Economy

Economy

Amazon upbeat on Prime Day, despite early glitches

NEW YORK (AP) — Amazon is hoping customers don't see any more dogs, after early problems on Prime Day meant people trying to shop got only images of cute canines delivering an apologetic message.

Sears closes its final store in Chicago

CHICAGO (AP) — Sears has closed its final store in Chicago, ending its retail legacy in the city.

Sears Holdings Corp. announced this year that the store in the Portage Park neighborhood on Chicago's northwest side would close. The store that closed Sunday had opened in 1938.

China files WTO challenge to U.S. $200 billion tariff plan

BEIJING (AP) — China announced it filed a World Trade Organization challenge Monday to President Donald Trump's latest tariff threat, stepping up its diplomatic efforts to counter U.S. pressure in a spiraling technology dispute.

Economists say U.S. sales, employment likely to grow

DETROIT (AP) — Most U.S. business economists expect corporate sales to grow over the next three months and hiring and pay to rise with them.

U.S. expected to become top oil producer next year

The U.S. has nosed ahead of Saudi Arabia and is on pace to surpass Russia to become the world's biggest oil producer for the first time in more than four decades.

The latest forecast from the U.S. Energy Information Administration predicts that U.S. output will grow next year to 11.8 million barrels a day.

Citigroup 2nd-quarter earnings rise 16%

NEW YORK (AP) — Citigroup's second-quarter profits jumped 16 percent from a year earlier, the bank said Friday, helped by a much lower tax bill and higher revenue earned on loans and interest.

JPMorgan's profits up 18%, helped by lower taxes

NEW YORK (AP) — JPMorgan Chase's second-quarter profits rose by 18 percent from a year ago, as the nation's largest bank continues to benefit from higher interest rates and a lower tax bill following last year's passage of President Donald Trump's tax law.

Wells Fargo earnings fall as scandals linger

NEW YORK (AP) — Wells Fargo & Co., which has been mired in investigations related to its business practices, said Friday that its second-quarter earnings fell to $5.19 billion from $5.86 billion a year ago. The bank also revised its first-quarter earnings downward after agreeing in April to pay $1 billion in fines to federal regulators.

China says U.S. firms should lobby Washington over trade

BEIJING (AP) — China tried to step up pressure on Washington in their growing tariff war Thursday by suggesting U.S. companies lobby American leaders, while a Korean union warned President Donald Trump's threat of higher auto import duties could lead to job losses in Alabama.

Inflation reaches 2.9% in June, highest in 6 years

WASHINGTON (AP) — Consumer prices rose in June from a year earlier at the fastest pace in more than six years, lifted by more expensive gas, car insurance, and higher rent.