Economy slowed in recent weeks with inflation, labor cooling
The figures are consistent with expectations that the economy will moderate in the fourth quarter following the strongest growth pace in nearly two years.
Bloomberg News
Articles
U.S. economy grew 5.2% in third quarter, more than first estimated
Even with the downward revision, consumer spending remained robust, underpinned by a resilient jobs market and a flurry of travel and events.
Car dealers press Biden to ease U.S. electric vehicle mandates
A group of 3,700 auto dealers is calling on the Biden administration to pull back on federal regulations that will mandate that two out of every three vehicles sold in the United States in 2032 will be battery electric.
Cyber Monday sales hit record $12.4 billion even as savings dwindle
Spending increased 9.6% from a year ago, making it the biggest online shopping day ever, according to Adobe Inc., which compiles the data.
U.S. launches $3B effort to boost advanced chip packaging
The Commerce Department says the U.S. has just 3% of the world’s packaging capacity—compared with an estimated 38% in China—which Washington worries has left the country vulnerable.
CEO Altman to depart OpenAI after board loses confidence in his ability to lead
OpenAI is a leading player in AI, and has been in talks to sell employee shares to investors at a valuation of $86 billion, a figure that would make the company one of the largest startups in the world.
Amazon to sell $2,350 Astro robot for businesses in bid to boost interest
The new model—designed to work as a rolling security guard—costs $750 more than the consumer version, which launched two years ago.
Wall Street tapping women, minority-owned banks for billion-dollar bond deals
After being relegated to bit parts for decades, women- and minority-owned investment banks are slowly stepping into larger roles as corporations push their go-to banking partners to team up with diverse firms.
Study: Letting people work from home boosts revenue growth
The survey is one of the first broad-based looks at how different work arrangements impact corporate performance.
Lilly experimental drug lowers heart disease risk factor in just one dose, study finds
Lilly’s lepodisiran, given at the highest dose, reduced a heart disease-linked protein to undetectable levels for 48 weeks, according to the study.
Honda to give autoworkers 11% raise following UAW’s labor victories
Employees at Honda’s Indiana Auto Plant in Greensburg are among those who will qualify for raises.
Worst sales reports in years show weakening U.S. consumer trends
With more than 80% of S&P 500 firms having reported, fewer than half have beaten revenue estimates for the third quarter—the lowest share since the same period in 2019, according to data compiled by Bloomberg Intelligence.
JetBlue-Spirit merger trial tests U.S. airline deal crackdown
The U.S. crackdown on airline consolidation faces a new test this week with the trial of a government lawsuit claiming the $3.8 billion takeover of Spirit Airlines Inc. by JetBlue Airways Corp. would reduce competition and boost fares for passengers.
Freelancer reliance rises in U.S., with 20% of work done by them
The shift is allowing firms to save on headcount, which lowers costs, and on real estate expenses.
Shedding fat without losing muscle is Lilly’s next weight-loss target
Eli Lilly and Co. will study its blockbuster diabetes drug Mounjaro in combination with an experimental muscle-loss treatment as it searches for ways to help patients maintain muscle while losing weight.
Roche to buy bowel drugmaker Telavant for $7.1 billion
Roche has come under pressure to improve its pipeline with medicines it can commercialize soon as a windfall of revenue from products used in the COVID-19 pandemic comes to an end.
Health insurance premiums rise to $24K a year, survey says
The average employer-sponsored health insurance premium for U.S. families rose 7%, according to an annual KFF survey of more than 2,000 U.S. companies.
UPDATE: Jet engine maker Rolls-Royce cutting up to 2,500 jobs globally
The Derby, England-based company is the third-largest manufacturer in the Indianapolis area with about 4,000 local employees.
U.S. consumer prices rise at brisk pace for second straight month
Recent inflation data underscore how a strong labor market is underpinning consumer demand, which risks keeping price pressures above the Fed’s target.
Most U.S. households expected to pay less for heat this winter
Citizens Energy Group, which provides utility services to 900,000 people in the Indianapolis area, said Wednesday that it projects monthly natural gas heating bills will decrease during the winter heating season.