By Matt Egan, CNN Business In the latest sign of turbulence in the US economy, New York-area manufacturing suffered a large and unexpected setback in August, according to a survey released on Monday. The New York Federal Reserve said its Empire State Manufacturing Survey plunged by 42 points in August to -31.3. That marks the
Continue Reading By Matt Egan, CNN Business US natural gas prices have skyrocketed to levels unseen since 2008, a spike that threatens to offset the benefits of falling prices at the gas pump. Natural gas futures surged 7% on Tuesday to close at $9.33 per million British thermal unit (BTU), the highest closing price since August 1,
Continue Reading By Jordan Valinsky, CNN Business It’s not just Peloton that’s spinning into trouble: Indoor cycling studio SoulCycle is closing about 25% of its locations. It’s yet another signal that consumers’ exercise habits continue to change as the pandemic wears on. In the coming days, SoulCycle will shutter around 20 of its 83 studios: six in
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COLUMBIA, Mo. (KMIZ) The new school year is approaching as Mid-Missouri families deal with inflation. There are still ways to save money on last-minute back-to-school purchases. In Columbia, PowerHouse Community Development plans to host a back-to-school bash Friday from 2 until 6 p.m. at the MU Health Pavilion on Ash Street. Children that attend the
Continue Reading Opinion by Johnny C. Taylor, Jr. for CNN Business Perspectives As restaurants, malls and movie theaters fill back up with people, the workplace has remained nearly empty. This is partly driven by how engrained remote work has become in society. People have invested in creating workspaces in their homes, relocated to smaller towns and even
Continue Reading By Julia Horowitz, CNN Business The most powerful business lobby in the United States is not a fan of the landmark heath care and climate package President Joe Biden is expected to shortly sign into law. “Business Roundtable opposes the ‘Inflation Reduction Act,’ which, among other things, includes tax provisions that would undermine American economic
Continue Reading By Laura He, CNN Business China’s central bank cut interest rates on Monday as new data showed the economy losing steam last month because of renewed Covid lockdowns and a deepening property downturn. The People’s Bank of China reduced the main rate at which it provides short-term liquidity to banks, from 2.1% to 2%. The
Continue Reading By Rhea Mogul, CNN Standing in front of the historic Red Fort in Delhi, Prime Minister Narendra Modi on Monday pledged to transform India into a developed country in the next 25 years. “The way the world is seeing India is changing. There is hope from India and the reason is the skills of 1.3
Continue Reading By Ramishah Maruf, CNN Thousands of mental health therapists at the country’s largest non-profit HMO are poised to strike this week, holding daily picket lines and rallies outside Kaiser Facilities throughout California. The unionized psychologists, therapists, chemical dependency counselors and social workers are demanding that Kaiser Permanente provide “desperately needed” services to its patients, claiming
Continue Reading By Ramishah Maruf, CNN Byron Allen began his career as a standup comic and is now a media tycoon who owns dozens of outlets including the Weather Channel. He has recently added another network to his portfolio — the Black News Channel. Allen is acquiring the assets of the Black News Channel after a bankruptcy
Continue Reading By Alexandra Peers, CNN Business Credit agencies know a lot about Americans. The agencies accumulate information, such as Social Security numbers, birthdays, how much savings people have, how much debt they’re in and how late they pay their bills. That data is boiled down to a number ranging from 300-850 that estimates the risk of
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COLUMBIA, Mo. (KMIZ) Inflation is still working to average itself out, however national gas prices have now dropped below $4 a gallon for the first time since March of 2022, according to AAA. The most recent AAA gas price map shows, the national average at $3.95 for a gallon of regular unleaded fuel and $3.54
Continue Reading By Allison Morrow and Nicole Goodkind, CNN Business Confused about inflation? You’re not alone. Inflation is, paradoxically, both incredibly simple to understand and absurdly complicated. Let’s start with the simplest version: Inflation happens when prices broadly go up. That “broadly” is important: At any given time, the price of goods will fluctuate based on shifting
Continue Reading By Rishi Iyengar, CNN Business Last year, Facebook-parent Meta effectively pushed back its timetable for rolling out end-to-end encryption by default across its various social platforms, with an executive saying the privacy-enhancing change would not happen until sometime in 2023. The delay came under a new spotlight this week after news broke that Facebook messages
Continue Reading By Paul R. La Monica, CNN Business Robinhood, as its name suggests, was designed to take the power of the stock market away from the rich fat cats on Wall Street and hand it over to regular people. Now, ironically, Robinhood may need to join forces with one of the very titans of Wall Street
Continue Reading By Danielle Wiener-Bronner, CNN Business In 2020, something incredible happened in the dairy aisle: Velveeta started flying off the shelves. Sales of the processed cheese product, which food snobs love to hate, have been in decline for years. Then the pandemic hit, and suddenly stressed-out, homebound people wanted Velveeta for their queso, fudge and extra-cheesy
Continue Reading By Nathaniel Meyersohn, CNN Business Have you ever stepped into an Abercrombie, Victoria’s Secret, Vitamin Shoppe or another store and wondered: “What’s that smell?” Scent is a subtle, often underrated, component of companies’ attempts to entice customers and get them to linger around longer. These retail chains and other companies, including restaurants, fast-food chains, airlines,
Continue Reading By Oliver Darcy, CNN Business Jeffrey Toobin said Friday that he will depart CNN, where he served most recently as chief legal analyst, putting an end to a 20-year run at the network in which he provided no-holds barred commentary and suffered a setback over a scandal in which he inadvertently exposed himself to co-workers
Continue Reading By Matt McFarland, CNN Business Rivian lost a whopping $1.7 billion in the second three months of the year, but some auto industry experts say it’s no cause for concern. Huge losses are to be expected when a new automaker grows. Building millions of vehicles requires investing billions in equipment and employees. Entire factories need
Continue Reading Martha C. White for CNN Business Consumer sentiment in August continued to rebound from its June trough, but Americans’ feelings about the economy remain profoundly depressed from a year earlier, weighed down by uncertainty about inflation and the job market. The nation’s collective outlook rose marginally this month, according to the latest University of Michigan
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