Latest Economy News

US home building climbs 12.3% in August to 12-year high

Sep. 18, 2019 8:33 AM EDT

WASHINGTON (AP) — The pace of U.S. home construction jumped 12.3% last month to a 12-year high on a surge in apartment building. The Commerce Department said Wednesday that housing starts came in at a seasonally adjusted annual rate of 1.36 million, most since June 2007 and up from a revised 1.22 million,...

Stocks mixed ahead of Fed, oil dips on Saudi output recovery

Sep. 18, 2019 8:24 AM EDT

BEIJING (AP) — Global stocks were little changed Wednesday as investors watched for a U.S. Federal Reserve decision on a possible interest rate cut and as oil prices eased on hopes for a quick recovery in Saudi oil supplies. Benchmarks in London, Frankfurt and Shanghai advanced while Tokyo and Hong Kong...

The Latest: NY Fed enters overnight lending markets, again

Sep. 18, 2019 8:17 AM EDT

WASHINGTON (AP) — The Latest on the Federal Reserve's monetary policy meeting (all times local): 8:15 a.m. For the second time in as many days, the Federal Reserve Bank of New York is stepping in to free up billions of dollars to avert spiking overnight borrowing costs. The New York Fed on Tuesday infused...

Federal plan to end state mileage standards draws criticism

Sep. 18, 2019 6:20 AM EDT

WASHINGTON (AP) — The Trump administration is poised to revoke California's authority to set auto mileage standards, asserting that only the federal government has the power to regulate greenhouse gas emissions and fuel economy. Conservative and free-market groups have been asked to attend a formal...

Boon for UK households as inflation falls to near 3-year low

Sep. 18, 2019 5:48 AM EDT

LONDON (AP) — Inflation in Britain fell to a near three-year low in August, official figures showed Wednesday, a boon for households at a time of acute Brexit uncertainty. The Office for National Statistics said Wednesday that consumer prices rose 1.7% in the year to August, down from 2.1% the previous...

New West Virginia delegate appointed to fill vacancy

Sep. 18, 2019 4:44 AM EDT

CHARLESTON, W.Va. (AP) — West Virginia Gov. Jim Justice has appointed Trenton C. Barnhart to a vacant state House of Delegates seat. Justice's office said in a news release that Barnhart is a lifelong resident of Pleasants County and lives in St. Marys. His was among three names that the West Virginia...

UK envoy tips trade deal with Australia months after Brexit

Sep. 18, 2019 3:42 AM EDT

CANBERRA, Australia (AP) — Britain's top trade envoy said Wednesday that she expects to strike a free trade deal with Australia within months of leaving the European Union. British International Trade Secretary Liz Truss met with Australian Trade Minister Simon Birmingham to lay the foundations for a...

Japan exports sink on weaker trade with China, US

Sep. 18, 2019 3:14 AM EDT

TOKYO (AP) — Japan's exports fell 8% in August from a year earlier, as trade tensions took a growing toll on demand across the region. Exports of machinery, vehicles and chemicals all declined, the Finance Ministry reported Wednesday. Exports totaled 6.1 trillion yen ($56 billion), while imports slipped...

China releases stockpiled pork to cool price surge

Sep. 18, 2019 2:29 AM EDT

BEIJING (AP) — China's government is releasing pork from stockpiles to help cool surging prices ahead of Oct. 1 celebrations of the Communist Party's 70th anniversary in power. The price of pork, China's staple meat, has soared almost 50% from a year ago due to a devastating outbreak of African swine fever...

Fed likely to cut rates a 2nd time as economic threats loom

Sep. 18, 2019 12:19 AM EDT

WASHINGTON (AP) — The Federal Reserve looks poised to cut interest rates for a second time Wednesday to help extend the economic expansion in the face of global weakness, President Donald Trump's trade war with China and geopolitical risks such as the attacks on Saudi Arabia's oil facilities. The modest...