Hopeful signs of an economic 'soft landing' emerge in Jackson Hole

JACKSON HOLE, Wyoming - Business these days in Jackson Hole, Wyoming, is still good - just not as robust as it was after the U.S. economy roared out of the pandemic recession. As the Federal Reserve prepares to hold its annual economic conference there, its policymakers are trying to guide the nation's economy toward something akin to what's happening in Jackson Hole. They have jacked up their key interest rate to a 22-year high to try to slow growth and bring inflation down to their 2% target.

Even as they do so, the Fed's policymakers hope to avoid tipping the economy into a recession - a notoriously difficult achievement that economists call a "soft landing."

- Associated Press

Turkey's central bank unleashes a big interest rate hike in another sign of an economic shift

ANKARA, Turkey - Turkey's central bank has raised its key interest rate by an aggressive 7.5 percentage points, in a new sign of a return to more traditional economic policies. The bank hiked its policy rate to 25% on Thursday. The bank is backtracking from a rate-cutting course set by President Recep Tayyip Erdogan that's been blamed for inflaming a cost-of-living crisis. Many households have been left struggling to afford rent and basic goods as inflation has surged. Central banks worldwide have been hiking rates to bring consumer price rises under control, but the Turkish central bank started cutting rates in late 2021 under pressure from Erdogan. He appointed a new economic team after being reelected in May.

- Associated Press

Starbu cks' Pumpkin Spice Latte turns 20, whether you like it or not

The seasonal drink that made pumpkin spice a star is marking two decades in the world. And unlike the autumn days it celebrates, there seems to be no chill in customer demand. Starbucks' Pumpkin Spice Latte goes on sale Thursday in the U.S. and Canada. It's the coffee giant's most popular seasonal beverage, with hundreds of millions sold since its launch in 2003. And it has spawned a huge and growing industry. In the year ending July 29, Nielsen says U.S. sales of pumpkin-flavored products reached $802.5 million. That's up 42% from the same period in 2019.

- Associated Press

Fewer Americans apply for jobless benefits as labor market keeps humming along

Applications for unemployment benefits fell again last week as America's labor market continues to hum along despite attempts by the Federal Reserve to cool the economy and bring down inflation that's still higher than optimal. The number of Americans applying for jobless benefits fell last week by 10,000, the week ending August 19, the Labor Department reported Thursday. Jobless claim applications are seen as reflective of the number of layoffs in a given week. In total, about 1.7 million people were collecting unemployment benefits the week that ended August 12, about 9,000 fewer than the previous week.

- Associated Press

Journalism has seen a substantial rise in philanthropic spending over the past 5 years

NEW YORK - A study points to a "substantial" increase in philanthropic funding for journalism over the past five years, particularly to outlets that serve poor and minority communities. The struggling news industry is increasingly relying on donors and subscriptions to make up for the collapse of the advertising market over the past two decades. A bigger push for philanthropic spending for journalism is expected this fall. The author of the study, by NORC at the University of Chicago, said news organizations need to tighten their ethical rules to reflect this new reality, by writing specific guidelines that govern what money they take and how it is disclosed to consumers.

- Associated Press

Shein and Forever 21 team up in hopes of expanding reach of both

NEW YORK - Fast fashion retailers Shein and Forever 21 are going into business together. Under a partnership agreement announced Thursday, the Chinese-founded Shein will acquire about one-third interest in Sparc Group, Forever 21's operator.

Sparc will also become a minority shareholder in Shein. The deal is expected to expand Forever 21's distribution on Shein's global e-commerce platform, which has attracted 150 million online users. In turn, the partnership "also offers the opportunity to test" Shein product sales and returns in physical Forever 21 stores across the U.S., the companies said.

- Associated Press