By Chris Isidore, CNN Business New car sales plunged over the last three months in the United States despite strong demand, as the shortage of computer chips and other supply chain issues caused shutdowns at auto factories and choked off the supply of vehicles. General Motors reported sales fell a third from a year-ago last
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By Matt Egan Fitch Ratings warned Friday that the fight in Washington over raising the debt ceiling could force the firm to downgrade America’s AAA credit rating. “The failure of the latest efforts to suspend the U.S. federal government’s debt limit indicates that the current stand-off could be among the most protracted since 2013,” Fitch
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By Moira Ritter, CNN Business Low-wage workers are making “eye-popping” gains in their paychecks, according to Goldman Sachs. The bank told clients in a note Thursday that low-wage-worker pay rose 5.3% year-over-year in the second quarter. For the third quarter, the data isn’t complete yet, but preliminary readings are on pace for a three-decade high
Continue Reading By Moira Ritter, CNN Business Low-wage workers are making “eye-popping” gains in their paychecks, according to Goldman Sachs. The bank told clients in a note Thursday that low-wage-worker pay rose 5.3% year-over-year in the second quarter. For the third quarter, the data isn’t complete yet, but preliminary readings are on pace for a three-decade high
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By Frank Pallotta, CNN Business An alien symbiote, cinema’s most famous spy, its most infamous masked murderer and a film adaptation of one of the most beloved science fiction novels of all time. That sums up the lineup at the box office in October — a vital month for the movie theater industry since it
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Opinion by David M. Solomon and Kenneth Adams for CNN Business Perspectives America’s more than 30 million small businesses have been some of the hardest hit by the pandemic. They employ nearly half of our workforce, and yet they’re far less resourced and capitalized than they were just 18 months ago. And now, entrepreneurs from
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By Anneken Tappe, CNN Business A key measure of inflation hit a new 30-year high in August, the Bureau of Economic Analysis reported Friday. The price index tracking consumer spending — the PCE price index — was up 4.3% over the 12 months ending in August. That was a faster pace than July’s 4.2%. Inflation
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By Walé Azeez, CNN Business Worker shortages have left UK service stations empty, created gaps on supermarket shelves and are forcing farms to cull pigs. Even the finance industry is starting to suffer. The situation could get much worse this winter if the British government doesn’t relax its Brexit immigration rules, business leaders say. Farmers,
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By Julia Horowitz, CNN Business Congress started the week with an urgent to-do list. It may have crossed off one item, but crucial issues concerning investors still haven’t been resolved. What’s happening: US President Joe Biden signed a stopgap funding bill Thursday night to avert a government shutdown. That’s good news. Yet lawmakers remain bitterly
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By Hanna Ziady, CNN Business Inflation in Germany hit its highest level in nearly three decades last month, fueled by rising energy costs, supply chain bottlenecks and price hikes following the easing of pandemic lockdowns. German consumer prices increased 4.1% in September compared with a year earlier, the country’s federal statistics office said in a
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By Anneken Tappe, CNN Business Wall Street started the week with a selloff as investors grapple with a wide range of concerns. Stocks opened lower and started tumbling in earnest mid-morning, holding their losses for the rest of the trading session. The Dow closed some 320 points, or 0.9%, lower. At the low point of
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By Chris Isidore, CNN Business Employer Covid-19 vaccine mandates have become increasingly common. So has public acceptance, but opposition to some of those rules remains strong. A series of recent survey questions show a clear majority is on board with various groups of workers, such as health care workers, government employees or teachers, being required
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By Michelle Toh, CNN Business OYO has confirmed plans to go public, joining a slew of Indian unicorns to hit the country’s stock exchange this year. The Indian hotel chain, which is run by one of the country’s most ambitious young entrepreneurs and backed by SoftBank, filed Friday for an initial public offering in Mumbai.
Continue Reading By Matt Egan, CNN Business The United States could be just weeks away from defaulting on its debt for the first time ever. The $28.4 trillion debt limit was reinstated August 1. Since then, Treasury Secretary Janet Yellen has been keeping the nation’s finances afloat by using emergency accounting maneuvers. Known as “extraordinary measures,” these
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By Samantha Murphy Kelly, CNN Business Amazon’s vision for the future of home security includes drones flying over your roof, outdoor cameras that monitor for possible trespassers and cute robots patrolling indoors. During an invite-only press conference on Tuesday, the company showed off an autonomous, 20-pound dog-like robot named Astro with large, cartoon-y eyes on
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By Laura Smith-Spark, CNN Soaring natural gas prices have raised the specter of cold homes and inflated energy bills for millions of people over winter across Europe and the United States, where most people rely on gas-fired boilers for heat and hot water. At the same time, pressure is mounting on world leaders ahead of
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By Sara Spary, CNN Business Large UK companies are required to reveal their gender pay gaps. But the rules are failing to address inequality, according to a new report. The research, by the Global Institute for Women’s Leadership at King’s College London and the Fawcett Society, concludes that the UK’s mandatory gender pay gap reporting,
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By Frank Pallotta, CNN Business Scarlett Johansson vs. Disney is over. On Thursday, the actress and Disney resolved their dispute over the lawsuit that Johansson filed against the company in July. The lawsuit alleged Disney breached her contract by releasing “Black Widow,” a Marvel film starring the actress, on Disney+ on the same day it
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By Rob McLean, CNN Business Neiman Marcus Group is alerting millions of customers that their online accounts may have been breached. The company said in a news release Thursday that it is notifying 4.6 million customers that information associated with their online accounts may have been obtained by a third party in May 2020. That
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By Anneken Tappe, CNN Business Bitcoin is among the most polarizing investments in history. Ask a skeptic, and they’ll tell you it’s a bubble that’s about to pop. Ask a believer, and they’ll tell you it’s a bubble that will keep expanding forever. Mike Novogratz, founder and CEO of crypto fund Galaxy Digital, is among
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