ALL THE MONEY NEWS YOU NEED TO KNOW | | | |
Good morning, it's Bailey Schulz here to bring you the day's top headlines. |
After trailing inflation for over two years, average U.S. wage growth turned the tables in May, outpacing price increases, giving consumers more purchasing power and bolstering the economy. |
Of the 52% of employees who got a raise the past year, 70% say it has eased their financial stress from inflation and allowed them to make additional purchases, according to the survey. But about one-fifth of those who got a pay increase said it wasn't enough to afford those kinds of goods and services comfortably. Seventy-eight percent said they would need another bump to feel fully confident in their financial health. |
Whether or not pay hikes continue to top inflation and encourage Americans to spend at a healthy clip could help determine if the U.S. dodges a recession over the next year, says Gregory Daco, chief economist of EY-Parthenon. | Keenya Taylor shops for groceries after work at a Giant Food in east Philadelphia on Friday, Sept. 8, 2023. Josh Morgan, Josh Morgan-USA TODAY |
Murdoch stepping down from Fox |
Murdoch, 92, is transitioning to the title of chairman emeritus and said he was in good health. He will officially make the transition in November. His son, Lachlan, is set to become the sole chairman of both companies. |
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Starbucks will have to face a consumer protection lawsuit alleging that its fruit Refresher drinks do not contain the fruit advertised, a federal judge decided on Monday. |
The plaintiffs claimed in the suit that they paid a premium price for the drinks, which they would not have purchased had they been aware they were missing some of the named fruits. They alleged that the products are instead made primarily of water, grape juice concentrate and sugar, for which they would not have been willing to pay the same price. |
Starbucks said in a statement that the allegations were "inaccurate and without merit," and added, "we look forward to defending ourselves against these claims." |
Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | U.S. wage growth has outpaced inflation since May, finally giving workers more purchasing power. Pay gains had been running behind price increases. | | | | Rupert Murdoch, 92, announced Thursday he is stepping down as chairman of Fox and News Corp, giving way to his son, Lachlan. | | | | The iPhone 15 will be released on Friday bringing new features, materials and modes to Apple's flagship product. Here's what to know. | | | | Brain chips will be implanted into human brains with the intention of giving people with paralysis mobility via their thoughts. | | | | A possible government shutdown is looming, but travelers shouldn't be too worried about their plans. | | | | Here's what United Auto Workers members make, plus CEO compensation of the Detroit 3 execs. | | | | The Powerball jackpot has increased to an estimated $725 million after no winning ticket was drawn on Wednesday. See the winning numbers. | | | | Expedia Group wants to take the friction out of planning a trip with your friends and family. | | | | Starbucks lost a bid to dismiss the suit over the amount of fruit in its Refresher drinks, which accuses the chain of false advertising. | | | | A Michigan man won a $4 million prize from his Millionaire's Club ticket, but had to double-check the fine print to confirm the win was not a prank. | | | | | | | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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