Economic News
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Foreign workers say they were paid less than $2 an hour to build a new US Consulate in Milan
Foreign workers building a sprawling $350 million American Consulate in Milan say they were paid less than $2 an hour after being promised fair wages
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Argentina's inflation slows to 8-month low in a boost for President Milei
Economic data has shown Argentina’s inflation slowing for the second straight month in May
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US stocks jump to their best day in 2 months on hopes for a deal to get crude flowing globally again
U.S. stocks rallied to their best day in two months, and oil prices fell after President Donald Trump called off his threat to bomb Iran in the evening
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Average US long-term mortgage rate rises to 6.52%, just below its high for the year
The average long-term U.S. mortgage rate ticked up this week to just below its high for the year, the latest sign that borrowing costs on home loans remain elevated relative to where they were before the war with Iran started
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US producer prices spike in May as soaring energy prices fuel largest yearly jump since 2022
U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by surging energy prices
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Brazil reports drop in Amazon deforestation rates, pushing back on US tariff accusations
Brazilian officials have announced a significant drop in deforestation rates
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Citing fallout from Iran war, World Bank cuts forecast for global economic growth
The economic fallout from the Iran war — higher energy prices and increased uncertainty — will drag down global growth this year, the World Bank said Thursday
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Europe's central bank raises rates to fight inflation from Iran war, the Fed to decide next week
The European Central Bank on Thursday became the first major central bank to raise interest rates in response to the Iran war
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US jobless aid filings rise to 229,000 last week, remain historically low despite Iran war headwinds
U.S. applications for jobless aid rose modestly last week, but remain at a historically low level despite economic headwinds brought on by the war in Iran
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European Central Bank raises interest rates by a quarter-percentage point to combat inflation from the Iran war
European Central Bank raises interest rates by a quarter-percentage point to combat inflation from the Iran war
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