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US Inflation Will Be More Sustained, Driven by Consumers
WASHINGTON (AP) — U.S. inflation is showing signs of entering a more stubborn stage likely to require drastic action by the Federal Reserve. It’s a shift that has panicked financial markets and heightened the risk of a recession. But underlying inflation indicators are actually worsening. And the factors behind inflation near a 40-year high continue to evolve, making it harder for the Fed to control.
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US wholesale price inflation eased in August, still high at 8.7%
WASHINGTON (AP) — Inflation at the wholesale level rose 8.7% year-on-year in August. The government also said the producer price index, which measures inflation before it reaches consumers, fell by 0.1 per cent from July to August, the second consecutive month of declines. But the better numbers largely reflect a sharp drop in gas prices and don’t necessarily point to a broader slowdown in inflation. On Tuesday, the government reported that consumer inflation was rampant in much of his August economy.
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1 rail union rejects deal, 2 rail unions agree before strike deadline
OMAHA, Nebraska (AP) — Members of one union have rejected a tentative agreement with the nation’s largest freight railroad, but two ratified agreements and three other unions have reached a nationwide strike deadline. remained at the negotiating table just days before. The strike will exacerbate disruptions to domestic supply chains that have contributed to rising prices. However, the IAM has agreed to postpone the strike by its members until Sept. 29 in order to give more time for negotiations and allow other unions to vote. and the remaining long-distance trains will stop on Thursday before the strike deadline.
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Stocks could record small gains after wobbly day
NEW YORK (AP) — The stock market on Wall Street ended modestly higher after a day of alternating between gains and losses. The preliminary deal comes a day after the worst market selloff in two years, sparked by fears that rising interest rates could trigger a recession. The S&P 500 rose 0.3% on Wednesday. The Dow Jones Industrial Average rose slightly and the Nasdaq Composite was up about three quarters. Reports on inflation at the wholesale level show that prices are still rising rapidly. This reflects the previous day’s report on inflation at the consumer level.
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California sues Amazon for antitrust violations
NEW YORK (AP) — The state of California is suing Amazon, accusing the company of violating state antitrust and unfair competition laws. According to the state, Amazon has practiced stifling competition and encouraging sellers to keep prices high for items on other sites. In an 84-page lawsuit filed in San Francisco Superior Court on Wednesday, the California Attorney General’s office said Seattle-based Amazon is trying to sue sellers elsewhere through contractual clauses that undermine the competitiveness of other retailers. It has effectively banned the sale of goods at low prices. The lawsuit mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district court judge earlier this year. That decision is being appealed.
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Agency admits nearly $190 million bid from offshore oil lease sales
NEW ORLEANS (AP) — The Biden administration accepted a bid of about $190 million from an offshore oil and gas lease sale held almost a year ago, but it was rejected by a federal judge. Wednesday’s action by the Ocean Energy Management Agency was required under the climate bill signed in August, disappointing environmentalists and being hailed by industry. It has required the agency to schedule three sales pending by Dec. 31. 19 months plus an act of Congress. “
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EU court largely upholds $4 billion Google Android antitrust fine
LONDON (AP) — One of the European Union’s Supreme Courts has largely upheld a huge fine imposed on Google by block antitrust enforcers in 2018 over its Android mobile operating system. The General Court of the European Court of Justice on Wednesday nearly confirmed the European Commission’s decision to fine Google more than 4 billion euros for her stifling competition with Android’s dominance. The court said Google deserved to fine him €4.125 billion.
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‘Car lover’ Biden touts electric car at Detroit auto show
DETROIT (AP) — President Joe Biden spent a good portion of Wednesday’s day showcasing his administration’s efforts to promote electric vehicles at the Detroit Auto Show. A self-proclaimed “car guy” who owns a Corvette Stingray in 2004. He gets behind the wheel of a swanky new Corvette at the show, amid jokes that he might return to Washington. He announced approval of the first $900 million infrastructure fund to build EV chargers across 53,000 miles of national highway.
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The S&P 500 was up 13.32 points (0.3%) to 3,946.01. The Dow Jones Industrial Average rose 30.12 points (0.1%) to 31,135.09. The Nasdaq rose 86.10 points, or 0.7%, to 11,719.68. The Russell 2000 index for small businesses rose 6.89 points, or 0.4%, to 1,838.46.
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