Latest Inflation News

Stock market today: Wall Street slips after tepid report on economy

Jun. 05, 2023 16:29 PM EDT

NEW YORK (AP) — U.S. stocks drifted lower Monday to start what could be a quiet stretch following their best week since March. The S&P 500 lost 8.58 points, or 0.2%, to 4,273.79. The Dow Jones Industrial Average fell 199.90, or 0.6%, to 33,562.86, while the Nasdaq composite...

European Central Bank chief signals more rate hikes ahead with inflation still 'strong'

Jun. 05, 2023 11:48 AM EDT

FRANKFURT, Germany (AP) — European Central Bank head Christine Lagarde said Monday that price pressures are “strong” and made clear that the bank will raise interest rates high enough to bring down inflation and keep them there “for as long as necessary.” Lagarde's remarks...

Stock market today: Asian stocks follow Wall St up after strong US jobs report

Jun. 05, 2023 00:47 AM EDT

BEIJING (AP) — Asian stocks followed Wall Street higher on Monday after strong U.S. hiring data coupled with scant wage gains suggested a possible recession might be further away, but also that inflationary pressures are weakening. Tokyo's benchmark gained almost 2%. Shanghai, Hong...

Saudi Arabia is slashing oil supply. It could mean higher gas prices for US drivers

Jun. 04, 2023 15:45 PM EDT

FRANKFURT, Germany (AP) — Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher. The Saudi...

Stock market today: Wall Street leaps, nearly escapes its bear market after strong jobs report

Jun. 02, 2023 17:13 PM EDT

NEW YORK (AP) — Stocks rushed higher 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 leaped 1.5% for the latest surge in a rally that's vaulted it nearly 20% since mid-October. That put Wall...

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

Jun. 02, 2023 16:47 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...