Wholesale prices blip up 0.1% in May
U.S. wholesale prices rose just 0.1% in May, another sign that inflationary pressures are under control.
The Labor Department said the increase last month in its producer price index, which measures inflation pressures before they reach consumers, was half April’s 0.2% increase.
NJ mandates panic buttons for hotel cleaners
New Jersey Gov. Phil Murphy has signed a law requiring most of the state’s hotels to provide their workers with wearable panic buttons they can press to quickly summon help in an emergency.
The Democratic governor and several nationwide unions said New Jersey is the first state to mandate the devices, although at least two others are considering similar measures. The law, which takes effect in January, applies to hotels with 100 or more rooms.
Weather delay cuts corn crop to smallest in 4 years
The U.S. Department of Agriculture has lowered its estimate of this year’s corn crop to the lowest in four years, saying wet weather has delayed planting and reduced acres planted and the expected per-acre yield.
Production was cut in a monthly report released Tuesday by 1.4 billion bushels to 13.7 billion bushels, the lowest since 2015.
Boeing airliner deliveries tumble amid 737 Max woes
Deliveries of new Boeing jets fell by more than half last month, compared with a year ago, as its top-selling plane remains grounded. The company delivered only 30 airliners last month.
Boeing is still making 737 Max jets, but it stopped delivering them after the plane was grounded around the world following two deadly crashes.
Facebook launching app that pays users for data
Facebook is launching an app that will pay users to share information with the social media giant about which apps they’re using.
The company previously rolled out two similar apps. But both were shut down after drawing criticism for infringing on privacy, and one was cited for violating Apple’s App Store terms of agreement. Facebook said the new app, called Study, is different than the previous apps. And it is only available on the Google Play Store.
Stocks fizzle after gains, suffer 1st loss in 6 days
U.S. stocks gave up early gains and fizzled in afternoon trading after technology and industrial companies headed lower. The market was trying to extend a five-day winning streak that has so far helped recoup much of May’s sharp losses.
A slide in industrial stocks, particularly defense contractors, helped trim early gains. Technology companies also turned lower. Internet companies and consumer-related stocks balanced the market with gains.
Facebook makes renewable energy investment in solar
Facebook is making its first direct investment in renewable energy with a solar project in West Texas.
A research analyst for a renewable energy consulting firm said the move makes sense because renewable energy is becoming more affordable and Facebook’s data centers have huge operating costs. Shell Energy North America and Facebook will share the power generated by the solar farm just north of Odessa, Texas.