Economy

The United States economy surged in the third quarter as a strong job market and falling inflation gave consumers the confidence to spend freely on goods and services.Gross domestic product, the primary measure of economic output, grew at a 4.9 percent annualized rate from July through September, the Commerce Department reported Thursday. The pace exceeded forecasts and was the strongest showing since late 2021, defying predictions of a slowdown prompted by the Federal Reserve’s interest rate increases.The acceleration was made possible in part by slowing inflation, which lifted purchasing power even as wage growth weakened, and a job market that…

Economists spent much of 2023 warning that a recession could be imminent as the Federal Reserve raised interest rates to the highest level in more than two decades. But for companies like Soergel Orchards in western Pennsylvania, a slowdown is nowhere in sight.“People are buying the decorative things,” said Amy Soergel, manager at the company who explained that gourds and cornstalks were in high demand and that customers were coming out to select pumpkins and apples. “People love to pick — people will pick anything.”Sales are up even though a string of rainy weekends have held back attendance at the…

Russia’s Central Bank on Friday raised its key interest rate by two percentage points to 15 percent, a bigger increase than expected as the bank said it was trying to bring down stubbornly high inflation. The central bank, which said the annual inflation rate would range from 7 to 7.5 percent this year, predicted a long period of “tight monetary conditions” in order to bring the rate down close to its target of 4 percent.Driving the price pressures is “steadily rising domestic demand,” the bank said in its statement, spurred by the Kremlin’s decision to inject more money into the…

The United Automobile Workers union reached a tentative agreement on a new labor contract with Stellantis, the parent company of Chrysler, Jeep and Ram, on Saturday, a person familiar with the matter said on Saturday.The agreement comes three days after the union and Ford Motor announced a tentative agreement on a new contract. The two deals contain many of the same or similar terms, including a 25 percent general wage increase for U.A.W. members as well as the possibility for cost-of-living wage adjustments if inflation flares.The tentative agreement with Stellantis will require approval by a union council that oversees negotiations…

American consumers spent at a robust clip last month, fresh data showed, as the economy continued to chug along even after more than a year and a half of Federal Reserve interest rates increases.The Fed’s policy moves have been intended to slow demand in order to tamp down inflation. Price increases have been slowing down: Friday’s Personal Consumption Expenditures report also showed that overall inflation held steady at 3.4 percent in September.That was in line with what economists had expected, and is down from a peak of 7.1 percent in the summer of 2022. And after stripping out volatile food…

When several articles were published last week on Reviewed, a USA Today-owned website that recommends products, something seemed off. No one at Reviewed recognized the bylines on the pieces.Writers and editors at Reviewed started to look up the names, but struggled to find proof — such as a LinkedIn account — that the people existed. The quality of the articles was also questionable. That’s when they started to wonder: Did artificial intelligence write these articles?Gannett, the parent company of USA Today, says no A.I. was used. About 40 people at Reviewed say yes.Some of the articles in question were run…

American consumers spent at a robust clip last month, fresh data showed, as the economy continued to chug along even after more than a year and a half of Federal Reserve interest rates increases.The Fed’s policy moves have been intended to slow demand in order to tamp down inflation. Price increases have been slowing down: Friday’s Personal Consumption Expenditures report also showed that overall inflation held steady at 3.4 percent in September.That was in line with what economists had expected, and is down from a peak of 7.1 percent in the summer of 2022. And after stripping out volatile food…

Wall Street’s real-life “Succession” has ended One of Wall Street’s most closely watched succession races is over as Ted Pick prepares to become Morgan Stanley’s next chief executive. He will take the baton in January from James Gorman, who since 2010 has transformed the firm from an investment bank into an asset-management behemoth.The path laid out by Gorman has made Morgan Stanley the envy of the financial world and helped it outpace its longtime rival, Goldman Sachs. Pick will face the challenge of keeping the momentum going as volatile markets weigh down core businesses such as deal making.Pick won a…

When autoworkers went on strike in September, executives of the large U.S. automakers warned that union demands could significantly undermine their ability to compete in a fast-changing industry. The chief executive of Ford Motor said that the company might have to scrap its investment in electric vehicles.The future doesn’t look quite that bleak now that Ford and the United Automobile Workers union have reached a tentative agreement that is likely to serve as a template for deals the union eventually reaches with General Motors and Stellantis, the maker of Ram, Jeep and Chrysler.Ford’s cost will rise under the terms of…