Breaking News: Economy

Scott Olson | Getty ImagesSky-high airfare was a boon for U.S. airlines coming out of the Covid-19 pandemic.But airline executives are now seeing lower domestic fares as carriers' schedules swell and customers opt for trips abroad over closer destinations that were popular during the pandemic.Southwest Airlines, Alaska Airlines and American Airlines are among the carriers that have forecast slower revenue growth or weakness for the third quarter, despite strong demand.The NYSE Arca Airline Index is down more than 6% this…

Michael H | Stone | Getty ImagesCar repair costs are up almost 20% in the past year, according to the consumer price index — more than six times the national inflation rate and among the largest annual price increases of any household good or service.So, what's driving up prices?It's a combination of factors, experts said. Some emerged in the pandemic era while others are longer-term trends in the auto market, they said. Here's a look at six reasons why you're paying more for car repairs.1. More technology in carsJamie…

Michael H | Stone | Getty ImagesCar repair costs are up almost 20% in the past year, according to the consumer price index — more than six times the national inflation rate and among the largest annual price increases of any household good or service.So, what's driving up prices?It's a combination of factors, experts said. Some emerged in the pandemic era while others are longer-term trends in the auto market, they said. Here's a look at six reasons why you're paying more for car repairs.1. More technology in carsJamie…

United Parcel Service (UPS) driver pushes a dolly of packages towards a delivery van on a street in New York.Victor J. Blue | Bloomberg | Getty ImagesUPS and the union representing more than 300,000 workers at the package carrier on Tuesday said they reached a preliminary labor deal, narrowly avoiding a strike that was set to start in the coming days."Together we reached a win-win-win agreement on the issues that are important to Teamsters leadership, our employees and to UPS and our customers," UPS CEO Carol Tome. "This…

A view of high-rise buildings is seen along the Suzhou Creek in Shanghai, China on July 5, 2023.Ying Tang | NurPhoto | Getty ImagesThe Chinese economy could be facing a prolonged period of lower growth, a prospect which may have global ramifications after 45 years of rapid expansion and globalization.The Chinese government is ramping up a host of measures aimed at boosting the economy, with a key Politburo meeting scheduled later this week to review the country's first-half performance.Chinese gross domestic product grew…

New York City's yellow taxis have been a symbol of the metropolis for decades. But taxi drivers only make up about 10% of the total driver landscape in the city — giving way to Uber and Lyft.While this is in large part due to consumer choice and the ease of ordering a ride-share car, it's also a result of the tough work conditions taxi drivers have faced. They work an average of 9.5 hours a day, 6 days a week, according to the National Library of Medicine. In addition, to driving a taxi, drivers have to own or lease a…

Passengers at Reagan National Airport in Arlington, Virginia on May 26, 2023.Andrew Caballero-Reynolds | AFP | Getty ImagesFlights are getting cheaper as airlines boost service during what's shaping up to be a busy summer.U.S. inflation data this week showed airfares dropped 8.1% in June from a month earlier, the biggest decline in nearly a year and the second biggest since April 2020, when the Covid pandemic suddenly sapped demand for air travel.Airlines are enjoying cheaper fuel and a lasting boom in travel. Daily…

As the summer hiring market heats up, small and seasonal businesses may find they're missing a key demographic to fill roles – teen workers.Outplacement firm Challenger Gray projected teens will gain 1.1 million jobs in 2023, down slightly from last year's numbers and the lowest forecast since 2011. The group said this spring that teens are once again working at pre-pandemic levels, but cautioned many teens who are willing to take on jobs are likely already in the workforce.The unemployment rate for teens aged 16 to 19…

Ryan Ratliff (C), Real Estate Sales Associate with Re/Max Advance Realty, shows Ryan Paredes (L) and Ariadna Paredes a home for sale on April 20, 2023 in Cutler Bay, Florida. Joe Raedle | Getty ImagesHome prices peaked last June, falling sharply through the beginning of this year. Now, they're recovering steadily.Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. They were, however, 0.5% higher month to month, after seasonal…

Federal Reserve Board Chairman Jerome Powell departs after speaking during a news conference following the Federal Open Market Committee meeting, at the Federal Reserve in Washington, DC, on June 14, 2023. Mandel Ngan | AFP | Getty ImagesThe Federal Reserve plans to keep hiking interest rates to stem inflation, which means an increase in corporate default rates is likely in coming months.The corporate default rate rose in May, a sign that U.S. companies are grappling with higher interest rates that make it more expensive…