By Julia Horowitz, CNN Business When you think about a shrinking economy, what comes to mind? Factories shutting down. A wave of job losses and few open positions. Huge financial losses that batter most industries. That’s not what America is seeing right now, even though the country’s gross domestic product has declined for two consecutive
Continue Reading Opinion by Lakshman Achuthan and Anirvan Banerji for CNN Business Perspectives A couple of months ago, when the consensus outlook for the economy was fairly sanguine, we warned that the economy was “close to entering a recession,” but that there was still time to make hay in the jobs market. But now that a recession
Continue Reading By Nadine Schmidt and Lauren Kent in London The German city of Hanover has banned hot water in public buildings and has introduced measures to reduce heating and energy usage as Europe faces a potential natural gas crisis this winter. “Every kilowatt-hour saved saves the gas storage tanks,” said the mayor’s office in a news
Continue Reading By Nadine Schmidt and Anna Cooban, CNN Business The German government has seized control of three Russian-owned oil refineries to secure supplies of gasoline, diesel and aviation fuel. Germany’s economy ministry announced on Friday that it had temporarily taken over Russian oil giant Rosneft’s subsidiaries in the country. Rosneft Deutschland and RN Refining & Marketing
Continue Reading By Anna Cooban and Julia Horowitz, CNN Business Europe’s economy grew unexpectedly in the second quarter of this year, allaying concerns — for now — that the continent may have slid into a recession. The European Union’s economy grew at a seasonally adjusted 4% last quarter when compared to the same quarter a year ago
Continue Reading By Nicole Goodkind and Tal Yellin, CNN If you’re confused about whether the US economy is in a recession, you’re not alone. On one hand, gross domestic product, a key measure of economic output, shrank for the second straight quarter this week, raising fears that the country has entered — or will soon enter —
Continue Reading By Laura He, CNN Business China’s top leadership has gone quiet on the growth targets it had set for the year, as the world’s second-largest economy continues to battle a largely self-inflicted economic slowdown. In early March, China’s government had said that the country would target gross domestic product growth of about 5.5% this year.
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Catherine Thorbecke, CNN Business Instagram on Thursday said it will walk back some of its recent feature changes after facing mounting backlash from users, including members of the Kardashian family. In recent days, Instagram has come under fire from users who are frustrated that the photo-sharing app is becoming too much like rival TikTok.
Continue Reading By Clare Duffy, CNN Business Even the world’s most valuable tech company isn’t immune to the more challenging global economic climate. Apple on Thursday reported its profits declined by nearly 11% in the three months ending in June from the same period a year ago as the company works through an economic downturn and supply
Continue Reading By Rishi Iyengar, CNN Business Amazon appears to still be going strong even as other Big Tech companies stumble amid pressure from inflation and an economic downturn. The e-commerce giant on Thursday reported net sales of $121.2 billion for the quarter ended June 30, a 7% increase from the same quarter last year and higher
Continue Reading By Peter Valdes-Dapena, CNN Business Under a new green energy bill agreed to by Democratic Sens. Chuck Schumer and Joe Manchin, automakers like Tesla and General Motors would regain the ability to offer federal tax credits to customers who buy their electric vehicles. Hurdles to the bill’s passage remain, but if it becomes law it
Continue Reading By Alicia Wallace, CNN Business While the latest GDP report showed the US economy contracted again in the second quarter, Treasury Secretary Janet Yellen said there’s no fear that America is currently in a recession. “That is not what we’re seeing right now when you look at the economy,” she said. “Job creation is continuing,
Continue Reading By Parija Kavilanz, CNN Business Shopping for back-to-school essentials is becoming a real struggle for families whose household budgets are stretched to the max by surging inflation. Mid-July is typically when shopping for necessities such as clothes, shoes, backpacks, classroom supplies and gadgets for the new school year gets underway in earnest. But as high
Continue Reading By Paul R. La Monica, CNN Business There’s a saying on Wall Street that traders often sell the news. Well, that hasn’t been the case with a tiny reproductive health company following the Supreme Court’s decision to overturn Roe v. Wade last month. Shares of Evofem Biosciences, which makes a hormone-free contraceptive vaginal gel named
Continue Reading By Paul R. La Monica, CNN Business There’s a saying on Wall Street that traders often sell the news. Well, that hasn’t been the case with a tiny reproductive health company following the Supreme Court’s decision to overturn Roe v. Wade last month. Shares of Evofem Biosciences, which makes a hormone-free contraceptive vaginal gel named
Continue Reading By Rishi Iyengar, CNN Business For close to two decades, Apple and China have been inextricably linked. The world’s most populous country not only accounts for the bulk of Apple’s device manufacturing but also a significant portion of its sales. This year, however, several cracks have started to appear in an otherwise mutually beneficial relationship.
Continue Reading By Anna Bahney, CNN Business Mortgage rates dropped last week as fears grow that the US economy is entering a recession. The 30-year fixed-rate mortgage averaged 5.30% in the week ending July 28, down from 5.54% the week before, according to Freddie Mac. That is still significantly higher than this time last year when it
Continue Reading By Martha White and Alicia Wallace, CNN Business The US economy shrank again in the second quarter, the Bureau of Economic Analysis said Thursday. Gross domestic product, a wide-ranging measure of economic activity, fell by 0.9% on an annualized basis from April through June. That decline marks a key symbolic threshold for the most commonly
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