By Nathalie Voit Sales of previously owned homes declined by 5.4% in June as housing prices reached a new record high and mortgage rates continued their sharp upward trajectory. According to a monthly report from the National Association of Realtors (NAR) released on July 20, sales of existing properties in June dropped for the fifth consecutive month [...]
By Nathalie Voit Amazon initiated legal action on July 19 against the administrators of more than 10,000 Facebook groups that allegedly orchestrated fake reviews on its platform, according to a company announcement. Amazon said fake review brokers operate across the board on its website, soliciting fake reviews for everything from car stereos to camera tripods. The [...]
By Nathalie Voit New housing starts in June dipped to their lowest level since June 2020, the Commerce Department reported on July 19. According to Tuesday’s release, privately-owned housing starts declined 2.0% last month to a seasonally adjusted annual rate of 1.56 million. New residential construction tumbled as the number of single-family housing starts fell by 8.1% [...]
By Nathalie Voit Wireless network quality is declining across the board, according to a 2022 U.S. Wireless Network Quality Performance Study from J.D. Power. The results of the study, released on July 14, reveal an uptick in network quality issues among consumers and a general perception that overall service from wireless network providers is deteriorating. "An uptick [...]
By Nathalie Voit Wholesale prices hit a near record-high in June as the cost of energy skyrocketed, the Department of Labor's Bureau of Labor Statistics division reported on July 14. The Producer Price Index (PPI), which measures inflation from the perspective of American producers, saw final demand prices advance 11.3% for the 12 months ending in June. [...]
By Nathalie Voit The market is betting on a 75-basis point hike this month. New economic data, particularly June’s troubling consumer inflation report that showed prices for consumer goods and services surging by 9.1%, left the door open for another aggressive 0.75 percentage point hike. The red-hot inflation reading led to big bets in [...]
By Nathalie Voit Interactive fitness platform brand Peloton will no longer be manufacturing its own exercise equipment, the company said in a press release issued on July 12. Peloton said the move is a "natural progression" in its strategy to simplify its supply chain and reduce costs. Leading Taiwanese manufacturer Rexon Industrial Corp. will [...]
By Nathalie Voit According to a complaint filed on July 13 by law firm Slater Slater Schulman LLP, over 500 women are suing Uber over allegations of sexual assault. The legal action, filed in a San Francisco court, alleged that the ride-sharing giant knowingly disregarded reports of widespread sexual misconduct within its platform to prioritize growth over [...]
By Nathalie Voit E-commerce sales from Amazon’s annual “Prime Day” event helped push online spending to a new record-high this week as discount-hungry shoppers scoured the online retailer’s website searching for bargains. According to data from the Adobe Digital Economy Index, total e-commerce sales on July 12 exceeded $6 billion, up 7.8% from one year ago. [...]
By Nathalie Voit Streaming giant Netflix is partnering with Microsoft to launch its first-ever, ad-supported subscription plan for consumers. In an announcement on its website on July 13, Netflix confirmed it had selected Microsoft as its global advertising technology and sales partner for its new ad-friendly subscription tier. “Microsoft has the proven ability to [...]
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