Morning Business Report: Prime Day spending jumps as retailers, automakers and job market face changing economy
Amazon's Prime Day and competing sales events helped drive a surge in online spending, offering a glimpse into how consumers are responding to discounts amid ongoing economic uncertainty.
(LILAMAX)- Amazon’s Prime Day and competing sales events helped drive a surge in online spending, offering a glimpse into how consumers are responding to discounts amid ongoing economic uncertainty.
According to Adobe, Americans spent $26 billion online across all retailers during Amazon’s annual Prime Day event, a 9% increase from last year. Discounts were similar to those offered in 2025, with the biggest savings found in electronics and apparel, both averaging about 24%.
The strong sales suggest retailers may need to continue offering steep discounts to persuade shoppers to purchase big-ticket items during the upcoming holiday shopping season.
Meanwhile, reports indicate Volkswagen is planning major workforce reductions as it faces growing competition from lower-cost Chinese automakers and the impact of tariffs. Reuters reports the company could eliminate up to 100,000 jobs and halt production at some plants. A final decision is expected at a July 9 meeting.
On Wall Street, technology stocks ended last week lower in what traders dubbed a “chipwreck.” Investors will be closely watching Thursday’s monthly jobs report for new clues about the health of the U.S. economy.
The job market is also becoming more challenging for newly graduated MBA students. The Wall Street Journal reports the median starting salary is expected to fall to $120,000 in 2026, down from $125,000 in 2025. A survey by the Graduate Management Admission Council found employers are placing greater emphasis on artificial intelligence skills when hiring.
July marks National Ice Cream Month, a new survey from Talker Research and Tillamook found Americans remain devoted to the frozen treat. Researchers estimate Americans eat enough ice cream each summer to fill 113 football stadiums, while nearly all respondents said they enjoy at least one scoop during a typical week.
