Seniors and other Social Security recipients in the U.S. are being hit hard by inflation, which has outpaced increases in their benefits this year. Now, some lawmakers have a plan to boost Social Security payments by $2,400 per recipient annually, while also shoring up the program financially. The Social Security …
Read More »Tech companies rocked by layoffs as industry faces biggest downturn in two decades
Many technology companies that expanded during the pandemic are now pulling back, laying off workers and retracting job offers as the U.S. economy slows. On Tuesday, the cryptocurrency exchange Coinbase said it was cutting its workforce by 18%, or about 1,100 people, with CEO Brian Armstrong warning that “we appear …
Read More »Amazon consumer chief Dave Clark resigns after 23 years
The Amazon executive overseeing the company’s worldwide consumer business is resigning after 23 years as the e-commerce giant deals with its overabundance of warehouse space. Dave Clark’s last day at the Seattle-based company will be July 1, Amazon CEO Andy Jassy wrote Friday in a company blog post. Amazon did …
Read More »U.S. economy shrank at 1.5% rate in the first quarter, more than initially estimated
The U.S. economy shrank in the first three months of the year even though consumers and businesses kept spending at a solid pace, the government reported Thursday in a slight downgrade of its previous estimate for the January-March quarter. Last quarter’s drop in the U.S. gross domestic product — the …
Read More »FDA chief will detail delays inspecting baby formula plant
Federal plans to inspect a baby formula factory linked to the nationwide shortage were slowed by COVID-19, scheduling conflicts and other logistical problems, according to prepared testimony from the head of the Food and Drug Administration. FDA Commissioner Robert Califf is set to answer questions Wednesday from House lawmakers probing …
Read More »Number of guns made in the U.S. nearly tripled since 2000
As gun-related deaths in America reach new highs, a new government report shows that the number of firearms made in the U.S. has increased exponentially over the last two decades. Domestic gun makers produced 11.3 million firearms in 2020 (the latest year for which data is available), roughly triple the …
Read More »Vote count begins in 2nd Amazon union election in New York City
A federal labor board on Monday will count ballots cast by warehouse workers in a second Amazon union election on Staten Island. The National Labor Relations Board is overseeing the election and expects to finish tallying the votes by Monday evening. A separate election held last month gave a nascent …
Read More »New vehicles in the U.S. must average 40 mpg by 2026, up from 28 mpg
New vehicles sold in the United States will have to travel an average of at least 40 miles per gallon of gasoline in 2026, up from about 28 mpg, under new federal rules unveiled Friday. The National Highway Traffic Safety Administration said its fuel economy requirements will undo a rollback …
Read More »Betting on March Madness tournament to top $3 billion, gambling group predicts
Americans will wager an estimated $3.1 billion on this year’s March Madness college basketball championship tournament, the gambling industry’s national trade group predicts. That figure includes legal bets as well as those placed with illegal bookies or offshore websites, the American Gaming Association (AGA) said in a new report. An …
Read More »Crypto prices jump as the Russia
Bitcoin and other cryptocurrency prices are jumping following a plunge this week in the value of Russia’s currency — a sign, according to some analysts, that Russian investors are shifting their money out of the ruble as economic sanctions against the country for its invasion of Ukraine take hold. Bitcoin on …
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