Gas prices are changing consumer behavior says G.M., forcing the manufacturer to slash production and close 4 plants as they make the shift toward more fuel efficient vehicles. They also announced that they may sell the “Hummer” brand.
economy
Sears Loses $56 Million In The First Quarter, Experts Say Kmart May Have To Go
By 5.29.08
Bad news for Sears Holdings — the parent company of Sears and Kmart lost $56 million in the first quarter, and some experts are saying that boss Eddie Lampert may have to face up to the fact that Kmart needs to close.
Some Gas Stations Resort To Half-Gallon Pricing
By 5.29.08
To deal with pumps that don’t have enough numbers on them to go above $3.99 per gallon, some gas station owners are selling gas by the half-gallon. Another problem is that pumps with dials on them are wearing out faster as the dials have to spin faster to keep up as the dollars per second coming out of the pump is greater. There is a seventeen-week backlog for replacement pumps that let the price show above $3.99.
By 5.28.08
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Consumer confidence hit 57.2 Tuesday, a 16-year low. Sad, sad, sad economy. [NYT]
Hey North America: Why Aren't You Buying 20 Oz Bottles Of Coke?
By 5.28.08
Oh no! You know there’s something wrong with the economy when people stop buying (comparatively) expensive 20 oz bottles of Coke. The Wall Street Journal says that sales of Coke’s biggest profit-maker are down and its affecting the company’s bottom line.
By 5.27.08
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Sales of newly constructed single family homes are down 42% from last year, the largest single year-to-year drop in nearly 27 years. [Reuters]
POLL: Did $4 Gas Make You Drive Less On Memorial Day Weekend?
By 5.27.08
AAA is claiming that Americans drove 4.3% fewer miles on public roads in March — the first year-over-year decline since 1979, and that for the first time since 2002, Americans said they planned to drive less this Memorial Day weekend. So, with the national average at $3.936 per gallon, did you actually drive less?
Well, Gas Is Still Cheaper Than The Champagne Of Beers…
By 5.22.08
With gas prices topping $4.00 a gallon in Chicago, Chicagoist started wondering how much gallons of other liquids cost. Turns out gas is still cheaper than the Champagne of Beers…
What To Expect From Airlines Now That Oil Is $130 A Barrel
By 5.21.08
Scott McCartney, who writes the Wall Street Journal’s “Middle Seat” column, has some thoughts about what consumers can expect from airlines, now that oil has hit $130 a barrel. He says that “he change in oil prices from a year ago to today translates into $24.6 billion in added fuel costs for passengers and cargo airlines on an annualized basis,” which is more than the airline industry has ever earned– its best year saw $5.3 billion in earnings.
American Airlines Now Charges $15 For The First Checked Bag
By 5.21.08
American Airlines has just announced that it will begin charging a $15 fee for the first checked bag starting June 15. The airline also said that it would raise fees for things like “reservation help” and “oversized bags.”
By 5.19.08
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More and more “regular-Joe working Americans” are on food stamps. [USAToday]
Former Mortgage Broker Selling Possessions On eBay/Craigslist To Avoid Foreclosure
By 5.19.08
Marketplace Money took a look at some folks who are selling their possessions on eBay and Craigslist in order to pay their bills. The main interviewee was a former mortgage broker who used to make six figures but was now selling his collection of cool amps to pay off his $5,000 a month mortgage and $50,000 in credit card debt.
Need $50? Call Crime Stoppers!
By 5.18.08
As those delicious morsels behind grocery store windows grow increasingly unaffordable, citizens become more willing to report their law-breaking neighbors to Crime Stoppers in exchange for rewards ranging from $50-$1,000. “Two or three arrests per week, you could make $700, $750 per week,” Sergeant Selfsaid. “You could make better than a minimum-wage job.”
Macy's Loses $59 Million In 3 Months, Angry Marshall Field's Customers Get The Blame
By 5.14.08
Macy’s has managed to lose $59 million in the first quarter. CEO Terry J. Lundgren says that considering the crappy economy, losing $59 mil isn’t all that bad:
By 5.14.08
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Inflation rose far less than expected in April, mitigating fears that the Feds would have to grapple with both trying to loosen credit and fight off rising prices. [AP]
Help! My Gas Pump Doesn't Even Go To $4.00!
By 5.13.08
It sucks to be a “Mom & Pop” gas station owner these days. Gas station owning isn’t as profitable as you might think (the oil company gets most of the money) and now it seems that thousands of older pumps just don’t have the ability to charge more than $3.99 per gallon — and also can’t charge more than $99 for the total sale, preventing truck and SUV owners from filling their tanks up all the way.
By 5.9.08
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Oil has hit a new high of $126 a barrel. If you listen quietly you can hear the sound of Delta and United softly weeping. [AP]
