Economy
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Grocery store closures in Chicago reignite debate over taxpayer-funded food access
The stores, operated by Yellow Banana, closed after Save A Lot ended its operating agreement with the company, citing financial challenges that included a sharp decline in SNAP purchases.
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State Farm to issue $136M to Louisiana policyholders
According to a release, State Farm Mutual Automobile Insurance Company told the Louisiana Department of Insurance it expects to pay about $136 million to qualifying Louisiana policyholders. The average payment will be $138 per eligible vehicle.
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Economic growth in US slowed in second quarter: Commerce Department
Economists forecasted GDP rising at a 2.1% pace.
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S&P economists say 90-day trade pact with China brings limited relief
S&P said the de-escalation "brings only temporary relief." It noted that if the world's two largest economies can't reach a broader, more permanent trade deal in the next three months, tariffs are likely to increase again, perhaps sharply.
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Walmart likely to increase prices over tariffs in coming weeks: CFO
Price increases will likely begin “towards the tail end of this month, and I certainly expect more in June,” Walmart Chief Financial Officer John David Rainey said.
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Microsoft lays off 6,000 employees
The tech company has 228,000 workers globally, about 126,000 of which are in the U.S.
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Annual inflation rate was 2.3 percent in April, federal government
The annualized and month-to-month increases were in line with analysts' forecasts, according to CNBC.
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New car prices higher in April following tariffs
The average price consumers paid for new cars rose 2.5% from March to April, which is more than double the typical 1.1% increase over those two months in recent years.
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U.S., China drop high tariffs, agree to 90-day pause
The U.S. agreed to drop its 145% tariff rate on Chinese goods down to 30%, while China agreed to lower its tariff rate on U.S. goods from 125% to 10%.
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Federal Reserve holds interest rates steady
The decision was made despite President Trump's call for lower interest rates amid tariff wars with other countries.
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S&P 500 hits longest winning streak in 20 years
The last time the S&P 500 posted nine consecutive days of gains was November of 2004.
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Kohl's CEO fired for alleged business deal with romantic partner
Ashley Buchanan was fired as Kohl's CEO after the company learned that he allegedly told the retailer to engage in a “highly unusual” business deal with his romantic partner.
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US economy adds 177K jobs in April, exceeding economic forecasts
The unemployment rate for the month was 4.2%, unchanged from March