Hundreds of flight cancellations create tough travel day across the U.S.
Airlines are struggling with shortages of workers, especially pilots, that are hurting their ability to operate all their planned flights.
Associated Press
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High gasoline prices crimping drivers’ spending at the pump
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
Average U.S. mortgage rates make biggest jump in 35 years
Mortgage applications are down more than 15% from last year and refinancings are down more than 70%, according to the Mortgage Bankers Association.
Revlon, beauty icon in crowded market, files for bankruptcy
Already weighed down by rising debt, Revlon’s problems only intensified with the pandemic as lipstick gave way to a new era in fashion, this one featuring medical-grade masks.
Production at beleaguered baby formula factory halted by storm
Abbott said it needs to assess damage and re-sanitize the factory after severe thunderstorms and heavy rains swept through southwestern Michigan on Monday evening.
Fed’s aggressive rate hikes raise likelihood of recession
Economic history suggests that aggressive, growth-killing rate hikes could be necessary to finally control inflation. And typically, that is a prescription for a recession.
Here’s how Fed’s rate increase could affect personal finances
The result of the rate hikes is increasingly higher borrowing costs as the Fed fights the most painfully high inflation in four decades and ends a decades-long era of historically low rates.
FDA advisers endorse first COVID-19 shots for children under 5
An advisory panel for the Food and Drug Administration gave a thumbs-up Wednesday to vaccines from Moderna and Pfizer for children under 5. It’s the only age group not yet eligible for vaccination against the coronavirus.
Fed tries to attack inflation with its largest rate hike since 1994
The Federal Reserve on Wednesday intensified its drive to tame high inflation by raising its key interest rate and signaling more large rate increases to come that could raise the risk of another recession.
U.S. retail sales post first drop in five months as auto purchases plunge
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
Biden tells oil refiners to produce more gas, take fewer profits
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.
EPA: ‘Forever chemicals’ pose risk even at very low levels
The Environmental Protection Agency is warning that two nonstick and stain-resistant compounds found in drinking water pose health risks even at levels so low they cannot currently be detected.
Biggest rate hike since last century expected as Fed tackles inflation
A series of sizable increases would heighten borrowing costs for consumers and businesses, likely leading to an economic slowdown and raising the risk of a recession.
Zoo elephant named Happy isn’t a person, court rules
The zoo and its supporters warned that a victory in the closely watched case could open the door to more legal actions on behalf of animals, including pets, farm animals and other species in zoos.
Microsoft sending Internet Explorer to retirement after 27 years
As of Wednesday, Microsoft will no longer support the once-dominant browser that legions of web surfers loved to hate—and a few still claim to adore.
Committee chief: U.S. failed to stop fraud in COVID-19 loan program
The SBA’s Office of the Inspector General has estimated that at least $80 billion distributed from the $400 billion Economic Injury Disaster Loan program could have been fraudulent, much of it in scams using stolen identities.
U.S. producer prices soar 10.8% as energy costs spike
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
As inflation rises, Indiana casino revenue shrinks for second month
This spring’s decline in casino earnings largely tracks with the nation’s soaring inflation rate and the end of various federal COVID-19 relief and economic stimulus programs aimed at shoring up the post-pandemic economy.
Explainer: What it means for S&P 500 to be in bear market
Wall Street is back in the claws of a bear market as worries about inflation and higher interest rates overwhelm investors.
Hot inflation dims likelihood Fed can achieve ‘soft landing’
The prospect that the Fed will accelerate its credit tightening, further raising borrowing costs for households and businesses, drove the stock market sharply lower Monday. The broad S&P 500 index fell into bear-market territory.