Business

Inflation begins to strain finances of young, low-income Americans

A shopper wearing a face mask is pictured at a Dollar Tree store in Pasadena, California, U.S., June 11, 2020. REUTERS/Mario Anzuoni Register now for FREE unlimited access to Reuters.com Register NEW YORK, Aug 1 (Reuters) – As high inflation forces Americans to spend more on gas and bills, young and low-income consumers are starting …

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Inflation: Households are treating back-to-school spending ‘as an essential category’

As inflation continues wreaking havoc on the U.S. economy, many consumers have pulled back on their spending. But there’s one area that has remained relatively unchanged: Essential spending, like back-to-school shopping. “In the current environment, we have persistent, unacceptably high inflation across virtually all categories but certainly, especially, in energy and food prices,” Matthew Shay, …

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From left, Mason Boykin, Alicia Permenter, Anne Brysch, Hannah Crabill and Charles Lockard stand on the picket line Monday at the Ricky Drive Starbucks at 11441 San Jose Blvd. The partners were demanding they receive the $15 an hour minimum pay raise that non-unionized stores received at the beginning of the month.

Jacksonville Starbucks employees strike for one day, delaying opening

The first unionized Starbucks store in Jacksonville went on strike Monday, delaying the store’s usual open time. Mason Boykin, Starbucks shift supervisor and union organizer at the Ricky Drive store, said employees showed up at 4:30 a.m., their usual time to open the store by 5 a.m., and immediately began the strike. “We never opened …

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U.S. manufacturing slows modestly; excess inventories a major concern

Manufacturing index dips to 52.8 in July from 53.0 in June New orders contracting, supplier deliveries improving Price increases for inputs slowing; inventories piling up WASHINGTON, Aug 1 (Reuters) – U.S. manufacturing activity slowed less than expected in July and there were signs that supply constraints are easing, with a measure of prices paid for …

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Recent economic data have been the Fed’s ‘worst nightmare,’ economist says

The economy is looking pretty dreadful, and that won’t make the Federal Reserve’s job any easier as it tries to engineer a soft economic landing, one top Wall Street economist warns. “I would say that the recent economic data have been central banks’ worst nightmare,” said Citi Global Chief Economist Nathan Sheets on Yahoo Finance …

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4 takeaways from the Investing Club’s ‘Morning Meeting’ on Monday

Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. It’s not time to be greedy Oil drops Quick mentions: WMT, COST, DHR, CRM, LLY AMD earnings this week 1. It’s not time to be greedy Stocks were a mixed …

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Banana Boat Sunscreen Recalled For Chemical Cancer Risk

A popular sunscreen brand has voluntarily recalled several of its products. The nationwide recall comes after unexpected trace levels of benzene, a known carcinogen, were found following an internal review. Edgewell Personal Care Company announced it had issued a voluntary recall of three batches of one type of its popular Banana Boat sunscreen. “We know …

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Stephen King going to bat for U.S. gov’t in case against book publishing mega-merger

WASHINGTON, Aug 1 (Reuters) – The U.S. Justice Department asked a federal judge on Monday to block a $2.2 billion merger of two of the “Big Five” book publishers, Penguin Random House and Simon & Schuster, in a trial that is expected to feature testimony from horror writer Stephen King. “It’s real money for real …

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Here come the discounts at Walmart, Best Buy and Gap

Walmart (WMT), Best Buy (BBY), Gap (GPS), Target (TGT), Bath & Body Works and others are increasing promotions and lowering prices on merchandise to entice inflation-weary shoppers to buy extra goods sitting on their shelves. Rising inflation has forced many consumers to pull back — particularly low-and-middle income shoppers, several retailers say. Cash-strapped shoppers are …

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Google’s CEO Reportedly Calls for ‘Simplicity Sprint’ as Employees Fear Possibility of Layoffs

Photo: Staff (Getty Images) Google CEO Sundar Pichai is reportedly calling on his staff to implement a “Simplicity Sprint” initiative meant to crowdsource employee ideas around product development, drive up efficiency and, “get better results faster.” The proposal comes on the heels of a hiring freeze and a series of worrying emails that has some …

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