Martha C. White On Friday, the Bureau of Labor Statistics reported that the US unemployment rate had ticked up to 3.7% in August, an increase that surprised economists who had expected it to remain at July’s 3.5%. In a normal labor market, rising unemployment is a red flag. But even though today’s labor market is
Continue Reading By Anna Cooban, CNN Business Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries. State gas giant Gazprom is burning off, or “flaring,” about
Continue Reading By Anna Cooban, CNN Business Russia is burning an estimated $10 million worth of natural gas a day near its border with Finland, analysts say, even as it threatens to push Europe into a winter energy crisis by restricting exports to Germany and other countries. State gas giant Gazprom is burning off, or “flaring,” about
Continue Reading By Alicia Wallace, CNN Business The Federal Reserve’s favored inflation indicator showed that prices took a breather last month as fuel costs continued to fall from record highs. The Personal Consumption Expenditures price index rose by 6.3% for the year ended in July, down from the 40-year high of 6.8% reported in June, according to
Continue Reading By Anna Cooban, CNN Business Workers in the United Kingdom have had enough of falling living standards. Rail workers, journalists, lawyers, and postal workers have gone on strike in recent weeks to demand higher pay as inflation soars to its highest level in decades. At least 155,000 workers are currently on strike, including staff at
Continue Reading Martha C. White Inflation talk is expected to dominate the Federal Reserve’s annual summer gathering in Jackson Hole, Wyoming, which kicked off Thursday evening. Wall Street will be closely watching the Jackson Hole Economic Symposium — which returned to an in-person format after two years of being held virtually — searching for clues about where
Continue Reading By Julia Horowitz, CNN Business The big event for investors on Friday is in Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will speak about the economy at a gathering of central bankers. Wall Street will be hanging on to Powell’s every word for clues about just how big the Fed’s next rate hike
Continue Reading By Parija Kavilanz, CNN Business We love our pets, but their shedding? Not so much. Pesky pet hair and dander loves to cling on to clothes and it often turns into a bigger mess when it’s run through a regular laundry machine. Household appliances maker Maytag says it has a solution to this long-standing pet
Continue Reading By Tara Subramaniam, CNN Business The leader of Papua New Guinea has appointed what are believed to be the world’s first ministers for coffee and palm oil. Prime Minister James Marape, sworn in this month after an election marred by violence, delays and allegations of fraud, announced on Tuesday a new cabinet that would include
Continue Reading By Jackie Wattles, CNN Business SpaceX and T-Mobile want to beam cell service to “most places in the US,” including some of the most remote areas of the country that traditionally have not been touched by wireless connectivity. The idea, which the companies plan to roll out in beta testing by the end next year,
Continue Reading By Jackie Wattles, CNN Business NASA and Boeing are now targeting early 2023 for the first crewed flight of Boeing’s long-delayed Starliner spacecraft, officials said during a joint press conference Thursday. Launch officials say the mission could take off as early as February, according to Steve Stich, the manager for NASA’s Commercial Crew Program. Starliner
Continue Reading By Jennifer Korn Google said on Thursday it will begin prominently labeling health care facilities that offer abortion services in its search and maps products to help reduce confusion for women looking up nearby clinics that perform the procedure. The move follows pressure from Democratic lawmakers to rethink its abortion-related search results in the wake
Continue Reading By Matt McFarland, CNN Business This month, Tesla fans rushed to defend the automaker after a prominent critic released a video showing one of the company’s cars with the feature it calls “full self-driving” plowing into child-size mannequins. Some fans built or bought mannequins and child-size dummies to use in their own tests. Others asked
Continue Reading By Matt McFarland, CNN Business This month, Tesla fans rushed to defend the automaker after a prominent critic released a video showing one of the company’s cars with the feature it calls “full self-driving” plowing into child-size mannequins. Some fans built or bought mannequins and child-size dummies to use in their own tests. Others asked
Continue Reading By Danielle Wiener-Bronner, CNN Business Two of Paul Newman’s daughters have filed a lawsuit against the Newman’s Own Foundation, alleging that the charity has gone against their late father’s wishes by not giving enough funds to charitable organizations of their choosing. Newman, the celebrated actor, started Newman’s Own food company in 1982. Its first product
Continue Reading By Paul R. La Monica, CNN Business Dollar stores, as their name suggests, offer inexpensive products for bargain-hungry shoppers. But even Dollar General and Dollar Tree, which have thrived this year as rampant inflation has helped boost sales, are starting to feel the pinch of a slowing economy. Dollar General and Dollar Tree both reported
Continue Reading By Catherine Thorbecke, CNN Business Amazon on Wednesday said it is shuttering its telehealth service, Amazon Care, as the company rethinks its approach for expanding into the health care industry. Launched in 2019, Amazon Care promised to virtually connect patients with a clinician “24/7, 365 days a year,” according to its website, and also offered
Continue Reading By Chris Isidore, CNN Business People hoping to get their holiday shopping delivered on time could be caught in the middle of a growing battle between FedEx and thousands of contractors who deliver most FedEx packages. Many of the contractors used by the company’s FedEx Ground division say they are losing money, even as revenue
Continue Reading By Chris Isidore, CNN Business Few companies flourished more amid the pandemic’s economic upheaval than Peloton. With people unable (or unwilling) to go to the gym, consumers rushed to buy its exercise equipment and, more importantly, sign up for its online classes. Peloton posted its first quarterly profits in calendar year 2020 as revenue jumped
Continue Reading By Jordan Valinsky, CNN Business Peloton’s rough road to recovery continues. The fitness company’s quarterly revenue came in below Wall Street estimates, signaling that its recently launched turnaround effort will take more time to revive sagging sales. Losses amounted to $1.2 billion for the three-month period ending June 30. Revenue also fell nearly 30%, to
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