The personal consumption expenditures price index, or PCE, inched higher in May, the latest sign that inflation remains stubbornly above the Federal Reserve’s 2% annual target. Prices rose 2.3% in May compared with a year ago, up from just 2.1% in April, according to the PCE data. Excluding the volatile …
Read More »Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%. The new projection, issued Wednesday in the Social Security Board of Trustees’ annual report, is partly due to increased …
Read More »New Jersey residents got some bad news earlier this year when the state’s public utilities board warned that their electricity bills could surge up to 20% starting on June 1. A key driver in that rate hike: data centers. The spread of these large-scale computing facilities across the U.S. amid …
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Barbie maker Mattel is partnering with OpenAI to develop generative AI-powered toys and games, as the new technology disrupts a wide range of industries, Mattel announced Thursday. Mattel billed the alliance as a “strategic collaboration to support AI-powered products and experiences based on Mattels’ brands.” It added that the pair would …
Read More »The Consumer Price Index in May rose 2.4% on an annual basis, reflecting a cooler-than-expected increase last month and signaling that the impact of President Trump’s tariffs hasn’t yet trickled through to prices on everyday items bought by Americans. By the numbers The CPI was forecast to rise 2.5% last month on …
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Dollar Tree, a chain of discount stores, warned Wednesday that President Trump’s import tariffs could lower its second-quarter earnings by as much as 50% compared to the year-ago period. The Chesapeake, Virginia-based retailer sources most of its inventory, which ranges from disposable tableware, party supplies and toys to puzzles and …
Read More »The Trump administration could pursue alternative pathways for imposing tariffs after a federal court this week struck down its use of emergency powers to enact broad levies on U.S. trading partners, according to experts. At risk is much of Mr. Trump’s trade agenda, which relies on tariffs as a way …
Read More »While the unemployment rate remains near a 50-year low, another measure of worker well-being indicates there may be bigger cracks in the labor market. The low unemployment rate, which stood at 4.2% in April, has signaled to economists and investors alike that the U.S. economy remains relatively healthy. Employers are …
Read More »The social network formerly known as Twitter has fully migrated over to X.com, owner Elon Musk said Friday. The billionaire head of Tesla, SpaceX and other companies bought Twitter for $44 billion in late 2022 and announced the rebrand to X last July. Although the logo and branding were changed to …
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The New York Times will eliminate its 35-member sports desk and plans to rely on staff at The Athletic, a sports news startup the media outlet bought last year, for coverage on that topic, the paper announced Monday. Two of the newspaper’s top editors — Joe Kahn and Monica Drake …
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