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As inflation rates hit 40-year highs, a surge of new drivers are joining Uber's platform in the hopes of earning extra cash. In the company's earnings call Tuesday morning, CEO Dara Khosrowshahi estimated that more than 70% of drivers said inflation had played a part in their decisions to join the ride-hailing service. "To some extent, we could be seeing evidence where it’s helping us in that it’s a very significant consideration base for drivers coming on to the system," Khosrowshahi said of inflation. Khosrowshahi estimated that drivers can earn as much as $37 for every hour they're on the platform, while drivers who drive for both Uber and UberEats earn $30. Uber announced new features last week aimed at improving drivers' experiences. Drivers will now be able to see how much they'll earn and where they'll be going before they accept trips . And they can view more than one trip request at a time. Uber said the changes would also help lower wait ti...

In this article CSX SNAP VZ AXP Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 1:31 01:31 News Update – Pre-Markets News Briefing Check out the companies making headlines before the bell: American Express (AXP) – The financial services company reported a quarterly profit of $2.47 per share, 6 cents above estimates, with revenue also topping Wall Street forecasts. American Express also raised its full-year forecast, amid a surge in customer spending, and increased the amount in reserve for potential defaults. The stock fell 4.7% in the premarket. Verizon (VZ) – Verizon earned an adjusted $1.32 for the third quarter, beating the consensus estimate by 3 cents, with revenue also better than expected. Verizon also reported a smaller number of postpaid net phone adds than expected, noting it had anticipated some negative impact from raising prices. Snap (SNAP) – The Snapchat parent's stock tumbled 28.2% in the premarket after forecasting no revenue growth for the curr...

America's housing market is slowing down. Monthly payments are climbing out of reach for many prospective homebuyers and some sellers are hesitant to pull up stakes, unwilling to face a real estate environment where you get less house for your money, with mortgage rates approaching 7%. But the wheels of commerce must keep turning, and some realtors are finding creative ways to close deals. Everything is on the table: from pitching adjustable rate mortgages to offering free pilates lessons and more. On the financing front, a so-called buydown incentive is now surging in popularity, experts say. Under this type of arrangement, a seller "buys down" the interest rate a home purchaser will have to pay in the initial years of their mortgage. For example, in a 2-1 buydown scenario, the buyer's interest rate will be 2% below the contract rate during the first year. In the second year, it changes to 1% below. After those first two years, the mortgage payment returns to th...

Americans are about to see the biggest increase in their home heating bills in more than 10 years, and it's not just because of inflation. A new report from the National Energy Assistance Directors Association (NEADA), which represents the state directors of the Low Income Home Energy Assistance Program (LIHEAP), projects a 17.2% jump in average home heating costs this winter compared to last year, and a 42% jump in the cost of household electricity compared to the winter just before the pandemic hit. The latest increase is the result of sky-high summer temperatures that sent the price of natural gas soaring as some customers cranked up their air conditioners to cool their homes, according to NEADA executive director Mark Wolfe. That spike in demand pushed prices higher, and was exacerbated by the retirement of coal-fired and nuclear plants, in favor of electric generators. Meanwhile, natural gas production has been slow to come back online after waves of shutdowns during the Covi...

WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. The economy gained 315,000 jobs in August, a still-solid figure that pointed to an economy that remains resilient despite rising interest rates, high inflation and sluggish consumer spending. Friday’s report from the government also showed that the unemployment rate rose to 3.7%, up from a half-century low of 3.5%. Yet that increase was also an encouraging sign: It reflected a long-awaited rise in the number of Americans who are looking for work. “It’s a very positive report and still holds open the possibility for a soft landing,” said Ellen Gaske, an economist at PGIM Fixed Income, referring to the Fed’s goal of slowing the economy enough to cool inflation without going so far as to cause a recession. Prices are rising at nearly the fastest pace in 40 years, which has handed congressional Repu...

Consumers who have been squeezed by higher prices may be experiencing a little relief. Fewer adults now say they are living paycheck to paycheck, according to a new LendingClub report. As of July, 59% of Americans   said they lived paycheck to paycheck, down from 61% in June but still higher than a year ago, when the number of adults who felt stretched too thin was 54%. Lower-income workers have been the hardest hit by price spikes this year, particularly for food and other staples, since those expenses account for a bigger share of the budget, studies show. Roughly three-quarters of consumers annually earning less than $50,000 and 63% of those earning between $50,000 and $100,000 were living paycheck to paycheck in July, based on LendingClub’s numbers. Even though top earners have also been struggling to make ends meet, wealthier Americans feel less financially strained, the report found. Of those earning $200,000 or more, roughly 30% reported living paycheck to paycheck, down from ...

Family grocery bills are on the rise with higher prices for most items, accentuated by significant increases in the cost of eggs, chicken, bacon and beef. But unless shoppers are taking notes, it can be hard to really see which items are seeing the biggest spikes. NBC News is monitoring the average point- of -sale prices and how much those prices have changed since July 2021 for six popular supermarket items: orange juice , eggs, chicken breasts , fresh ground beef, bacon and bread. Readers can use this interactive chart to see how the price they have paid for groceries differs from the national average or from the prices shoppers paid in other major metro areas. The goal is to track the impact of inflation on consumers’ wallets during the pandemic and as the economy reopens. The White House has said inflation is on the rise and here to stay. The NBC News grocery price tracker is one measure of the outcomes of President Joe Biden's economic policies for everyday people. The Federa...

Customers buying pork at a food market in Shanghai, China. Prices of pork, a food staple in China, rose by 20.2% in July 2022 compared to a year ago, official data showed. Qilai Shen | Bloomberg | Getty Images BEIJING — China's consumer price index hit a two-year high in July as pork prices rebounded, according to official data released Wednesday. Prices of pork, a food staple in China, rose by 20.2% in July from a year ago. It marked the first increase since September 2020, according to official data accessed through Wind Information. In fact, pork prices posted their largest month-on-month surge on record — up by 25.6%, the data showed . Farmers' reluctance to sell — in hopes of getting higher prices in the future — contributed to July's pork price surge, said Bian Shuyang, agricultural products analyst at Nanhua Futures, in a statement. Looking ahead, Bian expects it will be difficult for pork prices to surpass July's levels. Two Chinese holidays in September ...

As inflation rates hit 40-year highs, a surge of new drivers are joining Uber's platform in the hopes of earning extra cash. In the company's earnings call Tuesday morning, CEO Dara Khosrowshahi estimated that more than 70% of drivers said inflation had played a part in their decisions to join the ride-hailing service. "To some extent, we could be seeing evidence where it’s helping us in that it’s a very significant consideration base for drivers coming on to the system," Khosrowshahi said of inflation. Khosrowshahi estimated that drivers can earn as much as $37 for every hour they're on the platform, while drivers who drive for both Uber and UberEats earn $30. Uber announced new features last week aimed at improving drivers' experiences. Drivers will now be able to see how much they'll earn and where they'll be going before they accept trips . And they can view more than one trip request at a time. Uber said the changes would also help lower wait ti...