NUMBER OF THE DAY: -31.3In the latest sign of turbulence in the US economy, New York-area manufacturing suffered a large and unexpected setback in August, according to a survey released on Monday. The Empire State Manufacturing Survey plunged 42 points in August to minus-31.3. That marks the second-largest monthly decline on record for this closely watched gauge of economic activity. Any reading below zero indicates a contraction. Economists had expected a more modest slowdown in the survey t...

NUMBER OF THE DAY: -31.3In the latest sign of turbulence in the US economy, New York-area manufacturing suffered a large and unexpected setback in August, according to a survey released on Monday. The Empire State Manufacturing Survey plunged 42 points in August to minus-31.3. That marks the second-largest monthly decline on record for this closely watched gauge of economic activity. Any reading below zero indicates a contraction. Economists had expected a more modest slowdown in the survey t...

I was going to drive over the George Washington Bridge then down through New Jersey, Delaware, Virginia then North Carolina and South Carolina. I figured three charging stops would be needed and, strictly speaking, that was correct. The driving route laid out by the car's navigation system included three charging stops, but the on-board computers tended push things to the limit. At each stop, the battery would be drained to a little over 10% or so. (I learned later this is a setting I co...

I was going to drive over the George Washington Bridge then down through New Jersey, Delaware, Virginia then North Carolina and South Carolina. I figured three charging stops would be needed and, strictly speaking, that was correct. The driving route laid out by the car's navigation system included three charging stops, but the on-board computers tended push things to the limit. At each stop, the battery would be drained to a little over 10% or so. (I learned later this is a setting I co...

Zuckerberg said earlier this month that the company would cut plans to hire engineers by at least 30% this year, telling employees in a Q&A that "this might be one of the worst downturns that we've seen in recent history," according to a Reuters report. In its earnings report Wednesday, the company said it has "reduced our hiring and overall expense growth plans this year to account for the more challenging operating environment while continuing to direct resources toward our company pri...

Zuckerberg said earlier this month that the company would cut plans to hire engineers by at least 30% this year, telling employees in a Q&A that "this might be one of the worst downturns that we've seen in recent history," according to a Reuters report. In its earnings report Wednesday, the company said it has "reduced our hiring and overall expense growth plans this year to account for the more challenging operating environment while continuing to direct resources toward our company pri...

But Ethan Ilzetzki, associate professor of economics at the London School of Economics, thinks the leadership debate remains "disconnected" from the nature and scale of the economic challenges: A decade-long stagnation in productivity levels won't be easily solved. "None of them have a true plan except for cutting taxes," he told CNN Business. * "It is all about the level of taxes, the size of government. These are important questions... [but] there is no easy fix in terms of slashing ta...

But Ethan Ilzetzki, associate professor of economics at the London School of Economics, thinks the leadership debate remains "disconnected" from the nature and scale of the economic challenges: A decade-long stagnation in productivity levels won't be easily solved. "None of them have a true plan except for cutting taxes," he told CNN Business. * "It is all about the level of taxes, the size of government. These are important questions... [but] there is no easy fix in terms of slashing ta...

The growing environmental crisis is now catching the attention of lawmakers from Europe to the United States, as well as communities in the developing nations where e-waste has historically been offshored. EU officials last month approved a new law requiring all phones and electronics to use a standard, brand-agnostic charger, with the potential to limit how many different wires the average consumer needs to own. Three progressive American lawmakers urged in a letter for the US to follow suit...

The growing environmental crisis is now catching the attention of lawmakers from Europe to the United States, as well as communities in the developing nations where e-waste has historically been offshored. EU officials last month approved a new law requiring all phones and electronics to use a standard, brand-agnostic charger, with the potential to limit how many different wires the average consumer needs to own. Three progressive American lawmakers urged in a letter for the US to follow suit...

Is America's economy already in a recession? That's a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time. Results from credit card companies and wireless carriers this week highlighted that warning sign. On Thursday, credit card giants Discover (DFS) and Capital One (COF) both missed analysts' expectations for their quar...

Is America's economy already in a recession? That's a debate among central bankers, investors and economists, not to mention politicians. But one thing is clear: Some consumers, especially less affluent ones, are starting to have trouble paying their bills on time. Results from credit card companies and wireless carriers this week highlighted that warning sign. On Thursday, credit card giants Discover (DFS) and Capital One (COF) both missed analysts' expectations for their quar...

"The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's chief economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably." * Higher rates have put a dent in mortgage demand, as loan applications dropped to the lowest level in 22 years, according to the Mortgage Bankers ...

"The housing market remains sluggish as mortgage rates inch up for a second consecutive week," said Sam Khater, Freddie Mac's chief economist. "Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably." * Higher rates have put a dent in mortgage demand, as loan applications dropped to the lowest level in 22 years, according to the Mortgage Bankers ...

One of the world's richest men is launching Pret A Manger in India, adding the British coffee and sandwich store brand to a huge business empire that spans energy, retail and telecommunications. A unit of Mukesh Ambani's conglomerate Reliance Industries said on Thursday that it has entered into a "long-term master franchise partnership" with Pret A Manger and will "launch and build the brand in India." Darshan Mehta, the managing director of Reliance Brands, said in a statement that...

One of the world's richest men is launching Pret A Manger in India, adding the British coffee and sandwich store brand to a huge business empire that spans energy, retail and telecommunications. A unit of Mukesh Ambani's conglomerate Reliance Industries said on Thursday that it has entered into a "long-term master franchise partnership" with Pret A Manger and will "launch and build the brand in India." Darshan Mehta, the managing director of Reliance Brands, said in a statement that...

The Court of Appeals, flagging some "fine print" on the back of the document, ruled this month that "M&L gave diamonds to [Sotheby's], told [the Sotheby's specialist] they belonged to M&L, and left them for Sotheby's to appraise in anticipation of a consignment sale." It continued: "There was no agreement yet that Sotheby's definitely would auction the diamonds for M&L, but a potential auction was the point of Sotheby's involvement. Sotheby's breached this agreem...

The Court of Appeals, flagging some "fine print" on the back of the document, ruled this month that "M&L gave diamonds to [Sotheby's], told [the Sotheby's specialist] they belonged to M&L, and left them for Sotheby's to appraise in anticipation of a consignment sale." It continued: "There was no agreement yet that Sotheby's definitely would auction the diamonds for M&L, but a potential auction was the point of Sotheby's involvement. Sotheby's breached this agreem...

A benchmark measure of inflation slowed in July after surging in the previous month, offering a glimmer of hope that the painful inflation Americans are facing could moderate in the coming months. The Producer Price Index, which captures prices paid to producers for their goods and services, was 9.8% higher in July, compared with a year earlier. That's a slowdown from a sharp 11.3% year-over-year spike in June, according to data released Thursday by the Bureau of Labor Statistics. On a m...

A benchmark measure of inflation slowed in July after surging in the previous month, offering a glimmer of hope that the painful inflation Americans are facing could moderate in the coming months. The Producer Price Index, which captures prices paid to producers for their goods and services, was 9.8% higher in July, compared with a year earlier. That's a slowdown from a sharp 11.3% year-over-year spike in June, according to data released Thursday by the Bureau of Labor Statistics. On a m...

While two consecutive quarters of negative numbers is the common understanding of a recession, that is not the official definition. A group called the National Bureau of Economic Research is in charge of officially declaring the beginning and end of economic downturns -- and the NBER has tended to wait several months before making any decisions about recession dates. Treasury Secretary Janet Yellen said in an interview that aired Sunday on NBC's "Meet the Press" that a recession is "a br...

While two consecutive quarters of negative numbers is the common understanding of a recession, that is not the official definition. A group called the National Bureau of Economic Research is in charge of officially declaring the beginning and end of economic downturns -- and the NBER has tended to wait several months before making any decisions about recession dates. Treasury Secretary Janet Yellen said in an interview that aired Sunday on NBC's "Meet the Press" that a recession is "a br...

But, even when as the lines diverge from one another, the overall trend for electrified vehicle shopping interest still generally paralleled gas price trends going up somewhat when gas prices rose. That still indicates a strong pull, said Drury. It just became less strong after that initial run-up in gas prices. When gas prices first started rising sharply in the wake of Russia's invasion of Ukraine in February, consumers probably saw it as a new phenomenon and were uncertain how high pr...

But, even when as the lines diverge from one another, the overall trend for electrified vehicle shopping interest still generally paralleled gas price trends going up somewhat when gas prices rose. That still indicates a strong pull, said Drury. It just became less strong after that initial run-up in gas prices. When gas prices first started rising sharply in the wake of Russia's invasion of Ukraine in February, consumers probably saw it as a new phenomenon and were uncertain how high pr...