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By Bryan Mena, CNN Washington, DC (CNN) — An interest rate hike later this month was already in the cards for the Federal Reserve. But after the June jobs report, the timing of a second hike remains unclear. Job gains remain robust, wage growth is still going strong, and unemployment continues to hover near historic
Continue ReadingBy Alicia Wallace, CNN Minneapolis (CNN) — The labor force participation rate for women in their prime working age hit an all-time high in June, reaching 77.8%, according to Bureau of Labor Statistics data released Friday as part of the monthly jobs report. “The [overall] prime-age employment-to-population ratio continued to rise, hitting 80.9%, the highest
Continue ReadingBy Wayne Chang and Anna Cooban, CNN Taipei/London (CNN) — China’s top financial regulators have fined Ant Group — the fintech firm founded by billionaire Jack Ma — about 7.1 billion yuan ($994 million) for breaking rules related to consumer protection and corporate governance. Ant Group had also broken rules relating to “business activities in
Continue ReadingBy Chris Isidore, CNN New York (CNN) — UPS isn’t just another large shipping company. It carries 6% of America’s gross domestic product in its trucks. It also plays a central role in the smooth movement of goods the economy depends upon, feeding supply chains that are only recently recovering from disruptions that drove that
Continue ReadingBy Alicia Wallace, CNN Minneapolis (CNN) — The US job market cooled back down in June, adding just 209,000 jobs, and fueling optimism that the economy is on course to nail that elusive soft landing of lowering inflation without triggering a recession. The June job gains, released Friday by the Bureau of Labor Statistics, were
Continue ReadingBy Jennifer Hansler and Juliana Liu, CNN Beijing/Hong Kong (CNN) — Beijing’s newly unveiled export controls on two strategic raw materials critical to the global chipmaking industry are a “concern,” US Treasury Secretary Janet Yellen said on the first day of her trip to China, where she met the country’s premier in an effort to
Continue ReadingBy Tara Subramaniam and Manveena Suri, CNN (CNN) — Authorities in India’s central Madhya Pradesh state have demolished a man’s home after a video that appeared to show him urinating on a member of a tribal community went viral on social media this week. While the incident captured in the video allegedly occurred a year
Continue ReadingBy Samantha Delouya, CNN (CNN) — Food delivery platforms DoorDash, Grubhub and Uber Eats are challenging in court New York City’s new minimum wage law for app food delivery workers. All three companies sued the city, maintaining that the law would hurt delivery workers more than help them. DoorDash and Grubhub filed a suit jointly
Continue ReadingBy Samantha Delouya (CNN) — Taylor Swift signed onto a lucrative touring partnership with FTX before its collapse, but FTX pulled out of the arrangement, according to a person familiar with the discussions. Had the deal materialized, the “Bad Blood” singer might have joined a legion of celebrities who endorsed cryptocurrency products in recent years
Continue ReadingBy Brian Fung, CNN (CNN) — Twitter is threatening Meta with a lawsuit after the blockbuster launch of Meta’s new Twitter rival, Threads — in perhaps the clearest sign yet that Twitter views the app as a competitive threat. On Wednesday, an attorney representing Twitter sent Meta CEO Mark Zuckerberg a letter that accused the
Continue ReadingBy Gregory Wallace (CNN) — The replacement for a crumbling underwater tunnel connecting New York City and New Jersey that carries up to 200,000 people daily just received the largest-ever federal transportation grant, according to Senate majority leader Chuck Schumer. The $6.88 billion grant for the Gateway project includes constructing a new tunnel beneath the
Continue ReadingBy Peter Valdes-Dapena, CNN Business (CNN) — Ten self-driving electric Volkswagen buses will soon cruise the streets of Austin, Texas, testing autonomous driving technology. The automaker said it plans to launch commercial services in Austin by 2026. VW’s announcement comes less than a year after the German automaker and its partner Ford announced they would
Continue ReadingBy Krystal Hur, CNN New York (CNN) — Stocks tumbled on Thursday after fresh data signaled that the labor market remains piping hot, heightening concerns that the Federal Reserve will raise interest rates for longer than expected. The Dow dropped 366 points, or 1.1%, after falling nearly 500 points earlier in the trading session. The
Continue ReadingBy Anna Bahney, CNN Washington, DC (CNN) — US mortgage rates jumped up this week as recent economic data showed inflation remains sticky and the job market is still red hot. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 6, up from 6.71% the week before, according to data from Freddie Mac
Continue ReadingBy Kristina Sgueglia, CNN New York (CNN) — Snarled train traffic between New York City and Philadelphia this morning is moving again. While delays should “still be expected” Amtrak rail service has been restored “in both directions” between New York and Philadelphia following earlier overhead power issues in New Jersey, Amtrak said in a statement.
Continue ReadingBy Alicia Wallace, CNN Minneapolis (CNN) — The number of available jobs in the United States dropped in May after an uptick the month before, the Bureau of Labor Statistics reported Thursday. Job openings fell to 9.82 million at the end of May, dropping from an upwardly revised 10.3 million in April, according to the
Continue ReadingBy Sean Lyngaas, CNN New York (CNN) — Japan’s busiest shipping port said Thursday it would resume operations after a ransomware attack prevented the port from receiving shipping containers for two days. The expected restoration of the Port of Nagoya, a hub for car exports and an engine of the Japanese economy, will ease concerns
Continue ReadingCNN By Clare Duffy, CNN New York (CNN) — Facebook-parent Meta officially launched its Twitter competitor, Threads, last Wednesday, after first confirming its plans for the app just three months ago. Threads is already off to a strong start: it received 100 million sign-ups in less than a week, the app shows, including a large
Continue ReadingBy Clare Duffy, CNN New York (CNN) — Facebook-parent Meta officially launched its Twitter competitor, Threads, last Wednesday, after first confirming its plans for the app just three months ago. Threads is already off to a strong start: it received 100 million sign-ups in less than a week, the app shows, including a large number
Continue ReadingBy Alicia Wallace, CNN Minneapolis (CNN) — US companies saw a massive, unexpected spike in hiring activity in June, according to private payroll processor ADP’s latest employment report, released Thursday morning. ADP’s National Employment Report, produced in a collaboration with the Stanford Digital Economy Lab, showed that the private sector added 497,000 jobs last month,
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