Latest Labor economy News

Stocks rally after Fed chair signals slowdown in rate hikes

Nov. 30, 2022 16:45 PM EST

Wall Street closed out a solid November with a broad market rally Wednesday after the head of the Federal Reserve said the central bank could soon begin easing up on its aggressive interest rate increases aimed at taming inflation. Fed Chair Jerome Powell, speaking at the Brookings...

Powell: Fed to keep rates higher for longer to cut inflation

Nov. 30, 2022 16:14 PM EST

WASHINGTON (AP) — The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday in remarks likely intended to underscore the Fed's single-minded focus on combating stubborn inflation. Yet in a...

NYC public employees among 19 accused of pandemic aid fraud

Nov. 30, 2022 14:42 PM EST

NEW YORK (AP) — Nineteen people including 17 New York City and New York state public employees were charged in a federal complaint unsealed Wednesday with submitting fraudulent applications for funds intended to help small businesses survive the coronavirus pandemic. The accused,...

US job openings fell in October to still-high level

Nov. 30, 2022 11:40 AM EST

WASHINGTON (AP) — U.S. job openings dropped in October but remained high, a sign that businesses became slightly less needy for workers as the Federal Reserve ramps up interest rates in an effort to cool the economy. Employers posted 10.3 million job vacancies in October, down...

Dallas Habitat for Humanity helps staff purchase homes

Nov. 30, 2022 09:40 AM EST

Rebecca 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. But with home prices skyrocketing in Dallas, she thought...

US revises up last quarter's economic growth to 2.9% rate

Nov. 30, 2022 09:24 AM EST

WASHINGTON (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. Last quarter's rise in the U.S. gross domestic product — the...

Business, labor groups agree on $1.8B unemployment debt plan

Nov. 29, 2022 20:11 PM EST

SPRINGFIELD, Ill. (AP) — Illinois business and labor groups have agreed on a plan to erase a $1.8 billion debt, generated by the wrenching COVID-19 pandemic, in the account that covers unemployment benefits, state officials said Tuesday. The deal leans on surplus funds in the...

EXPLAINER: What to know on Congress' bid to bar rail strike

Nov. 29, 2022 18:50 PM EST

WASHINGTON (AP) — President Joe Biden is asking Congress to intervene to avert a potentially crippling freight rail strike before Christmas and House Speaker Nancy Pelosi is calling a vote this week to do so, even if it means handing a defeat to Democratic allies in the labor movement. ...

Railroad unions decry Biden's plan to block possible strike

Nov. 29, 2022 18:21 PM EST

OMAHA, Neb. (AP) — Railroad unions on Tuesday decried President Joe Biden's call for Congress to intervene in their contract dispute, saying it undercuts their efforts to address workers' quality of life concerns, but businesses stressed that it is crucial to avoid a strike next week that would...

German inflation dips slightly in November to 10%

Nov. 29, 2022 10:35 AM EST

BERLIN (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...