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The average cost of gas in the U.S. inched up by a penny Wednesday, ending a 98-consecutive-day streak of declining prices, AAA.com said. “But there are big factors tugging on global oil prices — war, COVID, economic recession, and hurricane season. U.S. gas prices are largely determined by global oil prices. Last week, the price of U.S. benchmark West Texas Intermediate crude oil climbed above $88 a barrel for the first time since August. It has since come back down in price, suggesting further declines in U.S. pump prices could be in the offing.

Family Dollar is recalling six Colgate products sold stores in 11 different states because they were stored outside of recommended temperature requirements. Family Dollar has notified its affected stores asking them to check stocks immediately, and to quarantine and discontinue the sale of any affected products. It said customers who may have bought an affected product may return it to the Family Dollar store where they were purchased. Customers with questions regarding the recall may contact Family Dollar Customer Service at 844-636-7687 between 9 a.m. and 5 p.m. EST. The full recall notice, including the list of affected products, can be found on the U.S. Food and Drug Administration's website.

Bed Bath & Beyond has released a list of the initial 56 stores it plans to close as part of a broader restructuring to stabilize the home goods chain's struggling business. The company recently outlined a major restructuring plan that included plans to close 150 "lower producing" stores and lay off 20% of its workforce. In the run-up to the reorganization announcement, at least one analyst criticized Bed Bath & Beyond for failing to maintain stores and for heavily discounting items. For much of 2022, Bed Bath & Beyond stock was the subject of interest from so-called "meme" investors after GameStop chairman Ryan Cohen announced a stake in the company earlier this spring. Year to date, Bed Bath & Beyond shares have declined roughly 45%.

The price of groceries continued to soar in the 12 months that ended in August, climbing by 13.5% — the biggest increase since 1979. Many food categories had double-digit 12-month increases, led by eggs, which surged by 40%; margarine, up by 38%; and flour, which jumped by 23%. "This outbreak has contributed to elevated egg prices and increasing poultry prices as over 40 million birds, 189 commercial flocks, and 39 States have been affected," the department said. The USDA also said food price growth in many categories should abate through the end of the year and into 2023, thanks to higher interest rates, lower commodity prices and lower energy prices. "Food prices are expected to grow more slowly in 2023 than 2022, but still above historical average rates," the Agriculture Department said.

Social Security recipients struggling with higher inflation are likely to get a major boost in their monthly benefits starting next year. The Social Security Administration's annual cost of living adjustment (COLA) formula is based on inflation readings for July, August and September. "A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today," Johnson said in a statement. "Across the board, retired and disabled Social Security recipients spend a bigger portion of their incomes on healthcare costs, housing, and food and less on gasoline," she said. The ultimate net benefit to Social Security recipients will also be contingent on how much Medicare Part B premiums increase.

The average 30-year mortgage rate has climbed to 6.02% — the first time the figure has surpassed 6% since 2008, according to new data from mortgage giant Freddie Mac. The new rate level — double what it was this time last year — is an effect of the Federal Reserve's aggressive campaign to raise interest rates as it works to fight inflation. The impact of higher rates will be to reduce housing demand and put downward pressure on home prices, Freddie Mac Chief Economist Sam Khater said in a statement. “With mortgage rates expected to stabilize near 6% alongside steady job creation, home sales should start to rise by early next year.”The higher rates have caused refinance activity to fall by more than 80% from last year, according to the Mortgage Bankers Association. “Thanks largely to mortgage rates near or even above 6%, potential homebuyers and sellers are focusing on the back-to-school season and enjoying the last days of summer rather than getting into an uncertain market."

On paper, the average hourly wage Americans have earned has steadily climbed over the past year, from $30.76 to $32.36. According to the U.S. Bureau of Labor Statistics, Americans have effectively experienced a 12-month pay cut of $0.31 per hour. Combined with a decrease in hours worked, Americans' inflation adjusted average weekly pay has decreased by only $13.20 from one year ago. The BLS released data Tuesday showing that monthly inflation had picked up 0.1%, while annualized inflation had climbed 8.3%. "Clearly the high inflation is undermining Americans’ purchasing power," Mark Zandi, chief economist at Moody's, told NBC News.

Amtrak announced Wednesday it is suspending long-distance routes ahead of a Friday night deadline to avert a strike along the country's freight rail lines. Much of Amtrak's long-distance service runs on freight tracks. The company had already suspended 10 of 15 routes when it made the announcement around 1:30 p.m. Wednesday that service on its five remaining long-distance routes would be suspended. The cancellations, which will take effect late Thursday, will affect 23 trains on the BNSF Railway, Union Pacific North, Union Pacific Northwest and Union Pacific West lines. The Associated Press reported that by 2:30 p.m. Wednesday, one labor union had already rejected a deal.

A Starbucks-branded drink is being recalled over concerns about the presence of metal fragments in the product. The affected 15-ounce versions of Starbucks Vanilla Espresso Triple Shot drinks were sold in Arizona, Arkansas, Florida, Illinois, Indiana, Oklahoma and Texas. A total of 221 cases are being recalled. Although it is branded as Starbucks, the product is distributed by PepsiCo Inc., which manufactures a number of food, snack and beverage brands. A spokesperson told USA Today the products have a best-by date of March 20, 2023.

Inflation was little changed in the month of August, despite efforts by the Federal Reserve to cool off the U.S. economy. Data released Tuesday by the U.S. Bureau of Labor Statistics showed that inflation landed at 8.3% last month compared to one year ago. Excluding volatile food and gas prices, inflation climbed 6.3% year-on-year — higher than the consensus estimate for 6.1% and an increase from last month's 5.9% reading. But food prices have remained stubbornly elevated, climbing 11.4% overall, compared to the same time last year. Inflation is expected to remain elevated for some time, though it should continue heading downward, according to the most recent New York Federal Reserve survey.

Amtrak on Monday said it had canceled three long-distance train routes in advance of a looming railroad union strike that is threatening to hobble the nation's economy. The rail line said it was phasing in additional schedule "adjustments" as needed. Freight rail workers are threatening to strike for higher pay, more generous paid leave and a renegotiation of strict attendance policies and broader working conditions. A national rail strike "would be an economic disaster — freezing the flow of goods, emptying shelves, shuttering workplaces and raising prices for families and businesses alike," Suzanne Clark, the head of the U.S. Chamber of Commerce, said Monday. The Association of American Railroads trade group has estimated that shutting down the railroads would cost the economy $2 billion a day.

Farms and restaurants are now the only parts of the U.S. economy that a majority of Americans view in a positive light, according to a new Gallup survey. In Gallup's study, the organization asks survey participants to rate various business industries using a five-point scale that ranges from "very positive" to "very negative." Only one industry — computers — sees an even split, with 50% of survey respondents holding a positive impression and the rest either viewing it neutrally or negatively. No business sectors saw a significant uptick in favorable reviews over the past year, the polling group found. Farming, which includes agriculture, and restaurants have been consistently top-ranked industries since Gallup began the poll in 2001.

A majority of Americans said last month that price increases were causing financial hardship for their households, a Gallup survey released this week found. It includes 12% of respondents who described the hardship as "severe" and 44% who called it "moderate." Upper-income Americans, too, have seen a double-digit increase in financial hardships: up 12 points to 40%. Although the increase in the hardship rate among lower-income Americans was smaller, about three-quarters of that group reported hardships. Reports of financial hardship also differed by political party.

The average 30-year mortgage rate climbed to 5.89%, the highest level since 2008, according to new data published Thursday by Freddie Mac. Mortgage rates briefly declined for a period this summer even as the Federal Reserve raised the key interest rate to fight inflation. In remarks Thursday morning, Powell signaled the Fed intends to keep rates higher for longer. The higher mortgage rates are already weighing on home prices. Even as mortgage rates tick higher, home shoppers should be able to easily find rates lower than the average, Freddie Mac said.

At least half of all U.S. workers now do the bare minimum of what's required from them at their jobs, according to a new survey from Gallup. Industry watchers and workforce experts have adopted the term "quiet quitting" to describe such workers: people who have chosen to reject the hustle culture that has dominated conversations around work and career for decades. While quiet quitting is sometimes defined as simply enforcing boundaries between work life and personal life, the Gallup survey paints a different picture. "Many quiet quitters fit Gallup’s definition of being 'not engaged' at work — people who do the minimum required and are psychologically detached from their job," Harter wrote. Most employees who are actively disengaged or are not engaged are already looking for other jobs, Harter said.

UPS announced Wednesday it is looking to hire more than 100,000 workers for the coming holiday shopping season, with pay rising to as much as $30 an hour for certain positions and locations. The shipping and logistics giant said its streamlined, digital-first hiring process will mean most people filling out online applications could get job offers in just 25 minutes. “We have made our hiring process as simple and easy as possible,” said Nando Cesarone, UPS’ executive vice president and president of U.S. operations, said in a release. A full-time UPS package delivery driver makes an average of $95,000 per year, in addition to $50,000 in contributions to health, wellness and pension benefits, it said. Last year, it said, the company invested $30 million in education assistance programs for its employees.

Target announced Wednesday that Brian Cornell will remain CEO for approximately three more years after the company's board voted to eliminate a retirement policy that could have forced his exit. Since coming on that year, Target's share price has more than doubled — and at one point was up more than 400%. The company's former retirement policy had set a target retirement age of 65 for CEOs. "Our success is fueled by the best team in retail, and I am confident our culture will continue to propel our company forward. In May, Target shares plunged 32% after the company reported a 52% drop in profit.

A smoked salmon product sold in 10 states is being recalled after a sample tested positive for Listeria. St. James Smokehouse brand, Scotch Reserve Scottish Smoked Salmon. packages of St. James Smokehouse’s Scotch Reserve Scottish Smoked Salmon sold between February and June 2022. The affected products were distributed to stores in Alabama, Colorado, Florida, Illinois, New Jersey, New York, Massachusetts, Washington State, Virginia and Wisconsin. That includes Safeway stores in Washington State, according to the recall notice.

Gas prices have now declined for 79 consecutive days amid falling global oil prices, sending the national average price per gallon to its lowest level since March. Data from AAA show the national average gas price now sits at $3.81 per gallon. Western states tend to have higher gas taxes, and are located further away from the fuel processing hubs in Oklahoma, Texas and Louisiana. Northeast states are also seeing higher prices, as they experience tight supplies of gasoline. He predicted U.S. gas prices are likely to fall to $3.70 by the middle of September, and as low as $3.50 by Halloween, if not sooner.

A mushroom product sold in 15 states is being recalled after tests revealed the presence of salmonella. Tai Phat Wholesalers LLC said it was recalling four types of packages of its Three Coins Dried Mushrooms after routine testing by the Maryland Health Department found the bacterium in items bought at a retail store. The mushrooms are sold in Florida, Georgia, Kentucky, Maryland, Massachusetts, Minnesota, Mississippi, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. Three Coins Dried Mushrooms. Sales of the product have been suspended while the Maryland of Department Health and the company investigate.

Off-duty pilots representing six U.S. airlines are planning an "informational" picket line Thursday at airports nationwide, ahead of the busy Labor Day weekend, to demand better working conditions and benefits. They will be picketing outside Hartsfield-Jackson Atlanta International Airport, Detroit Metro Airport and Reagan-National Airport in Washington, D.C., from 10:30 a.m. to 12:30 p.m. Alongside staffing issues, surging post-pandemic travel demand and weather-related issues have brought unprecedented challenges to air travel this year. This will be the third informational picket line this year as pilots seek to negotiate new contracts. "When ALPA pilots stand shoulder to shoulder in support of shared goals, people notice—our airlines notice," the Air Line Pilots Association said in a release.

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