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Opinion by David Wilcox for CNN Business Perspectives The US economy may have begun to cool some, but it is still seriously overheated. Employers are desperate to hire workers, but they are nowhere to be found. Customers are eager to purchase new cars, but dealer lots are almost bare. Would-be vacationers are anxious to make

By Julia Horowitz, CNN Business Investors are uneasy as the Federal Reserve gears up for its latest policy announcement on Wednesday. But their hope is that the central bank and Chair Jerome Powell will keep talking tough, steering the path forward at an uncertain moment. What’s happening: The Fed is expected to hike interest rates

By Swati Gupta and Rhea Mogul, CNN At least 36 people have died and about 50 others have been hospitalized in western India after drinking contaminated alcohol, according to police. All had consumed illegal moonshine in the Botad and Ahmedabad districts of Gujarat state, where the manufacture, sale and consumption of alcohol is illegal. “About

By Oliver Darcy, CNN Business A version of this article first appeared in the “Reliable Sources” newsletter. You can sign up for free right here. The LIV Golf event that is set to commence at Donald Trump’s Bedminster club on Friday is generating more controversy by the day. On Tuesday, the National Press Club added

By Alicia Wallace, CNN Business Americans grew even more pessimistic about the US economy over the past month, according to the latest survey on consumer attitudes, intentions and expectations from The Conference Board. The consumer confidence index for July slipped to 95.7 from June’s revised reading of 98.4, which was adjusted downward by 0.3 points.

By Julia Horowitz, CNN Business When wheat prices shot up to record highs following Russia’s invasion of Ukraine, alarm bells immediately started ringing. Wheat is a staple of diets for more than 2.5 billion people around the world. At a moment when inflation was wreaking havoc, food prices were going to go up. And they

By Paul R. La Monica, CNN Business Is the United States heading for a recession? Or is the economy already in one? It — almost — doesn’t matter. For many Americans, it already feels like a recession. Soaring prices for, well, just about everything, make it tougher to pay for everyday expenses and monthly bills.

By Michelle Toh, CNN Business Alibaba announced a plan to allow more mainland Chinese investors to invest in the stock. In a statement Tuesday, the Chinese tech giant said that its board had approved an application to upgrade its Hong Kong stock to a primary listing, which it expects to take place by the end

By Nathaniel Meyersohn, CNN Business Many shoppers have pulled back on buying clothing and other discretionary items as the highest inflation in four decades pinches their pocketbooks. That’s left Walmart and other retailers stuck with too much clothing and bigger-ticket stuff sitting on their shelves. To help clear out the backlog, Walmart is cutting prices

By Nathaniel Meyersohn, CNN Business Diapers are a notoriously large expense for caregivers of newborns, toddlers and adults suffering from incontinence. Infants require up to 12 diapers per day, at a cost of $70 to $80 per month per child. That’s roughly $930 per year, according to the National Diaper Bank Network, a non-profit working

By Danielle Wiener-Bronner, CNN Business Major US poultry processors engaged in a 20-year-long conspiracy to suppress worker pay, the Department of Justice alleged Monday. The processors — Cargill, Wayne Farms and Sanderson Farms — allegedly worked with a data consulting firm to exchange information about pay, ultimately robbing workers of the opportunity to earn competitive

By Julia Horowitz, CNN Business There’s no denying that the US economy is at a strange juncture that’s left even top experts scratching their heads. “If you’re not a little confused about the economy, you’re not paying attention,” former White House economic adviser Jason Furman, who now teaches at Harvard, recently tweeted. Consumers are extremely

By Anna Cooban, CNN Business Elon Musk has denied having an affair with Nicole Shanahan, the wife of Google’s co-founder, Sergey Brin. Over the weekend, the Wall Street Journal reported that Musk — a longtime friend of Brin’s — had a brief relationship with Shanahan in December 2021 while she and Brin were separated but

By Vanessa Yurkevich, CNN Business Extreme drought and inflationary pressures are forcing US farmers in Western states to sell off their cattle herds in greater numbers, at levels not seen in over a decade. Nearly 80% of the western region of the US is experiencing extreme drought conditions — and has been for nearly a

By Ramishah Maruf, CNN Google has fired the engineer who claimed an unreleased AI system had become sentient, the company confirmed, saying he violated employment and data security policies. Blake Lemoine, a software engineer for Google, claimed that a conversation technology called LaMDA had reached a level of consciousness after exchanging thousands of messages with

By Ramishah Maruf, CNN Long-time New Yorker media reporter Ken Auletta heard whispers of Harvey Weinstein’s sexual abuse of women 20 years ago — but he couldn’t write the story because sources were unwilling to go on the record. Now Auletta has finally written the definitive account of Weinstein’s crimes in his new book, “Hollywood

By Frank Pallotta, CNN Business “Nope,” Jordan Peele’s third movie, opened to an estimated $44 million this weekend in North America, according to Universal Pictures. The science-fiction film, which stars Daniel Kaluuya as a Hollywood horse wrangler dealing with some extra-terrestrial problems, was expected to make around $50 million this weekend, according to initial projections.

By Alexandra Peers, CNN Business “The Mississippi Delta is shining like a National guitar… And for reasons I cannot explain there’s some part of me wants to see Graceland.” Paul Simon released that anthem about the historic Memphis home of Elvis Presley in 1986, about a decade after the death of the famed singer. Much

By Nicole Goodkind, CNN Business Since its founding in 1913, the US Federal Reserve has fought to achieve three goals: maximum employment, stable prices and moderate long-term interest rates. But that’s about all that’s remained consistent in the central bank’s 109-year legacy of monetary policy. Economists at the Fed work hard to maintain the institution’s

By Emma Tucker Disney’s “Fairy Godmothers in Training” who dress up children as princesses and knights in boutiques at its US theme parks are now called “Fairy Godmother’s Apprentices” as part of its efforts to be more inclusive, a Disney spokesperson told CNN on Saturday. The new title applies to cast members working at its

By Frank Pallotta, CNN Business Vince McMahon, the former WWE chief executive, is retiring from the company, he said in a statement on Friday. The news follows an investigation into McMahon paying millions of dollars in hush money to cover up alleged infidelity and misconduct with multiple women. “As I approach 77 years old, I

By Chris Isidore, CNN Business FedEx’s Ground service will stop making Sunday deliveries to about 15% of the US homes it’s currently serving, largely in rural areas. The change will take place Sunday, August 21, FedEx announced Friday. During the pandemic the company had expanded Sunday service to 95% of US homes, a response to

By Peter Valdes-Dapena, CNN Business Cadillac is going back into a market segment it hasn’t occupied in decades: the world of true ultra-luxury cars with huge six-figure price tags. General Motors unveiled the Cadillac Celestiq on Friday, and the company wants it to beat the best in the world. The Celestiq, an electric car, is

By Frank Pallotta, CNN Business Jordan Peele is hoping to go three-for-three at the box office. The director’s third movie, “Nope,” opens this weekend, and despite a plot shrouded in mystery it’s one of the most anticipated films of the year. The Universal Pictures film, which stars Daniel Kaluuya as a Hollywood horse wrangler dealing

Opinion by Jung Hyun Choi and Daniel Pang for CNN Business Perspectives Over the past year, both rents and home prices have risen faster than inflation, and the surge in housing prices has outpaced wage growth. But renters — who were already more financially vulnerable than homeowners before the pandemic — are bearing the brunt

By Julia Horowitz, CNN Business An average 347 million people use Snapchat every day. That’s a fraction of the nearly 2 billion daily active users on Facebook, its biggest competitor. But parent company Snap’s warning on the economy — coupled with its dismal results — is bringing down the market. Hopefulness about earnings season is

By Laura He, CNN Business China’s banking regulator has pledged to boost lending to help developers finish stalled property projects and boost buyers’ demand, as a growing mortgage boycott by homebuyers exacerbates the country’s real estate woes. The China Banking and Insurance Regulatory Commission (CBIRC) reiterated Thursday that it will provide “active credit support” for

By Paul R. La Monica, CNN Business Bitcoin prices were cooling off Thursday following a big spike in the past week. And it appears Elon Musk might be partly to blame. The price of one bitcoin fell 3% Thursday to about $23,000 after Tesla disclosed in its latest earnings report Wednesday that it sold about

By Chris Isidore, CNN Business American and United airlines both reported their first operating profit since the start of the pandemic, as strong demand for air travel and high fares allowed the carriers to overcome rising fuel prices. But the good news for airline investors was bad news for airline passengers. The amount passengers paid

By Julia Horowitz, CNN Business In a bold attempt to get inflation under control, the European Central Bank on Thursday announced it would hike its key interest rate by a half percentage point. That marks the first time since 2011 that the ECB has raised rates, and takes Europe’s main rate back to zero. Rates

By Anna Bahney, CNN Business Rents hit another record high in June, putting more pressure on renters. But with the costs associated with buying a home rising so much this year, renting remains a better deal. In June, the national median rent hit a new record high of $1,876 a month, up 14% from a

By Yong Xiong, Larry Register and Laura He, CNN Business China’s cyberspace regulator fined Didi Global just over 8 billion yuan ($1.2 billion) on Thursday for violating cybersecurity and data laws, putting an end to a yearlong investigation into the ride-hailing giant. The Cyberspace Administration of China (CAC) said in a statement that the firm