Monday, May 23

Tag: inflation

Biden Launches Indo-Pacific Trade Deal, Warns Over Inflation | Business News
Business

Biden Launches Indo-Pacific Trade Deal, Warns Over Inflation | Business News

By JOSH BOAK and AAMER MADHANI, Associated PressTOKYO (AP) — President Joe Biden on Monday launched a new trade deal with 12 Indo-Pacific nations aimed at strengthening their economies as he warned Americans worried about high inflation that it was “going to be a haul” before they feel relief. The president said he does not believe an economic recession is inevitable in the U.S.Biden, speaking at a news conference after holding talks with Japan’s Prime Minister Fumio Kishida, acknowledged the U.S. economy has “problems” but said they were "less consequential than the rest of the world has.”He added: “This is going to be a haul. This is going to take some time," even as he rejected the idea a recession in the U.S. was inevitable.The comments came just before Biden's launch of the Indo-Pacif...
Asian Shares Bounce Back, Shrugging off Inflation Concerns | Business News
Business

Asian Shares Bounce Back, Shrugging off Inflation Concerns | Business News

By ELAINE KURTENBACH, AP Business WriterAsian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.The regional rally followed a mixed and muted close on Wall Street. Oil prices and U.S. futures also were higher.Investors are puzzling over what’s next with inflation and the U.S. central bank’s response to it. Trading has been volatile, with indexes prone to sharp swings as investors try to shield their portfolios from the impact of the highest inflation in decades.Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term, for the first time Thursday acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a re...
Americans are spending $100 more per month on gas than they were a year ago, expert says
Business

Americans are spending $100 more per month on gas than they were a year ago, expert says

The typical American is spending $100 more a month on gasoline now than they were a year ago, according to an expert at Moody's. Moody's Chief Economist Mark Zandi told CBS News that the rising prices along with inflation has long-term effects and is forcing families to save less for education, retirement or to buy a home.  "I do think the pandemic will fade, and I think the worst of the fallout of the Russian invasion of Ukraine on our economy is behind us. But it's not going to get back to what anybody would consider to be normal, very quickly," he said. Gas prices shot up 17 cents in a week. AAA reports that the national average cost of gasoline as of Tuesday is $4.37.  BURBANK, CALIFORNIA - APRIL 27: Gas prices are displayed at a 76 station on April 27, 2022 in ...
Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News
Business

Senate Confirms Powell for 2nd Term as Fed Fights Inflation | Business News

By CHRISTOPHER RUGABER, AP Economics WriterWASHINGTON (AP) — The Senate on Thursday confirmed Jerome Powell for a second four-year term as Federal Reserve chair, giving bipartisan backing to Powell's high-stakes efforts to curb the highest inflation in four decades.The 80-19 vote reflected broad support in Congress for the Fed's drive to combat surging prices through a series of sharp interest rate hikes that could extend well into next year. The Fed's goal is to slow borrowing and spending enough to ease the inflation pressures.Since February, when his first term expired, Powell had been leading the central bank in a temporary capacity.He faces a difficult and risky task in trying to quell inflation without weakening the economy so much as to cause a recession. The job market remains robu...
Stocks Stagger Higher After Mixed Report on April Inflation | Business News
Business

Stocks Stagger Higher After Mixed Report on April Inflation | Business News

By STAN CHOE, AP Business WriterNEW YORK (AP) — Stocks are stumbling mostly higher on Wall Street Wednesday after inflation slowed last month but still came in worse than feared.The S&P 500 was 0.4% higher after waffling between gains and losses in early trading. The Dow Jones Industrial Average was up 315 points, or 1%, at 32,480, as of 11:49 a.m. Eastern time, and the Nasdaq composite was 0.5% lower as tech stocks again lagged the market.Wall Street has been transfixed on the nation's high inflation, and where it's heading, because it's causing the Federal Reserve to yank the supports it propped under markets for most of the pandemic. The Fed has flipped aggressively toward raising interest rates after seeing high inflation last longer than it expected.Wednesday’s report from the U.S...
Asian Shares Mostly Fall as Rate Hikes, China Slowdown Loom | Business News
Business

Asian Shares Mostly Fall as Rate Hikes, China Slowdown Loom | Business News

By YURI KAGEYAMA, AP Business WriterTOKYO (AP) — Shares fell in most Asian markets on Monday as interest rate hikes and a slowing Chinese economy weighed on investor sentiment.Oil prices were higher and U.S. futures fell following sharp declines on Wall Street last week.Benchmarks declined across the region. Jakarta’s benchmark fell 4%.Market players were awaiting Chinese trade data for April for an indication on how severely restrictions to curb the spread of COVID-19 infections have hurt the economy.Political Cartoons“The global investment community is slowly waking up to the idea we have touted for a long time: That there is a post-COVID-recovery-euphoria ‘hangover,’ coupled with associated inflation and now a European war and fresh inflation impetus as well as the world’s biggest port ...
US Added 428,000 Jobs in April Despite Surging Inflation | Political News
Politics

US Added 428,000 Jobs in April Despite Surging Inflation | Political News

By PAUL WISEMAN, AP Economics WriterWASHINGTON (AP) — America’s employers added 428,000 jobs in April, extending a streak of solid hiring that has defied punishing inflation, chronic supply shortages, the Russian war against Ukraine and much higher borrowing costs.Friday’s jobs report from the Labor Department showed that last month’s hiring kept the unemployment rate at 3.6%, just above the lowest level in a half-century.The economy’s hiring gains have been strikingly consistent in the face of the worst inflation in four decades. Employers have added at least 400,000 jobs for 12 straight months.At the same time, the April job growth, along with steady wage gains, will help fuel consumer spending and likely keep the Federal Reserve on track to raise borrowing rates sharply to fight inflati...