Alexa

Yellen nomination as Treasury secretary clears committee

WASHINGTON (AP) — The Senate Finance Committee approved President Joe Biden’s nomination of Janet Yellen to be the nation’s 78th Treasury secretary on Friday, and supporters said they hoped to get the...

Existing home sales rise in 2020 to highest in 14 years

WASHINGTON (AP) — Sales of existing homes rose 0.7% in December, pushing the entirety of 2020 to a pace not seen in 14 years and providing one of the few bright spots for a U.S. economy mired in a glo...

US home construction jumps 5.8% in December to 1.67 million

WASHINGTON (AP) — U.S. home construction jumped 5.8% in December to 1.67 million units, ending a strong year for home building. The better-than-expected gain followed an increase of ...

Yellen urges Congress to do more to fight pandemic recession

WASHINGTON (AP) — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too g...

December wholesale prices up 0.3% with sharp jump in energy

WASHINGTON (AP) — U.S. wholesale prices rose 0.3% in December led by a the biggest jump in energy costs since June. The Labor Department reported Friday that the gain in its producer...

US budget deficit up 60.7% in first 3 months of budget year

WASHINGTON (AP) — The U.S. government's deficit in the first three months of the budget year was a record-breaking $572.9 billion, 60.7% higher than the same period a year ago, as spending to deal wit...

Fed survey finds economy slowing in some areas of country

WASHINGTON (AP) — A Federal Reserve survey of U.S. business conditions has found modest economic gains at the start of the year, although some parts of the country saw slowdowns stemming from a renewe...

Consumer prices up 0.4% in December led by higher gas prices

WASHINGTON (AP) — U.S. consumer prices rose 0.4% in December, led by a sharp rise in gasoline prices. The Labor Department said Wednesday that the December increase followed a 0.2% r...

US consumer credit up 4.4% in November, best in 5 months

WASHINGTON (AP) — U.S. consumer borrowing rose 4.4% in November, its strongest showing in five months, led by strong gains in auto and student loans that offset a drop in credit card borrowing. ...

Fed transcripts show doubts about need for 2015 rate hike

WASHINGTON (AP) — Newly released transcripts show that many Federal Reserve officials had concerns in late 2015 over whether they were making a mistake in raising a key interest rate for the first tim...

US trade deficit jumps to $68.1 billion in November

WASHINGTON (AP) — The U.S. trade deficit jumped to $68.1 billion in November as a surge in imports overwhelmed a smaller increase in exports. The November gap between what America bu...

Fed supported advance notice before changing bond purchases

WASHINGTON (AP) — Federal Reserve officials last month supported providing advance notice before the central bank makes changes to its $120 billion in monthly bond purchases. The min...

World Bank sees subdued recovery in 2021 and plenty of risk

WASHINGTON (AP) — The global economy will experience a subdued recovery this year from the devastating pandemic, the World Bank predicted Tuesday, but it warned that the near-term outlook is highly un...

US factories grew in December at fastest pace since mid-2018

WASHINGTON (AP) — American factories grew in December at the fastest pace in more than two years as manufacturing continued to weather the pandemic better than the battered services sector. ...

US construction spending increases solid 0.9% in November

WASHINGTON (AP) — Spending on U.S. construction projects increased 0.9% in November as strength in home building offset weakness in other parts of the construction industry. The Nove...