The US wholesale price data from April indicates a easing of inflation pressures
WASHINGTON, D.C. (AP) - Wholesale prices in the United States increased modestly last week. This is the latest indication that inflationary pressures are easing after more than a month of aggressively raising interest rates by the Federal Reserve. The government's producer prices index increased just 0.2% from March to April after dropping 0.4% between February and March. This was due to falling food, transportation, and warehouse prices. Wholesale prices increased just 2.3% compared to a year ago, which is the 10th consecutive slowdown, and the lowest number since January 2021. The annual inflation rate was slowed by lower energy prices. Core wholesale inflation, which excludes volatile energy and food prices, rose by 0.2% in March and by 3.2% compared to a year earlier.
IRS protects identity of employees to prevent personal threats
WASHINGTON, D.C. (AP) - In an attempt to reduce threats against IRS employees the agency announced Thursday that it would begin limiting personal identifying data of IRS workers in communications with taxpayers. Changes will be made starting next month. In a report released this week, the Treasury Department's Inspector General for Tax Administration said that it is 'concerned' that people with malicious intent could use social media and Internet to identify IRS employees and their families. They may also be able to find their homes and other personal information in order to intimidate or threaten them. The IRS has said that it will remove the first names of workers from all communications. Instead, they will use their last name and Mr., Mrs. or a gender neutral title.
Elon Musk claims to have found a woman who will lead Twitter as its new CEO
SAN FRANCISCO, Calif. (AP) -- Elon said on Thursday that he had found a female CEO for Twitter or X Corp. Elon Musk did not reveal her name, but said that she would start in six weeks. Musk, who purchased Twitter in the fall of last year and has run it ever since, has always maintained that he isn't the permanent CEO. In a tweet posted on Thursday, the Tesla billionaire announced that his role would transition from being Twitter's CEO to executive chairman. He told a Delaware Court in mid-November that, just weeks after purchasing the social media platform, for $44 billion he did not want to become the CEO of any other company.
The average long-term US Mortgage Rate fell to 6.35%, the lowest level in five weeks.
LOS ANGELES, Calif. (AP) - The average interest rate on a 30-year home loan in the United States has dropped to its lowest level since five weeks. This is good news for those house-hunters who are facing a market that's been constrained by high prices and a low inventory of homes. Mortgage buyer Freddie Mac announced Thursday that the 30-year benchmark home loan average rate has dropped to 6.35%, from 6.39% the previous week. In the past, the average rate was 5.30%. Since reaching its high of 6.73% for the year in early March, the average benchmark rate is now down seven out of nine weeks.
Wall Street today: Wall Street edged lower after inflation data and drops for Disney, Banks
NEW YORK, NY (AP) - Wall Street dipped Thursday as a result of a steep drop in The Walt Disney Co. shares and heightened concerns about the health state of certain U.S. banking institutions. Two out of three stocks in S&P 500 fell, resulting in a loss of 7.02 points or 0.2%. The Dow Jones Industrial Average fell 221.82, or 0.7 percent, to 33,309.51, whereas the Nasdaq Composite rose 22.06 or 0.2 percent, to 12,328.51. Disney was a heavy weight on the market. It fell 8.7% after saying it lost streaming subscribers to Netflix in the U.S.
The weekly US jobless claims are at their highest level since 2021 but companies do not risk being caught short.
WASHINGTON, D.C. (AP) - The number of Americans who filed for unemployment benefits in the past week reached its highest level since a year and a half. However, jobs are still plentiful according to historical standards despite companies cutting costs due to a slowing economy. The Labor Department reported Thursday that the number of applications for unemployment aid rose by 22,000, to 264,000. This is up from 242,000 the week before and the highest since November 2021. The number of weekly applications is viewed as roughly representative of U.S. job losses. After some employers were left short-handed after the COVID-19 recovery, many employers have placed a high priority on retaining employees.
Buttigieg: Tesla shouldn't name its driving system Autopilot, because the human is still in charge.
WASHINGTON, D.C. (AP) - The top U.S. transport official believes that Tesla should not call its partially automated driving systems Autopilot since the cars cannot drive themselves. Buttigieg is concerned with Tesla's marketing for the system. His department is investigating Tesla in relation to crashes that caused at least fourteen deaths. Buttigieg told The Associated Press that he didn't believe something like Autopilot should be called such when it's fine print states you have to keep your hands on wheel and eyes on road at all time. Buttigieg’s National Highway Traffic Safety Administration has sent investigators to over 30 accidents since 2016, in which Teslas were suspected of being on Autopilot, or the more advanced automated Full Self-Driving System. These crashes involved pedestrians, motorcycles, semi-trailers, and parked emergency vehicles.
Why Biden is hesitant to use the 14th Amendment as a solution to the debt crisis
WASHINGTON, D.C. (AP) - If the fight between Congress and President Joe Biden over raising the debt ceiling is so dire, why doesn't he just raise it himself? He's skeptical, although it's theoretically feasible. Biden hasn't completely ruled it out but sees it as an untested, problematic legal theory that could be used to ensure the nation can meet its financial commitments.
The S&P500 fell 7.02 points or 0.2% to 4,130.62. The Dow Jones Industrial Average fell 221.82 points or 0.7% to 33,309.51. The Nasdaq Composite rose 22.06 or 0.2%, to 12,328.51. Russell 2000, an index of smaller companies, lost 14.81 points or 0.8% to 1,744.71.