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US economy grew at a faster 2.4% rate in April-June quarter despite Fed rate hikes

Published Tue, 05 Nov 2024 05:30:01 GMT

WASHINGTON (AP) — The U.S. economy accelerated unexpectedly to a 2.4% annual growth rate from April through June, showing continued resilience in the face of steadily higher interest rates resulting from the Federal Reserve’s 16-month-long fight against inflation.Thursday’s estimate from the Commerce Department indicated that the gross domestic product — the economy’s total output of goods and services — picked up from the 2% growth rate in the January-March quarter.Consumer spending slowed to a 1.6% annual rate, from 4.2% in the first quarter of the year, a likely consequence of higher borrowing costs. But business investment and state and local government spending grew faster.In fighting inflation, which last year hit a four-decade high, the Fed has raised its benchmark rate 11 times since March 2022, most recently on Wednesday. The resulting higher costs for a broad range of loans — from mortgages and credit cards to auto loans and business borrowing — have taken a toll on growth...

Weekly US applications for jobless benefits slide to lowest level in 5 months

Published Tue, 05 Nov 2024 05:30:01 GMT

The number of Americans applying for jobless benefits slid last week to its lowest level in five months, further evidence that the U.S. labor market continues to defy the Federal Reserve’s attempts to cool it off.U.S. applications for unemployment benefits fell by 7,000 to 221,000 for the week ending July 22, from 228,000 the week before, the Labor Department reported Thursday. That’s the fewest since February.The four-week moving average of claims, which smooths out some of the week-to-week volatility, fell y 3,750 to 233,750.Jobless claim applications are broadly seen as a proxy for the number of layoffs in a given week.Overall, 1.69 million people were collecting unemployment benefits the week that ended July 15, about 59,000 fewer than the previous week and the fewest since January.Matt Ott, The Associated Press

Stock market today: Wall Street points higher ahead of US growth update and more big corporate earns

Published Tue, 05 Nov 2024 05:30:01 GMT

BANGKOK — Wall Street is poised to open higher Thursday as markets digest the Federal Reserve ‘s latest interest rate hike and another big batch of corporate earnings.Futures for the S&P 500 jumped 0.7% before the bell, the Dow Jones industrials rose 0.2%, on track to extend its astounding streak of gains to 14 days. Wednesday’s higher close cinched the longest Dow winning streak since 1987, all the more notable because of a concerted effort by the Fed to cool the economy. The Fed raised its federal funds rate another quarter-point on Wednesday, to a range of 5.25% to 5.50%, in hopes of wrestling down high inflation. That’s its highest level since 2001 and up from virtually zero early last year.Fed Chair Jerome Powell said no decision had been made about whether to raise rates at its next meeting or beyond. That may have bolstered hopes among traders that Wednesday’s hike could be the last for a long time. Powell said rates will likely need to stay high for a while t...

Cenovus reports second quarter profits down, lowers upstream production guidance

Published Tue, 05 Nov 2024 05:30:01 GMT

CALGARY — Cenovus Energy Inc. lowered its upstream production guidance for the year as it reported a second-quarter profit of $866 million, down from $2.4 billion in the same quarter last year.The profit amounted to 44 cents per diluted share, down from $1.19 per diluted share a year earlier, while revenue for the quarter totalled $12.2 billion, down from $19.2 billion in the same three months of 2022.Cenovus says upstream production in the second quarter was 729,900 barrels of oil equivalent per day, down from 761,500 a year earlier, as the company experienced production impacts due to Alberta wildfire activity and planned maintenance.Downstream throughput was 537,800 barrels per day compared with 457,300 in the same quarter last year.In its guidance for the year, the company says it now expects upstream production for 2023 to be between 775,000 and 795,000 barrels of oil equivalent per day, down from its outlook last quarter of between 790,000 and 810,000The company maintained its...

France is investigating suspected smuggling to China and Russia of advanced chip technology

Published Tue, 05 Nov 2024 05:30:01 GMT

LE PECQ, France (AP) — French magistrates have filed preliminary charges against two Chinese citizens and two other people from France in an investigation of a leading chip supplier whose advanced technology with possible military uses was reportedly smuggled to China and Russia, allegedly skirting sanctions and export controls. The probe of Ommic, a Paris-region semiconductor manufacturer now in American hands, was launched by France’s national prosecution service that specializes in cases involving arms proliferation.The probe is now being led by magistrates investigating suspected illegal exports, forgery and other suspected crimes, according to a French judicial official who spoke on condition of anonymity because of secrecy laws that cover magistrates’ probes. The official said four people — two French, two Chinese — have been placed under formal investigation since March. That means magistrates believe there is considerable evidence of potential crimes but want mor...

Ammonia leak led to hazmat situation at Lang Ice Company on SW side: CFD

Published Tue, 05 Nov 2024 05:30:01 GMT

CHICAGO -- Chicago fire responded to a level 2 hazmat situation of an ammonia leak at Lang Ice Company on the city's Southwest Side Thursday morning. The shelter in place has been lifted and the reported leak stopped. CFD reported an ammonia leak near the 3600 block of West 59th Street at Lang Ice Company. Crews attempted to enter to shut down the valve. Streets and sewers were flooded by opening several hydrants to help dispel the ammonia. There were no reported injures and neighbors were asked to stay inside. Air quality is now good and CFD reports all clear.

One in hospital after Oak Park building fire

Published Tue, 05 Nov 2024 05:30:01 GMT

OAK PARK, Ill. — One person is in the hospital after a building caught fire in Oak Park early Wednesday evening.According to Oak Park Village officials, the Oak Park Fire and Police Departments were called to the 200 block of South Maple Avenue on reports of a fire with collapsed wall sections at a multi-level, multi-unit building.“I started hearing people say call 911, glass, I thought it was maybe a car accident," said Ethan Colchamiro, who lives in the building. "But as soon as I walked outside, I could just see plumes of smoke building up."Officials said one person was taken from the scene to Loyola University Medical Center, where their condition is unknown at this time.At least 12 people have been displaced from the blast, and village officials are working with the Red Cross to provide them accommodations in the meantime. ‘Muddy’ the blue police dog statue stolen, CPD says No other information is available at this time.

Video: Bears enjoy summertime dip in hot tub at California home

Published Tue, 05 Nov 2024 05:30:01 GMT

LA CANADA FLINTRIDGE, Calif. (KTLA) -- As the triple-digit heat brings sweltering weather to Southern California, one homeowner captured a rare sight of a mother bear and her baby enjoying a cool dip in their hot tub.The La Cañada Flintridge homeowner said the surprising moment was captured in her backyard on Wednesday afternoon around 1:45 p.m.In the video, two brown bears — a baby bear and a mother bear — are seen splashing around in a hot tub as they enjoy playtime together.The two bears share a lively exchange before the mother jumps into the refreshing water.As the summer months heat up, bear sightings will be more common for humans who like to spend time outdoors.A baby bear and its mother enjoy a refreshing dip in a La Cañada Flintridge hot tub on July 26, 2023. (Vicki Land)A baby bear and its mother enjoy a refreshing dip in a La Cañada Flintridge hot tub on July 26, 2023. (Vicki Land)A baby bear and its mother enjoy a refreshing dip in a La Cañada Flintridge hot tub on July...

Campaign Context: Sen. Gutierrez says Republicans favor common sense gun reform

Published Tue, 05 Nov 2024 05:30:01 GMT

As campaign season nears, politicians are turning up the volume on campaign rhetoric. To cut through the noise, we’re launching Campaign Context, a weekly series providing clarity on the messages you’re hearing from candidates on the campaign trail. We’re digging past the politics and into the facts to provide you with the transparent, spin-free information you need to make informed decisions this election season.AUSTIN (KXAN) — Texas Sen. Roland Gutierrez, D-San Antonio, hopes to unseat U.S. Senator Ted Cruz in the 2024 election. Read More: Campaign Context headquarters Speaking to KXAN amid the launch of his U.S. Senate campaign, Gutierrez said: “66% of Republicans are in favor of common sense gun reform."We asked Gutierrez's office where he got that number, and his press secretary said the data is derived from a poll conducted by The Texas Politics Project in April 2023.The poll asked participating Texans how they felt about two separate gun reform proposals: raising the legal ...

Several homes destroyed in Blum Fire in Hill County

Published Tue, 05 Nov 2024 05:30:01 GMT

Hill County (FOX 44/KWKT) -- The Texas A&M Forest Service says a fire in Hill County has destroyed at least five home and charred at least 250 acres. It is being called the Blum Fire because of its proximity to the city.FM 933 south of Blum to FM 1153 is closed because of the fire. As of 10 p.m. Wednesday evening, the fire is 0% contained.Along with the five structures destroyed, firefighters say the flames are threatening 25 more. There are no evacuations in place at this time.People living north of White Rock Creek are being told to take precautions. Firefighters say that people who do leave the area should pack up important papers, personal items, and prescriptions they may need for 24-48 hours.The Texas A&M Forest Service is working alongside the Texas Intrastate Fire Mutual Aid System, Texas Division of Emergency Management, as well as resources from multiple counties. The emphasis is on structure protection with dozers, engines, and aircraft.