Sign In
Free Newsletter
GM offers buyouts to most US salaried workers to trim costs
General Motors is offering buyouts to most of its U.S. salaried workforce and some global executives in an effort to trim costs as it makes the transition to electric vehicles. The Detroit automaker wouldn't say how many workers it is targeting, but confirmed that the move is aimed at accelerating attrition to meet a previously announced goal of $2 billion in cost cuts by the end of next year. [...]
Brands adopt AI tools despite risk
[caption id="attachment_290143" align="alignleft" width="300"] This illustration released by Instacart depicts the grocery delivery company's app which can integrate ChatGPT to answer customers' food questions. (Instacart, Inc. via AP)[/caption] Even if you haven’t tried artificial intelligence tools that can write essays and poems or conjure new images on command, chances are the companies t[...]
US sues to block JetBlue from buying Spirit Airlines
The Biden administration sued to block JetBlue Airways' $3.8 billion purchase of Spirit Airlines, saying Tuesday that the deal would reduce competition and drive up air fares for consumers. The Justice Department said the tie-up would especially hurt cost-conscious travelers who depend on Spirit to find cheaper options than they can find on JetBlue and other airlines. Attorney General Merric[...]
Stocks slip as Wall Street braces for higher interest rates
Stocks are slipping Wednesday as Wall Street braces for interest rates to stay higher for longer with inflation remaining stubbornly sticky. The S&P 500 was 0.2% lower in its first trading after coming off a frigid February. The Dow Jones Industrial Average rose 61 points, or 0.2%, at 32,723, as of 12:51 p.m. Eastern time, while the Nasdaq composite was 0.2% lower. After a hot start to t[...]
New estimate U.S. could face default on debt by early June
The U.S. could face an unprecedented default on its obligations as soon as early June if Congress does not act to lift the debt limit, a Washington think tank said Wednesday. [caption id="attachment_289820" align="alignleft" width="300"] FILE - In this image from video, Treasury Secretary Janet Yellen speaks during an interview with The Associated Press on Jan. 21, 2023, in Dakar, Senegal. AP [...]
2023 US recession now expected to start later than predicted
A majority of the nation’s business economists expect a U.S. recession to begin later this year than they had previously forecast, after a series of reports have pointed to a surprisingly resilient economy despite steadily higher interest rates. Fifty-eight percent of 48 economists who responded to a survey by the National Association for Business Economics envision a recession sometime thi[...]
US home sales fell again in January; prices edged higher
The nation's housing slump dragged on into January as home sales fell for the 12th consecutive month to the slowest pace in more than a dozen years. The National Association of Realtors said recently that existing U.S. home sales fell to a seasonally adjusted annual rate of 4 million properties last month. That's the slowest annual pace since October 2010, when the housing market was still reel[...]
Fed minutes: Almost all officials backed quarter-point hike
Nearly all Federal Reserve policymakers agreed earlier this month to slow the pace of their rate increases to a quarter-point, with only “a few” supporting a larger half-point hike. The minutes from the Fed’s Jan. 31-Feb.1 meeting said most of the officials supported the quarter-point increase because a slower pace “would better allow them to assess the economy’s progress” toward [...]
Average long-term US mortgage rate jumps to 6.5%
The average long-term U.S. mortgage rate jumped last week to its highest level since November, more grim news for a housing market that's been in decline for a year. Mortgage buyer Freddie Mac reported that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%. The average long-term rate reached a two-decade high of 7.08% in the fa[...]
USDA aims to boost independent meat packers with $59 million in grants
The U.S. Department of Agriculture beefed up its efforts to encourage competition in domestic meat and poultry supply chains on Tuesday, awarding close to $59 million in federal grants to independent processors from Idaho, Virginia, South Carolina, South Dakota and Maryland. Agriculture Secretary Tom Vilsack announced the funding awards during a trip to Shenandoah Valley Organic LLC’s facil[...]
US revises down last quarter’s economic growth to 2.7% rate
The U.S. economy expanded at a 2.7% annual rate from October through December, a solid showing despite rising interest rates and elevated inflation, the government said Thursday in a downgrade from its initial estimate. The government had previously estimated that the economy grew at a 2.9% annual rate last quarter. The Commerce Department's revised estimate of the fourth quarter's gross do[...]
US stocks edge higher after worst rout in two months
Stocks edged higher on Wall Street Wednesday, a day after falling to their worst loss since December on worries about higher interest rates. The S&P 500 rose 0.3% after drifting earlier between small gains and losses. The Dow Jones Industrial Average was up 77 points, or 0.2%, at 33,210, as of 12:58 p.m. Eastern time, while the Nasdaq composite was up 0.4%. After leaping at the start of [...]
