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Articles written by Christopher Rugaber

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US inflation at new 40-year high as price increases spread

WASHINGTON (AP) — The prices of gas, food and most other goods and services jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6% last month from a year...

 

Biden plots inflation fight with Fed chair as nation worries

WASHINGTON (AP) — Focused on relentlessly rising prices, President Joe Biden plotted inflation-fighting strategy Tuesday with the chairman of the Federal Reserve, with the fate of the economy and his own political prospects increasingly dependent...

 

EXPLAINER: Recession fears grow. But how high is the risk?

WASHINGTON (AP) — Inflation is at a 40-year high. Stock prices are sinking. The Federal Reserve is making borrowing much costlier. And the economy actually shrank in the first three months of this year. Is the United States at risk of enduring...

 

How higher Fed rates stand to affect Americans' finances

WASHINGTON (AP) — Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point...

 

How higher Fed rates stand to affect Americans' finances

WASHINGTON (AP) — Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point...

 

A key inflation gauge jumped 6.6% in March, most since 1982

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve surged 6.6% in March compared with a year ago, the highest 12-month jump in four decades and further evidence that spiking prices are pressuring household budgets and the...

 

A key inflation gauge sets 40-year high as gas and food soar

WASHINGTON (AP) — An inflation gauge that is closely monitored by the Federal Reserve jumped 6.4% in February compared with a year ago, with sharply higher prices for food, gasoline and other necessities squeezing Americans' finances. The figure...

 

US job openings, quitting at near record high in February

WASHINGTON (AP) — Job openings hovered at a near-record level in February, little changed from the previous month, continuing a trend that Federal Reserve officials see as a driver of inflation. There were 11.3 million available jobs last month, ma...

 

Embattled Federal Reserve pick Raskin withdraws nomination

WASHINGTON (AP) — Sarah Bloom Raskin withdrew her nomination Tuesday to a position on the Federal Reserve's Board of Governors after a key Democrat had joined with all Senate Republicans to oppose her confirmation. West Virginia Sen. Joe Manchin...

 

Fed begins inflation fight with key rate hike, more to come

WASHINGTON (AP) — The Federal Reserve launched a high-risk effort Wednesday to tame the worst inflation since the early 1980s, raising its benchmark short-term interest rate and signaling up to six additional rate hikes this year. The Fed's...

 

Biden to keep Powell as Fed chair, Brainard gets vice chair

WASHINGTON (AP) — President Joe Biden said Monday he is nominating Jerome Powell for a second four-year term as Federal Reserve chair, endorsing his stewardship of the economy through a brutal pandemic recession in which the Fed's ultra-low rate...

 

Defying inflation, Americans ramped up spending last month

WASHINGTON (AP) — Many Americans have taken a darker view of the economy as inflation has worsened. Yet so far, they appear no less willing to spend freely at retailers — an encouraging sign for the crucial holiday shopping season. Buoyed by...

 

Heavy burden for consumers as holidays near: Soaring prices

WASHINGTON (AP) — A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.2%...

 

Latest exit from Fed's board gives Biden three slots to fill

WASHINGTON (AP) — Randal Quarles announced Monday that he will resign from the Federal Reserve's Board of Governors at the end of the year after completing a four-year term as its top bank regulator, opening up another vacancy on the Fed's...

 

Fed pulls back economic aid in face of rising uncertainties

WASHINGTON (AP) — If you find the current economy a bit confusing, don't worry: So does the nation's top economic official, Federal Reserve Chair Jerome Powell. At a highly anticipated news conference Wednesday, Powell said the Fed was sticking by...

 

Fed to start reining in economic aid as inflation risk rises

WASHINGTON (AP) — With inflation at its highest point in three decades, the Federal Reserve is set this week to begin winding down the extraordinary stimulus it has given the economy since the pandemic recession struck early last year, a process...

 

3 US-based economists win Nobel for research on wages, jobs

STOCKHOLM (AP) — A U.S.-based economist won the Nobel prize in economics Monday for pioneering research that transformed widely held ideas about the labor force, showing how an increase in the minimum wage doesn't hinder hiring and immigrants...

 

Delta variant and worker shortage keep a lid on job growth

WASHINGTON (AP) — U.S. employers added just 194,000 jobs in September, a second straight tepid gain and evidence that the pandemic has kept its grip on the economy, with many companies struggling to fill millions of open jobs. Friday's report from...

 

US hiring slows as delta variant weakens travel and tourism

WASHINGTON (AP) — America's employers added just 235,000 jobs in August, a surprisingly weak gain after two months of robust hiring and the clearest sign to date that the delta variant's spread has discouraged some people from flying, shopping and...

 

Powell: Fed on track to slow aid for economy later this year

WASHINGTON (AP) — The Federal Reserve will start dialing back its ultra-low-rate policies this year as long as hiring continues to improve, Chair Jerome Powell said Friday, signaling the beginning of the end of the Fed's extraordinary response to...

 

A dozen years after last minimum wage hike, is $15 new norm?

WASHINGTON (AP) — The signs and banners are dotted along suburban commercial strips and hanging in shop windows and restaurants, evidence of a new desperation among America's service-industry employers: "Now Hiring, $15 an hour." It is hardly the...

 

US consumer prices surge in June by the most since 2008

WASHINGTON (AP) — Prices for U.S. consumers jumped in June by the most in 13 years, evidence that a swift rebound in spending has run up against widespread supply shortages that have escalated the costs of many goods and services. Tuesday's report...

 

Powell says inflation, though elevated, will likely moderate

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell suggested Wednesday that inflation, which has been surging as the recovery strengthens, "will likely remain elevated in coming months" before "moderating." At the same time, Powell signaled no...

 

Fed sees earlier time frame for rate hikes with inflation up

WASHINGTON (AP) — The Federal Reserve signaled Wednesday that it may act sooner than previously planned to start dialing back the low-interest-rate policies that have helped fuel a swift rebound from the pandemic recession but have also coincided...

 

US jobless claims fall again as some states end federal aid

WASHINGTON (AP) — Fewer Americans sought unemployment aid last week — the latest encouraging sign for the rebounding U.S. economy — just as Republican-led states are moving to cut off a federal benefit for the jobless. Twenty-two states, from...

 

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