Category Archives: Business News

Walmart’s army of bakery decorators take the cake when it comes to hourly store pay

Walmart’s army of bakery decorators take the cake when it comes to hourly store pay

NEW YORK (AP) — The school graduation season is the busiest time of year for the Walmart workers who hand-decorate cakes per customers’ orders. The cakes and optional fillings come pre-baked and frozen from suppliers, but the nation’s largest retailer holds a big slice of the American custom cake market. The company says one out of four cakes sold in the U.S. comes from Walmart, and that its workers will collectively decorate more than 1 million cakes during May and June. The discount retail chain’s 6,200-strong army of icing artisans are Walmart’s highest paid hourly workers, excluding store managers. Detractors on social media have accused the decorators of stealing ideas and undercutting professional cake artists with inexpensive products.… Continue Reading

Hiring in the US slows, yet employers added a solid 139,000 jobs in May

Hiring in the US slows, yet employers added a solid 139,000 jobs in May

WASHINGTON (AP) — U.S. employers slowed hiring last month, but still added a solid 139,000 jobs amid uncertainty over Trump’s trade wars. The Department of Labor said Friday that hiring fell from a revised 147,000 in April. The unemployment rate stayed at 4.2%. Trump’s aggressive and unpredictable policies – especially his sweeping taxes on imports – have muddied the outlook for the economy and the job market and raised fears that the American economy could be headed toward recession. But so far the damage hasn’t shown up clearly in government economic data.… Continue Reading

US job openings rose in April, signaling resilience in the American labor market

US job openings rose in April, signaling resilience in the American labor market

WASHINGTON (AP) — U.S. job openings rose unexpectedly in April, showing that the labor market remains resilient in the face of uncertainty arising from President Donald Trump’s trade wars. The Labor Department reported Tuesday that employers posted 7.4 million job vacancies in April, up from 7.2 million in March. Economists had expected opening to drift down to 7.1 million. But the number of Americans quitting their job — a sign of confidence in their prospects — fell, and layoffs ticked higher. Openings remain high by historical standards but have dropped sharply since peaking at 12.1 million in March 2022 when the economy was still roaring back COVID-19 lockdowns.… Continue Reading

A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs

A global rally for stocks loses steam amid questions about what will happen to Trump’s tariffs

NEW YORK (AP) — A big rally for stocks that began in Asia lost steam amid uncertainty about what will happen next after a U.S. court blocked many of President Donald Trump’s tariffs. The S&P 500 rose 0.4% Thursday after giving up most of an earlier gain. The Dow Jones Industrial Average rose 0.3%, and the Nasdaq composite added 0.4%. It’s a downshift after stocks initially leaped in Tokyo and Seoul, where markets had the first chance to react to Wednesday’s ruling by the U.S. Court of International Trade. The White House said it would appeal. Nvidia rallied after its profit report.… Continue Reading

S&P 500 rallies 2% as Wall Street’s roller-coaster ride whips back upward after Trump delays tariffs

S&P 500 rallies 2% as Wall Street’s roller-coaster ride whips back upward after Trump delays tariffs

NEW YORK (AP) — Wall Street rallied after President Donald Trump delayed a 50% tariff on goods coming from the European Union. The S&P 500 jumped 2% Tuesday. Its gains accelerated following a better-than-expected report on U.S. consumer confidence. The Dow Jones Industrial Average jumped 740 points, and the Nasdaq composite climbed 2.5%. They more than recovered their losses from Friday, when Wall Street’s roller-coaster ride dropped after Trump announced the tariffs on the European Union. Nvidia was the strongest single force pushing the S&P 500 higher. Treasury yields eased in the bond market.… Continue Reading

US consumer confidence rebounds after five straight months of declines amid tariff anxiety

US consumer confidence rebounds after five straight months of declines amid tariff anxiety

WASHINGTON (AP) — Americans’ views of the economy improved in May after five straight months of declines sent consumer confidence to the lowest level since the onset of the COVID-19 pandemic, largely driven by anxiety over the impact of President Donald Trump’s tariffs. The Conference Board said Tuesday that its consumer confidence index rose 12.3 points in May to 98, up from April’s 85.7, its lowest reading since May 2020. A measure of Americans’ short-term expectations for their income, business conditions and the job market jumped 17.4 points to 72.8, but remained below 80, which can signal a recession ahead.… Continue Reading

Home Depot says it doesn’t expect to boost prices because of tariffs

Home Depot says it doesn’t expect to boost prices because of tariffs

Home Depot doesn’t expect to raise prices because of tariffs, saying it has spent years diversifying the sources for the goods on its shelves. Other companies, domestic and foreign, have warned customers that price hikes are on the way. Walmart said last week that it has already raised prices and will have to do so again in the near future. Late Monday, Subaru of America said it would raise prices on some of its most popular models by as much as $2,000. Home Depot says it doesn’t expect any single country outside of the U.S. will represent more than 10% of its purchases 12 months from now.… Continue Reading

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

Stocks, bonds and the dollar drift after the latest downgrade to the US government’s credit rating

NEW YORK (AP) — After recovering from an initial jolt, U.S. stocks drifted through quiet trading following the latest reminder that the U.S government may be hurtling toward an unsustainable mountain of debt. The S&P 500 rose 0.1% Monday after Moody’s Ratings became the last of the three major credit-rating agencies to say the U.S. government no longer deserves a top-tier “Aaa” rating. The Dow Jones Industrial Average added 0.3%, and the Nasdaq was little changed. In the bond market, the 30-year Treasury yield briefly jumped above 5% before calming. The issues Moody’s cited in its downgrade are all well known among investors.… Continue Reading

US egg prices fall for the first time in months but remain near record highs

US egg prices fall for the first time in months but remain near record highs

Government data shows U.S. retail egg prices have declined for the first time since October. The average price for a dozen Grade A eggs fell to $5.12 in April after reaching a record $6.23 in March, according to the Consumer Price Index released on Tuesday. The average price of eggs of all sizes fell 12.7%, which was the steepest monthly decline since March 1984. Still, U.S. egg prices remain near record highs as a persistent outbreak of bird flu continues to wipe out egg-laying hens. April’s store price was 79% higher than a year earlier, when the retail price averaged $2.86 per dozen.… Continue Reading

Dow leaps 1,100 points and S&P 500 rallies 3.3% following a 90-day truce in the US-China trade war

Dow leaps 1,100 points and S&P 500 rallies 3.3% following a 90-day truce in the US-China trade war

NEW YORK (AP) — U.S. stocks are leaping after China and the United States announced a 90-day truce in their trade war. The S&P 500 jumped 2.6% Monday. The Dow Jones Industrial Average rose 951 points, and the Nasdaq composite gained 3.5%. Hopes for an economy less encumbered by tariffs also sent crude oil prices higher. The U.S. dollar strengthened against other currencies, and Treasury yields jumped on expectations the Federal Reserve won’t have to cut interest rates so deeply this year in order to protect the economy. Analysts warned conditions could still quickly change, as has so often happened in President Donald Trump’s trade wars.… Continue Reading

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