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Inflation coming for American generosity

By Sam Stone Wealth of Geeks For months, inflation has luxuriated in driving up your gas, groceries, and other household expenses - now on the search for its next target, it may be coming for your generosity. Recent data shows that nearly 1 in 5 Americans have begun tipping service workers less due to inflation, a concerning shift for a demographic already on unstable financial footing. A new report from PlayUSA illuminates several intriguing trends in the current tipping habits of Americans. However, beyond the individual data points lies a fascinating story about tipping ...

Wall Street falls ahead of mammoth week with Fed, earnings reports

NEW YORK (AP) — Stocks are falling on Wall Street Monday ahead of a week full of potentially market-moving events, from decisions on interest rates around the world to earnings reports from the biggest U.S. companies. The S&P 500 was 1% lower in afternoon trading, giving back some of its gains from last week when it reached its highest level since early December. The Dow Jones Industrial Average was down 127 points, or 0.4%, at 33,855, as of 1:54 p.m. Eastern time, and the Nasdaq composite was 1.6% lower. Markets have been veering recently on worries that the economy and corporate ...

Boeing announces new assembly line to build 737 Max

The Associated Press Boeing is trying to ramp up production of its 737 Max to take advantage of a backlog in orders for the jet. A Boeing executive said Monday that the company will add an assembly line at an existing plant in Everett, Washington. Boeing has room in the plant because it will no longer build 747s and 787s there. This will be the fourth assembly line for the 737 Max. That’s the plane that was grounded worldwide for nearly two years after two deadly crashes. Since U.S. and other regulators cleared the Max to resume flying, Boeing has landed large orders from United, ...

US inflation and consumer spending cooled in December

WASHINGTON (AP) — The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Friday’s report from the Commerce Department showed that prices rose 5% last month from a year earlier, down from a 5.5% year-over-year increase in November. It was the third straight drop. Consumer spending fell 0.2% from November to December and was revised lower to show a drop of 0.1% from October to November. Last year’s holiday sales were sluggish for many ...

Lots of sound and fury on US debt, but not a crisis — yet

WASHINGTON (AP) — For all the sound and fury about raising the nation’s debt limit, most economists say federal borrowing is not at a crisis point ... at least not yet. The national debt is at the core of a dispute about how to raise the government’s legal borrowing authority, a mostly political argument that could turn into genuine financial trouble this summer if the U.S. runs out of accounting maneuvers to keep paying its bills. House Speaker Kevin McCarthy insists that the debt, so huge it defies most people’s grasp, is already breaking the economy. President Joe Biden ...

Wall Street nears highest level since summer as stocks rise

NEW YORK (AP) — Stocks are rising Friday, sending Wall Street toward its best level since the summer as a strong week comes to a close. The S&P 500 was 0.7% higher in afternoon trading. It’s on track to clinch its best closing level since the middle of September, along with a third winning week in the last four. The Dow Jones Industrial Average was up 177 points, or 0.5%, at 34,126, as of 3 p.m. Eastern time, while the NASDAQ composite was 1.4% higher. Helping to lead the way was American Express, which jumped 11.3% despite reporting weaker profit and revenue for the latest ...