Workers at a Kellogg's manufacturing facility in Kansas received a "historic" wage increase this week of more than 15% over a three-year period.
On Monday, the Retail, Wholesale and Department Store Union (RWDSU) Local 184-L, which represents Kellogg’s workers who produce Cheez-It snack crackers in Kansas City, ratified a new three-year deal, containing the "unprecedented wage increases," according to the union.
Wages for 570 workers at the facility will increase by 6% during the first year with another 5% increase during the second year and a 4.5% bump during the third year. This equates to 15.5% over the term of the contract.
{{#rendered}}The president announced he will use the Defense Production Act "to secure America's supply chains for the critical materials that go into batteries for electric vehicles."
President Biden is set to deliver remarks from the White House at any moment.
The average rate of a 30-year mortgage has reached 4.67% according to Freddie Mac's latest figures, a level not seen since December 2018.
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| Symbol | Price | Change | %Change |
|---|---|---|---|
| WBA | $44.89 | -2.57 | -5.42% |
Walgreens Boots Alliance exceeded analysts' earnings expectations for the second quarter, when pharmacy sales were driven up on demand for COVID-19 tests and vaccines as the omicron variant swept the U.S.
Blue Origin's New Shepard vehicle launched and landed successfully Thursday morning from its West Texas site.
The rocket lifted off at 9:57 a.m. CT, with a maximum ascent velocity of 2,236 mph.
The astronauts of the company's fourth crewed suborbital spaceflight touched down at 9:07 a.m. CT, following a nearly hour-long hold.
The Biden administration will release 1 million barrels of oil each day for the next six months from U.S. reserves amid high gasoline prices.
The plan announced Thursday is an effort to relieve some inflation associated with rising gasoline prices and combat other supply shortages that partly stem from Russia's invasion of Ukraine.
"This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," the White House said.
{{#rendered}}A key measure of annual inflation that is closely watched by the Federal Reserve is running at the hottest pace in nearly four decades as widespread supply disruptions, extraordinarily high consumer demand and worker shortages fuel rapidly rising prices.
Read the full story: Key Fed inflation gauge jumps 5.4% in February, biggest gain since 1983
U.S. equity futures were cautious Thursday morning as oil fell on reports that strategic reserves may be released.
Brent crude futures traded around $107 a barrel while West Texas Intermediate futures traded slightly north of $101 per barrel.
{{#rendered}}Hackers stole over $625 million in Ethereum and USD Coin from the Ronin blockchain network in what is being referred to as one of the largest cryptocurrency heists in history.
FOX Business provides a roundup of everything you need to know about the hack.
Read the full story: $625M Ronin crypto heist: What to know
U.S. equity futures were cautious Thursday morning as oil fell on reports that strategic reserves may be released. Continue reading
Oil prices fell more than $5 a barrel on Thursday as the United States is considering releasing up to 180 million barrels from its strategic petroleum reserve over several months to calm soaring prices. Continue reading
{{#rendered}}Bitcoin hovered around $47,000 Thursday morning after declining for two consecutive days. Bitcoin remains up more than 13% month-to-date and higher by almost 2% year-to-date. Continue reading
The average price for a gallon of gasoline in the U.S. slipped on Thursday to $4.225, according to the latest numbers from AAA. The price on Wednesday was $4.236. The previous record high was $4.33, set on Friday March 11, 2022.
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