WASHINGTON (Reuters) – U.S. manufacturing contracted for a seventh straight month in May as new orders continued to plummet amid higher interest rates, but factories boosted employment to a nine-month high. The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April. It was…
(Refiles to remove extraneous words in paragraph 7) WASHINGTON (Reuters) – U.S. worker productivity slumped in the first quarter, though not as steep as initially thought, according to government data on Thursday, which also showed sharp downward revisions to labor costs last quarter and in the final three months of 2022. Nonfarm productivity, which measures…
By David Lawder WASHINGTON (Reuters) – U.S. President Joe Biden’s 2020 campaign promise to make wealthy Americans and corporations pay more in taxes to finance a range of social priorities breathed its last gasp, at least for this presidential term, with the debt ceiling deal he struck with Republicans on Saturday. The deal to cap…
By Akriti Sharma and Abhirup Roy (Reuters) – Lucid Group said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia’s Public Investment Fund (PIF), sending shares of the luxury electric-vehicle maker down 9% after market hours. PIF, which owns more than 60% of the…
LONDON (Reuters) – The largest owner of IKEA stores has acquired supply chain software firm Made4Net as the Swedish furniture retailer plans a major expansion in the United States and aims to grow its online sales. Ingka Group’s investment arm Ingka Investments bought the company for an undisclosed sum, the company said, in order to…
By Alexander Marrow and Elena Fabrichnaya (Reuters) – Russia will hold its key lending rate at 7.5% next week, a Reuters poll showed on Thursday, with persistent inflation risks seen preventing the central bank from easing the cost of borrowing and limiting Russia’s growth this year to 0.7%. Last year, the Bank of Russia gradually…
By Savyata Mishra (Reuters) – Dollar General Corp cut its sales and profit forecasts for the year on Thursday as Americans, pinched by higher prices, shopped more for essentials and pared back purchases in categories including home goods and clothes, leading its shares down 14%. The discount store chain saw traffic to its stores decline…
By Medha Singh (Reuters) -Shares of C3.ai Inc dropped nearly 20% in early trade on Thursday after the AI software maker’s quarterly revenue forecast missed estimates, dampening some of Wall Street’s recent euphoria around small cap AI-linked stocks. Most other small-cap artificial intelligence (AI) related stocks also fell, with analytics firm BigBear.ai, conversation intelligence firm…
By Vansh Agarwal (Reuters) -Shares of Chewy Inc surged 27% in early trading on Thursday after the pet products e-retailer announced its first foray into international markets via Canada and raised its annual revenue forecast. Chewy, co-founded by activist investor Ryan Cohen, was one of the major gainers in the sector after the pandemic sparked…
By Samrhitha A (Reuters) – Salesforce Inc fell about 7% on Thursday after reporting quarterly revenue that increased at its slowest pace since 2010, with companies cutting back spending on cloud-based software offerings. The enterprise software maker was set to shed nearly $14 billion in market value, based on its share price of $208.40. The…
