AP Business SummaryBrief at 7:53 PM EST

WASHINGTON (AP) — A closely watched measure of inflation by the Federal Reserve declined but remained elevated in October, likely bolstering the Fed’s intention to keep raising interest rates to cool the economy. economy and slow the acceleration in prices. The Commerce Department report showed prices rose 6% in October from a year earlier. That was down from the 6.3% year-over-year increase in September. Excluding volatile food and energy prices, so-called core inflation over the past 12 months was 5%, less than the annual rise of 5.2% in September.

Congress votes to avoid railroad strike amid dire warnings

WASHINGTON (AP) — Legislation aimed at averting a U.S. freight rail strike is heading for President Joe Biden’s desk. A bill to avert the strike won final approval on Thursday, clearing the Senate in a bipartisan vote. The bill will bind rail companies and workers to a proposed settlement that was reached between rail companies and union leaders in September. This agreement had been rejected by four of the 12 unions concerned, creating the possibility of a strike. The Senate vote was 80 to 15 and came a day after the House voted to impose the deal. Biden has pledged to sign him quickly.

Jobless claims fall last week

WASHINGTON (AP) — The number of Americans filing for jobless benefits fell back last week and continues to hover around levels suggesting the U.S. labor market has been largely unaffected by aggressive unemployment rate hikes. interest of the Federal Reserve. Claims for unemployment assistance fell to 225,000 for the week ending Nov. 26, down 16,000 from 241,000 the previous week, the Labor Department reported Thursday. The four-week rolling average of claims, which evens out fluctuations from week to week, rose by 1,750 to 227,000. The Labor Department said Thursday that 1.61 million people were receiving unemployment assistance the week ending November 19, up 57,000 from the previous week.

EU nears Russian oil price cap at $60 a barrel

BRUSSELS (AP) — The European Union is closing in on a price cap of $60 a barrel for Russian oil. It is a long-awaited and complex political and economic maneuver designed to keep Russian oil flowing to world markets while limiting President Vladimir Putin’s ability to finance his war in Ukraine. EU countries sought to push back the finish line on Thursday after Poland held off for the lowest possible figure. There is a deadline to set the price of cut-price oil by Monday, when a European embargo on Russian crude transported by sea and a ban on marine insurance for such supplies will come into effect.

Average long-term mortgage rates in the United States fall for the third week in a row

WASHINGTON (AP) — The average long-term U.S. mortgage rate fell for the third straight week and has fallen more than half a point since hitting a 20-year high less than a month ago. . Mortgage buyer Freddie Mac reported on Thursday that the benchmark 30-year average fell to 6.49% from 6.58% last week. A year ago, the average rate was 3.11%. Mortgage rates are still more than double what they were at the start of January, which, combined with the continued rise in home prices, has created a significant barrier to affordability for many potential buyers. Sales of existing homes have fallen for nine straight months.

Chicago Fed names ex-Obama adviser Goolsbee as next leader

WASHINGTON (AP) — Austan Goolsbee, who was a top economic adviser to President Barack Obama, has been chosen as the next president of the Federal Reserve Bank of Chicago, the regional federal bank said. Goolsbee, 53, an economics professor at the University of Chicago and a frequent commentator in opinion columns and television appearances, will succeed Charles Evans on January 9. Evans is retiring after 15 years as head of the Chicago Fed. As head of a regional federal bank, Goolsbee will have a rotating vote on the committee that determines central bank interest rate movements.

Wall Street ends mixed in an uneven start to December

Stocks ended mixed after a patchy trading day and bond yields fell sharply after the government announced that a closely watched Federal Reserve inflation measure had eased in October. The S&P 500 ended down 0.1% on Thursday. The benchmark index has just experienced its second consecutive monthly gain. A day earlier, markets rallied after Fed Chairman Jerome Powell indicated that the central bank may slow the pace of its interest rate hikes. The Fed deliberately slowed the economy in order to rein in stubbornly high inflation. Salesforce collapsed after its co-CEO announced he would step down.

Google appeals huge Android antitrust fine to EU’s highest court

LONDON (AP) — Google is challenging a record European Union antitrust fine that targeted the Android operating system’s role in restricting mobile competition and consumer choice. The company said on Thursday it had appealed the $4.3 billion fine “because there are areas that require legal clarification from the European Court of Justice,” the highest block jurisdiction. Google had appealed to a lower court, which largely sided with the EU’s Executive Commission in lowering the fine slightly from the original sanction handed down in 2018. The fine was one of three blockbuster antitrust sanctions totaling more than $8 billion that the commission imposed on Google between 2017 and 2019.

Drought-hit California cities are getting little water from the state

SACRAMENTO, Calif. (AP) — California water agencies that serve 27 million people will get just 5% of what they asked the state to kick off 2023. Thursday’s announcement by officials Water comes as the nation’s most populous state forecasts a fourth dry year. California typically receives half of its annual precipitation and snowfall from January through March, so allocations could change depending on the amount of precipitation. The state’s limited supply means water managers will continue to urge people to pull grass, water their plants less, take shorter showers and engage in other activities. water saving.

Airbnb urged to require carbon monoxide devices after 3 deaths

NEW ORLEANS (AP) — Family members of three tourists who died while staying at an Airbnb in Mexico City, apparently from carbon monoxide poisoning, are urging the short-term rental company to require detectors in the properties it lists. Jennifer Marshall is the mother of Jordan Marshall, one of the Travelers. She tells reporters the hope is to pressure Airbnb to tax and regulate carbon monoxide devices. She says the campaign is also a way to help honor their children. Airbnb says it has suspended the listing where the bodies were found and canceled future bookings pending an investigation. He notes that he runs a worldwide program providing free smoke and carbon monoxide detectors to guests.