Business Highlights
Roundup of top economy stories
WASHINGTON — The Supreme Court has stopped a major push by the Biden administration to boost the nation’s COVID-19 vaccination rate, a requirement that employees at large businesses get a vaccine or test regularly and wear a mask on the job. At the same time, the court is allowing the administration to proceed with a vaccine mandate for most health care workers in the U.S. The court’s orders Thursday came during a spike in coronavirus cases caused by the omicron variant. The court’s conservative majority concluded the administration overstepped its authority by seeking to impose the Occupational Safety and Health Administration’s vaccine-or-test rule on U.S.
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WASHINGTON — Months after requesting documents from more than a dozen social platforms, the House committee investigating the Capitol insurrection has issued subpoenas targeting Twitter, Meta, Reddit and YouTube after lawmakers said the companies’ initial responses were inadequate. The committee chairman, Rep. Bennie Thompson, demanded records Thursday from the companies relating to their role in allegedly spreading misinformation about the 2020 election and promoting domestic violent extremism on their platforms in the lead-up to the insurrection on Jan. 6, 2021. “Two key questions for the Select Committee are how the spread of misinformation and violent extremism contributed to the violent attack on our democracy, and what steps — if any — social media companies took to prevent their platforms from being breeding grounds for radicalizing people to violence,” Thompson, D-Miss., said in the letter.
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WASHINGTON — Prices at the wholesale level surged by a record 9.7% for all of 2021, setting an annual record and providing further evidence that inflation is still present at all levels of the U.S. economy. The Labor Department reported Thursday that its producer price index, which measures inflation before it reaches consumers, did slow on a monthly basis, rising just 0.2% in December compared with November, when prices had shot up 1%. The 12-month increase in wholesale inflation of 9.7% was also lower than a revised 9.8% increase for the 12 months ending in November. However, the government uses the December to December change for the yearly increase and on that basis the 9.7% rise was the fastest annual jump on record, far above the 0.8% increase in 2020 and the 1.4% rise in 2019.
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ATLANTA (AP) — Delta Air Lines lost $408 million in the final quarter of 2021, dragged down by a COVID-19 surge that rocked the airline in December, and the carrier predicted Thursday that it will suffer one more quarterly loss before travel perks up in spring and summer. CEO Ed Bastian said 8,000 employees have contracted COVID19 over the last four weeks. Sick workers and winter storms have led to more than 2,200 cancelled flights since Dec. 24. Cancellations have dropped sharply in the past few days — Bastian said Delta had only two coronavirus-related cancellations on Wednesday — but the spate of spiked flights cost the airline $75 million and the latest outbreak, caused by the omicron variant of the virus, is expected to push the industry’s recovery back by two months.