Inflation
If the United Auto Workers strike isn’t settled soon, consumers will see higher prices for new cars — and not just the ones from Detroit.
Stocks rose on Wall Street after a blizzard of reports suggested the U.S. economy is still humming, though inflation may be too. The S&P 500 climbed 0.8% Thursday.
The European Central Bank has hiked its key interest rate to a record high. It’s pressing forward in its fight against stubbornly high inflation that’s been plaguing consumers, even as worries grow that higher borrowing costs could help push the economy into recession.
The rapid depreciation of the Argentine currency and one of the world’s highest inflation rates has made it difficult for Argentines to make ends meet.
Consumer prices in Argentina have soared 12.4% in August, compared to the previous month, a number that puts the government on the defensive a little more than a month before presidential elections in which a right-wing populist who admires Donald Trump appears the favorite to win.
Shares are mostly higher in Asia after a highly anticipated report showed inflation accelerated across the U.S. in August, but not by much more than expected.
Inflation jumped last month largely because of a spike in gas prices, while other costs rose more slowly, suggesting price pressures are easing at a gradual pace.
Georgia’s governor is suspending state taxes on gasoline and diesel fuel. Gov. Brian Kemp declared a legal emergency over higher prices in a Tuesday executive order.
Shares have declined in Asia after falling on Wall Street ahead of a highly anticipated report on U.S. inflation due later in the day. Oil prices were little changed.
The Labor Department releases its August snapshot of U.S. consumer prices Wednesday. The Commerce Department delivers its monthly tally of retail sales Thursday.
JetBlue Airways is making another move to try to save its proposed purchase of Spirit Airlines. JetBlue said Monday it reached a deal to turn over Spirit’s gates at airports in Boston and Newark, New Jersey, to low-cost carrier Allegiant.
Europe’s economic outlook just took a turn for the worse. The European Union’s executive commission on Monday cut its forecast because high inflation is still discouraging consumers from spending money.
Asian shares are mostly lower despite a Big Tech rally on Wall Street, as investors look ahead to data on U.S. consumer prices set for later in the week.
The governor of Poland’s central bank says its large interest rate cut is justified despite high inflation because prices are stabilizing and the era of high inflation is ending.
A top government official says Turkish President Recep Tayyip Erdogan supports his new economic team’s plan to increase interest rates to lower the country’s soaring inflation.
Poland’s central bank has lowered its interest rates by 75 basis points despite the country’s double-digit inflation rate.
Shares are mostly lower in Asia after a decline on Wall Street as traders returned from a long holiday weekend.
The Federal Reserve has reached a delicate stage in its fight against inflation. Its policymakers have raised their key interest rate to its highest level in 22 years.
An inflation gauge closely tracked by the Federal Reserve remained low last month, adding to signs of cooling price increases and raising the likelihood that the Fed will leave interest rates unchanged when it next meets in late September.
New numbers show annual inflation held steady in Europe in August. Food prices raced ahead of falling fuel costs, but there was no clarity about whether the European Central Bank can pause its record series of interest rate hikes.
The U.S. economy expanded at a 2.1% annual pace from April through June, showing continued resilience in the face of higher borrowing costs for consumers and businesses, the government said in a downgrade from its initial estimate.
The Austrian government has presented a series of measures meant to counter the impact of inflation.
Asian stock markets are mostly lower after Japanese factory activity and Chinese service industry growth weakened. Shanghai, Hong Kong and Seoul declined. Tokyo gained.
Businesses posted far fewer open jobs in July and the number of Americans quitting their jobs fell sharply for the second straight month, clear signs that the labor market is cooling in a way that could reduce inflation.
American consumers are feeling less confident as summer comes to a close as high prices and interest rates weigh on their willingness to spend.
Asian shares mostly rose Tuesday as markets shift their attention from the U.S. Federal Reserve to earnings and economic reports.
Rising trade barriers. Aging populations. A transition from carbon-spewing fossil fuels to renewable energy.
Interest rates in the European Union will need to stay high “as long as necessary” to slow still-high inflation, Christine Lagarde, president of the European Central Bank, said Friday.
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
Americans didn’t let persistent inflation and lingering worries about a recession cut into summer spending on eating and drinking out.
As Powell and other central bankers return to Jackson Hole this week, the economy’s resilience has thrust a new set of questions at the Fed: Is its key rate high enough to slow growth and cool inflation?