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Biden, Republicans Fight Over Impact of Democrats’ Economic Plan
WASHINGTON (AP) — Democrats are calling it the “Inflation Reduction Act.” Republicans say it’s a “tax and spending brawl.” And everyone has research they say proves one or the other. Recent bipartisan action in Congress on issues ranging from computer chip production to NATO expansion is the latest economic package. For President Joe Biden, the $739 billion plan will help slow inflation, cut the budget deficit, tackle climate change, and cut healthcare costs. That’s the message he’s trying to sell amid heavy Republican criticism. Republican lawmakers say the 15% minimum corporate tax included in the proposal will hurt America’s factories and middle-class workers. I am deaf and defiant. They say energy costs will rise and healthcare innovation will dwindle.
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U.S. unemployment claims rise again last week
WASHINGTON (AP) — The labor market remains one of the strongest parts of the U.S. economy, but more Americans filed for unemployment benefits last week as the number of unemployed continues to rise moderately. . Applications for unemployment assistance for the week ending July 30 rose to 260,000 from 254,000 the week before, up from 6,000 to 260,000, the Labor Department reported Thursday. First-time applications usually reflect layoffs. The four-week average of claims, which smoothes out the weekly ups and downs, also rose from the previous week to 254,750. The Labor Department’s July jobs report, released on Friday, is expected to show employers added 250,000 jobs last month.
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Long-term mortgage interest rates fall below 5% for the first time in four months
WASHINGTON (AP) — U.S. average long-term mortgage rates hit 5% this week for the first time in four months, right after the Federal Reserve (Fed) raised key borrowing rates in an aggressive effort to curb inflation. fell below. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate fell to 4.99% from his 5.3% last week. A year ago he was 2.77%. Last week, the Fed raised its main borrowing rate by three points to his quarter. Rising borrowing costs have cooled the long-heated housing market.
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Florida woman lawsuit says Equifax errors made loans more expensive
ORLANDO, Fla. (AP) — A Florida woman sued Equifax, claiming she was denied a car loan for 130 points of error. A class action lawsuit was filed in federal court in Atlanta on behalf of Nydia Jenkins and the millions who applied for credit during her three weeks earlier this year. A Jacksonville, Fla., woman says she was forced to accept another loan that cost $150 a month more than the one she was turned down due to an error.
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Job market shows signs of cooling amid rate hikes
NEW YORK (AP) — The job market appears to have run out of steam, potentially impacting Federal Reserve policy and fueling more recession fears among investors. Job vacancies have fallen slightly since April, as higher inflation has a stronger impact on businesses and weighs on consumer spending. New store openings fell to 10.7 million in June, the lowest level since September. Openings are still at historic highs, a year ago he never crossed 8 million in a month. A tight job market could indicate the economy is slowing enough for the Fed to ease rate hikes.
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US Stocks End Mixed Amid Earnings, Economic Update
NEW YORK (AP) — Stocks ended mixedly on Wall Street Thursday as investors continue to weigh the latest on the economy and corporate earnings. The S&P 500 was down less than 0.1%. The Dow Jones Industrials fell while the Nasdaq rose. Energy companies fell while retailers and tech companies rose. Bond yields fell. Wall Street earnings continue to be the focus. Twinkie maker Hostess and bleach maker Clorox fell after giving investors disappointing profit expectations. New data from the Labor Department showed that more Americans filed for unemployment benefits last week as the number of unemployed continues to rise moderately.
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DoorDash Records Record Orders in Q2 With Integration With Wolt
SAN FRANCISCO (AP) — DoorDash reports a record number of customer orders in the second quarter, driven by resilient demand and the acquisition of Finnish delivery service Wolt Enterprises. According to DoorDash, orders for the April-June period rose 23% to his 426 million, beating Wall Street expectations. The San Francisco-based delivery company expects orders to pick up for the full year as inflation has yet to see much of an impact.DoorDash reported a net loss for the quarter as it bought Wolt for $8.1 billion. He said it has more than doubled. DoorDash said equity-based compensation costs and absorbing Wolt’s 6,000 employees hurt profits.
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Bank of England predicts recession at year-end
LONDON (AP) — The Bank of England has announced its biggest rate hike in 27 years. The central bank predicts that the war in Ukraine will further accelerate inflation and send the UK economy into a prolonged recession. Consumer prices in October may rise to 13.3% he due to higher natural gas prices. This is up from 9.4% in June. This could send the UK into recession later this year. Central banks around the world are struggling to balance their efforts to control inflation while minimizing the impact on economies that are just beginning to recover from the coronavirus pandemic.
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The S&P 500 fell 3.23 points (0.1%) to 4,151.94. The Dow Jones Industrial Average fell 85.68 points, or 0.3%, to 32,726.82. The Nasdaq rose 52.42 points (0.4%) to 12,720.58. The Russell 2000 Index for small businesses fell 2.47 points, or 0.1%, to 1,906.45.
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