Jul 28 WATCH: Biden downplays troubling economic report, focuses on measures to tame inflation By Josh Boak, Zeke Miller, Associated Press Republicans say Thursday's report showing the economy shrank for the second consecutive quarter is evidence of a "Biden recession." Biden pointed to near-record-low unemployment and signs of continued business investment in the economy. Continue reading
Jul 28 1st Trader Joe's union approved in Massachusetts By Mark Pratt, Associated Press Employees at a Trader Joe's supermarket in Massachusetts on Thursday became the latest workers at a major company to approve a labor union. The store in Hadley is the first Trader Joe's with an employees union. Continue reading
Jul 28 Watch 9:19 Senate agreement on climate change, health care revives Biden's legislative agenda Senate Democrats are lauding a deal on a spending package to reduce the deficit, lower health care costs, raise corporate taxes and combat climate change. It's a stunning development after more than a year of negotiations had failed to win… Continue watching
Jul 28 Watch 9:02 U.S. economy shrank for the second straight quarter, stoking fears of a recession New data out Thursday shows the U.S. economy shrank for the second straight quarter, raising concerns that the nation might be nearing, if not already in, a recession. The White House pushed back against that idea, pointing to strong job… Continue watching
Jul 28 Watch 4:16 News Wrap: House Democrats back bill to boost U.S. semiconductor industry In our news wrap Thursday, House Democrats back $280 billion bill to bolster the U.S. semiconductor industry, parts of Appalachia faced flash flooding after days of rain, the Pacific Northwest heat wave persists, Russian said there no agreement yet on… Continue watching
Jul 28 How to know when a recession has begun By Christopher Rugaber, Associated Press The U.S. economy has contracted for two straight quarters, intensifying fears that it is on the cusp of a recession, if not already in one, barely two years after the pandemic downturn officially ended. Continue reading
Jul 28 WATCH: Treasury Secretary Janet Yellen says 'our economy remains resilient' despite recession worries By Associated Press Treasury Secretary Janet Yellen says "our economy remains resilient" despite rising inflation and the worry about a recession. This comes as the U.S. economy shrank from April through June for a second straight quarter. Continue reading
Jul 28 House approves bill to boost computer chip industry By Kevin Freking, Associated Press The House has passed a $280 billion package to boost the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China. Continue reading
Jul 28 Labor market still considered strong after weeks of mixed jobless benefit numbers By Matt Ott, Associated Press Fewer Americans applied for jobless benefits last week, but the previous week’s number was revised upward significantly, with claims breaching the 250,000 level in back-to-back weeks for the first time in more than eight months. Continue reading
Jul 28 Average U.S. long-term mortgage rates fall slightly to 5.3 percent By Matt Ott, Associated Press Average long-term U.S. mortgage rates retreated this week just as the Federal Reserve announced another big rate hike in its bid to get four-decade high inflation under control. Continue reading