By Alicia Wallace, CNN Business A new batch of inflation data released Friday showed that while prices remained uncomfortably high in September, a slowdown in wage growth indicates some relief may be in sight. That’s an encouraging development for the Federal Reserve, which is battling to bring down the highest inflation in 40 years. The
Continue Reading By Chris Isidore, CNN Business America’s largest oil company ExxonMobil set a profit record for the second-straight quarter as oil and gas prices remained high. No. 2 US oil company Chevron also posted much-better-than-expected results. ExxonMobil earned $18.7 billion, excluding special items, up 6% from the second quarter results which had been the record and
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Nicole Goodkind, CNN Business The US economy grew by a 2.6% adjusted annual rate in the third-quarter, bouncing back from two negative quarters and beating analyst expectations. This ultra-resilient economy stands in the face of the Federal Reserve’s aggressive attempts to quell inflation by slowing growth through aggressive interest rates. But a quick look
Continue Reading By Vanessa Yurkevich, CNN Three hundred business groups are calling on President Joe Biden to intervene in the ratification of the national tentative agreement he helped broker last month between rail unions and US freight railroads. In a letter sent to the president Thursday, retail, agricultural, manufacturing, and trucking associations jointly asked the president to
Continue Reading By Peter Valdes-Dapena, CNN Business The Ford Fiesta, a hugely popular little hatchback in much of the world, will soon no longer appear in Ford’s European dealerships. Introduced in 1976 as a fuel-efficient subcompact “global car,” the Fiesta was only sold in the United States for about 10 years total, appearing here from 1978 to
Continue Reading By Danielle Wiener-Bronner, CNN Business Inflation is relentlessly high and food prices in particular are soaring. In this environment, customers are turning to McDonald’s — even as the burger chain raises its own prices. In the third quarter, McDonald’s US prices were up about 10% year-over-year on average. Even so, the brand is gaining traction
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Oliver Darcy, CNN Business The New York Post said that a series of vulgar and racist tweets and headlines published Thursday morning were the result of a rogue employee. “The New York Post’s investigation indicates that the unauthorized conduct was committed by an employee, and the employee has been terminated,” the Post said in
Continue Reading By Matt Egan Democrat John Fetterman scolded the oil industry on Thursday for reaping massive profits and argued companies are rewarding shareholders instead of aggressively investing in new supply. “Big Oil just made another round of record profits by gouging Americans at the gas pump,” Fetterman, the lieutenant governor of Pennsylvania, said in a statement.
Continue Reading By Jeanne Sahadi, CNN Business The demand to buy US Series I savings bonds this week has been so great that it temporarily crashed the Treasury web site where those bonds are purchased. That could mean some investors’ requests may not be processed in time to lock in the bond’s 9.62% rate by the October
Continue Reading By Christine Romans, CNN Business Don’t expect the bounce-back in the US economy in the third quarter to quiet the chorus of recession calls. The US economy grew by a stronger-than-expected 2.6% from July to September, after contracting 1.6% in the first quarter and 0.6% in the second quarter of the year. The welcome GDP
Continue Reading By Anna Bahney, CNN Business Mortgage rates rose again this week, topping 7% for the first time since 2002. The 30-year fixed-rate mortgage averaged 7.08% in the week ending October 27, up from 6.94% the week before, according to Freddie Mac. A year ago, the 30-year fixed rate stood at 3.14%. The last time the
Continue Reading By Matt McFarland, CNN Business Denis Wang says he always hated the car-buying process — until he met Rivian. Buying the automaker’s R1T electric pickup was so wonderful that he says he drove 45 minutes to Rivian’s Irvine, California, office to take the Rivian employee who shepherded him through his purchase out for coffee. (Rivian
Continue Reading By Hanna Ziady, CNN Business The European Central Bank hiked interest rates by three quarters of a percentage point on Thursday, promising further hikes to come and forecasting an extended economic slowdown. The move will take the benchmark rate for the 19 countries using the euro to 1.5%. The central bank has now hiked rates
Continue Reading By Alicia Wallace, CNN Business The US economy grew last quarter, bouncing back after shrinking in the first half of the year — but there are indications that consumer spending, which powers the US economy, is starting to soften. Gross domestic product — the broadest measure of economic activity — rose by an annualized rate
Continue Reading By Amanda Musa and Jennifer Henderson, CNN The Miss Universe Organization has suspended Miss USA President Crystle Stewart and her company, Miss Brand Corporation, pending an independent investigation into allegations that the 2022 Miss USA pageant was rigged. “After thorough deliberation, Miss Universe Organization has decided to suspend Miss Brand immediately,” the Miss Universe Organization
Continue Reading By Jordan Valinsky, CNN Business Peloton has “indefinitely paused” playing Kanye West’s music from its streaming workout classes. Pelo Buddy, a fan website that doesn’t have official ties with Peloton, reports that company is telling concerned members saying that its instructors are no longer using West’s music in “newly produced classes” and it’s not recommending
Continue Reading By Matt Egan, CNN Business Colorado Sen. John Hickenlooper is pleading with the Federal Reserve to pause its relentless attack on crushing inflation before it does more harm than good. “High inflation necessitates a response. But the concern is the Fed is doing too much too soon,” Hickenlooper wrote in a letter on Thursday to
Continue Reading By Rob Picheta, Lauren Said-Moorhouse, Max Foster and Lauren Kent, CNN Prince Harry’s highly anticipated memoir will be entitled “Spare” and is set for a January 10 release, its publisher revealed on Thursday. The 416-page book will include Harry’s recollection of Princess Diana’s funeral in 1997, when the 12-year-old prince walked behind his mother’s coffin,
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