Money

By Alicia Wallace, CNN Business Americans are continuing to lean on credit cards and loans, as consumer credit surged by $38 billion in April amid the highest inflation in 40 years. The latest Federal Reserve data on outstanding consumer credit, released Tuesday afternoon, comes after March’s record increase of $52.4 billion. That figure has since

By Chris Isidore, CNN Business No matter where you live in the United States, gas prices are uncomfortably high. Filling up a car for $60, $70 or $80 is a painful experience wherever you are. But not all Americans are feeling pain at the pump equally. You might think drivers in California are struggling the

By Paul R. La Monica, CNN Business You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said “for many countries, recession will be hard to avoid.” Malpass joins many others on Wall Street and at central banks around the globe who

By Nathaniel Meyersohn, CNN Business Target is stuck with too much home decor and too many TVs. To clear out the glut, it will ramp up discounts. The retail giant said Tuesday that it would mark down prices on some bigger-ticket items that consumers have pulled back on purchasing and cancel pending orders from suppliers.

By Nathaniel Meyersohn, CNN Business Kohl’s may soon have a new owner. Kohl’s said late Monday that it had entered into a three-week exclusive negotiation period for a potential sale with Franchise Group, a holding company which owns The Vitamin Shoppe and other retail brands. Franchise Group has proposed to buy Kohl’s for $60 a

By Matt Egan, CNN Business US Treasury Secretary Janet Yellen conceded on Tuesday that inflation is at “unacceptable levels,” but she also sought to underscore that this is not a problem exclusive to the United States. “Putin’s war in Ukraine is having impacts on energy and food prices globally,” Yellen told lawmakers. “We are not

By Tami Luhby and Tal Yellin, CNN The white-hot labor market has driven up wages faster than at any time since the mid-1980s, as employers struggle to attract — and retain — workers. But Americans aren’t rolling in dough. Inflation has also surged, with the Consumer Price Index rising by 8.3% in the 12 months

By Matt Egan, CNN Business High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption, according to Goldman Sachs. The Wall Street bank is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of