By Julia Horowitz, CNN Business Annual consumer inflation in the United States has climbed to 7% as prices rise at the fastest clip in nearly four decades. But the real test for prices is a year away. What’s happening: According to the most recent survey of consumer expectations by the Federal Reserve Bank of New
Continue Reading By Julia Horowitz, CNN Business Annual consumer inflation in the United States has climbed to 7% as prices rise at the fastest clip in nearly four decades. But the real test for prices is a year away. What’s happening: According to the most recent survey of consumer expectations by the Federal Reserve Bank of New
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By Nathaniel Meyersohn, CNN Business Big Lots is betting shoppers will still want to buy cheap couches and pillows in person for years to come. The discount home furnishings’ chain said Monday that it plans to open more than 500 new stores over the next several years following a decade in which it put its
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By Michelle Toh, CNN Business If you’re looking for your usual order at a KFC in Australia or McDonald’s in Japan these days, you might be disappointed. The two fast food chains are experiencing shortages of fresh chicken and french fries, respectively, forcing them to cut back on some normal menu items this month. Both
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By Clare Duffy, CNN Business A group of more than 80 fact-checking organizations from around the world has called YouTube “one of the major conduits of online disinformation and misinformation worldwide” and wants the platform to do more to address the problem. In an open letter to YouTube CEO Susan Wojcicki published Wednesday, the group
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by Reuters Facebook’s parent company Meta Platforms Inc has paused new users from joining its social media tracking tool CrowdTangle due to staffing constraints. Meta, which disbanded the CrowdTangle team last year, has been under pressure to provide greater transparency into its platforms. CrowdTangle founder and CEO Brandon Silverman left Facebook last year. The tool
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By Brian Fung, CNN Business US antitrust officials can continue their case to break up Meta, Facebook’s parent company, a federal judge ruled on Tuesday, dealing a blow to the social media giant, which had argued the complaint should be dismissed. The decision allows federal prosecutors to try to prove their allegations that Meta has
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By Allison Morrow, CNN Business Citigroup is ending its consumer banking operation in Mexico as part of a broad strategic shift under CEO Jane Fraser. The bank announced Tuesday that it’s exiting the consumer, small business and middle market banking operations of its Mexican business, known as Banamex. Citi, which has operated in Mexico for
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By Matt Egan, CNN Business US oil prices rose sharply on Tuesday, climbing above $81 a barrel for the first time in two months. Crude closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since November 11. The latest gains unwind a good chunk of the relief
Continue Reading By Matt Egan, CNN Business US oil prices rose sharply on Tuesday, climbing above $81 a barrel for the first time in two months. Crude closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since November 11. The latest gains unwind a good chunk of the relief
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By Chris Isidore, CNN Business US prices for just about everything — from cars and gasoline to food and clothing — are rising at the fastest pace in decades. Overall, consumer prices rose in 2021 at the fastest pace in 39 years, meaning this is the worst inflation experienced by anyone not on the cusp
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By Matt Egan, CNN Business The US Chamber of Commerce is calling for doubling the number of legal immigrants into America as a way to ease inflation and the worker shortage. “We need more workers. We should welcome people who want to come here, go to school and stay,” Chamber of Commerce CEO Suzanne Clark
Continue Reading By Matt Egan, CNN Business The US Chamber of Commerce is calling for doubling the number of legal immigrants into America as a way to ease inflation and the worker shortage. “We need more workers. We should welcome people who want to come here, go to school and stay,” Chamber of Commerce CEO Suzanne Clark
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By Alicia Wallace, CNN Business America’s love of debt-fueled spending is making a comeback. During the pandemic, some consumer balance sheets started to improve. Flush with additional cash — from wage increases, stimulus payments, loan forbearance or just fewer opportunities for spending — consumers kept their credit card balances in check. But old spending habits
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by Pete Muntean, CNN United Airlines said it is reducing its flight schedule in hopes of stemming Covid-related staffing shortages that have caused thousands of flight cancellations across the industry. In a new company-wide memo, CEO Scott Kirby said the airline is “reducing our near-term schedules to make sure we have the staffing and resources
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By Brian Fung, CNN Business Meta, the parent company of Facebook, is delaying its return to US offices until March 28 and will require proof of Covid-19 booster shots for workers in those offices. The company already requires that in-office workers be vaccinated. Janelle Gale, VP of Meta’s human resources department, told CNN Business in
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By Jordan Valinsky, CNN Business Oreo is trying something totally new for its 110th birthday. For the celebratory occasion, Oreo is releasing a special flavor it calls Chocolate Confetti Cake. It has sprinkles galore. The cookies themselves are filled with sprinkles and have two layers of filling: the signature creme flavor, pumped with sprinkles, and
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By Peter Valdes-Dapena, CNN Business In 2021, Honda was outsold in the United States by the combined forces of two South Korean brands, Hyundai and Kia. Taken together, the two Seoul-based brands ranked fifth in US sales, delivering 1,439,497 cars, trucks and minivans. Japan-based Honda sold 1,309,222. Looking at just these mainstream brands, Hyundai and
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By Oren Liebermann, Pete Muntean and Barbara Starr, CNN Business An unusual ground stop was issued to some pilots for a short period of time following a North American Aerospace Defense Command alert of a launch of a North Korean missile, a US official said Tuesday. The official says it was not a national ground
Continue Reading By Oren Liebermann, Pete Muntean and Barbara Starr, CNN Business An unusual ground stop was issued to some pilots for a short period of time following a North American Aerospace Defense Command alert of a launch of a North Korean missile, a US official said Tuesday. The official says it was not a national ground
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