By Anneken Tappe and Nathaniel Meyersohn, CNN Business Americans dialed back their spending in November, new data from the Census Bureau showed Wednesday. US retail sales grew by 0.3% in November, a sharp decline from the previous month and less than economists had predicted. Even so, sales were 16.1% higher than in the same period
Continue Reading
By Julia Horowitz, CNN Business The Federal Reserve, faced with the highest jump in inflation in almost four decades, is preparing to pivot. What’s happening: Gone are the days when Chair Jerome Powell said inflation was “transitory.” When the Fed wraps up its final meeting of the year on Wednesday, it’s expected to announce that
Continue Reading
By Allison Morrow and Anneken Tappe, CNN Business One of the more insidious myths this year was that young people didn’t want to work because they were getting by just fine on government aid. People had too much money, went the narrative. Only trouble is, the numbers don’t back it up. Instead, early retirement —
Continue Reading
By Matt Egan, CNN Business President Joe Biden is taking the political punches for high inflation. But price stability is the responsibility of the Federal Reserve, not the White House. And prices are anything but stable right now. Consumer prices spiked in November at the fastest pace since 1982. Producer prices soared by nearly 10%,
Continue Reading
By Danielle Wiener-Bronner, CNN Business Kraft is using its cream cheese shortage as a marketing opportunity. For just a few days this holiday season, a limited number of people will be able to spend $20 on dessert and charge it to Kraft, owner of Philadelphia Cream Cheese. The premise: People who can’t bake cheesecakes because
Continue Reading
By Charles Riley, CNN Business Talk of stagflation has been brewing for months. Now that toxic combination of stagnant economic growth and high inflation appears to have arrived in the United Kingdom. UK consumer price inflation surged to 5.1% in November, its highest level in more than a decade, according to the Office for National
Continue Reading
By Laura He, CNN Business China’s economy is still struggling with real estate woes and fallout from sporadic Covid-19 lockdowns. Throw the global spread of the Omicron variant into the mix and it could be looking at a sharp slowdown next year. Government data released Wednesday showed trouble spots for the world’s second largest economy
Continue Reading
By Rhea Mogul and Vedika Sud, CNN The only survivor of a helicopter crash that killed India’s top military official has died from his injuries after nearly a week on life support, the Indian Air Force (IAF) said in a statement Wednesday. Group Capt. Varun Singh was in the helicopter with India’s Chief of Defense
Continue Reading
By Clare Duffy, CNN Business The US Department of Labor has launched a whistleblower investigation into Apple, in the latest sign of tensions between the famously secretive company and its current and former employees spilling over into public view. “We can confirm that there is an open whistleblower investigation at Apple,” a Department of Labor
Continue Reading
By Rishi Iyengar, CNN Business Apple will once again require anyone inside its US retail stores to wear a mask as concerns mount over rising Covid-19 cases and the spread of the Omicron variant. “Amid rising cases in many communities, we now require that all customers join our team members in wearing masks while visiting
Continue Reading
By Chris Isidore, CNN Business Here’s a rare piece of holiday cheer in a year of screwed up supply chains: Shipments and deliveries are actually moving fairly well. Deliveries of packages by UPS, FedEx and the US Postal Service are all moving at close to 100% on-time performance, according to data from ShipMatrix, a software
Continue Reading
By Peter Valdes-Dapena, CNN Business Harley-Davidson’s electric motorcycle brand, LiveWire, will be spun off as a separate publicly traded company next year. LiveWire will still be 74% owned by Harley-Davidson and its financial results will be reported along with Harley’s, but it will have its own stock trading on the New York Stock Exchange under
Continue Reading
Opinion by Khalid Usman, Bruce Hamory and Andrew Buchanan for CNN Business Perspectives Parts of the world may be facing new restrictions amid rising Covid-19 case numbers and the emergence of the Omicron variant, but the pent-up demand for air travel in the United States is unlikely to subside. Despite the newest variant’s detection in
Continue Reading Opinion by Khalid Usman, Bruce Hamory and Andrew Buchanan for CNN Business Perspectives Parts of the world may be facing new restrictions amid rising Covid-19 case numbers and the emergence of the Omicron variant, but the pent-up demand for air travel in the United States is unlikely to subside. Despite the newest variant’s detection in
Continue Reading
By Nathaniel Meyersohn, CNN Business Morgan Moore’s grocery bills are sky-high. So she has started to stay away from name brands and buy more of Walmart’s Great Value private-label brand. The freelance graphic designer in Gilmer, Texas, wanted to buy bacon on a recent trip, but “just walked away” because it was too expensive. Bacon
Continue Reading
By Matt Egan, CNN Business Former President Donald Trump’s new media venture has no known revenue or product. Trump Media & Technology Group (TMTG) posted an investor presentation last week that appears to contain errors and seems to have been partially copied and pasted from the internet. Bizarrely, one slide defines a user as a
Continue Reading
By Anneken Tappe, CNN Business A key inflation gauge showed that US prices continued to climb in November as pandemic-era supply chain chaos and a labor shortage continues. The producer price index — which tracks the average changes in selling prices that domestic producers receive over time — rose 9.6% over the 12 months ended
Continue Reading
By Julia Horowitz, CNN Business The Omicron variant of the coronavirus is spreading fast. But even as scientists urge patience while they assess the severity of the strain and its impact on the efficacy of vaccines, the travel industry is feeling the pain. “We’ve seen a little bit of a waver in the bookings,” Nick
Continue Reading
By Matt Egan, CNN Business The Omicron coronavirus variant will cause a “winter wave” that will complicate the return of workers to offices in the United States, according to Andy Slavitt, a former senior pandemic adviser to President Joe Biden. “The beginning of 2022 will be rough,” Slavitt told CNN in a phone interview. Scientists
Continue Reading
By Michelle Toh, CNN Business Toyota is pumping more than $35 billion into electric vehicles as it tries to catch up with other global automakers in the race to cleaner cars. The world’s biggest carmaker announced Tuesday that it would invest 4 trillion yen ($35.2 billion) in developing battery-powered electric vehicles between 2022 and 2030
Continue Reading