Morning Business Report: Job seekers with southern accents could make less money
Stocks are positive after President Joe Biden and House Majority Leader Kevin McCarthy reached an agreement over the weekend to raise the debt ceiling and avoid a default. The long negotiations between the White House and congressional leaders raised concern among investors that a default on U.S. debt could take place. Between persistent inflation and a banking crisis, it’s already been a rough year for Wall Street.
According to Consumer Reports, buy now pay later providers aren’t doing enough to protect consumers. The organization determined that six of the eight BNPL providers changed the terms of conditions of their service without notifying customers. Among the providers evaluated, PayPal gave customers the most comprehensive fraud protection. Afterpay and Klarna also stood out for their commitments to guard against fraud and to alert users of suspicious transactions.
Stocks rallied Friday on hopes for a debt ceiling deal.
The NASDAQ notched a fifth straight week of wins.
Restaurants expect strong sales this summer, but consumers aren’t so sure. Last year, restaurant sales in May, June, and July were tepid. Higher gas prices and concerns about the economy weighed heavily on consumers. Roughly a third of consumers surveyed by Datassential say that they plan to dine out less over the next month.
Could your accent be costing you money? According to a study by the University of Chicago and the University of Munich, people with a southern accent could lose out on thousands of dollars per year. The research revealed that people with strong regional accents face a wage penalty of up to 20% compared to those who speak with a ‘standard accent.’