U.S. consumer spending barely rose in June as inflation picked up
Businesses have already noticed changes in consumer behavior as inflation erodes workers’ discretionary incomes.
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U.S. new-home sales fall more than forecast to two-year low
The figures reflect a cooling market as the Federal Reserve raises interest rates to soften demand in the broader economy and tame decades-high inflation.
Hybrid work reduced employee attrition rate by 35%, study shows
With the unemployment rate near its lowest level in five decades, even some of the staunchest critics of work-from-home have changed their tune to attract and retain employees.
FedEx reduces U.S. Sunday deliveries as e-commerce cools
FedEx accelerated the rollout of Sunday service in 2020 to handle an historic increase of residential deliveries after COVID-19 spurred lockdowns to stem the spread of the virus.
Microsoft, Google among latest tech giants to hit brakes on hiring
With recession fears mounting, many big tech companies are rethinking their staffing needs. Here’s a look at some of the dozens of companies that are tapping the brakes.
Older, younger bosses often disagree about remote work
The research exposes a generational divide in which executives closer to retirement age differ from younger managers in their 30s and 40s, who are generally more accepting of hybrid arrangements and keen to make sure they benefit everyone.
Shares in insurer formerly known as Anthem plunge on high medical costs
Investors were disappointed even as Elevance Health Inc. increased its full-year profit outlook and beat analysts’ projections for second-quarter earnings.
U.S. Senate votes to consider $52 billion in semiconductor funding
The 64-34 procedural vote on Tuesday night met the criteria set by Senate Majority Leader Chuck Schumer to add research and development initiatives circulated by Republican Todd Young of Indiana and Democrat Kyrsten Sinema of Arizona to the legislation, which could be passed by the Senate next week.
Uber could face suit by 500-plus female passengers over sexual assault complaints
Uber has long defended itself by asserting that it can’t be held responsible for behavior of its drivers, who aren’t employees but rather are contractors.
U.S. retail sales top forecast, keeping big Fed rate hike in focus
Nine of the 13 retail categories showed increases last month, according to the report, including furniture stores, e-commerce and sporting-goods stores.
Amazon Prime Day pushed web sales up 8.5%, to $11.9 billion
Amazon sold more than 300 million items over two days, more than any previous Prime Day, the company said Thursday. Best-selling items included diapers, beauty products and Apple watches, according to Amazon.
Fed could weigh historic 100 basis-point hike after inflation scorcher
Investors upped bets the central bank could make a one percentage-point rate hike at its July 26-27 meeting—which would be the largest increase of the modern Federal Reserve era.
Economists expect fresh U.S. inflation peak, keeping Fed on aggressive rate path
The consumer price index probably increased 8.8% in June from a year earlier, marking the largest jump since 1981, according to the median forecast in a Bloomberg survey.
Potential Kohl’s sale falls apart in shaky retail environment
Kohl’s shares tumbled as much as 20%, to $28.50 each, Friday morning, their biggest drop since March 2020. The stock had already fallen 28% so far this year through Thursday’s close.
Mondelez agrees to acquire energy-bar maker Clif for $2.9B
Clif Bar & Co. operates a major commercial bakery in Indianapolis that employs more than 400 workers. The plant at 7575 Georgetown Road received a $10 million expansion in 2019.
Worldwide airline industry predicts profit in 2023, defying slowdown
While most carriers are enjoying bumper sales as customers flood back following the lifting of COVID curbs, taking leisure trips and catching up with friends and family, there are doubts about how long the surge will continue as high fuel prices push airlines to hike fares.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Tampon manufacturers say they’re working to address reported shortages
On Monday, U.S. Senator Maggie Hassan sent a letter to Procter & Gamble, Edgewell Personal Care, Johnson & Johnson and Kimberly-Clark asking what they plan to do to address reports of diminished supply and price gouging by third-party sellers.
U.S. lifts COVID-19 test requirement for international travel
A senior administration official said the Centers for Disease Control and Prevention would reevaluate the need for the testing requirement every 90 days and that it could be reinstated if a troubling new variant emerges.
U.S. consumer sentiment slumps to record low on inflation woes
As high prices leave less income for discretionary purchases, the risk to the economy is a more pronounced slowdown in consumer spending.