Author: Christopher Rugaber
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Powell says ‘no decision’ on the Fed’s next move on rates
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WASHINGTON • Federal Reserve Chairman Jerome Powell stressed Wednesday that the central bank’s policymakers have yet to decide how large an interest rate hike to impose at its next meeting in two weeks in its drive to defeat high inflation. “If — and I stress that no decision has been made on this — if…
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Analysis: Inflation Reduction Act may have little impact on inflation
WASHINGTON • With inflation raging near its highest level in four decades, President Joe Biden on Tuesday signed into law his landmark Inflation Reduction Act. Its title raises a tantalizing question: Will the measure actually tame the price spikes that have inflicted hardships on American households? Economic analyses of the proposal suggest that the likely…
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Long-term jobless caught in a squeeze that imperils recovery
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WASHINGTON • This spring, Magdalena Valiente was expecting her best year as a Florida-based concert promoter. Now, she wonders if the career she built over three decades is over. Back in March, Valiente had been planning five tours for Latin Grammy winners Fonseca and Andrés Cepeda and more than 20 for Miami Latin pop band…
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Fed to help banks purchase muni bonds to keep credit flowing
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Fed will help banks purchase muni bonds The Federal Reserve said it would seek to hold down spiking interest rates in the state and municipal bond markets by supporting banks’ purchase of the bonds. The Fed said Friday that it would loan money to banks that banks would then use to purchase highly rated muni…
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US adds modest 136,000 jobs, lowering unemployment to 3.5%
WASHINGTON (AP) — U.S. employers added a modest 136,000 jobs in September, enough to help lower the unemployment rate to a new five-decade low of 3.5%. The figures show that hiring has slowed this year as the U.S.-China trade war has intensified, global growth has slowed and businesses have reduced their investment spending. Even so,…
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Trump pledges $16B to farmers to soften trade blow, and markets buckle
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President Donald Trump rolled out another $16 billion in aid for farmers hurt by his trade policies, and financial markets shook Thursday on the growing realization that the U.S. and China are far from settling a bitter, yearlong trade dispute. Financial markets slumped Thursday on heightened tensions between the U.S. and China. The Dow Jones…
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Federal shutdown hits businesses hard
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WASHINGTON (AP) — From power restaurants in Washington and a belt-buckle maker in Colorado to a brewery in California, businesses that count heavily on federal employees as customers are feeling the punishing effects of the government shutdown. In many cases, it’s forcing them to cut workers’ hours and buy less from suppliers — measures that…
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US retailers hope higher pay will buy more efficient workers
WASHINGTON — America’s retailers, struggling to fill jobs, have been raising pay to try to keep and attract enough employees. Now, some stores want something in return: A more efficient worker. To that end, retailers, fast food restaurants and other lower-wage employers are boosting investment in technology and redesigning stores. Walmart is automating its truck…
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White House intensifies confusion and fear on U.S.-China deal
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WASHINGTON • The Trump administration raised doubts Tuesday about the substance of a U.S.-China trade cease-fire, contributing to a broad stock market plunge and intensifying fears of a global economic slowdown. Investors had initially welcomed the truce that the administration said was reached over the weekend in Buenos Aires between Presidents Donald Trump and Xi…
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Scramble for holiday season workers already near fever pitch
WASHINGTON — Companies that depend on holiday season sales will need more workers at a time when the ranks of the unemployed have dwindled to their lowest level since the recession. Envisioning an even tougher struggle than in recent years, many are taking steps they’ve not tried before to recruit seasonal workers like offering higher…