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Online prices fall for the first time in 2 years

Tue, 09 Aug 2022 12:00:19 GMT

Online prices have declined for the first time in over two years, according to recent data.

The Adobe Digital Price Index revealed that online prices dipped 1% in July compared to a year ago after rising 0.3% in June.

Additionally, prices also dropped for a second month on a month-over-month basis, falling 2% in July after dropping 1% in June, which underscores how e-commerce is finally entering deflation.

It's a nice break for consumers who have faced 25 consecutive months of persistent inflation online. Prices even reached a record 3.6% increase year-over-year in February and March 2022.

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Seven out of 18 categories tracked by Adobe in July — including electronics, jewelry, books, toys, computers, sporting goods and apparel — saw year-over-year price drops. However, 14 categories saw month-over-month price drops.

The price of all electronics, in particular, saw one of biggest drops in July, falling 9.3% compared to a year earlier. Prices of electronics also decreased 2% from June.

The cost for apparel fell 1% year-over-year for the second consecutive month and dropped 6.3% since June, according to the data. Meanwhile, the cost of toys also fell 8.2% year-over-year and 2.9% since June.

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Wavering consumer confidence combined with a pullback in spending and oversupply for some retailers "is driving prices down in major online categories like electronics and apparel," according to Patrick Brown, Adobe vice president of growth marketing and insights.

Regardless, it's providing some relief for consumers who are battling surging food costs online and in-store, Brown added.

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Food costs was one category that hasn't let up. According to the data, prices for groceries jumped a record 13.4% compared to a year ago. That's the biggest increase of all 18 categories.

Throughout the entire month of July, consumers doled out $73.7 billion online, which is up 20% from a year ago. Prime Day, Amazon's highly anticipated 48-hour shopping holiday, drove record online sales for the entire industry last month, according to Adobe.

The Great Resignation turns to the Great Regret as worker needs are not being met, expert says

Tue, 09 Aug 2022 06:00:55 GMT

The fact that workers regret quitting during the Great Resignation underscores a more significant issue: worker needs are not getting met.

That's according to John Morgan, president of Lee Hecht Harrison (LHH), a global provider of talent acquisition and job recruitment solutions.

According to a recent survey by Joblist, about 26% of people who quit their job during what was dubbed the Great Resignation already regret it. Additionally, 42% of people who found a new job after quitting said the new gig didn't live up to their expectations.

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Not only is this a sign that "Great Regret is happening but also that workers are looking for a better workplace culture, and are finding that these needs aren’t being met by either company," Morgan said.

Chad Carden, founder of consulting firm The Carden Group, said many employees had been lured away by promises of higher pay, better titles and better perks during the Great Resignation.

Younger professionals, in particular, also had a "heightened expectation" to have more paid time off, schedule flexibility and meaningful work and were willing to make a change to attain this, according to Kelly Lannan, senior vice president for emerging customers at Fidelty Investments.

In May, a survey from Fidelity revealed that approximately 61% of young professionals between the ages of 25-35 years old changed jobs in the last two years or plan to do so within the following two years.

A record number of American workers – 4.5 million – quit their jobs in November 2021, according to data from the Bureau of Labor Statistics. It's a significant uptick from November 2020, when 3.2 million people quit. It didn't stop there. BLS data shows another record 4.5 million Americans quit in March 2022.

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"Ultimately, employees moving to new roles and new organizations are really looking for what makes them happy, and often the sentiment is that more money equals a happier life," he said. "For instance, sign-on bonuses seem great, but is it being offered because the organization's culture isn't one that cultivates value and fulfillment in its employees?"

Carden stressed that it's vital for employees to do their due diligence and to look into the offer and company before taking the job.

Still, "to help retain employees, businesses have the responsibility to cultivate an environment of clarity, alignment and purpose that connects employees to business goals and objectives where they feel valued and trusted," he added.

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Morgan agreed, saying that it is in the employer's benefit to focus on the wellness of their staff and ensure that workers are satisfied with the culture of the workplace.

"Organizations that are navigating the impacts of inflation and constricting budgets are facing tough business decisions, but it does cost much less money and is better for company morale overall to reskill and redeploy existing talent rather than overhauling workforces entirely," he added.

That said, Morgan argued that Great Resignation has shifted how companies prepare for a possible recession. Rather than instituting massive layoffs, "organizations are doing what they can to hold onto their talent even through a recession because they’ve seen how scarce talent is and that turnover is more costly in the long run," he said.

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Still, he recognized that there is a "high likelihood" that job cuts will likely accelerate in the second half of the year. Some companies have already started laying off employees.

The chief executives of Alphabet and Meta warned employees that they need to step up their productivity amid the uncertain economic environment, prompting fears of potential layoffs. Meanwhile, Walmart, Oracle and Robinhood have already started trimming their workforces.

Over 6K flights delayed, hundreds canceled on Monday after weekend of disruptions

Mon, 08 Aug 2022 17:09:06 GMT

Airline delays and cancellations continued Monday after a weekend full of weather-related issues.

As of 9 p.m. ET Monday, more than 6,000 flights in, out of and across the U.S. have been delayed, according to the flight tracking website FlightAware. Another 640 flights were canceled.

Cancellations, in particular, are still down compared with the first three months of the year when airlines battled staffing issues related to the omicron variant of COVID-19 as well as winter storms, FlightAware spokesperson Kathleen Bangs told FOX Business.

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Meanwhile, delays have increased throughout the second quarter and even into July and August, she continued.

Although airlines are still batting staffing issues, delays and cancellations were particularly heavy all weekend due to thunderstorm activity and weather ground stops, according to Bangs.

Passengers faced a spike in cancellations, particularly on Thursday and Friday.

On Thursday, 7,612 flights were delayed followed by another 8,865 on Friday, which was the highest number of delays all weekend, according to the data. Meanwhile, 1,239 flights were canceled on Thursday followed by another 1,614 flights on Friday.

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According to the data, delays on Saturday and Sunday surpassed 14,200 while cancellations notched about 1,585 for both days.

A Delta Air Lines spokesperson told FOX Business that any disruptions the airline faced over the weekend resulted from weather and air traffic control challenges.

Representatives for American, Southwest and JetBlue did not immediately respond to FOX Business' request for comment.

Despite these issues, Bangs said we could have seen even more cancellations if airlines hadn't pared back their summer schedules.

Earlier this summer, Nicholas Calio, president of the trade group Airlines for America, said its member carriers cut 15% of the flights they originally planned for through August while also ramping up hiring and training to combat issues and become more reliable for passengers.

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Problems have still persisted as demand ramps up to pre-pandemic levels, forcing some carriers to reduce their schedule for the fall.

Last week, American announced that it has already taken steps to reduce its overall September system capacity.

Americans want more off-road-style vehicles and automakers are here for it

Mon, 08 Aug 2022 11:10:54 GMT

SUVs have been on a long strange trip.

The segment really got started after World War 2 when the Willys "Jeep" became a civilian and gave Americans an affordable new way to enjoy the great outdoors.

It was followed by more vehicles from the Jeep brand and the likes of International Harvester Scout and Ford Bronco in the 1960s, the latter of which was first to adopt the "Sports-Utility Vehicle" description in its marketing.

More refined models were added to the mix with and started getting used as family cars, then AMC changed the game by turning the Concord car into the four-wheel-drive Eagle in 1981.

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The Toyota Rav4 kicked the crossover craze into gear in the 1990s while the cool factor of the Jeep Grand Cherokee and Ford Explorer lured people away from sedans, station wagons and minivans by the hundreds of thousands, even if the dirt parking lot at the soccer field was as far as they would ever go off the pavement.

Today, SUVs of all sorts account for over half of the vehicles sold in the U.S., which means they are officially mainstream, so automakers have found a new way to make them fashionable again: By going back to the future.

Aping the continued success of brands like Jeep, Subaru and Land Rover, many companies are turning their street-smart utility vehicles back into off-roaders with new trims that improve their rough road capability, or at least make it look like they do. There is even a minivan along for the ride and the new trend is arriving just as more Americans are getting involved in outdoor activities, driven in part by the coronavirus pandemic.

Here are a few of the latest SUVs aimed at the "active lifestyle" customers automakers are looking to appeal to today:

The subcompact Trailblazer Activ is available in front-wheel-drive or all-wheel-drive and gets tougher styling than the other trims, plus improved ground clearance and designed for more rugged terrain than the rest of the lineup can handle.

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Ford has created a new Timberline trim for the Explorer and Expedition that makes them more suitable for off-road use, with underbody protection, all-terrain tires and all-wheel-drive and four-wheel-drive systems tuned to be better on rough surfaces. Signature dark green upholstery adds a woodsy feel to the Expedition that best lives up to the model's name.

Honda's new TrailSport trim launched on the Passport midsize crossover SUV, but will spread to other Honda SUVs. For now, it's a mostly cosmetic upgrade that includes more aggressive front and rear styling and a slightly wider track for its all-season-tires, but Honda says that later versions will get functional modifications, as well.

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Mazda's new Alabama-built compact crossover SUV was designed to handle light off-roading in all trims, but the Meridien builds on that with additional features like all-terrain tires and rocker panel protection.

The SUV may have stolen the minivan's mojo, but the ultimate people carrier is back with a vengeance. The Sienna Woodland comes with a standard hybrid all-wheel-drive system good for 35 mpg and gets the requisite increased ground clearance -- from 6.3 inches to a whopping 6.9 inches -- and redesigned front and rear fascias expected of one of these packages, plus a standard tow hitch and roof racks to help bring along enough gear for the seven passengers inside.

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Tyson raises prices of chicken as demand shifts from expensive beef cuts

Mon, 08 Aug 2022 21:07:21 GMT

According to Tyson Foods, chicken has risen in popularity as consumers shy away from expensive beef cuts.

During an earnings call on Monday, Tyson CEO Donnie King told analysts that despite the challenging economic environment, where costs of its goods continue to increase, "consumer demand for protein remains relatively steady."

However, some people are shifting away from high-priced meats as food prices continue to surge. Grocery prices alone increased 12.2% in June compared to a year ago, outpacing the overall Consumer Price Index.

On Monday, the meat producer reported that it saw "specific strength" in its chicken segment as well as with specific cuts of meat, such as breakfast sausage and bacon, throughout the three-month period ending on June 30, even though it raised prices on its meat to offset higher costs.

According to Reuters, the company raised chicken prices by slightly more than 20%.

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The company reported that its sales gains "were largely driven by higher average sales price in chicken and prepared foods," underscoring the demand for the category.

"We delivered substantially improved earnings in our chicken segment as well as higher earnings in prepared foods, which partially offset a decline in beef and pork earnings," King told analysts.

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Meanwhile, the company reported that it faced "softer consumer demand for premium cuts of beef" amid the challenging economic environment. As demand shifted, prices for the beef dipped.

According to Reuters, beef prices were down 1.2% in the quarter.

Still, King said the company's "diverse portfolio" allows them to "meet customer and consumer needs across a broad range of products and price points even as consumers shift between proteins and products."

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Overall, meat producers posted revenue of $13.5 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $13.31 billion.

The Associated Press contributed to this report.

Virginia man wins $1M in Mega Millions lottery after thinking he lost

Mon, 08 Aug 2022 20:28:36 GMT

This man didn’t win the top Mega Millions prize, but he still won big.

Malcolm Meredith, of Manassas, Virginia, bought a lottery ticket for the May 20 Mega Millions drawing, according to the Virginia Lottery.

Soon after the drawing, he showed his ticket to a person who told him it wasn’t a winner, according to an Aug. 4 press release.

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FOX Business reached out to the Virginia Lottery for comment.

The agency revealed on its website that Meredith’s ticket had matched the first five numbers of the Mega Millions drawing, just not the Mega Ball number.

Meredith held onto the ticket and weeks later, he got a second opinion and found out he won.

Meredith took the ticket to the state lottery’s Northern Virginia Customer Service Center in Woodbridge, Virginia, where he learned he won $1 million, the release said.

"I was hoping and praying," Meredith told the Virginia Lottery.

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Meredith used the Easy Pick option, which meant the computer randomly selected his numbers, the Virginia Lottery reported.

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The winning numbers – for the $131 million jackpot at the time – were 33-40-59-60-69, with 22 as the Mega Ball number.

The odds of matching the first five numbers of the Mega Millions are one in 12,607,306, according to the Virginia Lottery.

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Meredith was the only person in the U.S. to match the first five numbers, the agency said.

He bought his ticket at a Harris Teeter grocery store in Manassas. The grocery store will also receive $10,000 for selling Meredith his winning ticket, the press release said.

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Amid inflation, people desperate for cash are turning to pawn shops

Mon, 08 Aug 2022 12:18:47 GMT

Rick Harrison, pawn shop owner and star of the TV show "Pawn Stars," joined "Fox and Friends" on Monday morning to share what's going on today amid inflation as Americans are struggling to get through to payday.

Some are pawning items they never planned to sell in order to get by.

"Most people don't realize that 20% of the adult population do not have a bank account," said Harrison. "They don't have normal banking."

He added, "So if they need a little extra money, this is what they have to do."

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Harrison also said that Las Vegas is a very spread-out town — and people need to have cars there.

"Gas prices are killing people," he said.

"The price of food — inflation's gone nuts," he said.

"And I really believe," he said, that lower-income people are affected "much worse" right now by what's going on in the economy than "upper-income people."

"We just have a government that is dead-set on creating more inflation and less jobs," said Harrison.

Regarding the notion that many people today are pawning items they never thought they'd to pawn just to make ends meet, Harrison said, "Yes, there are a lot of people — especially young people — who have worked the gig economy," who are doing so, he said.

"Rents in Vegas alone," he said, are much higher than before.

He also referenced the difficulties for "single moms" and others — "all of this inflation is just devastating" to them, he said.

Harrison said, of those who come into his shop, "We try to do what we can do."

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He said that in regard to rural places, "it's a half-hour drive to the grocery store" for many people — and then back. The high price of gas is really impacting everyday people, he suggested.

To learn more about this story, watch the video at the top of this article, or click here to access it.

Career challenge: How to use your lunch break to boost productivity for the rest of the day

Mon, 08 Aug 2022 10:00:16 GMT

When you arrive in the morning for your job, you’re likely ready to tackle your work with enthusiasm and an eye toward productivity.

Like many, the first half of your work day probably goes by faster than the second half.

After a busy morning — and when your lunch break arrives — your welcome respite is a chance to eat lunch, recharge and even step outside your workplace to take a break or handle some personal errands.

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Experts say there are strategies that all of can incorporate into our lunch breaks to springboard our energy, productivity and mental clarity for the second half of the work day.

While not everyone, of course, has a full hour for lunch at their jobs, you can still try to incorporate this smart advice in a more limited fashion.

Here’s how to take your lunch break to a higher level.

You may think that working through lunch could save time — but there are drawbacks to consider if you don’t take that well-needed break.

Most employees agree that taking a lunch break away from their desks improves their job performance.

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"A lunch break provides increased productivity and mental clarity, and gives your brain the break it needs to prevent mental burnout," said Janine Allo, Ed.D.

Allo is chief people and culture officer at ezCater.com, a provider of corporate food solutions with offices in Boston, Denver and Vancouver, Canada.

Lunch is the meal that powers you through the majority of the work day, she said — so it's crucial for your productivity not to skip it.

"While you’re benefiting physically from taking a break, it's important for your mental health and focus, too. You and your quality of work will benefit," added Allo.

The best way to fuel your mind and body is to eat a healthy lunch.

Also, try to have a plan in place before your lunch break arrives.

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"People often go into the work day completely unprepared for lunch, and if they don't have a plan in place for feeding themselves but have a schedule full of back-to-back meetings, they often resort to snacking rather than eating a meal, or skip lunch entirely," said Allo.

Not having a lunch plan can leave you hungry and, in turn, less focused and productive for the remainder of the day, she said.

Whether your game plan is heating up leftovers while working from home, packing a lunch the night before if you’re going to the office, or making plans to eat out with colleagues, Allo stressed that any plan is a good plan.

Break away from your desk — and even better, leave the office for part of your break.

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The great outdoors can boost your mood and mindset, according to research.

"Go for a walk in nature," suggested Amy Morin, a psychotherapist in the Florida Keys and host of The Verywell Mind Podcast.

"Moving around a little can boost your energy and being in nature rejuvenates your brain."

If you can walk in a park where there's grass and trees, Morin said you'll get more benefits than if you just walk around a busy city block.

"Nature can help your brain pay better attention for the rest of the day," she said.

Use some of your lunch hour to relax.

"Engage in 15 minutes of progressive muscle relaxation, breathing exercises, and meditation — and you'll be better equipped to concentrate after your lunch break," said Morin.

"Relaxation exercises give your brain a much-needed break from all the activity."

She added, "That break can help you stay on task and be more productive once you start working again."

While one person might feel energized from socializing with colleagues, someone else might find it's best to get a little alone time during lunch to build up energy reserves for the afternoon, said Morin.

Take cues from how you feel each day.

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"It's important to know what sort of activities can charge your batteries best and on which days," said Morin.

For example, when you're feeling anxious — a walk by yourself might help.

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Or, on a day when you're feeling down, you might find that socializing boosts your mood and your energy best.

Malcolm Gladwell says people must return to the office to regain ‘sense of belonging’

Mon, 08 Aug 2022 01:58:46 GMT

Author Malcolm Gladwell shared his thoughts on returning to the office during a recent appearance on the "Diary of a CEO" podcast.

The "Blink" and "Outliers" author told the host, Steven Bartlett that people should return to the office to regain a "sense of belonging."

"It’s very hard to feel necessary when you’re physically disconnected," Gladwell said. "As we face the battle that all organizations are facing now in getting people back into the office, it’s really hard to explain this core psychological truth, which is we want you to have a feeling of belonging and to feel necessary."

Gladwell acknowledged the hassle of coming to the office, but insisted it was not in employees’ best interest to work from home.

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"[I]f you’re just sitting in your pajamas in your bedroom, is that the work life you want to live?" Gladwell asked. "Don’t you want to feel part of something?"

Gladwell said he was frustrated with the inability of people in positions of leadership to effectively communicate to their employees the importance of returning to the office.

"If we don’t feel like we’re part of something important, what’s the point?" he said. "If it’s just a paycheck, then it’s like, what have you reduced your life to?"

A growing segment of the population has become accustomed to working from home since the new arrangement was first tried out on a grand scale during the COVID-19 pandemic. Now, according to some estimates, a majority of U.S. workers have cited remote work as a major factor in their job consideration.

Data from Employ Inc. in April found that 65% of workers said that remote work or work-from-home (WFH) options impacted their decision to accept or reject a job offer. As many as 40% of respondents said they would take lower pay if it meant working remotely.

Some employers have allowed their employees to continue working from home indefinitely, while others have adopted hybrid models.

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Others, like Tesla CEO Elon Musk, have been more assertive. Earlier this year, Musk told employees that they must put in a minimum of 40 hours per week at the office if they also wish to do remote work.

Pharma company Eli Lilly expanding outside of Indiana over state's abortion law

Sun, 07 Aug 2022 16:05:02 GMT

Pharmaceutical company Eli Lilly is looking to expand its Indiana-based headquarters outside the state in response to Indiana's ban on most abortions.

"As a global company headquartered in Indianapolis for more than 145 years, we work hard to retain and attract thousands of people who are important drivers of our state’s economy. Given this new law, we will be forced to plan for more employment growth outside our home state," the company said in a statement obtained by Fox News Digital on Sunday.

Republican Indiana Gov. Eric Holcomb signed into law Senate Bill 1 on Friday, which bans abortions at any stage with exceptions for when the mother's life is at risk, and in cases of rape, incest, or fatal fetal anomalies.

"Following the overturning of Roe, I stated clearly that I would be willing to support legislation that made progress in protecting life," Holcomb said, the Indy Star reported. "In my view, SEA 1 accomplishes this goal following its passage in both chambers of the Indiana General Assembly with a solid majority of support."

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Republicans such as Indiana state Rep. Wendy McNamara celebrated the new law, saying it makes Indiana "one of the most pro-life states in the nation." The law will take effect on Sept. 15.

The move set off condemnation from Eli Lilly, fellow Indiana-based corporation Cummins, as well as the White House.

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"The Indiana Legislature took a devastating step as a result of the Supreme Court's extreme decision to overturn Roe v. Wade and eliminate women's constitutionally protected right to abortion," White House Press Secretary Karine Jean-Pierre said in a statement Saturday. "And, it's another radical step by Republican legislators to take away women's reproductive rights and freedom, and put personal health care decisions in the hands of politicians rather than women and their doctors."

Eli Lilly continued in its statement that it is worried the law will hinder both the company and Indiana from attracting "diverse scientific, engineering and business talent from around the world."

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"While we have expanded our employee health plan coverage to include travel for reproductive services unavailable locally, that may not be enough for some current and potential employees," the statement said.

The company has research and development locations in New York City, San Diego and San Francisco, as well as a newly-announced genetic medicine office in Boston, WTHR reported.

Engine-making company Cummins, which is headquartered in Columbus, Indiana, also denounced the new law.

"The right to make decisions regarding reproductive health ensures that women have the same opportunity as others to participate fully in our work force and that our work force is diverse. There are provisions in the bill that conflict with this, impact our people and impede our ability to attract and retain top talent," Cummins spokesman Jon Mills said this weekend, according to the New York Times.

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Cummins is among corporations across the country that provide health care benefits that cover the costs of abortions, including medical travel benefits.