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US economy accelerated to a strong 4.9% rate last quarter as consumers shrugged off Fed rate hikes

Published Fri, 21 Feb 2025 18:04:51 GMT

WASHINGTON (AP) — The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.The Commerce Department said the economy expanded last quarter at the fastest pace in more than two years — and more than twice the 2.1% annual rate of the previous quarter.Thursday’s report on the nation’s gross domestic product — the economy’s total output of goods and services — showed that consumers drove the acceleration, ramping up their spending on everything from cars to restaurant meals. Even though the painful inflation of the past two years has soured many people’s view of the economy, millions have remained willing to splurge on vacations, concert tickets and sports events.Last quarter’s robust growth, though, may prove to be a high-water mark for the economy before a steady slowdown begins in the current October-December quarter and extends into 2...

Ladder Capital: Q3 Earnings Snapshot

Published Fri, 21 Feb 2025 18:04:51 GMT

NEW YORK (AP) — NEW YORK (AP) — Ladder Capital Corp. (LADR) on Thursday reported third-quarter net income of $31.3 million.The New York-based company said it had profit of 25 cents per share. Earnings, adjusted for non-recurring costs and stock option expense, came to 31 cents per share.The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.The commercial real estate mortgage origination and finance company posted revenue of $142 million in the period. Its adjusted revenue was $79.8 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LADR at https://www.zacks.com/ap/LADRSource

Weekly applications for US jobless benefits rises slightly

Published Fri, 21 Feb 2025 18:04:51 GMT

NEW YORK (AP) — The number of Americans applying for jobless benefits rose last week but remains historically low as the labor market continues to show strength amid high interest rates and inflation.Jobless claim applications rose by 10,000 to 210,000 for the week ending Oct. 21, the Labor Department reported Thursday. The previous week’s applications were the fewest in eight months.Jobless claim applications are considered a proxy for layoffs.The four-week moving average of claims, which smooths out some of the week-to-week volatility, rose by 1,250 to 207,500.Overall, 1.79 million people were collecting unemployment benefits the week that ended Oct. 14, about 63,000 more than the previous week. Source

Europe’s central bank halts rate hikes as war in the Middle East casts a shadow over the economy

Published Fri, 21 Feb 2025 18:04:51 GMT

FRANKFURT, Germany (AP) — The European Central Bank left interest rates unchanged Thursday for the first time in over a year as the Israel-Hamas war spreads even more gloom over already downbeat prospects for Europe’s economy.It is the bank’s first meeting with no change after a torrid pace of 10 straight increases dating to July 2022 that pushed its key rate to a record-high 4%. The ECB joins the U.S. Federal Reserve, Bank of England and others in holding borrowing costs steady — albeit at the highest levels in years — as inflation has eased.The ECB said its previous interest rate increases are being “transmitted forcefully” to the economy in the form of more expensive credit, which is “increasingly dampening demand and thereby helps push down inflation.” The bank said it would keep rates high enough to restrict economic activity and contain inflation “for as long as necessary.” Inflation peaked at a painful 10.6% in October for the 20 countries that use the euro currency as ...

Union Berlin suspends on-loan Chelsea player David Datro Fofana for a week for refusing a handshake

Published Fri, 21 Feb 2025 18:04:51 GMT

BERLIN (AP) — Union Berlin has suspended forward David Datro Fofana for a week after he refused to shake his coach’s hand during the Champions League loss to Napoli.Fofana walked past coach Urs Fischer’s outstretched hand on Tuesday after Fischer substituted him in the 70th minute of the 1-0 loss to the Italian champions. The two briefly made contact when Fischer appeared to jostle Fofana. It was Union’s ninth consecutive loss in all competitions.Union spokesperson Christian Arbeit said Thursday that Fofana had apologized to Fischer and sporting director Oliver Ruhnert. Fischer said he hoped Fofana would learn from the incident and that “it’s about accepting decisions.”Fofana is set to train separately from the team and will not be considered for selection against Werder Bremen in the Bundesliga on Saturday or against Stuttgart in the German Cup on Tuesday, Arbeit said. He will rejoin the team starting Wednesday.Fofana posted an apology to the team and suppor...

Witch way to the treats? Bowie dog park hosts pet pantry Halloween event

Published Fri, 21 Feb 2025 18:04:51 GMT

This is part of WTOP’s continuing coverage of people making a difference from our community authored by Stephanie Gaines-Bryant. Read more of that coverage.Halloween isn’t just for children. You and your pet can have a doggone good time at the Howl-o-Ween 2: Electric Pupaloo event at the City of Bowie’s dog park in Maryland.The event on Friday, Oct. 27, will run from 4-6 p.m.They’ll have treats for both humans and dogs, but the purpose of the event is to help pet owners in the community.“We’re going to be putting a pet pantry at the dog park,” said Officer Jessica Gaunt with the City of Bowie Animal Control Office. She said people are being asked to donate dog training tools to the pantry like collars, leashes, clickers, food and treats to support our pet owners. She said they want to help people who don’t always have the money to get the necessary tools to help train their dogs.She added the focus will be on filling their animal control vans, “so that we’ll have plenty of mat...

Photos: Morning fog reduces viability on roads in Denver metro

Published Fri, 21 Feb 2025 18:04:51 GMT

DENVER (KDVR) — If you are headed out for your morning commute, be extra careful. Fog is moving across the northeastern plains and northern Front Range on Thursday morning, reducing driving visibility to less than a half mile at times.The Boulder National Weather Service tweeted that there was fog in the urban corridor early Thursday morning, and it will last through midday.At 7:38 a.m. on Oct. 26, 2023, NWS tweeted that a dense fog advisory for the metro has been issued until 10 a.m. due to very limited visibility.I-25 in Thornton (Courtesy of CDOT)Fog on Thursday, Oct. 26, 2023, morning in Brighton (Courtesy of Boulder National Weather Service)Fog on Thursday, Oct. 26, 2023, morning in Broomfield (Courtesy of Broomfield Police Department)With this fog, NWS Boulder said it could reduce visibility to less than a half mile at times. What is ‘super fog’? Driving tips for fogHere are some tips for driving in the fog from the NWS.Slow down and keep a safe distance from the car in fron...

Will this Halloween's weather make history?

Published Fri, 21 Feb 2025 18:04:51 GMT

DENVER (KDVR) — Halloween is on Tuesday, and Denver is looking at highs in the upper 40s during the day with sunny skies, and low 40s by the evening. While this sounds chilly for trick-or-treating, it's nowhere near the coldest Halloween in history. According to the National Weather Service, the coldest Halloween on record wasn't too long ago when it hit 7 degrees in 2019. This may sound miserable, but probably not as awful as Halloween in 1972 when it snowed 8 inches in Denver. What will Denver’s weather be like for Halloween? While it isn't nearly close to the warmest Halloween on record, which was 79 degrees in 2016 and 1950, the historical probability it's going to snow is low (12%). The last time it snowed on Halloween was five years ago in 2018.Halloween in past years has been all over the place from one of the warmest years in 2016 to the coldest in 2019. This Oct. 31 is not looking too bad.On average, Halloween temperatures hit a high of 57.1 degrees in Denver with a low o...

Florida couple’s heroic rescue saves dog from predators

Published Fri, 21 Feb 2025 18:04:51 GMT

PALM CITY, Fla. (WSVN) – A Florida woman and her husband refused to leave a stranded dog’s side until she was safely rescued from a perilous situation.Wendy Diaz, a Belle Glade resident, told her husband on cellphone video she took that she wanted to stay longer to try to get the dog to come to her. “I was saying, ‘Baby no, I want to stay, I don’t want to leave, I want to stay with her,'” Diaz recalled. The stranded dog was discovered on a spillway with a 12-foot drop, surrounded by water and menacing predators.“That place was in the middle of nowhere,” she said. “You can see the gators swimming around and you know I was scared for the dog and also for us.”Facing the presence of alligators, Diaz dialed 911, and animal services supervisors were dispatched to the scene. “And I said, ‘Oh thank you Lord, thank you,'” recounted Diaz.She eagerly awaited good news, and her persistence paid off when she received the mes...

Search underway for missing 37-year-old man missing from Flagami

Published Fri, 21 Feb 2025 18:04:51 GMT

The Miami Police Department is searching for a 37-year-old man, who was reported missing from the Flagami area. Juan Carlos Torrez, with brown hair and brown eyes, stands at 5’8″ and weighs 165 lbs. He was last seen wearing a white shirt with dark pants.If you have any information or have seen Juan Carlos Torrez, please contact authorities at 305-603-6300 or 305-579-6111 immediately.