Evelyn Reynolds
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- in Economy
Funeral Homes Are Forced to Innovate as Consumer Preferences Shift
“Making It Work” is a series about small-business owners striving to endure hard times.When a young hunter died, Lanae Strovers didn’t plan a funeral service with organ music and the Lord’s Prayer. After Ms. Strovers, a director at Hamilton’s Funeral Home in Des Moines, Iowa, heard the man’s family wish for one last hunt with him, she asked a gunsmith to put his cremated remains into some shotgun shells. Then she helped the family plan a hunt in his honor.For a beloved Little League coach, Ms. Strovers turned her funeral home into a mock baseball field, with bases, a popcorn machine and hot dogs. She created a circus — bouncy house, snow cones and all — to commemorate a child taken too soon. She hosted a cocktail hour for a woman who had been a model and fashion designer, building a runway and dressing mannequins in her clothing. In recent decades, the national cremation rate has skyrocketed. That’s led profits from funeral services to drop. At the same time, the costs of gasoline, embalming chemicals and staffing have risen. With the steadfast industry on uncertain footing, funeral directors have been forced to innovate.Lanae Strovers at Hamilton’s Funeral Home in Des Moines, Iowa, next to a coffin-like container used to transport cremation ashes.Eric Ruby for The New York TimesIn preparation for a memorial service, photos of the deceased would be placed on this table at Hamilton’s Funeral Home. Eric Ruby for The New York Times“ I don’t want to say that we’re going to become party planners,” said Ms. Strovers, who is a spokeswoman and trainer for the National Funeral Directors Association. “But I think that those two lines are crossing over and we just need to open up our thought process and be there to help the families.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
- in Economy
How Trump China Tariffs Hit One Shipment of T-Shirts
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- in Economy
The World Is Wooing U.S. Researchers Shunned by Trump
As President Trump guts American research institutions, world leaders see a “once-in-a-century brain gain opportunity.”Help Wanted. Looking for American researchers.As President Trump cuts billions of federal dollars from science institutes and universities, restricts what can be studied and pushes out immigrants, rival nations are hoping to pick up talent that has been cast aside or become disenchanted.For decades, trying to compete with American institutions and companies has been difficult. The United States was a magnet for top researchers, scientists and academics. In general, budgets were bigger, pay was bigger, labs and equipment were bigger. So were ambitions.In 2024, the United States spent nearly $1 trillion — roughly 3.5 percent of total economic output — on research and development. When it came to the kind of long-term basic research that underpins American technological and scientific advancements, the government accounted for about 40 percent of the spending.That’s the reason political, education and business leaders in advanced countries and emerging economies have long fretted over a brain drain from their own shores. Now they are seizing a chance to reverse the flow.In 2024, the United States invested nearly $1 trillion in research and development.Hilary Swift for The New York Times“This is a once-in-a-century brain gain opportunity,” the Australian Strategic Policy Institute declared, as it encouraged its government to act.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
- in Economy
Carvana, a Used Car Retailer, Thinks Trump’s Tariffs Could be Good for Business
The chief executive of Carvana, which sells used cars online, said President Trump’s tariffs could help his company by increasing demand for its vehicles.Automakers are worried that President Trump’s tariffs on imported cars and auto parts will soon increase their costs and start eating into profits.But at least one business in the auto industry thinks the tariffs could give it a lift. That company is Carvana, an online retailer of used cars that has gained fame for storing vehicles in distinctive “vending machine” towers.The Trump tariffs, which include levies of 25 percent on vehicles made in Mexico, Canada, Germany and many other nations, are widely expected to raise the prices new cars and trucks, forcing more car shoppers to opt for a used vehicle. An agreement to lower tariffs on Chinese imports that the administration announced on Monday will not change the tariffs on cars and auto parts.“To the extent that car prices go up, Carvana is probably positioned to be relatively advantaged as consumers look for high-quality cars at a lower price,” the company’s founder and chief executive, Ernie Garcia, said in an interview last week. “We think that will cause them to shift into used vehicles and into the savings that are available via online buying.”Mr. Trump has said he imposed tariffs in hopes of forcing manufacturers to make more goods and create more factory jobs in the United States, although he has also claimed that tariffs would help achieve other goals like reducing unauthorized immigration and drug smuggling.Automakers are bracing for the impact.In the past several days, General Motors said the tariffs would increase its costs by $2.8 billion to $3.5 billion this year, even accounting for measures the company is taking to adapt. Ford Motor, which makes more vehicles domestically than G.M., estimated the tariffs would cost it $1.5 billion on a net basis. Toyota Motor, which imports many vehicles from its home country of Japan, said the tariffs would cost it $1.3 billion in March and April alone.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
- in Economy
Annual inflation rate hit 2.3% in April, less than expected and lowest since 2021
The consumer price index rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021.
Core CPI also increased 0.2% for the month, while the year-over-year level was 2.8%.
Egg prices tumbled, falling 12.7%, though they were still up 49.3% from a year ago.
While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go between now and the summer.Inflation was slightly lower than expected in April as President Donald Trump’s tariffs just began hitting the slowing U.S. economy, according to a Labor Department report Tuesday.
The consumer price index, which measures the costs for a broad range of goods and services, rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021, the Bureau of Labor Statistics said. The monthly reading was in line with the Dow Jones consensus estimate while the 12-month was a bit below the forecast for 2.4%.Excluding volatile food and energy prices, core CPI also increased 0.2% for the month, while the year-over-year level was 2.8%. The forecast was for 0.3% and 2.8% respectively.
The monthly readings were a bit higher than in March though price increases remain well off their highs of three years ago.
Markets reacted little to the news, with stock futures pointing flat to slightly lower and Treasury yields mixed.
Shelter prices again were the main culprit in pushing up the inflation gauge. The category, which makes about one-third of the index weighting, increased 0.3% in April, accounting for more than half the overall move, according to the BLS.After posting a 2.4% slide in March, energy prices rebounded, with a 0.7% gain. Food saw a 0.1% decline.
Used vehicle prices saw their second straight drop, down 0.5%, while new vehicles were flat. Apparel costs also were off 0.2% though medical care services increased 0.5%. Health insurance increased 0.4% while motor vehicle insurance was up 0.6%.
Egg prices tumbled, falling 12.7%, though they were still up 49.3% from a year ago.
While the April CPI figures were relatively tame, the Trump tariffs remain a wild card in the inflation picture, depending on where negotiations go between now and the summer.
In his much-awaited “Liberation Day” announcement, Trump slapped 10% duties on all U.S. imports and said he intended to put additional reciprocal tariffs on trading partners. Recently, though, Trump has backed off his position, with the most dramatic development a 90-day stay on aggressive tariffs against China while the two sides enter further negotiations.
Markets expect the president’s softening position to lead to less of a chance of interest rate cuts this year. Traders had been expecting the Federal Reserve to start easing in June, with at least three total reductions likely this year.
Since the China developments, the market has pushed out the first cut to September, with just two likely this year as the central bank feels less pressure to support the economy and as inflation has held above the Fed’s 2% target now for more than four years.
The Fed relies more on the Commerce Department’s inflation gauge for policymaking, though CPI figures into that index. The BLS on Thursday will release its April reading on producer prices, which is seen as more of a leading indicator on inflation. More - in Economy
‘The Germans are back:’ Business leaders tell government it’s time to deliver
Buoyed by recent positive market sentiment for Europe’s largest economy, attendees at the summit were united in their call for the new administration to step up and honour campaign promises.
But the government won’t be allowed too many missteps as business leaders warned against a “lazy summer” for the new administration.TEGERNSEE, Germany — Top German business leaders, economists and politicians descended onto a small, picturesque Bavarian town situated next to the iconic Tegernsee lake last week to share their hopes and discuss what’s at stake for the new government.
Buoyed by recent positive market sentiment for Europe’s largest economy, attendees at the summit were united in their call for the new administration to step up and honour campaign promises. Any missteps would likely not be tolerated, with some business leaders warning the government cannot allow itself a “lazy summer.”Despite rain and low hanging clouds providing a somewhat dreary backdrop to the event, which has been dubbed the “Davos of Germany,” the promise of new beginnings enveloped the summit and the atmosphere was buzzing with excitement for potential changes the newly-appointed Chancellor Friedrich Merz could initiate.
The view across the Tegernsee from the Ludwig Erhard Summit
Sophie Kiderlin, CNBCBig expectations for the government were commonplace, with concerns about Germany’s struggling economy and recent political turmoil seemingly having faded into the background.
The German DAX index is currently up over 18% since the beginning of this year, frequently hitting record highs in recent months. The German economy has however been in stagnation territory for over two years now, with tensions over economic, fiscal and budget policy in the previous ruling coalition and its eventual breakup continuing to weigh on expectations.
“There are very high hopes now on the new government,” Patrick Trutwein, chief risk officer and chief operating officer at the IKB Deutsche Industriebank AG, said during a panel moderated by CNBC’s Annette Weisbach.
He said he was feeling positive about Germany’s future considering the announcement of the major fiscal package enshrined in Germany’s constitution, as well as further potential reforms ahead and “an economy that’s pretty robust and can build on its own … productivity and competencies.”Matthias Voelkel, CEO of Boerse Stuttgart Group, was among those feeling hopeful.
“If we look ahead and if they [the new government] do the right thing, I’m optimistic,” he told CNBC.
Audi CEO Gernot Döllner meanwhile said in a fireside chat that he was hopeful that the new government would “send an impulse into the German economy.”
The mood was also upbeat in Germany’s auto sector, which has long been struggling with competition from China, pressures from the transition to electric vehicles and has recently been hit by U.S. tariffs.
“The Germans are back,” Hildegard Müller, president of the German Association of the Automotive Industry, told CNBC’s Weisbach Friday. “We are competitive,” she added.A talk at the Ludwig Erhard Summit.
Sophie Kiderlin, CNBCBut amid the positive buzz, it was clear that observers are keeping a close eye on the governments every move.
“This new government in Germany cannot allow itself a political lazy summer, I’m sorry, they’ve got to work and they’ve got to work hard,” said Karl-Theodor zu Guttenberg, chairman of Spitzberg Partners and former German politician.
Or as Veronika Grimm, member of the German Council of Economic Experts, told CNBC: “A lot lies ahead for the government.”Germany’s new economy boss has a plan — and it starts with risk, speed and big bets
Overal the message was clear: Germany needs to get its act together.
Alexander Horn, general manager of Eli Lilly’s Germany arm — Lilly Germany — said the business strongly welcomes the new government’s goals, but won’t tolerate any caveats.
“Specifically we expect that the declarations of intent that are in the coalition agreement will be implemented quickly, speed plays an enormously big role,” he said during a panel, according to a CNBC translation.
Boerse Stuttgart Group’s Voelkel indicated his optimism relied on action from the government, saying he was looking for moves towards “less bureaucracy, less anti-growth regulation, more innovation and particularly strengthening investment.”The newly minted German government has set itself many of these points as policy goals, making promises to boost the country’s economy, reduce bureaucracy and boost innovation and investment during the election campaign and in its coalition agreement.
“This country needs an economic turnaround. After two years of recessions the previous government had to announce again [a] zero growth year for 2025 and we really have to work on this,” German economy minister Katherina Reiche told CNBC on the sidelines of the summit. More - in Economy
Tariff Truce With China Demonstrates the Limits of Trump’s Aggression
President Trump’s triple-digit tariffs on Chinese products disrupted global trade — but haven’t appeared to result in major concessions from Beijing.President Trump’s decision to impose, and then walk back, triple-digit tariffs on Chinese products over the past month demonstrated the power and global reach of U.S. trade policy. But it was also another illustration of the limitations of Mr. Trump’s aggressive approach.The tariffs on Chinese goods, which the United States ratcheted up to a minimum of 145 percent in early April, brought much trade between the countries to a standstill. They caused companies to reroute business globally, importing less from China and more from other countries like Vietnam and Mexico. They forced Chinese factories to shutter, and brought some American importers to the verge of bankruptcy.The tariffs ultimately proved too painful to American businesses for Mr. Trump to sustain. Within weeks, Trump officials were saying that the tariffs the president had chosen to impose on one of America’s largest trading partners were unsustainable, and that they were angling to reduce them.Trade talks between the world’s largest economies in Geneva this weekend concluded with an agreement to reduce stiff levies on each other’s products by more than many analysts had anticipated. Chinese imports will face a minimum tax of 30 percent, down from 145 percent. China will lower its import duty on American goods to 10 percent from 125 percent. The two countries also agreed to hold talks to stabilize the relationship.It remains to be seen what agreements can be reached in future negotiations. But the talks this weekend, and the tariff chaos of the past month, did not appear to generate any other immediate concessions from the Chinese other than a commitment to keep talking. That has called into question whether the trade disruptions of the past month — which led many American businesses to cancel orders for Chinese imports, freeze expansion plans and warn of higher prices — were worth it.“The Geneva agreement represents an almost complete U.S. retreat that vindicates Xi’s decision to forcefully retaliate,” said Scott Kennedy, a China expert at the Center for Strategic and International Studies, referring to Xi Jinping, the Chinese leader.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More
