Spending Strength Meets Trade and Retail Challenges
Holiday sales climbed, jobless claims fell, producer prices edged higher, Canadian travel declined, and Saks Global entered bankruptcy protection.
Fewer Canadians Visiting U.S. in Wake of Trade War, ’51st State’ Talk
The number of Canadians paying a visit to the United States dropped by nearly a third last year amid the U.S. trade war and President Donald Trump’s continued assertion that Canada should become the country’s 51st state. Read Full Article
Shoppers Increased Spending Over Holiday Season
American shoppers shrugged off any pressure that might exist in the economy, increasing their spending during the holiday season.
Shoppers upped spending in November from October, according to statistics released by the Commerce Department, which said Wednesday that retail sales rose a better-than-expected 0.6% in November. According to a report from The Associated Press, that followed a revised 0.1% decline in October. The Commerce Department report was delayed more than a month because of the 43-day government shutdown. Read Full Article
Delayed Report: Producer Price Index Rose Slightly
It took awhile, but the Labor Department issued producer price index numbers Wednesday after the report was delayed by the federal government shutdown.
When they did release the numbers, it turns out wholesale prices in the U.S. went up a bit in November. Read Full Article
Fewer Workers Seek Benefits; Unemployment Rate Falls Slightly
The numbers of American workers seeking unemployment benefits dropped last week despite some concern about a potentially weakening job market.
According to statistics released by the Labor Department Thursday, filings for jobless aid for the week ending Jan. 10 fell to 198,000, 9,000 fewer than the previous week. The figure was significantly less than the 215,000 that analysts polled by the data firm FactSet were expecting, the Associated Press reported. Read Full Article
Saks Global Files for Bankruptcy Protection
Faced with more competition and debt incurred with its purchase of rival Neiman Marcus a year ago, officials at Saks Fifth Avenue are seeking bankruptcy protection.
Saks Global, which also operates Bergdorf Goodman, has secured roughly $1.75 billion in financing, the New York company said as it filed for Chapter 11 bankruptcy Wednesday in the Southern District of Texas. Read Full Article