By Joe Cash BEIJING (Reuters) – China said on Thursday that Biden administration plans to limit Chinese content in batteries eligible for generous electric vehicle tax credits from next year violate international trade norms and will disrupt global supply chains. The plans will make investors in the U.S. electric vehicle…

The numbers: The productivity of American workers rose by a revised 5.2% annual rate in the third quarter, the government said Wednesday. It is the fastest pace since the third quarter of 2020. Excluding the pandemic era, it’s the fastest since the fourth quarter of 2009.   The third-quarter gain…

(Reuters) – Monetary policy in the United States continues to be appropriate, and interest rates will need to remain at current levels in order to “durably” reduce inflation, the International Monetary Fund said on Thursday. The US economy has proven to be “quite resilient,” said IMF spokesperson Julie Kozack in…

The numbers: The number of Americans who applied for unemployment benefits last week was barely changed at 220,000, indicating that layoffs remain extremely low even as businesses cut back on hiring. New jobless claims inched up to 220,000 from a revised 219,000 in the prior week, the government said Thursday.…

(Reuters) -U.S. drugmaker AbbVie (NYSE:) said on Thursday it intends to focus on smaller deals to support its growth through the next decade, after it struck two multibillion dollar deals in the past week to acquire Cerevel Therapeutics and ImmunoGen (NASDAQ:). “I would not anticipate similar sized transactions for the…

The numbers: Total consumer credit rose $5.2 billion in October, down from a $12.2 billion gain in the prior month, the Federal Reserve said Thursday. That translates into credit growth at a 1.2% annual rate, down from a 3% rate in the prior month. Economists had been expecting a $9.1…

By Noel Randewich and Shristi Achar A (Reuters) – The Nasdaq ended sharply higher on Thursday after Alphabet (NASDAQ:) and Advanced Micro Devices (NASDAQ:) sparked a megacap rally on fresh optimism about artificial intelligence. Shares of Alphabet jumped 5.3% as analysts cheered the launch of the Google-parent’s newest AI model,…

The numbers: A barometer of business conditions at American factories was negative in November for the 13th month in a row, indicating little improvement in the industrial side of the economy. The Institute for Supply Management’s manufacturing survey was unchanged at 46.7% last month. Numbers below 50% signal contraction. The index…

By Lucia Mutikani WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits increased moderately last week, suggesting that the labor market was gradually losing momentum as higher borrowing costs curb demand in the broader economy. The weekly jobless claims report from the Labor Department on Thursday…

America’s Car-Mart Inc.’s stock tumbled 17% Tuesday and weighed on rivals, after the used-car retailer swung to a surprise fiscal second-quarter loss and posted revenue that lagged estimates. The Rogers, Ark.-based company CRMT, -2.51%, which describes itself as a “Buy Here Pay Here” dealership, targets subprime, or more credit-challenged customers,…