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Articles written by Christopher Rugaber

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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...

 

Fed keeps key rate near zero, sees inflation as 'transitory'

WASHINGTON (AP) — The Federal Reserve is keeping its ultra-low interest rate policies in place, a sign that it wants to see more evidence of a strengthening economic recovery before it would consider easing its support. In a statement Wednesday,...

 

Yellen calls for minimum global corporate income tax

WASHINGTON (AP) — U.S. Treasury Secretary Janet Yellen on Monday urged the adoption of a minimum global corporate income tax, an effort to at least partially offset any disadvantages that might arise from the Biden administration's proposed...

 

Yellen sees room for US to borrow, opens door to tax hike

WASHINGTON (AP) — Treasury Secretary Janet Yellen believes the U.S. government has more room to borrow, but said higher taxes would likely be required in the long run to finance future spending increases. Yellen appeared Wednesday before the...

 

Jump in hiring fuels optimism for US economic recovery

WASHINGTON (AP) — U.S. hiring accelerated more quickly than expected last month, evidence that a year after the pandemic took hold, the economy is strengthening as virus cases drop and vaccinations ramp up. A government report Friday showed that...

 

Fed's Powell: Recovery incomplete, high inflation unlikely

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell underscored the U.S. economy's ongoing weakness Tuesday in remarks that suggested that the Fed sees no need to alter its ultra-low interest rate policies anytime soon. "The economic recovery...

 

Powell stresses commitment to full employment and low rates

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell on Wednesday underscored the Fed's commitment to reducing unemployment to multi-decade lows, where it stood before the pandemic, while signaling little concern about the risk of potentially...

 

Fed keeps rate near zero but sees brighter economy in 2021

WASHINGTON (AP) — The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes "substantial" progress — a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely....

 

Retailers brace as virus bears down on consumers and economy

WASHINGTON (AP) — LaTonya Story is every retailer's worst fear. With the viral pandemic re-surging through the country and the economy under threat, Story has decided to slash her holiday shopping budget. She'll spend less than $2,000 this season,...

 

Mnuchin denies trying to hinder incoming administration

WASHINGTON (AP) — Treasury Secretary Steven Mnuchin denied that he is attempting to limit the choices President-elect Joe Biden will have to promote an economic recovery by ending several emergency loan programs being run by the Federal Reserve....

 

Unemployment drops to 6.9% and US adds a solid 638,000 jobs

WASHINGTON (AP) — The U.S. job market showed a burst of strength in October, with employers adding 638,000 jobs and the unemployment rate tumbling to 6.9%. Still, the pace of hiring isn't enough to rapidly soak up the millions of Americans who...

 

Blowout US economic growth in summer is already fading

WASHINGTON (AP) — Americans may feel whiplashed by a report Thursday on the economy's growth this summer, when an explosive rebound followed an epic collapse. The government will likely estimate that the economy grew faster on an annualized basis l...

 

Bleak outlook without stimulus: More layoffs, anemic growth

WASHINGTON (AP) — President Donald Trump's move Tuesday to cut off talks on another government aid package will further weaken an economy straining to recover from an epic collapse, economists say, and deepen the hardships for jobless Americans and...

 

Long-term jobless caught in a squeeze that imperils recovery

WASHINGTON (AP) — 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 busy planning three tours and...

 

Pre-election economy: Unemployment falls, but hiring slows

WASHINGTON (AP) — The final jobs report before Election Day a month from now showed hiring slowed in September even as the U.S. unemployment rate fell to 7.9% — a mixed result for President Donald Trump, who has staked his reelection in part on...

 

5 takeaways from NY Times report on Trump's tax returns

WASHINGTON (AP) — A New York Times report that President Donald Trump paid just $750 in federal income tax the year he entered the White House — and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed...

 

Zuckerberg says Facebook erred in not removing militia post

WASHINGTON (AP) — Facebook made a mistake in not removing a militia group's page earlier this week that called for armed civilians to enter Kenosha, Wisconsin, amid violent protests after police shot Jacob Blake, CEO Mark Zuckerberg says. The page...

 

How can Wall Street be so healthy when Main Street isn't?

NEW YORK (AP) — The stock market is not the economy. Rarely has that adage been as clear as it is now. An amazing, months long rally has put the S&P 500 back to where it was before the coronavirus slammed the U.S, even though millions of workers...

 

US retail sales rise for 3rd month but slowdown expected

WASHINGTON (AP) — Americans increased their spending at retail stores and restaurants in July for a third straight month, but some evidence suggests that sales are weakening with the expiration of government rescue aid that had previously put more...

 

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