Latest Economy News

Trump bars California from setting stricter fuel standards

Sep. 18, 2019 6:38 PM EDT

WASHINGTON (AP) — President Donald Trump announced Wednesday that his administration is revoking California's authority to set auto mileage standards stricter than those issued by federal regulators, a move critics said would result in less fuel-efficient cars that create more planet-warming pollution. In...

A divided Fed reduces rates but may not cut again this year

Sep. 18, 2019 6:24 PM EDT

WASHINGTON (AP) — A sharply divided Federal Reserve cut its benchmark interest rate Wednesday for a second time this year but declined to signal that further rate cuts are likely this year. The Fed's move reduced its key short-term rate — which influences many consumer and business loans — by...

Oil price drops for 2nd day despite heightened Gulf tensions

Sep. 18, 2019 5:10 PM EDT

NEW YORK (AP) — Oil prices retreated for a second day Wednesday even as the Saudi military blamed Iran for recent attacks to critical oil infrastructure and U.S. Secretary of State Mike Pompeo called the strike an "act of war." Benchmark U.S. crude fell 2% to close at $58.11 per barrel. It fell nearly 5.7%...

How major US stock indexes fared Wednesday

Sep. 18, 2019 5:03 PM EDT

Major U.S. stock indexes closed mostly higher Wednesday after the Federal Reserve delivered an expected cut in interest rates. Stocks initially fell after the Fed announcement, which revealed central bank policymakers are divided about the upcoming path for interest rates. The market rebounded as Fed Chairman...

US stocks end mixed following Fed's decision to cut rates

Sep. 18, 2019 5:00 PM EDT

Major U.S. stock indexes closed mostly higher Wednesday after the Federal Reserve cut its benchmark interest rate for a second time this year, citing slowing global economic growth and uncertainty over U.S. trade conflicts. Gains in banks, utilities and technology companies outweighed losses elsewhere in the...

California adds wage, benefit protections for gig workers

Sep. 18, 2019 4:40 PM EDT

SACRAMENTO, Calif. (AP) — California's governor on Wednesday signed sweeping labor legislation that aims to give wage and benefit protections to rideshare drivers at companies such as Uber and Lyft and to as many as a million workers across other industries. The closely watched proposal could have national...

Markets Right Now: Stocks sink then recover after Fed cut

Sep. 18, 2019 4:26 PM EDT

NEW YORK (AP) — The latest on developments in financial markets (all times local): 4:00 p.m. Stocks are rebounding at the close of trading, led by banks and big tech names, after the Federal Reserve delivered an expected cut in interest rates. Stocks initially fell after the Fed announcement, after the Fed...

What the Fed's rate cut means for you

Sep. 18, 2019 4:03 PM EDT

The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans' personal finances, experts say. That's because the reduction doesn't offset the increases of recent years. And as the key rate creeps closer to zero,...

Niger seeks to step up oil production with pipeline to coast

Sep. 18, 2019 3:52 PM EDT

NIAMEY, Niger (AP) — Niger has started construction on an oil pipeline that will link it to the coast through West African neighbor Benin, a project that Niger's president said will bolster the country's economic development. President Issoufou Mahamadou called the 1,982 kilometer-long pipeline one of...

Text of the Fed's statement after its meeting Wednesday

Sep. 18, 2019 3:11 PM EDT

WASHINGTON (AP) — Below is the statement the Fed released Wednesday after its policy meeting ended: Information received since the Federal Open Market Committee met in July indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been...