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Heavy burden for consumers as holidays near: Soaring prices
WASHINGTON: A worsening surge of inflation for such bedrock necessities as food, rent, autos and heating oil is setting Americans up for a financially difficult Thanksgiving and holiday shopping season. Prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leaving families facing the highest inflation rate since 1990. From September to October, prices jumped 0.9%. Inflation is eroding the strong gains in wages and salaries that have flowed to Americas workers in recent months, creating a political threat to the Biden administration and congressional Democrats and intensifying pressure on the Federal Reserve as it considers how fast to withdraw its efforts to boost the economy.
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Electric truck maker Rivian zooms to $86B market value
SILVER SPRING, Md.: Shares of Rivian Automotive jumped in their debut Wednesday, rising as much as 53% as investors look for the next big winner in the electric vehicle market. The closing price of $100,73 gave Rivian a market value of about $85.9 billion, greater than that of Ford and just below General Motors. Thats noteworthy because Rivian has so far delivered about 150 of its electric pickup trucks to customers, mostly employees, whereas Ford and GM sell millions of cars globally each year. Rivian is the latest in whats becoming a long line of companies trying to peel away some of Teslas dominant market share in electric vehicles.
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US jobless claims drop to pandemic low of 267,000
WASHINGTON: The number of Americans applying for unemployment benefits fell to a new pandemic low 267,000 last week, another sign that the job market is recovering from last years sharp coronavirus downturn. Jobless claims fell by 4,000 last week, the Labor Department reported Wednesday. The four-week average of claims, which smooths out weekly ups and downs, dropped by nearly 7,300 to 278,000, also a pandemic low. Altogether, 2,2 million Americans were collecting traditional unemployment benefits the week that ended Oct. 30.
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US budget deficit eases to $165B in October, down 42%
The U.S. monthly budget deficit fell in October as the government collected more taxes from individuals and corporations thanks to a much improved economy emerging from the coronavirus pandemic. The Treasury Department reported Wednesday that the federal government posted a deficit of $165 billion last month, 42% lower than the same month last year when it rang up a record October deficit of $284.1 billion. Last year revenues declined while spending to deal with the impact of the coronavirus soared. In the 2021 budget year that ended on Sept. 30, the deficit totaled $2.77 trillion, the second highest on record behind 2020.
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Efforts to cut car, plane and ship emissions get small boost
GLASGOW, Scotland: Several countries and companies have announced plans to stop selling cars that run on gasoline or diesel over the next two decades. The measure is part of efforts to clamp down on a significant source of planet-warming emissions. But the impact of the measures will likely be limited since several major emitters notably the United States and China did not sign on. On the sidelines of the U.N. climate conference in Scotland, a group of nations said Wednesday that they would work to sell only zero-emission vehicles by 2040, and no later than 2035 in leading auto markets.
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US sues Uber, saying wait fees discriminate against disabled
WASHINGTON: The federal government is suing Uber saying it discriminates against disabled people by charging fees when drivers have to wait for passengers to board their vehicles. Uber says it has already made changes and denies that its discriminating. According to the Department of Justice, Uber began adding the wait time fees in April 2016. The fees kick in two minutes after an Uber driver arrives and are charged until the car begins its trip. The Justice Department says Uber is violating the Americans with Disabilities Act for failing to modify its fees for those who may need extra time to get into an Uber car.
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Disney returns to profit in 4Q, but streaming gains slow
BURBANK, Calif.: The Walt Disney Co. returned to a quarterly profit as it once again got a bump from reopened parks but subscriber gains to its Disney+ streaming service slowed. Disneys financial results on Wednesday came short of analyst predictions, and its shares dropped in aftermarket trading. The company based in Burbank, California, ended its fiscal year with 118.1 million Disney+ subscribers, up 60% from the previous year but but only 2 million higher than the previous quarter and less than analysts forecast of 126.2 million. Disney says its streaming business is its top priority as cord-cutting reduces the viewing universe for traditional TV networks.
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Beyond Meat Q3 sales fall short as US demand drops
EL SEGUNDO, Calif.: Plant-based meat maker Beyond Meat reported lower-than-expected sales in the third quarter due to a slump in U.S. demand. Beyond Meat said its sales increased 12.7% to $106.4 million for the July-September period. That was lower than the $109 million Wall Street forecast. Beyond Meat had lowered its sales outlook for the quarter late last month. The company said the coronavirus delta variant diminished restaurant demand and labor shortages in grocery stores delayed planned distribution expansions. U.S. sales were down 14% for the quarter.
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The S&P 500 slipped 38.54 points, or 0.8%, to 4,646.71. The Dow Jones Industrial Average dropped 240.04 points, or 0.7%, to 36,079.94. The Nasdaq shed 263.84 points, 1.7%, to 15,622.71. The Russell 2000 index of smaller companies fell 37.71 points, or 1.6%, to 2,389.58.
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