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Profit predictions: More companies are warning that a surge in the cost of fuel and employee pay hikes will eat into profits this quarter. Companies from aerospace manufacturers to package delivery giant UPS are still digesting big new labor deals. Meanwhile, unions from the auto industry to Hollywood are pushing for better compensation. Airlines, whose biggest expenses are jet fuel and labor, are getting hit particularly hard. Read more from CNBC.
Graves’ quest: Louisiana Republican U.S. Rep. Garret Graves is escalating his latest effort to eliminate the Social Security penalty for teachers, police and other workers who also have government pensions, announcing he and Virginia Democratic Rep. Abigail Spanberger have secured 291 cosponsors as they press for a House vote. USA Today Network has the full story.
Interest costs: Federal Reserve losses breached the $100 billion mark, central bank data released on Thursday showed, and they’re likely to go a lot higher before the red ink stops. The U.S. central bank is continuing to pay out more in interest costs than it takes in from the interest it earns on bonds it owns and from the services it provides to the financial sector. Read the full story from Reuters.
