AP Business SummaryBrief at 11:06 p.m. EDT

Driven by consumers, US inflation grows more persistent

WASHINGTON (AP) — U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Some of the longtime drivers of higher inflation — spiking gas prices, supply chain snarls, soaring used-car prices — are fading. Yet underlying measures of inflation are actually worsening....

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Driven by consumers, US inflation grows more persistent

WASHINGTON (AP) — U.S. inflation is showing signs of entering a more stubborn phase that will likely require drastic action by the Federal Reserve, a shift that has panicked financial markets and heightens the risks of a recession. Some of the longtime drivers of higher inflation — spiking gas prices, supply chain snarls, soaring used-car prices — are fading. Yet underlying measures of inflation are actually worsening. And the ongoing evolution of the forces behind an inflation rate that’s near a four-decade high has made it harder for the Fed to wrestle it under control.

US wholesale inflation declines in August to still-high 8.7%

WASHINGTON (AP) — Inflation at the wholesale level jumped 8.7% in August from a year earlier, a slowdown from July yet still a painfully high level that suggests prices will keep spiking for months to come. The government also said that on a month-to-month basis, the producer price index — which measures inflation before it reaches consumers — declined 0.1% from July to August, the second straight monthly decline.  Yet the better readings mostly reflect plunging gas prices and don’t necessarily point to a broader slowdown in inflation. On Tuesday, the government reported that consumer inflation was rampant across much of the economy in August.

1 rail union rejects deal, 2 accept ahead of strike deadline

OMAHA, Neb. (AP) — Members of one union have rejected a tentative deal with the largest U.S. freight railroads, while two ratified agreements and three other unions remained at the bargaining table just days ahead of a national strike deadline. A strike would intensify snarls in the nation’s supply chain that have contributed to rising prices. But the IAM agreed to delay any strike by its members until Sept. 29 to allow more time for negotiations and to allow other unions to vote. Amtrak has already cancelled a number of its long-distance trains this week, and it said the rest of its long-distance trains would stop Thursday ahead of the strike deadline.

EXPLAINER: Rail strike would impact consumers, businesses

A strike by railroad workers would have wide-ranging impact on consumers, commuters and businesses. That’s why business groups are telling Congress to block a strike if necessary. And the Biden administration on Wednesday continued to put pressure on the railroads and unions to settle their differences. So how did negotiations in the freight-rail industry get to this breaking point? Here are some questions people are likely to have about the standoff, along with answers about what it means for the economy.

From carmakers to refiners, industries brace for rail strike

Carmakers say buyers might not get the vehicle they want on time, commuter rail lines could see service disrupted, and shipments from everything from oil to livestock feed could be disrupted. Those are just a few of the wide-ranging impacts a walkout by U.S. rail workers would have on the country’s industries and economy. A strike could happen if the railroads and unions can’t settle their differences before an early Friday walkout deadline.

Samsung sets goal to attain 100% clean energy by 2050

SEOUL, South Korea (AP) — Samsung Electronics says it’s shifting away from fossil fuels and aiming to entirely power its global operations with clean electricity by 2050. That’s a challenging goal that experts say could be hampered by South Korea’s own modest climate change commitments. South Korea-based Samsung is a top producer of computer memory chips and smartphones and, by some estimates, the biggest energy consumer among hundreds of global companies that have joined the “RE100” campaign to get 100% of their electricity from renewable sources. Samsung’s plan drew praise from investors but some also expressed concern that the company’s announcement Thursday came at a time when South Korea is dialing back on its climate targets.

Stocks manage to post modest gains after a wobbly day

Stocks closed modestly higher on Wall Street after a day of veering between gains and losses. The tentative trading came a day after the market’s worst drop in two years, which was set off by fears that higher interest rates could cause a recession. The S&P 500 added 0.3% Wednesday. The Dow Jones Industrial Average ended just slightly in the green and the Nasdaq composite added about three-quarters of a percent. A report on inflation at the wholesale level showed prices are still rising rapidly. It echoed a report on inflation at the consumer level a day earlier.

NFL on Prime Video latest foray by leagues into streaming

The NFL is set to make its debut with a streaming service on Thursday night. Amazon Prime Video will show the Los Angeles Chargers’ game against the Kansas City Chiefs. It’s the highest-profile of a series of deals between sports leagues and streaming services. NHL games will be shown on both ESPN+ and Hulu. Major League Baseball has deals with Apple TV+ and Peacock. Industry experts say viewers are becoming more comfortable with streaming games and advances in technology have made it seamless.

California sues Amazon, alleging antitrust law violations

NEW YORK (AP) — California is suing Amazon, accusing the company of violating the state’s antitrust and unfair competition laws. The state says Amazon has stifled competition and engaged in practices that push sellers to maintain higher prices on products on other sites. In an 84-page lawsuit filed Wednesday in San Francisco Superior Court, the California Attorney General’s office says Seattle-based Amazon had effectively barred sellers from offering lower prices for products elsewhere through contract provisions that harm the ability of other retailers to compete. The lawsuit mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district judge earlier this year. That decision is being appealed.

A less-glitzy Detroit auto show returns after 3-year absence

DETROIT (AP) — When it came time to showcase its electric Chevrolet Equinox SUV to the public this year, General Motors decided against doing so at the big Detroit auto show, as it typically would have done in the past. Instead, it unveiled the Equinox six days earlier. GM’s decision symbolized just how much smaller this year’s auto show will be, with few new model debuts, less-glitzy displays, fewer journalists and possibly lower attendance. Though the pandemic is partly to blame, larger forces are at play, too: Automakers have figured out that new models can make a bigger splash when they’re unveiled to a digital audience on a day where they don’t have to share the spotlight with their rivals.

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