MoneyWatch

In a world increasingly troubled by the persistent harm that plastic — manufactured in petrochemical plants — has had on the environment, companies are investing billions of dollars to ramp up production of plastics made from natural, renewable materials that can be safely composted or can break down under the …

A North Texas city is on the verge of running out of water as a historic drought grips the region. Gunter, Texas — a town of 2,500 north of Dallas — relies on three wells, two of which have been broken for a month. After increasingly tightening lawn-watering restrictions, the …

Low-wage workers aren’t the only group of Americans regularly spending most or all of their paychecks.  A greater share of Americans who earn more than $250,000 annually are spending all of what they bring in, compared with workers earning less than $100,000, according to a new analysis from the Bank of …

With gas prices climbing to record highs, more consumers are considering buying an electric vehicle, according to a survey from motor club AAA.  About one-quarter of Americans say they want to get an electric vehicle as their next car purchase, the survey released Wednesday found. Many consumers, however, are worried about the rising …

A fundraiser set up to help 2-year-old Aiden McCarthy, whose parents were both killed in Monday’s mass shooting during a July 4th parade in Highland Park, Illinois, has raised about $2.6 million since it was created on Tuesday.  As of Wednesday evening, the GoFundMe has raised $2.58 million, with its …

Carrying credit card debt is getting more financially wasteful for consumers as the Federal Reserve jacks up interest rates in a bid to tame soaring inflation.  The Fed recently hiked interest rates by 75 basis points, making borrowing more expensive. Credit card issuers are now expected to raise their annual percentage …

Ikea plans to sell factories, shut down offices and reduce its workforce of nearly 28,000 in Russia over Moscow’s invasion of Ukraine, the Swedish furniture retailer announced on Wednesday. The world’s biggest furniture brand in early March said it would temporarily close stores and postpone sourcing in Russia as it …

A blazing-hot housing market is starting to cool across the U.S., a sign of hope for potential homebuyers who have spent months shopping for a new home amid the most daunting circumstances in decades.  The combination of rising mortgage rates and skyrocketing home prices have prompted some buyers to bail …

With stock markets swooning, inflation running hot and Russia’s war in Ukraine devolving into a prolonged stalemate, Americans are understandably worried about their financial prospects and the state of the U.S. economy.  The stock market on Wednesday suffered its biggest drop in two years as large retailers acknowledged that rising …

Carvana, blaming a “recession” in auto sales, said it is cutting 2,500 jobs and informed some workers of the layoffs via Zoom. The online car retailer also sent an email to workers from CEO Ernie Garcia III that said most of the cuts would be in the company’s operations division.  …