Economy Archives

With strike looming, progress is reported in talks between Eastern and Gulf ports and dockworkers

NEW YORK (AP) — The union for 45,000 dockworkers and the group representing East and Gulf Coast ports have exchanged wage offers, leaving a ray of hope that a deal can be reached without a major work stoppage. In a statement Monday, the U.S. Maritime Alliance, which represents 36 ports from Maine to Texas, said that both sides have moved from their previous positions. The Alliance said it also asked the union to extend the current contract. The International Longshoremen’s Association is threatening to strike at 12:01 a.m. Tuesday in a move that could silence ports that handle about half the ship cargo coming in and going out of the U.S. towards a contract agreement.… Continue Reading

Fed Chair Powell says the US economy is in ‘solid shape’ with more rate cuts coming

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell has signaled that more rate cuts are in the pipeline, though their size and speed will depend on the evolution of the economy. At their last meeting, Fed officials penciled in two more quarter-point rate cuts to be made at the central bank’s final meetings this year. In remarks Monday before the National Association for Business Economics in Nashville, Tennessee, Powell said the economy and hiring are largely healthy. He emphasized that the Fed is recalibrating its key interest rate, which is now at about 4.8%.… Continue Reading

Trump listens during a farming event in rural Pennsylvania, then threatens John Deere with tariffs

SMITHTON, Pa. (AP) — Donald Trump sat in a large barn in rural Pennsylvania as farmers expressed concerns about losing their way of life, asking questions and offering jokes but mostly just listening. His event Monday offered a softer side of Trump markedly different than his usual campaign style built on wordy, gleefully bombastic speeches. He shared long tables with a small group of farmers and flanked by large green tractors and a sign declaring “Protect our food from China” in Smithton, southeast of Pittsburgh. There, Trump let others do most of the talking, even though he spent some time decrying his opponent in November, Vice President Kamala Harris.… Continue Reading

NC State economist Dr. Michael Walden discusses AI’s economic impact and potential disruptions

RALEIGH, N.C. (WPTF) — Artificial intelligence has the potential to make our jobs easier and significantly boost productivity and spur economic growth as well as disrupt the labor market and increase income inequality, according to North Carolina State University economist Dr. Michael Walden. He discussed both the opportunities and challenges that AI presents – especially for workers and industries in North Carolina – during a recent episode of Carolina Newsmakers, hosted by Don Curtis. Walden acknowledged that AI has the potential to benefit both businesses and consumers alike.… Continue Reading

Stock market today: Wall Street closes its record-setting week mixed as FedEx slumps and Nike jumps

NEW YORK (AP) — U.S. stocks drifted around their all-time highs, as a record-setting week for Wall Street closed on a quieter note. The S&P 500 edged down by 0.2% from its record on Friday, and the Nasdaq composite fell 0.4%. The Dow Jones Industrial Average, meanwhile, added 38 points, or 0.1%, to its all-time high set on Thursday. FedEx dragged on the market after its profit and revenue for the latest quarter fell short of analysts’ expectations. Nike helped limit the market’s losses and jumped after naming a new chief executive officer. Treasury yields ticked higher.… Continue Reading

Wall Street soars to records as Dow leaps 500 in a rate-cut rally that swept the world

NEW YORK (AP) — Wall Street leapt to record highs as delayed jubilation swept across markets worldwide following the Federal Reserve’s big cut to interest rates. The S&P 500 jumped 1.7% Thursday, beating the all-time closing high it set in July. The Dow Jones Industrial Average rose 1.3%, also a record, and the Nasdaq composite climbed 2.5%. The gains followed rallies for markets across Europe and Asia. Some reports on the U.S. economy helped bolster hopes that it can manage to avoid a recession as the Fed continues to cut interest rates now that inflation is receding.… Continue Reading

Stock market today: Most of Wall Street edges lower after Fed delivers a big cut to rates

NEW YORK (AP) — Wall Street is hanging near its records after the Federal Reserve kicked off its efforts to prevent a recession with a bigger-than-usual cut to interest rates. The S&P 500 was 0.2% higher in afternoon trading Wednesday, within 0.3% of the all-time closing high it set in July. The Dow Jones Industrial Average was up 85 points, or 0.2%, slightly above the record it set on Monday. The Nasdaq composite added 0.5%. The momentous move by the Fed eases the brakes off the economy by lowering the cost of borrowing money. It also gives a boost to prices for all kinds of investments.… Continue Reading

Federal Reserve signals end to inflation fight with a sizable half-point rate cut

WASHINGTON (AP) — The Federal Reserve cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for consumers. The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote. The policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. They envision four more rate cuts in 2025 and two in 2026.… Continue Reading

Stock market today: Wall Street stays stuck in place as it counts down to a rate cut

NEW YORK (AP) — U.S. stock indexes remained stuck in place as Wall Street made few big moves ahead of what’s expected to be the first cut to interest rates in more than four years. The S&P 500 edged up by less than 0.1% Tuesday. It remains 0.6% below its all-time closing high set in July, and it briefly rose above that mark during the morning. The Dow Jones Industrial Average slipped less than 0.1% from its own record set the day before, while the Nasdaq composite edged up by 0.2%. Treasury yields rose ahead of Wednesday’s announcement by the Federal Reserve on where it’s taking interest rates.… Continue Reading