Author: Reuters

WASHINGTON – A divided Federal Reserve cut interest rates last month even as policymakers cautioned that lower borrowing costs could risk undermining the fight to quell inflation that has been above the U.S. central bank’s 2% target for four and a half years, the minutes from the Oct. 28-29 meeting showed on Wednesday. “Many participants…

WASHINGTON – The number of Americans on jobless benefits surged between mid-September and mid-October, government data showed on Tuesday, suggesting an elevated unemployment rate in October as an uncertain economic environment discourages hiring.  The Labor Department only published the so-called continuing claims data for the weeks ending Oct. 11 and 18. The government would have…

NEW YORK – The Trump administration’s decision to eliminate tariffs on most coffee bean imports will be a boon for coffee roasters and importers in the U.S., but top global grower Brazil will suffer because its coffee remains subject to a steep tariff. While the measures announced late on Friday eliminate import tariffs on coffee…

U.S. construction spending unexpectedly rebounded in August, likely lifted by home renovations as higher mortgage rates continued to weigh on single-family homebuilding. The Commerce Department’s Census Bureau said Monday that construction spending increased 0.2% after an upwardly revised 0.2% gain in July. Economists polled by Reuters had forecast construction spending would ease 0.1% after a…

Home Depot and Lowe’s are set to post modest sales gains when they report quarterly results this week, giving investors a read on whether the outlook is improving or consumer caution is still holding back renovation and do-it-yourself spending. The two major U.S. home improvement chains have faced higher raw material costs in categories such…

President Donald Trump on Monday demanded air traffic controllers return to work as travelers endured another day of flight cancellations, which the administration ordered to manage staff shortages during the government shutdown. Threatening to curtail the pay of any controller who did not go back, Trump said he would award those who have not taken…

NEW YORK – Visa and Mastercard announced a revised settlement with merchants who accused the card networks of charging too much to accept their credit cards, after a judge rejected an earlier $30 billion accord as inadequate. Monday’s settlement would end 20 years of litigation in which businesses accused Visa, Mastercard and banks of conspiring…