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☆ Consumer giants from Starbucks to General Mills have one big sales problem: China
▼ + stars: | 2024-08-07 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Nurphoto | Nurphoto | Getty ImagesBEIJING — A theme emerging in the latest slew of U.S. companies' earnings reports is a drag from the China market. "Consumer sentiment in China is quite weak," McDonald's chairman, CEO and director Christopher Kempczinski, said of the quarter ended June 30. Apple said Greater China sales fell by 6.5% year-on-year in the quarter ended June 29. Procter and Gamble said China sales for the quarter ending late June fell by 9%. The only public disclosures regarding Peet's China business described it as "strong double-digit organic sales growth" in the first half of the year.

Persons: —, Christopher Kempczinski, McDonald's, Lei Meng, Apple, Johnson, that's, General Mills, Kofi Bruce, Mills, Andre Schulten, Procter, Gamble, Schulten, Marriott's, Domino's, DPC Dash, There's, James Quincey, Quincey, We've, Laxman Narasimhan, Luckin Organizations: Nurphoto, Getty, BEIJING, U.S, Nationwide, UBS Securities, General, Procter, Marriott, Asia Pacific, Starbucks Locations: Yichang, Hubei province, China, U.S, Canada, Greater China, Southeast Asia, Japan, South Korea, Asia, Peet's

☆ Why an emergency rate cut would be a mistake for the Fed, according to Mohamed El-Erian
▼ + stars: | 2024-08-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The Fed would be making a mistake in delivering an emergency rate-cut, Mohamed El-Erian said. Traders see a higher chance the Fed could trim rates over the next week in response to weakening data. AdvertisementThe Federal Reserve would be making a mistake if it delivered an emergency rate cut. Amid Monday's sell-off Bloomberg reported that markets see a 60% chance the Fed could issue a cut ahead of its scheduled policy meeting. AdvertisementGiving in to the market's demands to ease monetary policy would constitute another mistake for the Fed, El-Erian said.

Persons: Mohamed El, Erian, —, Ben Kirby Organizations: Bloomberg, Traders, Service, Fed, Thornburg Investment Management Locations: El

☆ What the Fed must do to soothe markets after a historic global sell-off, according to JPMorgan strategy chief David Kelly
▼ + stars: | 2024-08-06 | by ( Kelly Cloonan | Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Kelly says the Fed needs to broadcast its confidence in the economy to soothe jittery markets. JPMorgan's David Kelly told Business Insider he sees a possibility for even deeper losses following the big rout. We do stand ready to cut rates as appropriate but we don't think there's a very urgent situation here," Kelly said. More importantly, cutting rates abruptly would potentially instill more fear about the economy among investors, Kelly said. And I don't think the Federal Reserve tells people that, or maybe they don't appreciate it themselves," Kelly said, adding, "It's a drag before it's a stimulus."

Persons: Kelly, JPMorgan's David Kelly, —, David Kelly, Monday's, we've, Dow Jones Organizations: Fed, Service, JPMorgan Asset Management, Nasdaq, Nikkei, Reserve Locations: Japan

☆ Joe Biden Stepped Aside. a Lot of Aging CEOs Should Do the Same.
▼ + stars: | 2024-08-04 | by ( Rob Price | ) www.businessinsider.com time to read: +13 min

Less discussed, however, is a parallel crisis in corporate America: a wave of aging business leaders who refuse to step aside. The average retirement age is similarly increasing: to 62 in 2024 from 57 in 1991. Using public data from 1992 to 2018, they assessed the relationship between a CEO's age and their "managerial ability," as measured by how they turned company resources into revenue and profit. "A 10% increase in CEO age is associated with a 1.9% decrease in managerial ability," they wrote. And older workers, both above and below the traditional retirement age, already face unwarranted discrimination in the workplace.

Persons: who'd, Joe Biden's, Donald Trump, Ruth Bader Ginsburg, Sen, Dianne Feinstein, It's, Rosemond Desir, Scott Seavey, Seavey, what's, Mark Fisher, Sumner Redstone, —, David Ekerdt, Olivia S, Mitchell, Desir, Warren Buffett, Rupert Murdoch, Fisher, Biden imbroglio, they're Organizations: Business, Supreme, California, Florida Atlantic University, University of California, CBS, Viacom, Barclays, gerontology, University of Kansas, Wharton, Chevron, Caterpillar, Berkshire Hathaway, News Corp Locations: America, Irvine, Southern California, United, Berkshire

☆ The Fed's long-awaited rate cuts will open up the job market — but it could take a while
▼ + stars: | 2024-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewThe US job market has certainly seen better days. AdvertisementThose rate cuts will help pull the job market out of its slowdown — but likely not before the unemployment rate climbs higher, says Oliver Allen, a senior US economist at Pantheon Macroeconomics. And even then, it could take time for the effects of rate cuts to fully work their way across the job market, said Mark Hamrick, a senior economic analyst at Bankrate. AdvertisementSlowdown in the pipelineUntil rate cuts kick in, Allen thinks the joblessness rate has even more room to climb. AdvertisementForward-looking indicators of job market strength have also been flashing signs of incoming weakness.

Persons: —, Oliver Allen, Allen, …, Mark Hamrick, Hamrick, David Rosenberg Organizations: Service, Business, Pantheon, Challenger, Gray &, Federal, National Federation of Independent Business

PARIS — Living in the era of Simone Biles' dominance would be a challenge for any gymnast, but Suni Lee and Jordan Chiles are reveling in their own Olympic spotlights. Throughout their Olympic encore, Lee and Chiles observed a burgeoning lightness and international kinship in elite gymnastics. Jordan Chiles, bottom, and Suni Lee celebrate winning the gold medal during the women's artistic gymnastics team finals at the Olympics in Paris on Tuesday. It's not just the culture that has changed for Lee, who faced an even steeper climb to the Olympic podium the second time around. After winning the Olympic all-around title in 2021, she found herself launched into unexpected, dizzying fame.

Persons: Simone Biles, Suni Lee, Jordan Chiles, Lee, Chiles, ” Lee, Francisco Seco, It's, Biles, Kaetlyn Liddy, Tom Organizations: PARIS, Olympic, NCAA, “, Tokyo, Paris Locations: Paris, U.S, ”, Monday's, Spring , Texas, New York

☆ CNBC Daily Open: Tech retreats; Starbucks same-store sales decline for second straight quarter
▼ + stars: | 2024-07-31 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Starbucks missStarbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. Net income fell to $1.05 billion from $1.14 billion a year ago, though it met analysts' expectations.

Persons: Tamas Varga, PVM, Tom Lee Organizations: New York Stock Exchange, CNBC, Big Tech, Nasdaq, megacaps Meta, Apple, Dow Jones, Nvidia, Microsoft, Fed, Microsoft Microsoft, West Texas Intermediate, Brent Locations: New York City, U.S, China

☆ CNBC Daily Open: BOJ ups rate to 0.25%; U.S. stocks fall; Starbucks' same-store sales decline
▼ + stars: | 2024-07-31 | by ( Kevin Lim | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia pulled back 7% and Microsoft fell 0.9% during the normal session before reporting earnings after the bell. Still, Microsoft beat estimates as quarterly revenue increased 15% from a year ago to $64.73 billion and net income rose to $22.04 billion. Starbucks missStarbucks' quarterly revenue slid 1% to $9.11 billion, missing forecasts as same-store sales declined for the second straight quarter. The South Korean tech giant said sales of high-end memory chips used in servers will continue to be strong.

Organizations: CNBC, New York Stock Exchange, New York City . Bank of Japan, U.S . Federal, Bank of, Nasdaq, megacaps Meta, Apple, Dow Jones, Nvidia, Microsoft, Fed, Microsoft Microsoft, Bank of Japan, Nikkei, Seng, Samsung, Samsung Electronics, Revenue, South, Reading, Fed Stock, Federal Reserve Locations: New York City, Bank of Japan, U.S, China, Shanghai

☆ AMD jumps on earnings report that validates our decision to reinvest in the stock
▼ + stars: | 2024-07-30 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

AMD sold off on its first-quarter earnings report due in large part to its MI300 sales guidance falling short of sky-high expectations. Nvidia remains the dominant player in AI chips, but AMD is continuing to carve out a lane in the rapidly expanding market. Among the highlights, Su said Microsoft has expanded its use of the AI chips for certain software applications, including messaging app Teams. AMD's data center business is now nearly 50% of companywide revenues, up from 37% in the fourth quarter of 2023. Within data center, sales of both AI chips and traditional server chips will grow in the third quarter, Su said.

Persons: Lisa Su, Su, Jim Cramer, it's, —, FactSet, Jim Cramer's, Jim, Cheng Organizations: Revenue, AMD, Intel, Nvidia, Broadcom, Club, Microsoft, CNBC, Micro Devices, Afp, Getty Locations: Taipei

☆ We’ve been wrong about a key contributor to human happiness
▼ + stars: | 2024-07-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

But it can really, really help. To do that, I collect large-scale data in the course of people’s everyday lives … That’s kind of the 100,000-foot view. And I think that’s the kind of thing that doesn’t really stop at any magic threshold. I think people need to think about this more of kind of like a happiness portfolio. And oh, by the way, getting some daily exercise, not living in an environment that’s really polluted, that would be good.

Persons: CNN Business ’, there’s, Matt Killingsworth, Mo, Killingsworth, jk, I’ve, Reagan, we’re, it’s, don’t Organizations: CNN Business, New York CNN, University of Pennsylvania’s Wharton School Locations: New York, what’s

Chuo Ward, Tokyo, Japan - February 23, 2018; Top luxury shopping streets with multi colored neon signs. For the first half of the year, luxury group LVMH this week reported " exceptional growth in Japan arising in particular from purchases made by Chinese travelers." SHANGHAI — Luxury brands are seeing a surge in sales in Japan, largely driven by purchases from Chinese travelers taking advantage of a weak yen, according to earnings results this month. The income segment covers families in mainland China earning at least 30,000 yuan a month ($4,140, or about $50,000 a year). besides Hong Kong, across most luxury brands."

Persons: Yves, Yves Saint Laurent, Trip.com, Xiao Hong Shu, netizen, Oliver Wyman, Louis Organizations: Yves Saint, Burberry, U.S, Federal Reserve, Bank of Japan, South, Japan National Tourism Organization, CNBC Locations: Chuo Ward, Tokyo, Japan, Ginza, China, Southeast Asia, SHANGHAI, South Korea, Weibo, Sapporo, Hong Kong, Malaysia, France, Asia

☆ 3 reasons to invest in America's crumbling infrastructure instead of flashy AI winners, and the 2 cheapest sectors right now: BofA
▼ + stars: | 2024-07-25 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

Traditional infrastructure might not seem as sexy as the newer AI data centers, but Bank of America believes traditional infrastructure has stronger growth prospects than AI infrastructure. The heavy focus on technology and AI has resulted in investors overlooking traditional infrastructure investment. Invest in industrials and materialsIn particular, Bank of America identified the industrials and materials sectors as the best investment opportunity within traditional infrastructure. The industrials sector trades at a relative forward PE of 0.98, and materials trades at 0.92. AdvertisementSome specific industries within those sectors are especially undervalued, such as construction materials and metals & mining.

Persons: —, there's, Savita Subramanian, it's, Reshoring Organizations: Service, Big Tech, American Society of Civil Engineers, Business, Bank of, Bank of America Government, Bank of America, Bank, Invest, Industrial Locations: North America, industrials

☆ Tesla profits plunge compared to last year
▼ + stars: | 2024-07-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Telsa profits plunged more than 40% compared to a year ago, a steeper drop than expected for the company that has been facing a tougher environment for electric vehicle sales. Tesla reported it earned adjusted income of $1.8 billiion in the quarter, or 52 cents a share. Analysts had forecast earnings of 61 cents a share, which still would have been sharply lower than the 91 cents a share it earned a year earlier. It was the second straight quarter of year-over-year sales declines for the company, the first time it ever suffered consecutive quarters of declining sales volume. The company has become the most valuable automaker in the world in large part due to its growth rate of about 50% in some years.

Persons: Tesla, Edmunds, ” Organizations: New, New York CNN, Tesla Locations: New York, Tuesday’s

☆ Secret Service Director Kimberly Cheatle to testify on Trump shooting
▼ + stars: | 2024-07-21 | by ( Whitney Wild | ) edition.cnn.com time to read: +8 min

In the days following the attempted assassination of former President Donald Trump, Cheatle has done no press conferences and very few interviews. “We would have never let him go out there if we thought there was a threat to him,” one source present with Trump told CNN. Cheatle is a nearly three-decade veteran of the Secret Service, serving in various field offices and vice presidential details including then-Vice President Joe Biden’s detail. Cheatle left the Secret Service in 2021 as the Assistant Director of the Office of Protective Operations - a role she held when the Secret Service scrambled to protect then-Vice President Mike Pence from rioters on January 6, 2021. “I’m very sorry to reach this conclusion: I have no confidence in the leadership of the United States Secret Service.

Persons: Kimberly Cheatle, –, Donald Trump, Cheatle, James Comer, ” Comer, ”, wasn’t, Thomas Matthew Crooks, Crooks, Tom Knights, Trump, weren’t, ” Cheatle, “, who’ve, Joe Biden’s, Mike Pence, Mike Johnson, Brendan Boyle, ” Boyle, CNN’s Kristen Holmes, Holmes Lybrand, Aileen Graef Organizations: CNN, United, Secret, Sunday, “ Fox, Republican, Secret Service, Trump, ABC, ABC News, Service, Protective, ”, Fox News, Pennsylvania Democrat, United States Secret Service Locations: Butler , Pennsylvania, Butler, Trump, Iran, Pennsylvania

☆ The Trump trade: how a red wave could impact stocks, bonds, and commodities
▼ + stars: | 2024-07-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +9 min

Read previewAs we near the November elections, investors are increasingly focused on what a Donald Trump win would mean for global markets and economies. The charts below show how stock sectors moved in the 24 hours after the debate and how a Trump administration might impact sectors with varying regulatory burdens. If Trump wins, investors will need to cut through the noise and at least understand how he might impact different parts of the economy. Where monetary policy is concerned, leading economist Christophe Barraud believes a Trump administration could pressure the Federal Reserve to be very accommodative on rates, in other words, steeper or sooner cuts. It expects a Trump Administration to allow LNG export permits after the Biden Administration attempted to halt them.

Persons: —, Donald Trump, Goldman Sachs, Joe Biden, Trump, Solita, Samantha Lamas, Goldman, Goldman's Jan Hatzius, Christophe Barraud, Bloomberg Businessweek Trump, Morgan Stanely, Morgan Stanley Organizations: Service, Trump, Business, Trump Media, Technology, UBS, Americas Global Wealth Management, Morningstar, Federal Reserve, Bloomberg Businessweek, Korea, Asia Pacific's, Republican, Trump Administration, Biden Locations: Predictit, Mexico, Canada, China, Japan, Germany, Asia, Goldman Sachs, Washington

☆ Stock market today: Dow falls 533 points as tech rout spreads to the broader market
▼ + stars: | 2024-07-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Major stock indexes were down sharply for a second day on Thursday. A mega-cap retreat expanded into a broader rout, and the S&P 500 fell over 1%. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS indexes declined sharply for a second session this week, as the plunge in leading tech stocks broadened out to the rest of the market.

Persons: —, Russell Organizations: Service, Google, Nvidia, Bloomberg, Federal Locations: China, Here's

☆ Premarket stocks: The Dow’s surge is a calculated response to political turmoil
▼ + stars: | 2024-07-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Tragedy strikes and traders (or trading algorithms) sniff out a way to make money off of it. Stocks also went on a tear as Covid-19 killed millions and gutted economies across the globe. “The market’s up today, but the market’s up every day,” Steve Sosnick, chief strategist at Interactive Brokers, tells me. Whether or not the political bump lasts, some traders did seize on the moment to double down on so-called Trump trades. In short, when the yield curve gets steeper, that’s a sign bond traders are nervous.

Persons: CNN Business ’, Stocks, it’s, Steve Sosnick, Sosnick, ”, “, Trump, Reagan, Coinbase, Elon Musk, Sturm Ruger, he’s, Joe Biden —, ” Sosnick, they’re Organizations: CNN Business, New York CNN — Financial, Dow, Interactive, Trump, White, Macquarie, Trump Media, Smith, Wesson, Democratic, Treasury Locations: New York

☆ Dell employees used the company's signature corporate survey to tell bosses how they feel after its RTO push
▼ + stars: | 2024-07-16 | by ( Polly Thompson | ) www.businessinsider.com time to read: +7 min

The company runs an annual employee engagement survey called "Tell Dell." "Frankly, most people I work with were expecting a steeper decline," said another Dell employee. The results are covered in detail with every team member along with action plans to address employee concerns," one Dell employee explained. Related stories"It's as if every leader was given the OK to ignore it," said one Dell employee. "In the Tell Dell Survey, our team members shared that they believe their leaders treat them with respect, uphold the company's Culture Code values and offer flexibility to balance work/life."

Persons: —, there's, Dell, I've, Jenn Saavedra, Saavedra, Brandon Bell Organizations: Service, Business, Dell, Employees, Tell Dell Survey, Getty, Workers, Wall, Deutsche Bank, Deloitte Locations: Texas, Rock , Texas

☆ From intern to partner: Goldman's global head of equity syndicate reflects on her days as a junior banker
▼ + stars: | 2024-07-16 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

Goldman's 2024 class began in early June, and this summer's cohort represents the most competitive and selective yet. And not just intern to intern, but even the VPs and associates and analysts on your deal team really included you and made you feel very much part of it. You're meeting all these new people, you're getting assignments you're super excited to work on, and you're also trying to show your value. If you slow down and check the work, you're inherently going to learn it better and be able to apply it better. He was in municipal banking, and I was on the credit syndicate team – we were both analysts on a deal team.

Persons: Elizabeth Reed, Goldman Sachs, Lizzie, —, Reed, Goldman, You've, it's, Emmalyse Brownstein, — that's, they're, I've, Obama Organizations: Service, Goldman Sachs ' New, University of Notre Dame, Business, NYU, Goldman, TXU Corp, Wall Locations: Goldman Sachs ', Goldman Sachs ' New York, New Jersey, New York City, New York

☆ Stock market today: Stocks rise as Trump bets rally after failed assassination attempt
▼ + stars: | 2024-07-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks surged to record highs as markets mulled the impact of the attempted assassination of Donald Trump over the weekend. Investors anticipate the attempt will boost Trump's chances in the November Presidential election. AdvertisementUS stocks moved higher on Monday to test record highs after former President Donald Trump survived an assassination attempt over the weekend. Investors are betting that the tragic attempt on Trump's life will help hand him to the Presidency once again in November. A higher US dollar could also be in store under a potential Trump Presidency in November, though the dollar was about flat in early Monday trades.

Persons: Donald Trump, —, bitcoin, Tesla, Trump, Kyle Rodda Organizations: Trump Media, Service, Trump Media & Technology Group, GEO Group, Trump Presidency, Treasury, Here's Locations: United States

☆ The marks of the failed Donald Trump assassination attempt are already all over the markets
▼ + stars: | 2024-07-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The failed assassination attempt on Donald Trump is likely to be on investors' minds this week. Bitcoin surged on haven trade following the event, while the dollar also rose as the "Trump trade" returned. AdvertisementThe failed assassination attempt on former President Donald Trump is expected to dominate markets this week as investors focus on the so-called "Trump trade." Even before the weekend events, economists and analysts were already debating what a Trump presidency would mean for the markets. "Judging by historical parallels, this event will galvanize the Trump vote, meaning the markets will gradually price in the so-called 'Trump trade,'" wrote Rodda.

Persons: Donald Trump, Bitcoin, Trump, —, Kyle Rodda, TMTG, Hong, Rong Organizations: Trump, Service, Investors Locations: United States, Tokyo, Paris, Frankfurt

☆ Trump victory trades to swell after shooting, investors say
▼ + stars: | 2024-07-14 | by ( ) www.cnbc.com time to read: +4 min

Saturday's shooting at U.S. former President Donald Trump's election rally raises his odds of winning back the White House, and trades betting on his victory will increase this coming week, investors said on Sunday. Trump was shot in the ear during the rally in Pennsylvania on Saturday in what the authorities were treating as an assassination attempt. The first shooting of a U.S. president or major party candidate since a 1981 assassination attempt on Republican President Ronald Reagan could upend the Nov. 5 rematch between Republican Trump and President Joe Biden, a Democrat, which has been tight in opinion polls. World leaders and U.S. politicians condemned the shooting, while some industry executives, including Tesla chief Elon Musk, declared their support for Trump. Investors also expect an extension of corporate and personal tax cuts expiring next year, fuelling concerns about rising budget deficits under Trump.

Persons: BUTLER, Donald Trump, Donald Trump's, Trump, Rong Ren Goh, Ronald Reagan, Joe Biden, Reagan, Nick Ferres, Elon Musk, Biden, Jerome Powell, Goldman Sachs, Bill Ackman, Musk Organizations: Republican, Secret, U.S, Treasury, Eastspring Investments, Republican Trump, Democrat, Asset Management, Tesla, Trump, Reuters, Investors, Federal, Biden, Dow Jones, Democratic, Goldman Locations: PENNSYLVANIA, Butler , Pennsylvania, Pennsylvania, Singapore

☆ Stock market today: Tech drags indexes lower, small-caps soar after inflation data boosts rate-cut bets
▼ + stars: | 2024-07-11 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Tech stocks tumbled Thursday, weighing on the broader market after the June CPI report. AdvertisementUS stocks slid on Thursday, weighed down by tech names like Nvidia and Microsoft as the Nasdaq tumbled 2%. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:Inflation clocked in at 3% last month, cooler than expected and marking the second month of encouraging data after a tough first quarter. AdvertisementCommentators were quick to call a September rate cut as all but assured, and the odds of a cut at this month's policy meeting crept up slightly as well. "A September rate cut should be a done deal at this point.

Persons: —, Russell, Ed Yardeni, Ron Temple Organizations: Service, Nvidia, Microsoft, Nasdaq, Federal Reserve, Lazard, Fed

☆ The US battle against Chinese trade could hurt the Americans it's supposed to protect, Harvard professor says
▼ + stars: | 2024-07-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewPoliticians who champion trade restrictions on China are in for a rude awakening, Kenneth Rogoff warns. According to the Harvard professor, barriers on free trade with the Asian powerhouse are a recipe for economic fallout. "Moreover, low-income US consumers have been among the biggest beneficiaries of low-cost Chinese imports." Just months ago, President Biden announced that tariffs would rise on $18 billion worth of Chinese advanced tech products, including solar panels, batteries, and electric vehicles.

Persons: —, Kenneth Rogoff, Rogoff, Biden, Donald Trump, he's, Paul Krugman, Jamie Dimon Organizations: Service, Harvard, Project Syndicate, Business, Republican, Allies, China, Foundation Locations: China, Washington, Beijing

☆ A key part of America’s economy has shifted into reverse
▼ + stars: | 2024-07-07 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.

Persons: “, ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo

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