Bloomberg Money Minute: Starbucks Restructuring, Waymo for Business, and Economic Updates

Economic Growth and Market Reaction

• 📈 The U.S. economy grew in the second quarter at its fastest pace in nearly two years, driven by an upward revision in consumer spending.
• 📉 Jobless claims have tumbled, indicating the economy is resilient despite elevated interest rates.
• 📊 Markets slightly reduced bets on interest rate cuts following the latest economic reports, showing continued confidence in economic stability.

Starbucks Restructuring

• ☕ Starbucks announced plans to cut approximately 900 jobs and close some stores as part of a significant restructuring effort.
• 📌 Shares of Starbucks showed little change in early trading following the announcement.

Waymo for Business Launch

• 🚗 Waymo is introducing a new product called Waymo for Business, allowing companies to offer rides in its robo-taxis.
• 📍 This service targets employers, event organizers, and universities in San Francisco, Los Angeles, and Phoenix, cities where Waymo already operates paid ride services.