Latest Inflation News

Stock market today: Wall Street rallies after strong jobs report, Dow jumps 600

Jun. 02, 2023 14:13 PM EDT

NEW YORK (AP) — Stocks are rallying Friday after a strong report on the U.S. job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 was 1.5% higher in afternoon trading and on pace for a third straight winning week. The index is also...

US hiring jumped last month. So did unemployment. Here's what that says about the economy.

Jun. 02, 2023 13:31 PM EDT

WASHINGTON (AP) — The nation’s employers stepped up their hiring in May, adding a robust 339,000 jobs, well above expectations and evidence of enduring strength in an economy that the Federal Reserve is desperately trying to cool. Friday's report from the government reflected the...

US employers added a robust 339,000 jobs in May in sign of a still-healthy labor market despite Fed rate hikes

Jun. 02, 2023 08:35 AM EDT
WASHINGTON (AP) — US employers added a robust 339,000 jobs in May in sign of a still-healthy labor market despite Fed rate hikes.

How Turkey's president Erdogan has maintained a tight grip on power in the country

Jun. 02, 2023 03:24 AM EDT

ANKARA, Turkey (AP) — Turkish President Recep Tayyip Erdogan, a populist with increasingly authoritarian tendencies, is scheduled to take the oath of office and start his third presidential term Saturday following his latest election win. Erdogan, who has led Turkey as prime...

Stock market today: Asia follows Wall St up on hopes Fed will ease off rate hikes

Jun. 02, 2023 00:07 AM EDT

BEIJING (AP) — Asian stock markets followed Wall Street higher Friday ahead of an update on the U.S. jobs market after Federal Reserve officials reignited hopes another interest rate hike might be postponed and lawmakers gave final approval to a deal to avert a government debt default. ...

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

Jun. 01, 2023 23:47 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...

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...

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...