Economy

Houston’s ABC affiliate reports: Major cuts appear to be coming for a huge Houston business. Chevron announced it’s planning to cut 20% of its workforce between now and the end of next year. The energy giant, which is headquartered in Houston, employs more than 40,000 people around the world, meaning cuts would be in the thousands. It’s unclear how many, …

The Associated Press reports: Egg prices hit a record high as the U.S. contends with an ongoing bird flu outbreak, but consumers didn’t need government figures released Wednesday to tell them eggs are terribly expensive and hard to find at times. The latest monthly consumer price index showed that the average price of a dozen Grade A eggs in U.S. …

CBS News reports: Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve’s push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The Consumer Price Index was forecast to rise 2.9% last month, according to economists polled by financial-data firm FactSet. The CPI, a basket of goods and …

The New York Times reports: Asian and European stock markets dropped on Monday as the global fallout from President Trump’s decision to impose tariffs on Mexico, Canada and China began. In the United States, shares were poised to open lower. Japan’s Nikkei 225 index and South Korea’s Kospi each fell more than 2.5 percent. The Taiwan Stock Exchange weighted index …

CNBC reports: Job growth was much stronger than expected in December, possibly providing the Federal Reserve less incentive to cut interest rates this year. Nonfarm payrolls surged by 256,000 for the month, up from 212,000 in November and above the 155,000 forecast from the Dow Jones consensus, the Bureau of Labor Statistics reported Friday. The unemployment rate edged down to …

The New York Times reports: In recent weeks, the bird flu outbreak has wiped out flocks of egg-laying hens, causing wholesale prices to surge just as many Americans are planning holiday recipes that call for more eggs, like cookies, eggnog and latkes. As of Thursday, the average wholesale price for a dozen eggs in the United States was up more …

The Wall Street Journal reports: The labor market remains in decent health. The latest nonfarm payrolls data shows 227,000 positions were created in November, topping expectations for 214,000 new jobs. Unemployment edged up to 4.2%, matching consensus forecasts. October’s figure, which was affected by hurricanes and strikes, was increased to 36,000 from an initial tally of 12,000, the Bureau of …

ABC News reports: The American economy expanded at a healthy 2.8% annual pace from July through September on strong consumer spending and a surge in exports, the government said Wednesday, leaving unchanged its initial estimate of third-quarter growth. U.S. gross domestic product — the economy’s output of goods and services — slowed from the April-July rate of 3%, the Commerce …

The Hill reports: Price increases have fallen to their lowest level in more than three years in the latest reading of the Federal Reserve’s preferred inflation gauge, strengthening the outlook for more interest rate cuts to come. The personal consumption expenditures (PCE) price index slid to a 2.1-percent annual increase in September, down from 2.3 percent in August and 2.5 …

The Washington Post reports: The U.S. economy continued its expansion in the third quarter, growing at an annualized rate of 2.8 percent, and offering a spurt of good news for Vice President Harris just days before the election. The latest gross domestic product report offers a snapshot of a robust economy that has remained steady following a 3 percent reading …

Reuters reports: Wall Street closed up on Monday, with both the S&P 500 and the Dow posting fresh record highs, as investors bought into technology stocks ahead of a busy week packed with corporate earnings and crucial economic data. On a somewhat subdued day for trading, given bond markets were shut due to the federal holiday, U.S. equities maintained the …

CNN reports: US job growth accelerated much more than anticipated last month, providing further reassurance for the ongoing stability of the labor market. Employers added an estimated 254,000 jobs in September, according to data released Friday by the Bureau of Labor Statistics. That’s a higher tally than August’s monthly total (which was upwardly revised to 159,000) and blows economists’ expectations …

CBS News reports: Thousands of dockworkers at ports from New England to Texas went on strike just after midnight on Tuesday as they rally for higher pay and more job security. The work stoppage, the first at East and Gulf Coast ports since 1977, follows a lengthy impasse in labor talks between the International Longshoremen’s Association (ILA) and the United …

CNN reports: More than 400 economists and former high-ranking US policymakers are endorsing Vice President Kamala Harris and her vision for the American economy, according to a document announcing the endorsement seen by CNN. The mass endorsement lands as Harris tries to erode former President Donald Trump’s lead on the economy, a critical issue that many Americans say could decide …

CBS News reports: The Federal Reserve on Wednesday said it is cutting its benchmark interest rate by 0.50 percentage points, marking the first reduction in four years and moving to ease borrowing costs as inflation-weary consumers are grappling with high rates on everything from mortgages to credit cards. It is the first drop in the federal funds rate — or …

The Washington Post reports: Inflation eased again in August, cementing expectations that the Federal Reserve is set to cut interest rates next week for the first time since the pandemic’s early days. Data released Wednesday by the Bureau of Labor Statistics showed prices climbed 2.5 percent in the 12 months ending in August. That was a noticeable improvement over the …

Yahoo Finance reports: The US economy added fewer jobs than expected in August while the unemployment ticked lower. Data from the Bureau of Labor Statistics released Friday showed the labor market added 142,000 nonfarm payroll jobs in August, fewer additions than the 165,000 expected by economists. Meanwhile, the unemployment rate fell to 4.2%, from 4.3% in July. August job additions …

The Washington Post reports: The Federal Reserve is ready to cut interest rates, confident that inflation is easing to normal levels and wary of any more slowing in the job market. “The time has come for policy to adjust,” Fed Chair Jerome H. Powell said Friday, in his most anticipated speech of the year. “The direction of travel is clear.” …

ABC News reports: Consumer prices rose 2.9% in July compared to a year ago, cooling slightly from the previous month and extending a monthslong slowdown of price increases. The fresh inflation reading is the lowest since March 2021. The consumer-price index lands just below the 3% rate that economists had expected. Inflation has slowed for five consecutive months, reversing a …

Yahoo Finance reports: The US economy grew at a faster than expected pace in the second quarter. The Bureau of Economic Analysis’s advance estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, well above the 2% growth expected by economists. The reading came in higher than first …