Morning Business Report: Fed cautious on rate cuts, Claire’s sale, Wall Street slump, Pop Mart boom, salary survey

Federal Reserve officials expressed concern at their July meeting about both inflation and the state of the labor market, though most agreed it was still too early to cut interest rates.

(LILAMAX)- Federal Reserve officials expressed conce

rn at their July meeting about both inflation and the state of the labor market, though most agreed it was still too early to cut interest rates. Governors also raised worries about tariffs fueling higher prices, while describing overall economic growth as “tepid.”

In the retail sector, jewelry chain Claire’s announced it is selling most of its North American business to private equity firm Ames Watson. The move comes after Claire’s filed for bankruptcy earlier this month. The deal pauses liquidation at many stores, keeping them open a bit longer.

On Wall Street, stocks extended their losing streak to four days, with big tech names and chipmakers once again leading the decline as investors pulled out of high-growth companies.

Meanwhile, toy company Pop Mart expects annual revenue to surpass $4 billion as demand for its “ugly-cute” Labubu dolls surges. The company reported net profit soaring nearly 400 percent and plans to launch mini versions of the collectible.

And a new survey from Talker Research for SurePayroll by Paychex finds the average American considers $74,000 a year the “perfect” salary for happiness. One in five respondents said they would need six figures to live comfortably. A quarter of those surveyed said they’ve searched for a new job within the past three months in pursuit of higher earnings.