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By CHRISTOPHER RUGABER, Associated Press Economics Writer

WASHINGTON (AP) — Just three weeks ago, Federal Reserve Chair Jerome Powell spoke to reporters after the central bank had kept its key interest rate unchanged for a fifth straight meeting and said the job market was “solid.”

His assessment was important because if the job market is healthy, there is less need for the Fed to cut its key interest rate, as President Donald Trump has demanded. Two days later, the Labor Department issued a report that cast doubt on that assessment, showing hiring was weak in July and much lower than previously estimated in May and June.

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NEW YORK (AP) — Sony has raised the price of its PlayStation 5 consoles being sold in the United States by $50.

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“Similar to many global businesses, we continue to navigate a challenging economic environment,” Sony Global Marketing Vice President Isabelle Tomatis wrote in a blog post. “As a result, we’ve made the difficult decision to increase the recommended retail price for PlayStation 5 consoles in the U.S. starting on August 21.”

The price change affects the standard Playstation 5, the Digital Edition and the Pro. According to Sony, prices for games and accessories remain unchanged and that this round of increases only affects consoles sold in the U.S. read more

CHICAGO — It’s been a little over six months since President Donald Trump assumed office for his second term. In that time, the economic landscape has shifted quite drastically: The new administration has implemented broad tariffs on U.S. trade partners, the stock market has both plummeted and soared to historic heights, hiring is down, fears of a recession are on the rise and, perhaps most notably for everyday Americans, consumer prices are changing.

Now $6.34, the cost of ground beef hit all-time highs for the sixth consecutive month, jumping another 4% since June. But it’s not just backyard barbecues and ballpark dogs that are getting more expensive — bananas, electricity and chicken also remain at or less than a cent away from their record prices, according to the latest data from the consumer price index.

Across the board, consumer prices are about 2.7% higher than they were this time last year, an increase economists largely attribute to the president’s sweeping tariffs pushing costs higher. And with even greater import taxes on more than 90 countries taking effect last week, it may not be the last time the price of consumer goods and services tips the scale. read more

By SAM McNEIL, DAVID McHUGH and FATIMA HUSSEIN, Associated Press

BRUSSELS (AP) — American and European Union officials released a bare-bones account Thursday of their trade deal that imposes a 15% import tax on 70% of European goods exported to the United States, but they left blank key areas such as wine and spirits as well as steel and indicated that talks would continue on those and a slew of other important sectors.

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The two sides said the document was only “a first step in a process that can be further expanded to cover additional areas.” They are dealing with the vast range of goods traded between the two economies in what is the largest bilateral trading relationship in the world, involving $2 trillion in annual trans-Atlantic business. read more

By ANNE D’INNOCENZIO, Associated Press Retail Writer

NEW YORK (AP) — Walmart Inc. powered through an uncertain economic environment and tariff concerns and delivered solid second-quarter financial results that showed it keeps pulling in shoppers and outpacing peers like Target.

The nation’s largest retailer also on Thursday increased its annual profit and sales outlook.

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The Bentonville, Arkansas-based reported an increase of 4.6% in comparable sales for the latest quarter — those coming from established stores and online channels. And executives noted it’s wooing consumers across all income cohorts, particularly higher income shoppers, with its speedy deliveries, grocery discounts, and trendier fashion. read more