Latest Economy News

Wall Street falls as US inflation slows but remains hot

Dec. 09, 2022 16:41 PM EST

A choppy day of trading on Wall Street ended with stocks broadly lower Friday, after a new report showed that inflation is slowing less than hoped just days before Federal Reserve officials are expected to raise interest rates again. The S&P 500 and Nasdaq composite each fell...

Asian shares advance on back of Wall Street gains

Dec. 09, 2022 00:49 AM EST

BANGKOK (AP) — Shares rose in Asia on Friday after an advance on Wall Street led by the latest rally in technology companies. Chinese benchmarks rose on reports the government is planning new measures to support the ailing property sector, which has dragged on growth over the past...

Yellen, Malerba become 1st female pair to sign US currency

Dec. 08, 2022 16:26 PM EST

FORT WORTH, Texas (AP) — Treasury Secretary Janet Yellen on Thursday helped mark a milestone in U.S. history when she held up a newly minted $5 bill signed for the first time ever by two women. Yellen's signature will appear alongside that of U.S. Treasurer Lynn Malerba, the first...

US jobless claims up modestly last week

Dec. 08, 2022 08:52 AM EST

WASHINGTON (AP) — Slightly more Americans filed for jobless claims last week but the labor market remains one of strongest parts of the U.S. economy. Applications for unemployment benefits rose to 230,000 for the week ending Dec. 3, up by 4,000 from the previous week’s 226,000,...

Asian shares slip after tech stock slump on Wall St

Dec. 08, 2022 00:41 AM EST

BANGKOK (AP) — Shares are mostly lower in Asia after Wall Street sagged under weakness in tech stocks. U.S. futures edged lower while oil prices rebounded. Japan revised upward its GDP data to show the economy contracted less than earlier reported in July-September,...

Japan's economy shrank less in July-Sept, revised data show

Dec. 08, 2022 00:18 AM EST

TOKYO (AP) — Japan’s economy contracted less than previously thought in the last quarter, weathering the country's latest big COVID wave with less damage than had been thought. The Cabinet Office reported Thursday that the economy shrank at a 0.8% annual rate in July-September....

US to boost natural gas exports to UK in energy partnership

Dec. 07, 2022 11:12 AM EST

WASHINGTON (AP) — The United States will increase exports of liquefied natural gas to Britain under a new agreement calling for the two countries to work together to boost energy security and drive down prices following Russia’s invasion of Ukraine. President Joe Biden and...

Africa forum hails 'circular economy' solutions for climate

Dec. 07, 2022 10:55 AM EST

MOMBASA, Kenya (AP) — Reducing waste while boosting recycling and reuse, known as the ‘circular economy,’ will be vital for halting the loss of nature by meeting growing demand with fewer resources and will make communities more resilient to climate change by encouraging more sustainable...

As supply chains unclog, consumers enjoy (tentative) relief

Dec. 07, 2022 10:47 AM EST

Back in January, 109 container ships waited off the California coast to unload cargo in Los Angeles and Long Beach, the nation's two largest ports. Consumers, stuck at home amid the pandemic, had unleashed an avalanche of orders for goods that overwhelmed factories and ports. ...

China's Xi visits Saudi Arabia to cement Gulf Arab ties

Dec. 07, 2022 10:12 AM EST

DUBAI, United Arab Emirates (AP) — Chinese leader Xi Jinping arrived in Saudi Arabia on Wednesday to attend meetings with oil-rich Gulf Arab nations crucial to his country's energy supplies as Beijing tries to revive an economy battered by its strict coronavirus measures. Saudi...