By Nathaniel Meyersohn, CNN Business Here’s another sign that the economy is slowing. Procter & Gamble, the maker of Tide, Dawn, Bounty and other leading household brands, warned Friday that consumers were beginning to pull back on their spending as inflation concerns mount. P&G posted 7% sales growth during its most recent quarter ending June
Continue Reading By Alicia Wallace, CNN Business Inflation has crept into practically every corner of Americans’ lives. In Queens, New York, auto repair shop owner Audra Fordin says some customers have opted to save money by patching up a punctured tire only to be sideswiped by costlier repairs later. In Mount Juliet, Tennessee, the operators of a
Continue Reading By Peter Valdes-Dapena, CNN Business With electric cars, people often talk about “range anxiety,” and how cars with bigger batteries and longer driving ranges will alleviate that. I just drove an electric car from New York City to Atlanta, a distance of about 950 miles, and it taught me something important. The problem really isn’t
Continue Reading By Catherine Thorbecke, CNN Business Twitter’s lawsuit against Elon Musk over his move to terminate their $44 billion acquisition agreement will go to trial on Oct. 17 and run for five days, a Delaware judge has ruled. Judge Kathaleen St. Jude McCormick, who is overseeing the case, issued the order for the trial dates late
Continue Reading By Paul R. La Monica, CNN Business It’s been one year since Robinhood went public. And to say that the online broker’s performance has been disastrous would be a massive understatement. If someone were to write a kids’ book about it, they could title it “Robinhood and the Terrible, Horrible, No Good, Very Bad Year.”
Continue Reading By Matt Egan, CNN Business The American economy is losing steam and is vulnerable to sinking into a recession but it’s not in one yet, according to Moody’s Analytics chief economist Mark Zandi. “This is a slowdown. We’re not in recession, certainly not during the first half of this year,” Zandi told CNN in a
Continue Reading By Clare Duffy, CNN Business Much of contemporary Silicon Valley was built on advertising dollars. That dependence made even the most powerful companies look at least somewhat vulnerable this week after reporting their latest earnings results. “We seem to have entered an economic downturn that will have a broad impact on the digital advertising business,”
Continue Reading Opinion by Bill Carter for CNN Business Perspectives Almost 50 years ago, fresh out of school, I was transfixed by the coverage of the famous hearings into the Watergate break-in. They were certainly as compelling as anything I saw on television in that era. And I wasn’t the only one: An estimated 80 million watched
Continue Reading By Jeanne Sahadi, CNN Business Will there be a recession? And, if so, just how bad will it be for my finances? Those questions are looming large for Americans after the Federal Reserve yet again raised rates to combat high inflation, and the latest gross domestic product report showed that the economy slowed for the
Continue Reading By Tami Luhby, CNN Employers continued hiking workers’ pay at a brisker-than-expected pace, but the increases still weren’t enough to compensate for the even faster rise in inflation. Wages and salaries for civilian workers increased 1.4% in the second quarter and 5.3% over the year ending in June, according to the Bureau of Labor Statistics’
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JEFFERSON CITY, Mo. (KMIZ) On Wednesday, Break Time Convenience Stores reported on Facebook there was a fuel issue at several locations. The convenience store reportedly identified seven locations: four in Jefferson City (Truman Blvd, MO Blvd, Main St, McCarty),two in Sedalia (808 E Broadway, 318 W Broadway),and in California—where this problem may be present. On
Continue Reading By Alicia Wallace, CNN Business Another key measure of inflation set a fresh 40-year high in June, a month marked by record-high gas prices. The Personal Consumption Expenditures price index, which measures the change in the prices of goods and services purchased by consumers, rose by 6.8% in June as compared to the same period
Continue Reading By Chris Isidore, CNN Business ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter. Exxon’s profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the
Continue Reading 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.
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