Biden signs major climate, health care legislation
The measure is expected to be paid for by new taxes on large companies and stepped-up IRS enforcement of wealthy individuals and entities, with additional funds going to reduce the federal deficit.
Inflation
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Delayed raises and renovations: Small businesses face new uncertainties
The percentage of small-business owners citing an increasingly uncertain economic outlook rose sharply in July, while overall optimism remains near historic lows, according to data released last week by the National Federation of Independent Business.
Experts: Inflation Reduction Act unlikely to have impact on inflation
The legislation, which is headed for final approval Friday in the House and will then be signed into law, won’t directly address some of the main drivers of surging prices—from gas and food to rents and restaurant meals.
U.S. wholesale inflation shows first month-to-month decline in 2 years
Inflation at the wholesale level still jumped 9.8% in July compared with a year earlier, suggesting that inflation will remain at painful levels for months to come.
U.S. inflation slows from a 40-year peak, but remains high
Wednesday’s report raised hopes that a modest slowdown in inflation might enable the Federal Reserve to raise short-term interest rates by less than had been anticipated when it meets in late September.
Postal Service to request rate increase due to inflation, DeJoy says
Inflation is going to add more than $1 billion to the U.S. Postal Service budget, necessitating a request for another rate increase in January, Postmaster General Louis DeJoy said Tuesday.
U.S. inflation likely to stay high even as gas prices fall
Thanks largely to falling gas prices, the government’s inflation report for July, to be released Wednesday morning, is expected to show a small slowdown from the 9.1% year-over-year figure in June, which was the highest in four decades.
Employment market shows signs of cooling amid rate hikes
Job openings have been edging lower since April as rising inflation tightens its grip on businesses and crimps consumer spending.
Inflation weighs on back-to-school buying for many families
This back-to-school shopping season, parents—particularly in the low to middle income bracket—are focusing on the basics while also trading down to cheaper stores amid surging inflation, which hit a new 40-year high in June.
Inflation, wage data suggest U.S. prices will keep climbing
An inflation gauge closely tracked by the Fed jumped 6.8% in June from a year ago, the government said Friday, the biggest such jump in four decades. Much of the increase was driven by energy and food.
U.S. consumer spending barely rose in June as inflation picked up
Businesses have already noticed changes in consumer behavior as inflation erodes workers’ discretionary incomes.
U.S. economy shrank 0.9% last quarter, its 2nd straight drop
The decline that the Commerce Department reported Thursday in the gross domestic product—the broadest gauge of the economy—followed a 1.6% annual drop from January through March.
Fed unleashes another big rate hike in bid to curb inflation
The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next.
Fed set to impose another big rate hike to fight inflation
When it ends its latest policy meeting Wednesday afternoon, the Fed is expected to impose a second consecutive three-quarter-point hike in its benchmark interest rate, raising it to a range of 2.25% to 2.5%.
Indiana House proposes larger, costlier taxpayer ‘refund’ plan
House and Senate Republicans in the Indiana General Assembly remain on a collision course over how to provide inflation relief for Hoosiers after committees from both chambers passed bills that take vastly different approaches.
Consumer goods giant Unilever hikes prices for products but expects strong sales
Unilever, which owns 400 consumer brands ranging from Ben & Jerry’s ice cream to Dove skin care, raised prices by more than 11% between April and June as inflation surged around the world.
Consumer confidence slides for third straight month in July
The Conference Board said Tuesday that its consumer confidence index fell largely due to consumer anxiety over the current economic conditions, particularly four-decade high inflation.
Walmart cuts profit outlook as shoppers adapt to inflation
Walmart’s move to lower its profit outlook in the middle of the quarter is rare and raised worries about how inflation, the highest in 40 years, is affecting the entire consumer sector.
Yellen downplays U.S. recession risk as economic reports loom
Treasury Secretary Janet Yellen spoke just before a slew of economic reports will be released this week that will shed light on an economy currently besieged by rampant inflation and threatened by higher interest rates.
More workers picking up extra jobs to pay for gas, food
While people taking on multiple jobs is typically a sign of a healthy job market where workers have more job opportunities available, it is also a sign of increasing financial strain on Americans’ pocketbooks.