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Inflation Ticks Up, Spending Slips As Trump's Tariffs Tighten Grip On Economy
Consumer spending cooled in May as inflation crept higher, signaling new pressure on Americans' wallets amid President Donald Trump's sweeping tariffs.
The Federal Reserve's primary inflation reading, the personal consumption expenditures price index, rose 0.1% in May to an annual rate of 2.3%, according to Bureau of Economic Analysis data released on Friday, June 27. Those increases matched ones forecasted by Dow Jones economists, CNBC reported.
Core inflation, which excludes food and energy, rose by 0.2% in May to 2.7%, slightly ahead of the 0.1% and 2.6% forecasts. Th…
Major Household Product Maker Cutting 7,000 Jobs As Trump Tariffs Roil Economy
Procter & Gamble, which operates eight plants across the Northeast, plans to cut up to 7,000 jobs over the next two years as President Donald Trump's trade policies shake businesses and consumer confidence, according to reports.
Andre Schulten, P&G's chief financial officer, announced the layoffs during the Deutsche Bank Consumer Conference in Paris on Thursday, June 5. The cuts amount to about 6% of the company's global workforce and roughly 15% of its non-manufacturing positions, the Associated Press reported.
P&G had about 108,000 employees worldwide as of June…
