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US job openings drop to 10.7 million in June – Chicago Tribune
US employers posted fewer job openings in June as the economy faces runaway inflation and rising interest rates. Job postings fell to a still-high 10.7 million in June from 11.3 million in May, the Labor Department said Tuesday. In its monthly job openings and turnover survey, the Labor Department said the number of Americans leaving […] More
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Uber’s revenue soars as bookings hit record high – Chicago Tribune
Uber continued to gain momentum in the second quarter as Americans returned to offices and gross bookings hit an all-time high as anxiety over COVID-19 eased. Riders made a total of 1.87 billion trips on Uber in the spring and early summer, a 24% increase over the same period last year. This represents approximately 21 […] More
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Caterpillar posts strong second-quarter profits as it raises prices – Chicago Tribune
DEERFIELD, Ill. (AP) — Caterpillar had a strong second quarter and beat most profit expectations as higher machine prices offset rising costs. The manufacturer on Tuesday posted quarterly profit of $1.67 billion, or $3.13. Earnings per share were $3.18 without one-time costs or benefits, 18 cents better than Wall Street had expected, according to a […] More
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Amazon posts second-quarter loss on $3.9 billion writedown of Rivian investment – Chicago Tribune
Amazon reported its second straight quarterly loss on Thursday, but its earnings beat Wall Street expectations, sending its stock soaring. The Seattle-based e-commerce giant also said it was making progress in controlling some of the excess costs of its massive expansion during the COVID-19 pandemic. Amazon lost $2.03 billion, or 20 cents per share, in […] More
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UAW rolls back strike pay raise at annual convention – Chicago Tribune
Members of the United Auto Workers union on Thursday reversed an increase in strike pay that had been approved earlier at their annual convention. The Detroit Free Press reported that after some delegates raised concerns about the potential cost of the $500-a-week strike pay, it was dropped. But a previous increase in strike pay that […] More
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Inflation and wage data suggest U.S. prices will continue to rise – Chicago Tribune
Inflation jumped in June and average worker wages accelerated in the spring – signs that Americans are unlikely to feel any relief from rising prices anytime soon and that the Federal Reserve will feel pressured to raise costs further. of borrowing. An inflation gauge closely monitored by the Fed jumped 6.8% in June from a […] More
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Whistleblowers hit out at Southwest, FAA for lax security practices – Chicago Tribune
DALLAS — Federal officials say Southwest Airlines and the union representing its pilots have resisted cooperating with investigations into crashes and other incidents and pushed to close cases quickly. In a case uncovered Wednesday, the Federal Aviation Administration halted an investigation into a 2019 incident in Connecticut, even though the agency determined there was pilot […] More
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Ford’s second-quarter profit up 19% on stronger year despite inflation – Chicago Tribune
DETROIT — Ford Motor Co.’s net profit rose 19% in the second quarter as the company gathered enough computer chips to boost production and sales at the plant. The Dearborn, Mich., automaker, which operates an assembly plant in southeast Chicago, said Wednesday it made $667 million from April through June, up from $561 million a […] More
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Consumer confidence drops for 3rd consecutive month in July – Chicago Tribune
WASHINGTON — US consumer confidence fell again in July as rising prices for food, gasoline and just about everything else continued to weigh on Americans. The Conference Board said on Tuesday that its consumer confidence index fell to 95.7 in July from 98.4 in June, largely due to consumer anxiety over current economic conditions, particularly […] More
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Hampered by chip and other shortages, GM’s profit drops 40% in second quarter – Chicago Tribune
DETROIT — General Motors’ second-quarter net profit fell 40% from a year ago as shortages of computer chips and parts hampered plant production and slumped the company’s sales in the United States by more than 15%. The Detroit automaker earned $1.67 billion from April to June, in part because it couldn’t deliver 95,000 vehicles because […] More
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Coke revenues rise with prices; outlook for 2022 – Chicago Tribune
The Coca-Cola Co. reported strong sales in the second quarter due to higher prices and growing demand from restaurants, theme parks and other venues. The company also raised its revenue forecast on Tuesday, saying it now expects organic revenue growth of between 12% and 13% for the full year. This is up from earlier projections […] More
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McDonald’s reports lower second-quarter sales as rising prices weigh on demand – Chicago Tribune
McDonald’s sales were below expectations in the second quarter as coronavirus restrictions closed stores in China and rising prices weighed on U.S. demand. The Chicago burger giant said its revenue fell 3% to $5.72 billion in the April-June period. That was below Wall Street’s forecast of $5.8 billion, according to analysts polled by FactSet. Same-store […] More
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