Tag: <span>Economy</span>

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Sales of Previously Owned Homes Fall to an Almost Two-Year Low

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Sales of previously owned U.S. homes fell for a fourth month in May, receding to the lowest level in nearly two years and underscoring how high prices and a surge in mortgage rates have stifled demand..

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Abbott Baby Formula Factory Halts Production Again After Being Hit by Severe Storms

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Severe weather has forced Abbott Nutrition to pause production at a Michigan baby formula factory that had just restarted after being closed for several months, contributing to a national shortage.

P..

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Fed Attacks Inflation With Largest Rate Hike Since 1994

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(WASHINGTON) — The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate by three-quarters of a point — its largest hike in nearly three decades — ..

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Federal Reserve Chair Jerome Powell Facing Grim Choice Between Elevated Inflation and Recession

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Federal Reserve Chair Jerome Powell is facing an increasingly grim calculus after yet another hot inflation reading last week: He probably has to push the economy into recession in order to regain con..

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Average U.S. Gas Price Hits $5 Per Gallon for First Time

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NEW YORK (AP) — The nationwide average price for a gallon of gasoline has topped $5 for the first time ever.

Auto club AAA said the average price on Saturday was $5.00. Motorists in some parts of the..

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U.S. Inflation Unexpectedly Accelerates to a 40-Year High of 8.6%

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Inflation hit a fresh 40-year high in May in a broad advance, raising prospects that Federal Reserve will keep hiking interest rates aggressively for longer.

The consumer price index increased 8.6% f..

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Biden to Kimmel: Voters Can Make Midterms About Gun Control

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Jimmy Kimmel had trouble hiding his frustration on Wednesday as he spoke with the most powerful man in the free world about why he couldn’t get anything done on guns.

The comedian and late-night host..

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Shock of War Threatens Lasting Impact on Global Economy

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The world economy will pay a “hefty price” for the war in Ukraine encompassing weaker growth, stronger inflation and potentially long-lasting damage to supply chains, the Organisation for Economic Co-..

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The Strange Coalition in Congress Poised to Score a Major Win Against Big Tech

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Congress doesn’t get much done these days, but one major piece of legislation stands a good chance of becoming law thanks to a bizarre coalition that includes virtually every Democrat not from Califor..

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Signs Are Pointing to a Slowdown in the Housing Market—At Last

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Just about everyone agrees that the reason home prices have shot up 34% in the last two years is that there is a lot of demand for housing, but not enough supply.

But the U.S. may be at a crucial jun..