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US producer prices drop 0.3% from May to June

WASHINGTON — U.S. wholesale inflation fell from May to June on plunging energy prices, but intensifying hostilities with Iran are clouding the outlook. The Labor Department reported Wednesday that its producer price index — which captures inflation before it reaches consumers — dropped 0.3% from May, biggest decline since April 2025 and a reversal from a 0.6% uptick the month before. Compared to a year earlier, wholesale prices were up 5.5% in June, decelerating from a 6% increase the month before. Gasoline prices plunged 12% in June but are still up nearly 43% from June 2025, ...

Fed chair sidesteps Senate questions

Federal Reserve Chair Kevin Warsh on Wednesday navigated a series of thorny questions from senators on issues such as the impact of AI on inflation, what contacts he has had with President Donald Trump, and how the central bank will determine the persistence of inflation, without providing many specifics. Warsh has said since taking office seven weeks ago that he would provide less guidance about the Fed’s next interest rate moves than his predecessors. Yet he has frustrated many Fed-watchers by largely avoiding explanations of how the central bank might respond more generally to ...

Group of employees sue Meta over layoffs

A group of 26 Meta employees has sued the company, claiming it used artificial intelligence systems to select people for layoffs, disproportionately targeting those on medical, parental or family leave. They are among the 8,000 employees, or about 10% of its workforce, Meta said it would lay ...

Writers Guild seeks to block Paramount’s buyout of Warner

NEW YORK — The Writers Guild of America became the latest group to challenge Paramount’s $81 billion acquisition of Warner Bros. Discovery on Tuesday, filing a lawsuit that seeks to block the merger on the grounds it would cause “specific harm” to movie and TV writers working across the U.S. A Paramount-Warner merger “threatens the economic and creative health of the American entertainment industry,” reads Tuesday’s federal complaint, which was filed by both the Writers Guild of America West and Writers Guild of America East (jointly the WGA). The union argued that the ...

Ticker: Subaru issues recall for 541,000 SUVs

Subaru of America is recalling over 541,000 Crosstrek, Forester and Ascent vehicles in the U.S. due to an inaccurate label. The National Highway Traffic Safety Administration says the cars were made with a certification label that incorrectly states their gross axle weight rating. The regulator warns this could lead to overloaded vehicles and increase crash risks. Subaru is unaware of any related crashes or injuries. Inflation cools more than expected in June U.S. inflation cooled last month as the cost of gas, clothes, and used cars fell, providing some relief to consumers, while ...

Twelve states challenge Warner Bros. takeover

NEW YORK — Twelve states sued to block Paramount’s takeover of Warner Bros. Discovery on Monday, arguing that the $81 billion merger would “extinguish competition” in Hollywood and lead to fewer choices for consumers across the U.S. “Audiences on every sofa and in every movie ...