Oil refineries are making a fortune, but that’s not stopping them from closing
A White House desperate to bring down gas prices is having little success persuading refinery owners to expand operations, and more closures are imminent.
Economy
Articles
Crypto investors’ hot streak ends as harsh ‘winter’ descends
It’s a dizzying turn of events for investments and companies that at the start of 2022 seemed to be at their financial and cultural apex. The industry’s combined assets back then were estimated to be worth more than $3 trillion; today, they are worth less than a third of that. Maybe.
Yellen: Recession not inevitable, gas tax holiday weighed
Treasury Secretary Janet Yellen is offering a dose of optimism even as economists grow increasingly worried about a recession fueled by skyrocketing inflation.
Indiana unemployment rate holds steady in May at 2.2%
An estimated 73,911 Hoosiers are currently unemployed and seeking jobs, the state reported Friday. That’s down from 88,240 in December and 100,696 in November.
Recession fears grow as Dow closes below 30,000, mortgage rates spike
Financial markets shuddered Thursday as they adjusted to the Federal Reserve’s latest attempts to address inflation.
High gasoline prices crimping drivers’ spending at the pump
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
Fed’s aggressive rate hikes raise likelihood of recession
Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. And typically, that is a prescription for a recession.
Here’s how Fed’s rate increase could affect personal finances
The result of the rate hikes is increasingly higher borrowing costs as the Fed fights the most painfully high inflation in four decades and ends a decades-long era of historically low rates.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Biggest rate hike since last century expected as Fed tackles inflation
A series of sizable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession.
U.S. producer prices soar 10.8% as energy costs spike
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
Hot inflation dims likelihood Fed can achieve ‘soft landing’
The prospect that the Fed will accelerate its credit tightening, further raising borrowing costs for households and businesses, drove the stock market sharply lower Monday. The broad S&P 500 index fell into bear-market territory.
Several factors converging to push gasoline prices higher
There is little evidence that gasoline prices, which hit a record national average of $5 a gallon on Saturday, will drop anytime soon.
Stocks dive to another losing week as inflation worsens
The S&P 500 sank 2.9% to lock in its ninth losing week in the last 10, and tumbling bond prices sent Treasury yields to their highest levels in years.
U.S. consumer sentiment slumps to record low on inflation woes
As high prices leave less income for discretionary purchases, the risk to the economy is a more pronounced slowdown in consumer spending.
U.S. inflation rises again, hitting 40-year high of 8.6%
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May.
Weekly applications for U.S. jobless benefits rise by 27,000
More Americans applied for jobless aid last week, but the total number of Americans collecting unemployment remains at a five-decade low.
Empty wallets, empty tanks: Surging gas prices leave more drivers stranded
The incessant run-up in prices has motorists testing the limits of their fuel gauges: AAA fielded 50,787 out-of-gas calls in April, a 32% jump from the same month last year.
Worry about stagflation, a flashback to 1970s, begins to grow
Stagflation is the bitterest of pills: High inflation mixes with a weak job market to cause a toxic brew that punishes consumers and befuddles economists.
Treasury Secretary Yellen expects inflation to ‘remain high’
The Federal Reserve and Treasury Department have been increasingly blamed by legislators and the public for allowing inflation to reach record highs—notably an 8.3% leap in consumer prices over the past year.