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Fed Raises Interest Rates Half a Point to Highest Level in 15 Years
The Federal Reserve raised its benchmark interest rate to the highest level in 15 years, indicating the fight against inflation is not over yet.
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Consumer Prices Rose Less Than Expected in November, Up 7.1% From a Year Ago
The consumer price index was expected to increase 0.3% in November, according to Dow Jones estimates.
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Wholesale Prices Rose 0.3% in November, More Than Expected, Despite Hopes That Inflation Is Cooling
The producer price index, a measure of what companies get for their products in the pipeline, increased 0.3% for the month and 7.4% from a year ago.
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Payrolls and Wages Blow Past Expectations, Flying in the Face of Fed Rate Hikes
Nonfarm payrolls were expected to increase by 200,000 in November, according to Dow Jones estimates.
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Senate Moves to Avert Rail Strike Amid Dire Warnings
The Senate moved quickly Thursday to avert a rail strike that the Biden administration and business leaders warned would have had devastating consequences for the nation’s economy.
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Shopper Turnout Hit Record High Over Black Friday Weekend, Retail Trade Group Says
A record number of holiday shoppers turned out from Thanksgiving Day to Cyber Monday, according to the National Retail Federation.
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Consumers Will Pay the Price If Rail Industry and Unions Can't Agree on Labor Deal
From cars to gas to groceries and holiday shopping, consumers could see higher prices and shortages of some of their favorite products if rail workers walk out next month.
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US Supply Chain Under Threat After Rail Union Rejects Deal and Freight Strike Looms
Railroad conductors rejected the contract, which must be approved by all 12 rail unions to prevent a strike that could cripple supply chains.
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Some Economists Say Companies Are Using ‘Cover of Inflation' to Excessively Hike Prices
Many companies have posted record profits since the pandemic. But executives have also talked openly in earnings calls about raising prices because they can, and then publicly claiming the increases were due to inflation.
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U.S. Payrolls Surged by 261,000 in October, Better Than Expected as Hiring Remains Strong
Nonfarm payrolls were expected to increase by 205,000 in October, according to Dow Jones estimates.
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Here's What the Federal Reserve's Fourth 0.75 Percentage Point Interest Rate Hike Means for You
Here’s how your mortgage, credit card, car loan, student debt and savings could be affected by the latest major Fed rate hike.
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Biden Paints Oil Firms as War Profiteers, Talks Windfall Tax
President Joe Biden is raising the possibility of imposing a windfall tax on oil companies if they don’t boost domestic production. This comes as his administration aims to combat high gas prices just days before the midterm elections. Biden in brief remarks on Monday accused energy companies of “war profiteering” by making record-setting profits amid the ongoing war in Ukraine....
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Oil Giants Rake in Record Profits Amid High Gas and Energy Prices
Oil companies brought in staggering profits once again as consumers worldwide struggled with high gasoline and energy prices.
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Auto Prices Finally Begin to Creep Down From Inflated Highs
Average prices on new and used vehicles have begun easing from their record highs, and more vehicles have become available at dealerships.
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Biden Vows ‘Consequences' for Saudi Arabia After Oil Production Cuts
Biden said in a CNN interview Tuesday that he was weighing action against the Saudis but declined to detail potential next steps.
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Dow Drops Nearly 500 Points to Close at New Low for 2022 on Rising Recession Fears
Stocks tumbled on Friday to cap a brutal week for financial markets, as surging interest rates and foreign currency turmoil heightened recession fear.
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1 Rail Union Rejects Deal, 2 Accept Ahead of Strike Deadline
Members of one union have rejected a tentative deal with the largest U.S. freight railroads, while two ratified agreements and three other unions remained at the bargaining table just days ahead of a national strike deadline. A strike would intensify snarls in the nation’s supply chain that have contributed to rising prices. But the IAM agreed to delay any strike...
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Dow Tumbles 1,200 Points for Worst Day Since June 2020 After Hot Inflation Report
The stock market came under pressure after the consumer price index report for August showed higher-than-expected inflation.
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Americans Splurge on Beauty, Despite Pullbacks Elsewhere
Americans are splurging on beauty as they tighten their budgets elsewhere. According to market research company IRI, sales of eye, face and lip makeup has gone up across stores.
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Target's Earnings Take a Huge Hit as Retailer Sells Off Unwanted Inventory
The big-box retailer cut its profit outlook in June, saying it would take a hit as it marked down unwanted goods and canceled merchandise orders.