EDG News

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Energy giant BP’s revised plans to cut 6,200 jobs by year’s end, many of those at its U.S. headquarters in Houston, arrived as several firms are reducing costs in response to shifts in oil pricing, automation and federal government policy toward renewable energy. U.S.-based energy firms announced 8,416 job reductions in the first seven months of 2025, up from 6,282 in the year-earlier period, according to outplacement firm Challenger, Gray & Christmas.

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July’s total U.S. household spending rose $112.3 billion, or 0.4%, from the prior month, led by categories including motor vehicles, insurance and housing, as a closely watched inflation index also moved higher ahead of the Federal Reserve’s next meeting on interest rates.

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A U.S. District Court this week decided Google will not have to divest its Chrome browser or Android phone operating system after the Department of Justice sought to break up the technology giant on antitrust grounds.

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Ford Motor Co. is set to open its new 2.1 million-square-foot world headquarters in Dearborn, Michigan, in November after nearly 70 years in a nearby glass office building that the automaker said would be demolished.

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Home Depot officials this week said small price increases for some products are likely on the way, as the nation’s largest home improvement retailer joins other firms in responding to cost pressures from current and pending hikes in import tariffs. Specific product pricing plans were not announced, though Home Depot officials said pullbacks in discounting are also likely on the way.

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Residential builders and developers reported more stringent credit conditions in the second quarter compared with the prior period, marking the 14th consecutive quarter of tightening credit availability, according to the latest national survey by the National Association of Home Builders.

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July’ annual U.S. inflation rate was 2.7%.

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U.S.-based employers announced 85,979 job reductions during August, up 39% from the prior month and 13% higher than a year earlier, according to Challenger, Gray & Christmas. The outplacement firm said that was the highest August tally since 2020, when 115,762 jobs were cut in the early pandemic period.

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More consumers are facing difficulties in landing new jobs, among the latest indicators of rising pressures on businesses as hiring slows down. Government data showed the U.S. gaining just 22,000 jobs in August after a 79,000 rise in July and a decline of 13,000 for June.

Kraft Heinz plans company split; Construction spending declines; Monthly CEO exits head lower

Kraft Heinz Co. plans to split into two separate companies a decade after a high-profile merger, as one of the world’s largest food makers joins other firms responding to slowing sales and shifting consumer tastes.

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Tech giant Microsoft is further increasing what is already a considerable number of 2025 job reductions as it joins other firms pivoting to artificial intelligence and emerging technologies. Microsoft will also increase the number of days that employees have to work in the office starting in February.

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The volume of U.S. mortgage applications rose 3.1% from the prior week for the week ended Aug. 1, aided by recent easing in loan interest rates, according to the Mortgage Bankers Association’s latest tracking.

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Sales of newly built single-family homes remained buffeted in July by factors such as elevated interest rates and building costs, declining 0.6% from the prior month and dropping 8.2% from a year earlier, the government reported Monday.

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The pace of nonresidential U.S. projects heading into planning picked up considerably in the latest monthly tracking by Dodge Construction Network, led by categories such as data centers, warehouses and hotels.

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South Korean President Lee Jae Myung warned that companies from his country will be “very hesitant” to invest in the United States after last week’s major immigration raid at a Hyundai auto manufacturing plant in Ellabell, Georgia.

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August’s costs that U.S. companies incurred to produce goods and services posted an unexpected 0.1% decline from the prior month, with the annual rate of cost escalation at 2.6%, down from 3.3% in the prior month. But the latest Labor Department numbers showed costs remaining elevated by historical standards in several categories, including some construction materials.

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August’s U.S. retail and food service sales rose 0.6% from the prior month and topped the year-earlier figure by 5%, the Commerce Department reported Tuesday. Consumers spent $732 billion, with monthly gains led by categories such as online-only retailers, clothing and sporting goods stores.

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U.S. spending at retail outlets bounced back in July as consumers looked to buy items ahead of import tariffs taking effect. Excluding auto and gasoline transactions, sales were up about 1.5% from the prior month and increased 5.9% from a year earlier, according to the latest tracking by researchers at the National Retail Federation and CNBC.

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The U.S. economy grew at an annual rate of 3.3% in the second quarter, revised from a previously reported 3%, the Commerce Department reported Thursday. Consumer spending was among factors helping gross domestic product expand beyond analysts’ prior forecasts.

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Yum Brands and its global franchisees opened 871 new locations in the second quarter, as the parent company of Taco Bell, KFC and Pizza Hut stands by plans to grow its store count by around 5% annually despite slowing sales facing many dining chains in the current economy.

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Federal tax changes in the recently passed “big beautiful bill” could further turbocharge what’s already a steady current of U.S. manufacturing plant developments as companies seek to minimize impacts of trade tariffs, according to a report from NAIOP.

Along with KDOT receiving top honors for Longmeadow Parkway from APWA Chicago Metro Chapter, Thomas Rickert, KDOT’s Deputy Director and Chief of Staff, was recently awarded the 2025 APWA Professional Manager of the Year –Administrative Management for his service to Kane County and the broader Chicagoland metro area as evidenced by 37 years of leadership for Kane County, the Kane Kendall Council of Mayors as Executive Director, APWA, and CMAP serving on regional committees.

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July’s U.S. retail and food service sales increased 0.5% from the prior month and grew 3.9% from a year earlier, led by cars and home furnishings, even as the latest consumer surveys showed lingering concerns over inflation and slowing job growth.

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Walmart posts gains despite tariff pressures Walmart’s latest quarterly sales grew 4.8% from a year earlier, topping analyst estimates, as the world’s largest retailer projected similar growth numbers for the full fiscal year. But the Bentonville, Arkansas-based operator of more than 10,000 stores is carefully gauging the effects of import tariffs that are weighing on profits of major retailers, and it is raising prices as needed. “There are certainly areas where we have fully absorbed the impact of higher tariff costs

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The Trump administration is considering taking an equity stake in Lockheed Martin and other defense and munitions companies, according to Commerce Secretary Howard Lutnick. Such a move would follow the government’s recent agreement with Intel to acquire $8.9 billion in its stock, amounting to a nearly 10% stake in the chipmaker.