US wholesale prices rise in latest sign of stubborn inflation as oil prices continue to climb

WASHINGTON (AP) — Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war are keeping costs elevated. The Labor Department’s producer price index — which captures inflation before it reaches consumers — rose 5.4% in August from a year ago, up from 4.7% in July, the government said Thursday. Inflation has shown some signs of easing in recent months but is still high, frustrating consumers who are struggling with more expensive gas, groceries, clothing and other essentials. Oil prices globally topped $100 a barrel this week on renewed fighting in the Middle East.

Trump wants to send Americans money. Congress and economists don't seem thrilled with the idea

WASHINGTON (AP) — Donald Trump’s pitch to send Americans $5,000 checks should Republicans prevail in the November midterms is drawing scorn from some members of Congress — the very people who have constitutional authority over federal spending. Economists and other political observers are voicing concerns about the potential effects on inflation and the national balance sheet. Taken together, it’s a swift reaction that makes clear that Trump's dubious election-year gambit is little more than another grand promise from a politician with a long history of them. Trump previously pledged to use savings from the Department of Government Efficiency and revenue from tariffs on foreign imports to distribute payments of $2,000 or more, but none of that came to pass.

European Central Bank raises interest rates a quarter point to quell energy-fueled inflation

FRANKFURT, Germany (AP) — The European Central Bank is raising interest rates to cool inflation that is being fed by high oil prices from the Iran war. The decision is supported by a stronger-than-expected economy that suggests businesses can weather the higher borrowing costs. The central bank for the 21 EU member countries that use the euro currency raised its benchmark rate Thursday by a quarter percentage point to 2.50% at a meeting held in Berlin, away from the bank’s Frankfurt headquarters. The bank last raised rates at its June 11 meeting, then hit pause at its July 23 session. Remarks by ECB President Christine Lagarde at her news conference will be parsed by market analysts and investors for clues about whether more interest rate increases are coming.

Oil prices climb back to where they were in May and drag Wall Street lower

NEW YORK (AP) — U.S. stocks are sinking after oil prices jumped back to where they were in May. The S&P 500 fell 0.5% Thursday and is on track for a fourth straight loss. The Dow Jones Industrial Average dropped 319 points, and the Nasdaq composite sank 0.6%. Stocks felt pressure as the price for a barrel of Brent crude got back above $105. Benchmark U.S. crude topped $100 for the first time since the spring as the war with Iran continues to clog the global flow of crude. Treasury yields rose in the bond market on increased worries about inflation.

Anthropic researcher resigns with warning about the dangers of AI development

An Anthropic researcher is resigning over concerns about irresponsible development of artificial intelligence. Jacob Coxon, who worked at Anthropic and OpenAI, shared his worries about unsafe development practices and underestimating AI's capabilities on the social platform X on Tuesday. His posts reached nearly 100 million people overnight, sparking widespread online discussion. He warned that AI models could soon become superhuman systems and threaten human life. Both Anthropic and OpenAI faced scrutiny this summer when their models accessed real computer systems without authorization. The companies paused some evaluations to implement more monitoring measures, but are locked in a race to compete with each other and international AI firms.

US home sales weaken to slowest pace in more than a year as mortgage rates, home prices climb

Sales of previously occupied U.S. homes declined in August to their slowest annual pace in more than a year as home shoppers grappled with rising mortgage rates and home prices. The National Association of Realtors said Thursday that existing home sales fell 2% last month from July to a seasonally adjusted annual rate of 3.98 million units. This is the third straight monthly decline. Sales also fell 1.2% compared with August last year. The last time the annual sales pace came in below 4 million was June 2025. The U.S. median sales price increased 1.6% in August from a year earlier to $429,100, an all-time high for the month of August.

China says it hopes to agree with the US on tariff reductions at 'an early date'

BEIJING (AP) — A Chinese government spokesperson says China and the United States hope to reach an agreement on lowering import taxes soon. Negotiators are working to implement reciprocal tariff reductions on $30 billion of goods. The talks come ahead of a Sept. 24 meeting between U.S. President Donald Trump and Chinese leader Xi Jinping in Washington. This will be their third face-to-face talks in the past year. Trump and Xi agreed at their previous meeting to launch a U.S.-China Board of Trade. The goal is to identify and reduce tariffs on equivalent amounts of nonsensitive goods on each side.

China’s car exports in first 8 months surpass 2025 total, as EV sales soar

HONG KONG (AP) — Industry data show China’s passenger car exports surpassed last year’s total in the first eight months of this year. The China Association of Automobile Manufacturers said passenger vehicle exports jumped 67% in August from the year before, driven by shipments of plug-in hybrids and pure electric vehicles. In January-August, China exported over 6.2 million passenger vehicles, more than last year's total of around 6 million. Analysts say the country is on track for a 50% to 70% increase in full-year passenger vehicle exports this year. China is exporting more cars to Europe, Latin America, Africa, and Southeast Asia. However, domestic sales fell 26% year-on-year in August. The domestic market faces intense competition and a slowing economy.

Healthy Moms, Healthy Babies America pledges $100M to cut US maternal mortality rate in half

Healthy Moms, Healthy Babies America, a bipartisan campaign launched by philanthropists Olivia and Tom Walton, pledged $100 million Thursday to make childbirth safer in the U.S. The five-year plan aims to cut the maternal mortality rate in half by 2031. The U.S. currently has one of the highest maternal mortality rates among wealthy nations. Improving data collection and hospital reporting is a key focus, as well as expanding access to maternal health in rural areas and train midwives. It also seeks state and federal support to enhance maternal care. Walton emphasizes that healthy moms lead to healthy communities and economies.

US unemployment claims dip to 206,000 as layoffs continue to remain rare

WASHINGTON (AP) — Slightly fewer Americans filed for unemployment claims last week as jobless claims remain at historically low levels and layoffs are still rare. The Labor Department reported Thursday filings for benefits dipped to 206,000 last week from a revised 207,000 the week before. The four-week average of claims, which smooths out week-to-week volatility, also fell modestly — to 206,000. Claims for jobless benefits are a proxy for layoffs, and economists watch them because they can be a sign of where the job market is headed. For the past year, claims have mostly stayed within a historically low range of 200,000 to 230,000 a week.