US applications for jobless claims inch back down as companies hold on to their employees

US applications for jobless claims inch back down as companies hold on to their employees

U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year. The number of Americans applying for jobless benefits last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday. The four-week moving average of claims, which evens out some of the weekly volatility, rose by 250 to 237,500. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve,…
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Surprisingly durable US economy poses key question: Are we facing higher-for-longer interest rates?

Surprisingly durable US economy poses key question: Are we facing higher-for-longer interest rates?

By Christopher Rugaber/The Associated Press WASHINGTON (AP) — A year ago, Chair Jerome Powell delivered a stark warning: To fight persistently high inflation, the Federal Reserve would continue to sharply raise interest rates, bringing "some pain" in the form of job losses and weaker economic growth. Since Powell spoke at last summer's annual conference of central bankers in Jackson Hole, Wyoming, the Fed has followed through, raising its benchmark rate to 5.4%, its highest level in 22 years. Substantially higher loan rates have followed, making it harder for Americans to afford a home or a car or for businesses to…
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Biden issues an executive order restricting US investments in Chinese technology

Biden issues an executive order restricting US investments in Chinese technology

By Josh Boak/The Associated Press WASHINGTON (AP) — President Joe Biden signed an executive order Wednesday to block and regulate high-tech U.S.-based investments going toward China — a move the administration said was targeted but it also reflected an intensifying competition between the world's two biggest powers. The order covers advanced computer chips, micro electronics, quantum information technologies and artificial intelligence. Senior administration officials said that the effort stemmed from national security goals rather than economic interests, and that the categories it covered were intentionally narrow in scope. The order seeks to blunt China's ability to use U.S. investments in…
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Amid national economic anxiety, new report projects poor fiscal outlook for New York

Amid national economic anxiety, new report projects poor fiscal outlook for New York

During a time of economic anxiety, a new state report released on Tuesday projects a multi-billion state budget gap, largely due projected declines in revenue from a weaker economy, stock market volatility and increases in spending.  DiNapoli’s report found this year’s state budget has a projected budget gap of $36.4 billion through fiscal year 2026-27.  “The state’s fiscal outlook has changed considerably over the past year, and significant economic and fiscal risks could further upend the state’s finances,” DiNapoli, a Democrat said in a statement. “The Governor and the Legislature prudently increased New York’s reserve funds, but that cannot replace…
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