Morning Business Report: USPS price hikes, tough job market for grads, stocks rise on oil dip

The United States Postal Service is planning to raise prices on select shipping services as it looks to offset rising transportation costs.

(LILAMAX)- The United States Postal Service is planning to raise prices on select shipping services as it looks to offset rising transportation costs, including fuel.

The proposed increase would raise prices by about 8 percent on some packages, including Priority Mail and Parcel Select services, through mid-January of next year. Postal officials say the adjustment is necessary to meet its obligation to deliver to every address in the country while remaining financially sustainable.

Meanwhile, new data from the Federal Reserve Bank of New York shows young college graduates are facing one of the toughest job markets in years.

The unemployment rate for graduates ages 22 to 27 climbed to 5.6 percent at the end of last year. While some have pointed to artificial intelligence as a potential factor, economists say there is little evidence A.I. is the main driver. Instead, many cite a “low fire, low hire” environment, where companies are both cutting back on layoffs and slowing hiring — limiting opportunities for new workers.

On Wall Street, stocks moved higher Wednesday as oil prices pulled back and optimism grew around a potential diplomatic breakthrough between the U.S. and Iran.

The Dow Jones Industrial Average gained more than 300 points, as traders reacted to hopes of a possible ceasefire agreement that could ease tensions and stabilize global energy markets.

Looking ahead, a high-stakes meeting between Donald Trump and Xi Jinping is now set for May 14 and 15 in Beijing.

The White House says the meeting was delayed by six weeks due to the ongoing conflict involving Iran. Trade, geopolitics, and international relations are expected to top the agenda as both leaders sit down for talks.