By Alicia Wallace, CNN As retail sales took a bit of a breather in December, so did the credit cards. US consumers’ outstanding credit grew by $11.56 billion to end the year, according to Federal Reserve data released Tuesday. It’s the lowest monthly gain since January 2021 and well below economists’ expectations of $25 billion.
Continue Reading By Nicole Goodkind, CNN Everyone seems to be in a bit of a debt bind at the moment: The US government has run out of credit to spend, high inflation and interest rates have taken a big bite out of debt-laden tech companies that expected pandemic-era growth to continue and US credit card debt reached
Continue Reading By Alicia Wallace, CNN The US labor market remains “extraordinarily strong” and Friday’s monster jobs report underscored that the central bank has more work to do to bring down inflation, Federal Reserve Chairman Jerome Powell said Tuesday. “We didn’t expect it to be this strong,” Powell said of the January jobs report, which showed the
Continue Reading By Paul R. La Monica, CNN Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, understands that consumers are still struggling to deal with high prices. And he has the frozen lasagna to prove it. Kashkari told CNN’s Poppy Harlow Tuesday that he knows first hand how expensive many consumer goods and services are.
Continue Reading By Alicia Wallace, CNN Inflation surged in January by the most in three months, according to the latest Consumer Price Index released Tuesday. But despite the monthly increase of 0.5%, inflation continued to slow on a year-over-year basis to 6.4%, according to the Bureau of Labor Statistics. That’s down from December’s 6.5% but higher than
Continue Reading By Parija Kavilanz, CNN On Super Bowl Sunday, an army of volunteers will be ready outside and inside State Farm Stadium in Glendale, Arizona to execute a time-sensitive game plan of their own. Their mission: recover and redistribute a tremendous volume of surplus food. Thousands of Eagles and Chiefs fans will gather on February 12
Continue Reading By Julia Horowitz, CNN The United Kingdom is pushing ahead with plans to create a digital pound issued by the Bank of England that would offer a stable alternative to bitcoin or ether. The central bank and the UK Treasury said Monday that an official digital currency is “likely to be needed in the future.”
Continue Reading By Julia Horowitz, CNN The United Kingdom is pushing ahead with plans to create a digital pound issued by the Bank of England that would offer a stable alternative to bitcoin or ether. The central bank and the UK Treasury said Monday that an official digital currency is “likely to be needed in the future.”
Continue Reading By Chris Isidore, CNN Boeing plans to cut about 2,000 white-collar jobs in finance and human resources, and it will be shifting some of that work to an outside contractor in India. Although Boeing will reduce office staff, the company is preparing to add 10,000 employees focused on engineering and manufacturing. The company said that
Continue Reading By Jordan Valinsky, CNN Bed Bath & Beyond is closing 150 more stores — just a week after the struggling retailer announced the closure of 87 locations. The company’s brick-and-mortar footprint has already shrunk dramatically, a regulatory filing showed late Monday, and the new closings mean it will have shuttered 400 stores in the past
Continue Reading By Anna Cooban, CNN Amazon has announced that it will help victims of the Turkey earthquake by donating food, medicine and equipment from its Istanbul warehouse. The retail giant said in a statement Monday that it had activated its “disaster relief capabilities” in response to a 7.8-magnitude earthquake that hit parts of southern Turkey and
Continue Reading By Nicole Goodkind, CNN Here’s what investors are paying attention to this Tuesday morning: â–¸ President Joe Biden is set to deliver his annual State of the Union Address at 9 p.m. ET in front of a newly fragmented Congress and to Americans confused by positive economic signs, a dismal earnings season and ongoing recession
Continue Reading By Michelle Toh and Anna Cooban, CNN BP’s annual profit more than doubled last year to an all-time high of nearly $28 billion, extending a record run of earnings for the world’s oil majors that is fueling calls for higher taxes on the windfall gains. The British energy company also announced Tuesday that it would
Continue Reading By Reuters Australia’s central bank raised its cash rate by 25 basis points to a decade-high of 3.35% on Tuesday and reiterated that further increases would be needed, in a more hawkish policy tilt than many had expected. Wrapping up its February policy meeting, the Reserve Bank of Australia (RBA) also dropped previous guidance that
Continue Reading By Allison Morrow Binance, the world’s largest crypto exchange, said it would temporarily halt transfers of US dollars starting Wednesday. “Only a small proportion of our users will be impacted by this and we are working hard to restart the service as soon as possible,” the company tweeted Monday. “All other methods of buying and
Continue Reading By Gregory Wallace, CNN Airline regulators on Monday proposed slapping United Airlines with a $1.15 million fine for safety concerns about how it operated some 777 planes. United removed an important safety measure — checking the fire warning system — from its list of actions that crews must complete before each flight of the 777s,
Continue Reading By Hanna Ziady, CNN Tens of thousands of nurses and nearly 12,000 ambulance workers went on strike Monday over pay and working conditions in the biggest walkout in the 75-year history of Britain’s National Health Service (NHS). Escalating industrial action comes after years of falling wages, stretched budgets and staff shortages that have left the
Continue Reading By Hanna Ziady, CNN Tens of thousands of nurses and nearly 12,000 ambulance workers went on strike Monday over pay and working conditions in the biggest walkout in the 75-year history of Britain’s National Health Service (NHS). Escalating industrial action comes after years of falling wages, stretched budgets and staff shortages that have left the
Continue Reading By Jordan Valinsky, CNN Business AMC Theaters is changing the way it charges for seats. America’s largest movie chain announced that the prices of a ticket will now be based on seat location, meaning seats in the front will be cheaper while more desirable seats in the middle will now cost more. The ticket pricing
Continue Reading By Allison Morrow, CNN The new management of FTX is pressuring hundreds of politicians and political organizations to return millions of dollars donated by the crypto platform or its founders before it went bankrupt last year. The company, which collapsed in November and is now at the center of a massive federal fraud investigation, said
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