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Business, Economy

“Intel to Cut Thousands of Jobs to Reduce Costs, Fund Rebound”

“…The workforce reduction may be announced as early as this week, according to people familiar with the company’s plans, who asked not to be identified because the information isn’t public. Intel, which is scheduled to report second-quarter earnings Thursday, has… Continue Reading…

Economy

“54% of young Americans say food costs are the biggest strain on their finances”

“Younger Americans are feeling the pinch from inflation, with 54% saying that rising food costs have hit them the hardest. The findings are part of a recent CNBC/Generation Lab survey that polled 1,033 people between the ages of 18 and 34. When asked… Continue Reading…

Banking

“Wells Fargo CEO warns of severance costs of nearly $1 billion in fourth quarter as layoffs loom”

“Wells Fargo CEO Charlie Scharf said Tuesday that low staff turnover means the company will likely book a large severance expense in the fourth quarter. “We’re looking at something like $750 million to a little less than a billion dollars of severance in… Continue Reading…

Business

“Ford warns investors of an extra $1 billion in supply chain costs during the third quarter”

“Ford Motor on Monday warned investors that the company expects to incur an extra $1 billion in costs during the third quarter due to inflation and supply chain issues. Ford said supply problems have resulted in parts shortages affecting roughly 40,000… Continue Reading…

Economy

“Nearly half of all Americans are falling deeper in debt as inflation continues to boost costs”

“In an economy that has produced the highest inflation rate since 1981, Americans are struggling to keep up with expenses and are putting less money aside for emergencies or long-term financial goals, several recent studies show. Nearly 40% of consumers cannot put any… Continue Reading…

Economy, Energy

“How Rising Gas Prices Drive Everyday Costs Beyond The Pump”

“EDITOR’S NOTE: It almost goes without saying that rising fuel costs will likely drive up the cost of anything that relies on transportation. As much of a no-brainer as this seems, many people are still not making the connection. If a… Continue Reading…

Economy

“U.S. retail sales soften as high gasoline costs begin to bite”

“Growth in U.S. retail sales slowed in February after surging a month earlier, suggesting that consumers tempered their spending in some categories as inflation limited purchasing power.  The value of overall retail purchases increased 0.3 per cent, after an upwardly… Continue Reading…

Economy

“Inflation rose 7.9% in February, as food and energy costs push prices to highest in more than 40 years”

“…The consumer price index, which measures a wide-ranging basket of goods and services, increased 7.9% over the past 12 months, a fresh 40-year high for the closely followed gauge, according to the Labor Department’s Bureau of Labor Statistics… Food prices rose… Continue Reading…

Economy

“U.S. Electricity Costs Surge Most Since 2009 as Weather Cools”

“The price of electricity in October increased 6.5% from the same month a year ago while consumer expenses paid to utilities for gas went up 28%, according to numbers released Wednesday by the U.S. Bureau of Labor Statistics. Fuel oil… Continue Reading…

Business

“Chipotle raises menu prices as employee costs increase”

“Chipotle Mexican Grill Inc said on Tuesday it has increased prices for products across its menu by about 4% owing to rising labor costs.   Several companies in the retail space, including McDonald’s and Walmart, have increased hourly wages for employees in… Continue Reading…