CNN – Business/Consumer

By Alicia Wallace, CNN Inflation may be continuing to cool but there’s also a chill running through the American consumer, the latest report from the Commerce Department shows. The Federal Reserve’s preferred inflation gauge eased further in March, a sign that the central bank’s massive rate-hike campaign is taking hold. The Personal Consumption Expenditures price

By Chris Isidore, CNN Despite falling gas prices, ExxonMobil and Chevron reported bumper profits last quarter. While they were lower than last year, they still beat Wall Street forecasts, as well as where they were ahead of the spike in energy prices that followed the invasion of Ukraine more than a year ago. ExxonMobil, America’s

By Julia Horowitz, CNN If my bank fails, how much of my savings will I get back? It’s a scenario no one likes to think about. But in the past 15 years, it has unfolded with particular drama on several occasions — during the 2008 global financial crisis and again since mid-March, as turmoil has

CNN By Alicia Wallace, CNN There’s good news on the inflation front: Annual price growth fell to its lowest pace in nearly two years, the Commerce Department reported Friday. But for consumers, the lengthy spell in the crossfire of persistently high prices and rising interest rates has taken its toll. Inflation-adjusted consumer spending was flat

By Peter Wilkinson, CNN The embattled chairman of the British Broadcasting Corporaration (BBC), Richard Sharp, resigned on Friday after a report found he failed to disclose his involvement in facilitating a loan of almost $1 million to former British Prime Minister Boris Johnson. Sharp claimed the breach was “inadvertent and not material,” but said he

By Julia Horowitz, CNN Europe’s economy avoided a recession over the winter, picking up pace slightly in the first quarter of 2023 despite Russia’s war in Ukraine and sizable interest rate hikes aimed at fighting inflation. Economic output in the European Union rose 0.3% in the first three months of 2023 compared with the previous

By Elisabeth Buchwald, CNN On Friday, the Federal Reserve is set to release the findings of its investigation into what caused Silicon Valley Bank to collapse last month. Randal Quarles, former vice chair of supervision at the Fed, told CNN in an exclusive interview that he doesn’t expect the report to uncover any smoking guns.

By Jordan Valinsky, CNN Business Bed Bath & Beyond’s competitors are coming to the rescue of customers looking to use expired coupons issued by the failed retailer. Big Lots said Thursday that it’s “assisting shoppers nationwide” by accepting expired Bed Bath & Beyond coupons until May 7. Customers that bring one of the iconic blue-and-whites

By Peter Valdes-Dapena, CNN Business Mercedes-Benz electric vehicle owners in North America who want a little more power and speed can now buy 60 horsepower for just $60 a month or, on other models, 80 horsepower for $90 a month. They won’t have to visit a Mercedes dealer to get the upgrade either, or even

By Oliver Darcy, CNN Vice Media will cancel its acclaimed program “Vice News Tonight” as part of a broad restructuring that will result in painful cuts across the organization, the company said Thursday. “In response to the current market conditions and business realities facing [Vice Media Group] and the broader news and media industry, we

From CNN’s Krystal Hur, Nicole Goodkind, Alicia Wallace, Elisabeth Buchwald and Anna Bahney The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.

By Anna Bahney, CNN Pending home sales dropped in March, falling for the first time since November amid tight inventory and buyer uncertainty about the financial sector due to bank failures, according to data released Thursday by the National Association of Realtors. The pending sales index, a forward-looking indicator based on signed contracts to buy

By Nathaniel Meyersohn, CNN Gap said Thursday that it will lay off 1,800 employees as the struggling retailer looks to cut costs. The layoffs will impact the company’s corporate workers. As of January, Gap had around 95,000 employees globally, and 9% of them were corporate staff. Gap, which also owns Old Navy, Banana Republic and

By Bryan Mena, CNN US economic growth slowed to an annualized and seasonally adjusted rate of 1.1% in the first quarter of this year, as businesses rebalanced their inventories and pulled back on spending amid punishing rate hikes from the Federal Reserve. The increase in gross domestic product — the broadest measure of economic activity

By Hanna Ziady, CNN Barclays and Deutsche Bank have shrugged off a turbulent first quarter to post strong profit growth, helping to calm investors worried about the prospect of another US bank failure. The robust set of results was helped by income earned from higher interest rates, the lenders said Thursday. Shares in Barclays jumped