National Business

OTTAWA — With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn't forget about term length.

FRANKFURT, Germany (AP) — The European Central Bank pressed ahead with another interest rate hike Thursday and made clear more are on the way, aiming to crush inflation that is driving up the cost of groceries even after the U.S.

NEW YORK (AP) — Americans increased their spending at retailers last month despite pressure from still-high inflation and rising borrowing costs. Thursday's report from the Commerce Department showed that retail sales rose 0.

OTTAWA — Statistics Canada says manufacturing sales rose 0.3 per cent to $72.3 billion in April, helped by higher sales of auto parts and petroleum and coal products. The agency says sales of motor vehicle parts rose 25.1 per cent to a record $3.

LONDON (AP) — A committee of U.K.

The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve's interest rate hikes over the past year may taking hold in what's proved to be a resilient job market. U.S.

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in May dropped 23 per cent compared with April as starts of apartments, condos and other types of multi-unit housing projects in Vancouver, Toronto and Montreal fell.

TORONTO — Canadians are struggling to save for retirement, with many planning to push back the next phase of their life amid inflation and higher interest rates, according to a new survey from the Healthcare of Ontario Pension Plan.

CALGARY — Canada has no hope of reaching its 2050 climate goals unless it can find a way to speed up the approvals process for major projects in this country, a new report states.

WASHINGTON (AP) — Inflation may be cooling — just not yet fast enough for the Federal Reserve.