CNN-Business-Consumer

By Alicia Wallace, CNN Business US labor productivity tumbled by 7.5% in the first quarter of 2022 — the largest decline in worker output per hour since 1947, according to Labor Department data released Thursday. The report also showed that unit labor costs, or how much workers are paid per unit of output, surged by

By Jeanne Sahadi, CNN Business In a bid to curb high inflation, the US Federal Reserve on Wednesday increased its key short-term interest rate by half a percentage point — the first hike of that magnitude in 22 years. While the US economy is still operating in a fairly low rate environment, that won’t last

By Esha Mitra and Rhea Mogul, CNN A 13-year-old girl who was allegedly gang-raped by four men in India, was allegedly raped again by a police officer after she tried to seek his help in reporting the initial attack. Authorities in Uttar Pradesh confirmed Wednesday a police officer had been arrested in connection with the

By Laura He, CNN Business China’s gigantic services sector just contracted at the second sharpest pace on record as Covid lockdowns hit businesses hard. The Caixin purchasing managers’ index, a closely-watched indicator for assessing the state of the economy, plummeted to 36.2 in April from 42 in March, according to a survey released by IHS

By Matt Egan, CNN Business The Federal Reserve is stepping up its war on inflation. That means borrowing costs are going sharply higher for families and businesses. The US central bank increased its benchmark interest rate by three-quarters of a percentage point on Wednesday, which is the biggest single hike since 1994. This follows the

By Matt Egan, CNN Business JPMorgan Chase CEO Jamie Dimon said Wednesday that the Federal Reserve should have moved sooner to raise interest rates and conceded the odds do not favor taming inflation without sparking a recession. “We’re a little late but remember two years ago we had 15% unemployment and no vaccine. People should

By Julia Horowitz, CNN Business The Federal Reserve is finally getting aggressive in its bid to fight decades-high inflation. What’s happening: The central bank is expected to hike interest rates by half a percentage point on Wednesday for the first time since 2000. Investors think it will deliver hikes of the same magnitude in June

By Laura He, CNN Business BYD, the Warren Buffett-backed Chinese electric vehicle maker, had a bumper month in the world’s largest car market, despite strict Covid lockdowns that have disrupted production and sales for many of its major rivals. The company reported Tuesday that its sales of electric vehicles and plug-in hybrids soared 313% in

By Laura He, CNN Business Hong Hao, a prominent market analyst in China, has left the state-owned bank he worked for just days after his social media accounts were shut down following downbeat remarks he made about the economy. Tencent’s WeChat froze Hong’s public account over the weekend, after he posted about huge outflows of

By Anneken Tappe, CNN Business The Federal Reserve said Wednesday it is raising interest rates by a half-percentage point to get a handle on the worst inflation America has seen in 40 years. It’s the first time in 22 years that the central bank has hiked rates this much. The decision was unanimous, with all

By Mark Thompson, CNN Business The European Union is proposing to ban all oil imports from Russia by the end of this year and remove the country’s biggest bank, Sberbank, from the SWIFT international payments network. But the plan immediately ran into opposition from EU countries seeking a longer transitional period, including Hungary, which has

By Laura He, CNN Business Didi says it is facing an investigation by US regulators into its botched IPO last year. The Chinese ride-hailing giant said in a regulatory filing this week that it is cooperating with the investigation by the US Securities and Exchange Commission about its share offering, “subject to strict compliance with

By Danielle Wiener-Bronner, CNN Business Starbucks interim CEO Howard Schultz has a message for workers interested in unionizing: If you do, you could miss out on higher wages. The coffee chain said it would raise wages back in October. Starbucks will honor those commitments to employees even if they have voted to unionize, Schultz said

By Jeanne Sahadi, CNN Business If a popular piece of retirement legislation makes it to President Biden’s desk this year, it would give older 401(k) participants the opportunity to contribute more to their nest egg and possibly bolster their tax-free savings. Currently, anyone 50 or older may contribute an additional $6,500 on top of the

By Anna Bahney, CNN Business Home prices rose by double-digit percentages in most major US cities at the beginning of this year. Of 185 metro areas tracked, 70% saw double-digit growth in median home prices during the first quarter of 2022 compared to a year before, according to a report from the National Association of

By Julia Horowitz, CNN Business Stocks have been volatile in recent weeks, notching their worst start to the year since 1939. Between the war in Ukraine, decades-high inflation and recession fears, it’s been difficult for investors to convince themselves to put more money into the market. Yet Goldman Sachs has a reminder for Wall Street:

By Jordan Valinsky, CNN Business Ulta Beauty is apologizing for sending a newsletter to customers with a subject line containing a “very insensitive choice of words.” In an email sent Sunday, the chain wrote “Come hang with Kate Spade” promoting the brand’s line of perfumes. That prompted some subscribers to share the email on social