CNN – Business/Consumer

By Alexandra Peers, CNN Business The labor shortage has reached peak stupid: One post office’s workers couldn’t sell stamps. For the past two weeks, at the Park West station of the US Postal Service in Manhattan, at regular intervals employees have announced to people waiting in line that the facility could not sell stamps. On

By Matt Egan, CNN Business A group of Democrats in Congress is calling on President Joe Biden to keep releasing oil from America’s emergency stockpile through at least the end of the year. In a letter obtained first by CNN, eight House Democrats urged Biden on Friday to immediately scrap his current plan to halt

By Nicole Goodkind, CNN Business US stocks fell on Friday after FedEx served investors a brutal pre-earnings announcement about the state of the global economy. The Dow closed down 140 points, or 0.5%, lower. The S&P 500 fell 0.7% and the Nasdaq Composite was down 0.9%. All three major indexes logged their fourth losing week

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

By Julia Horowitz, CNN Business The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking. The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said

By Nicole Goodkind, CNN Business The announcement from the White House that a tentative deal has been reached to avert the first national rail strike in three decades comes as a huge relief for businesses and investors worried about fresh supply chain disruptions. But it’s not the only potential catalyst for another market sell-off, as

By Danielle Wiener-Bronner, CNN Business McDonald’s CEO Chris Kempczinski has big concerns about surging crime in Chicago, where the fast food giant is based, saying it is impacting the company’s restaurants and making it harder to recruit corporate talent. Crime is “seeping into every corner of our city,” Kempczinski said during an event at the

By Clare Sebastian, CNN There are new signs of strain in the Russian economy as energy prices fall and nearly seven months of war in Ukraine prove increasingly costly. Russia’s budget surplus all but disappeared over the summer, according to data published by the Russian finance ministry this week. At the end of June, the

By Jordan Valinsky, CNN Business Kanye West said he’s terminating his rocky two-year-old partnership with the Gap because of “substantial noncompliance.” His lawyer Nicholas Gravante said in a statement Thursday that West was left with “no choice but to terminate their collaboration” because he alleges the retailer breached their partnership by not opening branded Yeezy

By Anna Bahney, CNN Business Mortgage rates jumped again, surpassing the 6% mark and reaching the highest level since the fall of 2008. The 30-year fixed-rate mortgage averaged 6.02% in the week ending September 15, up from 5.89% the week before, according to Freddie Mac. That is significantly higher than this time last year, when