A decline in US consumer spending is critical in the Federal Reserve’s fight against inflation. U.S. retail sales stagnated last month on lower auto purchases and lower gasoline prices, though gains in other categories suggest consumer spending remains resilient. The value of overall retail purchases was flat last month after a revised 0.8% jump in … Read more
Sacheen Littlefeather endured racism and slurs after speaking out against insulting depictions of Native Americans. The Academy of Motion Picture Arts and Sciences has apologized to Sacheen Littlefeather, a Native American activist who suffered abuse when she spoke out against anti-Indigenous racism in the American film industry in the 1970s. The American film academy said … Read more
The coffee giant is asking the National Labor Relations Board to temporarily suspend all union elections in American stores. Starbucks is calling on the U.S. National Labor Relations Board (NLRB) to temporarily suspend all union elections at its stores in the United States after accusing the agency of interfering with and influencing election results in … Read more
Import prices, excluding customs duties, fell 1.4% in July, the biggest monthly drop since April 2020. U.S. import prices fell for the first time in seven months in July, helped by a strong dollar and lower fuel and other fuel costs, while the one-year inflation outlook for consumers declined in August, with the latest signs … Read more
The delisting comes on top of a growing financial divide and mounting tensions between the two largest economies. Three state-owned Chinese giants on Friday announced plans to take their shares off the New York Stock Exchange, adding to growing financial separation between the world’s largest economies amid a dispute over the review of corporate audits … Read more
US Senator Elizabeth Warren has chastised Federal Reserve Chairman Jerome Powell for withholding information about central bank officials’ transactions during the pandemic and said an investigation into the matter by the inspector general of the Fed was “troublesome”. The IG report “raises new concerns about why you continue to withhold key information about the financial … Read more
Gasoline prices in the United States have now fallen for eight straight weeks, according to the American Automobile Association. The average U.S. gasoline price fell below $4 a gallon on Thursday, providing much-needed relief for U.S. drivers after prices hit record highs earlier this year. According to the American Automobile Association, the national average price … Read more
Are there really more people working than at any time in American history, as President Joe Biden claims? Searing US jobs numbers for July may have eased worries about a recession, but they also raised the risk of another 75 basis point hike from the Federal Reserve in September. . U.S. employers added 528,000 jobs … Read more
Manufacturing activity in the United States continued to slow in July as more factories cut production in the face of falling orders and rising inventories. The Institute for Supply Management’s factory activity gauge fell to 52.8, the lowest level since June 2020, from 53 a month earlier, data showed Monday. Readings above 50 indicate expansion, … Read more
Consecutive GDP slowdown, Fed doubling, a falling job market, scorching prices and the tech big bang, here are the major economic highlights from a busy week. It was a turbulent and data-rich week for the US economy. The Federal Reserve, the nation’s central bank, raised interest rates by 75 basis points on Wednesday, the second … Read more