Latest Economy News

US key 30-year mortgage rate jumps back over 5%, now 5.22%

Aug. 11, 2022 12:02 PM EDT

WASHINGTON (AP) — Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%. Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. By contrast, the rate stood at...

Give and take: West gives Ukraine weapons, bans Russian coal

Aug. 11, 2022 11:56 AM EDT

KYIV, Ukraine (AP) — On a day of give and take, Western nations made more pledges to send arms to Ukraine while the European Union's full ban on Russian coal imports kicked in Thursday amid intelligence claims that sanctions against Moscow were hurting its defense exports. Germany,...

Hostage standoff at Beirut bank ends with gunman's arrest

Aug. 11, 2022 11:56 AM EDT

BEIRUT (AP) — A hostage standoff in which a gunman demanded a Beirut bank let him withdraw his trapped savings so that he could pay his father's medical bills ended seven hours later with the man's surrender Thursday. No injuries were reported. Authorities said 42-year-old Bassam...

Sri Lankan ex-president who fled homeland arrives in Bangkok

Aug. 11, 2022 11:46 AM EDT

BANGKOK (AP) — Former Sri Lankan President Gotabaya Rajapaksa, who last month fled anti-government protests in his country, arrived in Thailand on Thursday night on a flight from Singapore, where he had been staying since mid-July. Thai television stations showed Rajapaksa and a...

Wall Street rises after another sign of cooling inflation

Aug. 11, 2022 11:39 AM EDT

NEW YORK (AP) — Wall Street is rising again Thursday after another encouraging dose of data showed inflation cooled last month. The S&P 500 was 0.5% higher following a report showing inflation at the wholesale level slowed more than economists expected. It bolstered hopes...

EU says US electric vehicle tax credit could break WTO rules

Aug. 11, 2022 11:37 AM EDT

BRUSSELS (AP) — The European Union expressed concern Thursday that a new U.S. tax credit plan aimed at encouraging Americans to buy electric vehicles would discriminate against European producers and break World Trade Organization rules. Under the Inflation Reduction Act nearing...

US wholesale inflation fell in July for 1st time in 2 years

Aug. 11, 2022 10:54 AM EDT

WASHINGTON (AP) — Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy's inflationary pressures cooled last month. Thursday’s report from the Labor Department showed that the producer...

EXPLAINER: How is inflation affecting commuting costs?

Aug. 11, 2022 10:20 AM EDT

NEW YORK (AP) — Gas prices have fallen from the record highs they reached earlier this summer, but they're still much higher than a year ago. And with inflation driving up the cost of pretty much everything else, finding the funds to cover your commute may be increasingly tricky. ...

Tips for saving on your commute amid high inflation

Aug. 11, 2022 10:09 AM EDT

NEW YORK (AP) — Gas prices are falling but still higher than they were a year ago. And inflation has made most everything else more expensive. If you're looking to save money on your commute, here are some tips: IF YOU HAVE A CAR: MAKE A DRIVING STRATEGY ...

UK meets energy firms but no help yet for hard-hit consumers

Aug. 11, 2022 09:51 AM EDT

LONDON (AP) — British Prime Minister Boris Johnson and senior ministers held inconclusive talks Thursday with energy companies amid mounting pressure to help residents cope with soaring gas and electricity prices. Johnson, who is in his final weeks as prime minister, joined...