises totaling 8.5% over two years as well as one-time payments meant to cushion the effect of sky-high inflation.
Asian stocks mixed after Wall St falls on rate hike worries
November 18, 2022 GMTBEIJING (AP) — Asian stocks were mixed Friday after Wall Street declined following indications the Federal Reserve might raise interest rates higher than expected to cool inflation.
Shanghai declined while Tokyo and Hong Kong advanced.