By Jeanne Sahadi, CNN Business Anyone expecting inflation to have peaked by now got a rude surprise last week. The latest inflation report showed prices in May rose 8.6% from a year ago — the fastest rate in 40 years. Add to that declining stocks, climbing interest rates and global economic troubles caused by Russia’s
Continue Reading By Allison Morrow, CNN Business Cardi B is asking the million-dollar question (Or the 20-trillion-dollar question, more precisely). “When y’all think they going to announce that we going into a recession?” the rapper tweeted this week. We wish we knew the answer, Cardi. After all, recession forecasting has become the national pastime of economists, market
Continue Reading By Paul R. La Monica, CNN Business The Federal Reserve is widely expected to raise interest rates by a half of a percentage point for the second consecutive time at the end of its next meeting on June 15. After that, all bets are off. Bigger rate hikes could be in the cards as consumer
Continue Reading by Chiara Grimes Americans are facing grocery store price hikes at levels not seen since the inflation-soaked 1970s, with double-digit increases on everything from eggs to poultry, according to the latest Consumer Price Index from the Labor Department. Friday’s inflation report was a triple-whammy for consumers, with massive price hikes in food, shelter and energy
Continue Reading By Jackie Wattles, CNN Business William Shatner — the 90-year-old actor, presenter, spoken word poet, author, and, more recently, the oldest person ever to travel to space — is showing no signs of slowing down. This fall, he plans to publish a book, called “Boldly Go,” which is billed as a sort of philosophical reflection
Continue Reading By Emmy Abbassi, CNN Uber has released a list of items that passengers left behind in cars and it includes some truly bizarre things, like tater tots and grandma’s teeth. The ride-share company published its “2022 Lost and Found Index” on June 3, near the end of Mercury in retrograde, which astrologists believe influences forgetfulness,
Continue Reading By Chris Isidore, CNN Business For the first time ever, a gallon of regular gas now costs $5 on average nationwide, according to AAA’s Saturday reading. The record is hardly a surprise. Gas prices have been rising steadily for the last eight weeks, and this latest milestone marks the 15th straight day that the AAA
Continue Reading By Nathaniel Meyersohn, CNN Business Pam’s. Kenny’s. Molly’s. Lori’s. Melinda’s… Dave Thomas, a successful Kentucky Fried Chicken franchise owner in Columbus, Ohio, and a protege of founder Colonel Harlan Sanders, was struggling in 1969 to find a name for a new hamburger concept he hoped to open. The fast-food burger market was becoming saturated, but
Continue Reading By Ramishah Maruf, CNN Business Inflation is hitting everyone hard — even Snoop Dogg. On Tuesday, the rapper tweeted that even his professional blunt roller got a raise. “Inflation,” Snoop Dogg tweeted in response to a post by UberFacts, which said his full-time blunt roller makes between $40,000 to $50,000 a year. “Their salary went
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The impact of high gas prices is affecting everyone, one landscaping business explains how it’s coping. Â
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Gas and diesel prices continue to rise across the country, with every state averaging a minimum of $4 a gallon as of mid-May.
Continue Reading By David Goldman, CNN Business Tesla shares are about to get three times less expensive. The company announced Friday that its board approved a 3-for-1 stock split, its first split since August 2020.The split would need to be approved by shareholders at the company’s annual meeting in August. Tesla closed Friday at a little over
Continue Reading By Brian Stelter, CNN Business More than 20 million TV viewers tuned in to Thursday’s prime-time presentation about the January 6 attack, and it reached a far larger number through all manner of social and old-school media. According to early Nielsen estimates, nine of the channels that carried the hearing averaged a combined 19 million
Continue Reading By Brian Stelter, CNN Business More than 20 million TV viewers tuned in to Thursday’s prime-time presentation about the January 6 attack, and it reached a far larger number through all manner of social and old-school media. According to early Nielsen estimates, nine of the channels that carried the hearing averaged a combined 19 million
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors and Lockheed announced last year they were teaming up to work on a new lunar rover that would carry astronauts and their gear on the moon. Now the companies say they could develop a whole lineup of vehicles for work on the moon and that these could be
Continue Reading By Peter Valdes-Dapena, CNN Business General Motors and Lockheed announced last year they were teaming up to work on a new lunar rover that would carry astronauts and their gear on the moon. Now the companies say they could develop a whole lineup of vehicles for work on the moon and that these could be
Continue Reading By Anna Bahney, CNN Business Mortgage rates have risen faster this year than they have in decades. The average 30-year fixed-rate mortgage has been hovering above 5% for more than a month, taking a toll on prospective homebuyers. While many hopeful buyers have bowed out of the market for now, some are exploring what once
Continue Reading By Matt Egan, CNN Democratic Sen. Ron Wyden is drawing up a surtax on Big Oil that would seek to rein in the industry’s skyrocketing profits at a time when gasoline prices are at record highs. Wyden, an Oregon Democrat who chairs the Senate Finance Committee, is floating a 21% surtax on the excess profits
Continue Reading By Nicole Goodkind, CNN Business It’s been yet another week of losses for US markets after steep drops on Friday. The Dow plunged after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods, closing down 880 points for the day, or 2.5%. The S&P 500 shed 2.7%
Continue Reading By Allison Morrow, CNN Business Supply chain problems and inflation have hit virtually all consumer goods, but women who menstruate are now facing an added strain as a shortage of period products hits the United States. Top retailers and manufacturers acknowledged the shortages this week, confirming complaints that have been circulating on social media for
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