Biden blames pandemic, Putin as high US inflation persists
In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. But so far, inflation just keeps getting the better of the U.S. economy and of the Biden administration.
Out-of-gas calls on the rise, AAA says
In April alone, AAA received 50,787 calls from stranded drivers.
US inflation hit 8.6% in May, a new 40-year high
Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.
No, you're not imagining it — package sizes are shrinking, here's why
Shrinkflation isn’t new, experts say. But it increases during times of high inflation as companies grapple with high costs for ingredients, packaging, labor, and transportation.
Soaring gas prices pump the brakes on return-to-work efforts
Google employees, contractors protest return-to-work requirement wiping out paycheck with costly commute.
Go-broke dates pushed back for Social Security, Medicare
Social Security retirees got a 5.9% boost in benefits this year, the biggest cost-of-living adjustment in 39 years.
May jobs report: US added 390,000 jobs last month as hiring remained robust
U.S. employers added a healthy 390,000 jobs in May 2022, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.
Walmart to create 4,000 jobs with 4 new fulfillment centers
The first of the four new new fulfillment centers will open this summer in Illinois. These centers will provide faster shipping of items to customers.
Los Angeles Chevron gas station charging over $8 a gallon
One gas station in downtown Los Angeles is charging upwards of $8 a gallon for regular gas.
Inflation zaps US savings rate, a warning sign for some
Consumers haven’t been this worried since the financial crisis of 2008.
Amazon tests package deliveries directly from shopping malls
Amazon’s new service gives customers a convenient option to have merchandise delivered to their homes faster.
Key inflation measure slowed in April for the first time since 2020
High inflation is still causing hardships, but any slowing of price increases, if it can be sustained, will provide some modest relief.
Bank of America to raise minimum wage to $22 an hour
It’s part of the bank’s phased approach to raising its minimum wage to $25 an hour by 2025.
Coca-Cola to phase out Honest tea products amid supply chain backlogs, dwindling sales
The global drink company will, however, continue to produce its Honest Kids line of organic juice drinks.
Baby formula shortage: 78,000 pounds of formula arrives in US
The flight was the first of several to provide “some incremental relief in the coming days” as the government tries to address a critical baby formula shortage.
As inflation soars, one-third of Americans are experiencing financial stress: Survey
More than one-third of households reported difficulties in paying bills recently.
Stocks close just above bear market after turbulent day
The S&P 500 ended 18.6% below the record high it set in early January.
House approves bill to take aim at gasoline 'price gouging'
A bill backed by House Democrats would give President Joe Biden authority to declare an energy emergency and ban excessive or exploitative fuel prices.
BBB warns against baby formula scams amid national shortage: 'Scammers are watching'
The baby formula shortage could inspire scammers to strike online, the Better Business Bureau warns.
Nestle flies baby formula to US from Europe to ease shortage
Nestle is shipping Gerber baby formula from the Netherlands and Alfamino formula from Switzerland to the United States to help with a formula shortage crisis that has left parents struggling to find supplies in stores.