BUSINESS HEADLINES

US wholesale inflation picks up slightly in sign that some price pressures remain elevated

WASHINGTON (AP) — Wholesale prices in the United States rose last month, remaining low but suggesting that the American economy has yet to completely vanquish inflationary pressure. The producer price index — which tracks inflation before it hits consumers — rose 0.2% from September to October, up from a 0.1% gain the month before. Compared with a year earlier, wholesale prices were up 2.4%, accelerating from a year-over-year gain 1.9% in September. An increase in services prices drove the October increase. Since peaking in mid-2022, inflation has fallen more or less steadily. But average prices are still nearly 20% higher than they were three years ago

Top Federal Reserve official defends central bank’s independence in wake of Trump win

WASHINGTON (AP) — A Federal Reserve official has given a lengthy defense of the central bank’s political independence. It comes just days after former President Donald Trump, previously an outspoken Fed critic, won re-election. Andriana Kugler, a member of the Fed’s board, says economic research shows that an independent central bank typically does a better job keeping inflation low. Kugler spoke just a week after Fed Chair Jerome Powell tersely denied that Trump had the legal authority to fire him, as the president-elect has acknowledged he considered doing during his first term. Powell also said he wouldn’t resign if Trump asked.

Elon Musk says he and Trump have ‘mandate to delete’ regulations. Ethics laws could limit Musk role

Choosing billionaire Elon Musk to be what President-elect Donald Trump calls “our cost cutter” for the U.S. government, is not the first time an American president has empowered a business tycoon to look for ways to dramatically cut federal regulations. Former President Ronald Reagan tapped J. Peter Grace to lead a bureaucratic cost-cutting commission in 1982. But the chemical business magnate had fewer conflicts of interest than the world’s richest man does today. Musk’s SpaceX holds billions of dollars in NASA contracts. His Tesla electric car business benefits from government tax incentives and is subject to auto safety rules. His social media platform X, artificial intelligence startup xAI and other business interests all intersect with the federal government in various ways.

The number of American filing for jobless claims falls to lowest level in 6 months

The number of Americans applying for unemployment benefits fell to their lowest level in six months last week as layoffs remain at relatively healthy levels. The Labor Department reported Thursday that jobless claim applications fell by 4,000 to 217,000 for the week of Nov. 9. That’s less than the 225,000 analysts forecast. Weekly applications for jobless benefits are considered representative of U.S. layoffs in a given week. Continuing claims, the total number of Americans collecting jobless benefits, fell to 1.87 million for the week of Nov. 2, in line with analysts’ expectations.

New FDA rules for TV drug ads: Simpler language and no distractions

WASHINGTON (AP) — New rules require drugmakers to be clearer about explaining the risks and side effects of prescription drugs. The new guidelines from the the Food and Drug Administration are designed to do away with pharmaceutical industry practices that downplay or distract viewers from risk information. FDA officials spent more than 15 years crafting the rules, which apply to both TV and radio ads. But while regulators were drafting them, a new trend has emerged: pharmaceutical influencers pushing drugs online with little government oversight. A new congressional proposal would compel FDA to police those social media promotions.

Food prices worried most voters, but Trump’s plans likely won’t lower their grocery bills

Americans are fed up with the price of food, and many are looking to President-elect Donald Trump to lower their grocery bills. Trump often railed on the campaign trail against hefty price increases for bacon, cereal and other products. But the steep food price inflation that stunned the U.S. and other parts of the world in 2021 and 2022 had complicated causes that are difficult to unwind. Economists say there’s very little a president can do in the short term to get grocery prices down since sustained declines typically only happen during protracted recessions. And many economists think Trump’s plans to put tariffs on imported foods and deport undocumented workers could make food prices rise.

Satire publication The Onion buys Alex Jones’ Infowars at auction with help from Sandy Hook families

Families of Sandy Hook Elementary School shooting victims say the satirical news publication The Onion won the bidding for Alex Jones’ Infowars at a bankruptcy auction. They made the announcement Thursday. Jones owes them more than $1 billion in defamation judgments for calling the 2012 massacre a hoax. The sale price was not immediately disclosed. The Onion says its “exclusive launch advertiser” will be the gun violence prevention organization Everytown for Gun Safety. Jones said on social media that he planned to challenge the sale in court. He broadcast live from the Infowars studio Thursday morning and appeared distraught, putting his head in his hand at his desk.

UK set to create new pension megafunds with aim of unlocking $100 billion for investment

LONDON (AP) — British Treasury chief Rachel Reeves is set to announce plans later Thursday to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.’s sub-par economic growth. In comments released by the Treasury ahead of her speech to finance leaders in central London, Reeves will say that the creation of so-called “megafunds” will represent the “biggest pension reform in decades.” Reeves will say that the changes could help unlock 80 billion pounds ($100 billion) for investment. Pension funds invest in a variety of assets, such as shares, bonds, real estate and infrastructure, in an attempt to increase the retirement benefits for their members.

Gold is suddenly not so glittery after Trump’s White House victory

NEW YORK (AP) — After ripping higher for much of this year, the price of gold has suddenly become not so golden since Donald Trump’s victory in the presidential election. Gold fell more than 4% in the four days after Election Day, while the broad U.S. stock market climbed nearly 4%. That’s even though investors expect a Trump White House to drive tax rates lower and tariffs higher. The dollar’s strength and expectations that interest rates won’t come down as fast as expected are behind the shift that’s left gold at $2,618 per ounce, as of late Monday, down from a record of roughly $2,800.