Latest Inflation News

Know any airplane mechanics? A wave of retirements is leaving some US industries desperate to hire

Jun. 01, 2023 18:20 PM EDT

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. As some of the students began nudging each other, Bandoh realized that perhaps...

Stock market today: Wall Street rises with hopes for pause to rate hikes

Jun. 01, 2023 17:30 PM EDT

NEW YORK (AP) — Wall Street rose Thursday with hopes that the Federal Reserve may soon take it easier on its hikes to interest rates. The S&P 500 rallied 1% after a suite of reports painted a picture of a split U.S. economy. The job market remains solid, but manufacturing is...

Macy's slashes expectations for the year after a pullback by shoppers in the spring

Jun. 01, 2023 15:05 PM EDT

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...

Supreme Court revives claims that SuperValu, Safeway overcharged governments for generic drugs

Jun. 01, 2023 12:56 PM EDT

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. The decision gives...

Average long-term US mortgage rate climbs to 6.79% this week, highest level since November

Jun. 01, 2023 12:19 PM EDT

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. ...

Renewable energy surges, driven by solar boom and high fuel prices, report finds

Jun. 01, 2023 09:36 AM EDT

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. The International Energy Agency said...

US applications for unemployment benefits tick up slightly as labor market remains healthy

Jun. 01, 2023 08:56 AM EDT

The number of Americans filing for unemployment benefits rose slightly last week but remains at healthy levels that continue to show a strong U.S. labor market. U.S. applications for jobless claims were 232,000 for the week ending May 27, an increase of just 2,000 from the previous...

Europe sees inflation drop to 6.1%, but real relief for consumers will take months

Jun. 01, 2023 05:04 AM EDT

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. The annual figure in May eased from 7% in April for the...

Inflation in European countries using the euro currency slows to 6.1% in May but price increases still pinch households

Jun. 01, 2023 05:02 AM EDT
FRANKFURT, Germany (AP) — Inflation in European countries using the euro currency slows to 6.1% in May but price increases still pinch households.

Stock market today: Asian shares mostly rise after House approves debt ceiling deal

May. 31, 2023 23:51 PM EDT

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. But the enthusiasm was muted by worries about the Chinese economy after disappointing recent data...