OPEC+ oil boost likely not much help to high gasoline prices

NEW YORK (AP) — The OPEC oil cartel and allied producing nations decided Thursday to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The increase of 648,000...

Key inflation gauge tracked by the Fed remains a high 6.3%

WASHINGTON (AP) — A measure of inflation that is closely tracked by the Federal Reserve rose 6.3% in May from a year earlier, unchanged from its level in April. Thursday's report from the Commerce Department provided the latest evidence that painfully high inflation is pressuring...

An inflation gauge closely tracked by the Federal Reserve was a high 6.3% in May, unchanged from April

US futures point lower as investors await more consumer data

NEW YORK (AP) — U.S. futures pointed lower Thursday ahead of new consumer spending data that could provide clues as to how Americans may be paring back spending in the face of stubbornly high inflation. Futures for the Dow Jones industrials slipped 1.3% and futures for the...

Sweden’s central bank raises interest rate to hit inflation

COPENHAGEN, Denmark (AP) — Sweden’s central bank raised a key interest rate by half a percentage point Thursday to combat rapidly rising inflation and price increases that are spreading through the economy. Riksbanken said that it decided to raise the policy rate to 0.75% to try...

Asia stocks mixed after Wall St down, China manufacturing up

BEIJING (AP) — Asian stock markets were mixed Thursday after the U.S. economy contracted and China reported stronger factory activity. Shanghai and Hong Kong gained, while Tokyo and Seoul declined. Oil prices advanced. Wall Street's benchmark S&P 500 index edged...

Most say nation on wrong track, including Dems: AP-NORC poll

WASHINGTON (AP) — An overwhelming and growing majority of Americans say the U.S. is heading in the wrong direction, including nearly 8 in 10 Democrats, according to a new poll that finds deep pessimism about the economy plaguing President Joe Biden. Eighty-five percent of U.S....

Powell: 'No guarantee' Fed can tame inflation, spare jobs

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell said there's “no guarantee'' the central bank can tame runaway inflation without hurting the job market. Speaking Wednesday at a European Central Bank forum in Sintra, Portugal, Powell repeated his hope that the Fed can...

Fuel, transport subsidies help keep German inflation at 7.6%

BERLIN (AP) — Inflation in Germany eased slightly in June compared to the previous month, in part due to new subsidies that helped rein in the price of gasoline and public transport. Official figures released Wednesday show inflation hit 7.6% this month, down from 7.9% in May,...

US economy slipped 1.6% to start year; return to growth eyed

WASHINGTON (AP) — The U.S. economy shrank at a 1.6% annual pace in the first three months of the year, the government reported Wednesday in a slight downgrade from its previous estimate for January-March quarter. It was the first drop in gross domestic product — the broadest...