Economic News

Fire at a shoe factory kills 28 in one of China's deadliest blazes in recent years

A fire has broken out at a shoe factory in China's Fujian province, killing 28 people

Average 30-year US mortgage rate rises to 6.49%, pushing up homebuyers' borrowing costs

The average long-term U.S. mortgage rate drew closer this week to 6.5%, pushing up borrowing costs for prospective homebuyers

PepsiCo says economic concerns weighed on customers in North American during recent quarter

PepsiCo reported stronger than expected revenue in the second quarter despite weaker demand in North America, where it said consumers tightened their budgets due to economic concerns

US jobless claims dip modestly to 215,000 last week as layoffs remain at historically healthy levels

The number of Americans filing for unemployment benefits dipped slightly last week as layoffs in the U.S. remain historically low

US jobless aid filings dip modestly to 215,000 last week as layoffs remain at historically healthy levels

China’s passenger car exports are up 80% in June as EV demand grows, while sales drop at home

China has reported its exports of passenger cars surged 80% in June from a year earlier, while domestic sales sank 26%, according to an industry group

Australia agrees to sell uranium to India, ending a long stalemate

Australia has agreed to sell uranium to India for peaceful purposes

IMF expects world economy to grow a sluggish 3% this year, weighed down by Iran war but helped by AI

The International Monetary Fund on Wednesday modestly downgraded its outlook for the world economy this year, citing the energy shock caused by the Iran war

Life returns to streets around damaged NYC high-rise. Here is what comes next

The streets around a midtown Manhattan high-rise where structural damage forced evacuations are gradually returning to life

Fed minutes: Officials deeply divided over future path of US inflation

The Federal Reserve's rate-setting committee agreed to keep its key rate unchanged at its meeting last month, though most officials were split over whether inflation is likely to stay elevated or whether it will cool once the Iran war winds down, according to minutes released Wednesday