Afternoon Coffee: Consumer Sentiment Drops in July, UPS Buys Coyote Logistics

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US consumers are slightly less confident about the economy this month compared to June. Consumer sentiment fell to 93.1, down from the June reading of 96.1 and lower than economists were expecting.

UPS will acquire Chicago-based Coyote Logistics for $1.8 billion. Coyote has a network of 35,000 contract carriers as well as existing software geared toward short-term delivery services.

The UK will now require companies doing business in the country to report what steps they are taking to rid their supply chains of slave labor. Starting in October, companies will have to disclose this information in an annual report.

Exxon Mobil Corp. reported its quarterly profit has dropped by more than 50% and earnings fell by almost $6 billion due to declining oil prices. Exxon’s second quarter profit was its lowest since 2009.

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