Breaking News: Economy

An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty ImagesHomeowners looking to refinance are finding savings after mortgage rates dropped again last week.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down…

The U.S. is running out of miners. More than half the nation's mining workforce, about 221,000 workers, is expected to retire by 2029, according to the Society for Mining, Metallurgy & Exploration, and the number of candidates willing to fill those slots is shrinking."Our workforce is aging," said Bold Baatar, chief executive of copper at Rio Tinto. "There is a lot of baby boomers that will be looking to retire or are already retiring, and we're continuing to rely on their expertise."At the same time, demand for rare…

A Redfin sign in front of a home for sale in Atlanta on Nov. 10, 2022.Elijah Nouvelage | Bloomberg | Getty ImagesThis year was the least affordable year for homebuying in at least in the past 11 years, according to a Thursday report from real estate company Redfin.In 2023, someone making the median income in the U.S. – $78,642 – would've had to spend more than 40% of their income on monthly housing costs if they bought the median-priced home, which was around $400,000, according to Redfin. That's the highest share in…

Copper mines like Rio Tinto's Bingham Canyon mine on the outskirts of Salt Lake City are on the frontline of America's transition to clean energy.Global demand for copper, a major component of electric vehicles, is expected to grow from 25 million metric tons to nearly 49 million metric tons by 2035, according to S&P Global.But miners face a multitude of issues as they ramp up production, including addressing the concerns of local stakeholders, mitigating environmental damage and operating in remote regions of the…

Southwest Airlines Boeing 737-700 aircraft is seen landing at dusk time at Ronald Reagan Washington National Airport in Arlington, Virginia.Nicolas Economou | Nurphoto | Getty ImagesSouthwest Airlines and its pilots' union are closing in on a new contract that would raise pay for the carrier's more than 11,000 aviators and end months of contentious negotiations, weeks ahead of the crucial holiday travel season.The company and the union have agreed on pay, retirement and other items but are working on an implementation…

Melis82 | Istock | Getty ImagesIt has never been easy for small or independent music venues to turn a profit. Now, with inflated operating costs, some owners are struggling to keep ticket prices affordable for audiences and take chances on lesser-known artists.The past year has seen music fans roaring back to large stadiums to see sold-out shows for icons such as Beyoncé or Taylor Swift, even as consumers cut down on spending for leisure activities. But many smaller, independent venues have yet to see business return to…

A person walks past a sales advertisement at Saks Off 5th Department Store ahead of the Thanksgiving holiday sales in Washington, DC, November 21, 2023.Saul Loeb | AFP | Getty ImagesThere's a dark cloud hanging over Black Friday.A slew of retailers have issued tepid, cautious or downright disappointing fourth-quarter outlooks over the last few weeks, casting a pall over the crucial holiday season right as they gear up for the biggest shopping day of the year.The companies, which include everyone from luxury goods giant…

Barbie dolls (R) are displayed for sale ahead of Black Friday at a Walmart Supercenter on November 14, 2023 in Burbank, California. Mario Tama | Getty Images News | Getty ImagesShoppers may get an early present this holiday season: Falling prices in many gift-giving categories.On Thursday, Walmart CEO Doug McMillon said deflation could be coming as general merchandise and key grocery items, such as eggs, chicken and seafood get cheaper.He said the retailer expects some of the stickier higher prices, such as the ones for…

High mortgage rates continue to weigh on the nation's homebuilders, leading to an increase in price cuts to lure buyers. But builders are cautiously optimistic about recent signs that interest rates may move lower soon.Homebuilder sentiment fell six points to 34 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Anything below 50 is considered negative. Analysts had expected the number to come in unchanged from October."The rise in interest rates since the end of August has…

A Frontier Airlines airplane taxis past a Spirit Airlines aircraft at Indianapolis International Airport in Indianapolis, Indiana.Luke Sharrett | Bloomberg | Getty ImagesFORT WORTH, Texas — Airlines have a record 260 million seats to fill this quarter, and to do it, they're offering fares that will run you about the same as a pair of movie tickets.Southwest Airlines, for example, last month offered one-way fares of $29 for flights early in the morning or at night, just one example of airline discounting for off-peak…