Morning Business Report: Major rail merger, Mars investment, Americans’ screen habits 41NBC News

Union Pacific and Norfolk Southern have announced plans for a $71 billion merger.

(LILAMAX)- Union Pacific and Norfolk Southern have announced plans for a $71 billion merger, combining their networks to create a 50,000-mile rail system stretching from New Jersey to California’s ports.

Union Pacific says the merger will enhance supply chain efficiency and speed up shipping times. However, regulators are expected to scrutinize the deal closely to ensure it doesn’t give the combined company too much control over the U.S. rail market.

Small business growth remained stable in July, according to new data from Paychex. The report also found consistent wage increases for companies with fewer than 50 employees. Job growth was led by the education and health services sectors.

Stocks fell on Tuesday as investors await the Federal Reserve’s decision on interest rates, expected later today. Market sentiment was also weighed down by mixed earnings reports from major companies.

Mars, the candy and snack giant, announced it will invest $2 billion into expanding its U.S. manufacturing footprint. The investment will support scaling of popular brands and recent acquisitions, including the construction of a new Nature’s Bakery facility in Utah. The company said 94% of its products sold in the U.S. are now made domestically.

A new survey reveals that Americans now spend nearly half of their day connected to the internet. Time is split almost evenly between watching videos or TV shows and engaging in work, browsing, and online shopping.

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