Gas prices boost inflation increase
Surging gasoline prices pulled U.S. consumer inflation up 0.4 percent in November.
The Labor Department said Wednesday that prices at the pump increased a sharp 7.3 percent after falling in October. Excluding volatile food and energy prices, so-called core consumer inflation rose a modest 0.1 percent in November.
Over the past year, overall consumer inflation is up 2.2 percent and core inflation is up 1.7 percent.
Inflation pressures have remained subdued even though the U.S. economy is gathering momentum. Economic growth has clocked in at an annual pace of 3 percent or better in each of the last two quarters for the first time since 2014. The unemployment rate is at a 17-year low 4.1 percent. But the tight job market has yet to generate significant wage growth, which would push inflation higher. Many businesses still fear losing customers if they raise prices.
Justice probes Uber over stolen technology
A recent letter from the U.S. Attorney’s office confirms the Justice Department has opened a criminal investigation connected to allegations a former Uber executive stole self-driving car technology from a Google spin-off to help the ride-hailing service build robotic vehicles.
The letter unsealed Wednesday by a federal judge marks the Justice Department’s first acknowledgement of the probe. Google spin-off Waymo has alleged former executive Anthony Levandowski stole its technology before he joined Uber last year.
Walmart app helps workers to budget
Walmart is providing workers with an app aimed at helping them budget their money and get paid before payday.
The retailer said Wednesday that it teamed up with financial technology startup Even and PayActiv to provide an app to 1.4 million Walmart workers.
The Even app automatically plans ahead for bills, savings goals and will show workers how much they can safely spend. It will also allow workers to access cash before a scheduled payday up to eight times a year for free.
Walmart said it will cover the costs for Even for both full and part-time workers at Walmart, Sam’s Club and its e-commerce sites. Users will have to pay a fee if they want to get paid earlier more than eight times a year.
Critics and labor groups said the service is another sign that Walmart doesn’t pay its workers enough.
“Living paycheck to paycheck is too common at Walmart and that is the problem that Walmart should be trying to solve,” said the Organization United for Respect at Walmart.
Wal-Mart Stores Inc. pays new workers $9 an hour. That’s above the $7.25 per hour federal minimum wage, but below some of what its rivals pay. Target Corp., for example, has a minimum hourly wage of $11 and plans to grow it to $15 by the end of 2020.