Uneasy About the Economy, Americans Are Spending Anyway
The New York Times
Retail sales jumped 1.7 percent in October, the third monthly increase, a rise that highlighted the resilience of the U.S. economy.
American consumers are dour about the economy, worried about inflation and pessimistic about the direction of the country in general.
But none of that is keeping them from spending.
Retail sales set a record in October, before adjusting for inflation, as shoppers splurged on electronics and home-improvement projects. Major retailers like Walmart are posting strong profits. And Wall Street forecasters are predicting a holiday season that looks less like pandemic-constrained 2020 than like 2019, when a strong labor market powered robust sales.
General Motors and other foreign automakers are selling fewer cars and losing lots of money in China, where domestic electric and hybrid cars have taken off.
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
Pat Gelsinger stepped down after nearly four years at the helm of the onetime highflying company, Intel said Monday.
New rules prohibit the sale of certain types of chips and equipment to China, in an effort to close loopholes and cement the Biden administration’s legacy in countering the U.S. rival.
The company, facing slumping sales, announced that Carlos Tavares would step down immediately and that a search for a new chief was underway.
Business owners say card transaction fees are a growing monthly expense, one often passed to consumers. They’re cheering efforts to lower them.
Data on spending this week shows consumers are being drawn to discounts. Online Black Friday sales picked up at a faster pace this year than in-store shopping, Mastercard reported.