Business Briefs

By Staff
Prices jump more than expected
NEW YORK – Prices paid by consumers rose faster in November, lifted by a spike in the price of gasoline, as the government's key inflation measure came in higher than Wall Street forecasts.
The Consumer Price Index, the key measure of inflation on the retail level, rose 0.8 percent in the month, up from the 0.3 percent rise in October. Economists surveyed by Briefing.com had forecast a 0.6 percent rise in overall prices.
It was the biggest jump in prices since September 2005, when gasoline prices surged higher in the wake of Hurricane Katrina. There was a similar impact of higher gasoline prices this time.
The report showed overall energy prices up 5.7 percent, with gasoline up 9.3 percent. In addition food prices, another recent driver of inflation, were up 0.3 percent.
Senate OKs more power for energy regulators
WASHINGTON – The Senate voted Thursday to give federal regulators increased authority to monitor electronic energy markets and protect against market manipulation.
The provision, put into a farm bill, was aimed at closing a loophole created seven years ago largely at the request of the Enron, that exempted electronic markets for large traders from government oversight.
The Senate by unanimous voice vote agreed to include in the farm legislation a provision that gives the Commodity Futures Trading Commission increased authority to detect and prevent manipulation in electronic energy markets, create audit trails and require greater transparency in transactions.
The provision was offered by Sen. Dianne Feinstein, D-Calif, Sen. Carl Levin, D-Mich., and Sen. Olympia Snowe, R-Maine.
-Associated Press
Fannie: Home prices to sink in '08
NEW YORK – Average home prices will decline another 4 to 5 percent in 2008, according to Fannie Mae Chief Executive Dan Mudd.
Mudd, speaking at Fannie Mae's first shareholders meeting in more than three years, said the mortgage-finance firm does not see a turnaround in the U.S. housing market until 2009 "at the earliest."
The median price of an existing home sold jumped 43 percent between 2001 and 2005, but year-over-year price declines started in late 2006 and are expected to fall almost 2 percent this year, according to the National Association of Realtors. That would mark the first year with a decline in prices.
The run-up in prices caused a problem with affordability in many markets, Mudd said, and prices need to retreat in order to restore affordability before a housing recovery can begin.
Mudd blamed the growth in subprime mortgages that sparked the current credit market crisis on the affordability problems during the boom years.

News

Miss RHS pageant takes place Friday

Franklin County

Political announcement: David Hester speaks about run for reelection as county commissioner

Franklin County

BTCPA auditions for final production of season take place March 3-4 

Franklin County

RCS holds annual Black History Month program 

Franklin County

PROGRESS 2024: American Legion Posts 64 and 120 – ‘Veterans Strengthening America’

Franklin County

RHS graduate crowned Miss Northwest Shoals

Franklin County

RHS graduate crowned Miss UNA

Franklin County

PROGRESS 2024: In memoriam – Monuments honor the fallen of Franklin

High School Sports

RHS senior chosen as Bryant-Jordan Region 8 Scholar winner

High School Sports

Russellville High School ladies soccer team members participate in annual Night to Shine

News

Russellville High School Scholars Bowl team qualifies for state tournament

News

Vina kindergarteners connect with lots of other classes

News

PCHS JAG student places in district conference

Features

Wedding Spotlight: Layne and Frank Edwards

Franklin County

RHS senior competes at state DYW competition

News

Extension, 4-H present free resume workshop

Franklin County

Franklin County has lots to love

High School Sports

Russellville High School honors alum Luther Tiggs with special night of basketball

News

BTCPA announces second production of season

News

RMS holds annual state assessment celebration

Franklin County

Red Bay welcomes new city attorney

Franklin County

Attempted traffic stop leads to high-speed vehicle pursuit, wreck 

Franklin County

Vehicle pursuit ends in wreck, arrest 

News

RFD, RHS collab promotes job readiness, community safety

x