Retail sales up solidly in October as Americans showed continued willingness to spend
WASHINGTON (AP) — Americans stepped up their spending at retailers last month in the latest sign that healthy consumer spending is driving the economy’s steady growth. Retail sales rose 0.4% from September to October, a solid increase though less than the previous month’s robust 0.8% gain. A 1.6% jump in sales at auto dealers drove much of the gain. Purchases climbed 2.3% at electronics and appliances stores and 0.7% at restaurants and bars. Though some of October’s rise in retail sales reflected higher prices, it mainly indicated increased purchases. Friday’s report arrives as retailers are poised to enter the critically important holiday shopping season. Analysts envision a solid holiday shopping season, though perhaps not as robust as last year’s.
Stock market today: Wall Street tumbles as the “Trump bump” fades and vaccine makers sink
NEW YORK (AP) — U.S. stocks fell to their worst loss since Election Day as the boost that Wall Street got from last week’s victory for Donald Trump and a cut to interest rates by the Federal Reserve kept fading. The S&P 500 sank 1.3% Friday to close a losing week. The Dow Jones Industrial Average dropped 0.7%, and the Nasdaq composite fell 2.2%. Moderna and other makers of vaccines helped drag the market down after President-elect Donald Trump named Robert F. Kennedy Jr. to be his health secretary. Treasury yields swung following stronger-than-expected reports on the economy.
Trump names Interior-designee Doug Burgum to head new White House council on energy
WASHINGTON (AP) — President-elect Donald Trump said Friday that North Dakota Gov. Doug Burgum, Trump’s choice to head the Interior Department, will also head a newly created National Energy Council that will seek to establish U.S. “energy dominance” around the world. Trump said Burgum will oversee a panel that crosses all executive-branch agencies involved in energy permitting, production, generation, distribution, regulation and transportation. Earlier Friday, Trump said Steven Cheung will serve as his White House communications director and Sergio Gor will run the personnel office. Both positions could be influential in the new administration.
Judge blocks Biden administration’s rule to expand overtime pay for millions
NEW YORK (AP) — A federal judge in Texas has blocked a new rule from the Biden administration that would have expanded access to overtime pay to millions more salaried workers across the U.S. In a Friday ruling, U.S. District Judge Sean Jordan sided with the state of Texas and a group of business organizations that argued the Labor Department exceeded its authority when it finalized a rule earlier this year to significantly expand federal overtime eligibility for salaried workers. The Labor Department’s now-scuttled rule, which began going into effect on July, would have marked the biggest increase to that cap in decades. Now, a previous threshold of $35,568 set under the Trump administration is poised to go back into effect.
General Motors lays off about 1,000 workers, cutting costs to compete in a crowded automobile market
DETROIT (AP) — General Motors is laying off about 1,000 workers worldwide, shedding costs as it tries to compete in a crowded global automobile market. The workers are mostly salaried but some blue-collar workers were affected. They were told of the moves early Friday. The company confirmed the layoffs in a statement but gave few details. GM said it has to operate efficiently and have the right team structure to focus on its top priorities. GM and other automakers have been navigating an uncertain transition to electric vehicles worldwide, trying to figure out where to invest capital. The company has had to update gas-powered models while investing in EV battery and assembly plants as well as minerals and other parts for the next generation of electric vehicles.
Powell says Fed will likely cut rates cautiously given persistent inflation pressures
WASHINGTON (AP) — Chair Jerome Powell says the Federal Reserve will likely cut its key interest rate slowly and deliberately in the coming months, in part because inflation has shown signs of persistence and the Fed’s officials want to see where it heads next. Powell, speaking in Dallas, said inflation is edging closer to the central bank’s 2% target, “but it is not there yet.” At the same time, he said, the economy is strong, and the policymakers can take time to monitor the path of inflation. Economists expect the Fed to announce another quarter-point rate cut in December, after a quarter-point reduction last week and half-point cut in September.
Top Federal Reserve official defends central bank’s independence in wake of Trump win
WASHINGTON (AP) — A Federal Reserve official has given a lengthy defense of the central bank’s political independence. It comes just days after former President Donald Trump, previously an outspoken Fed critic, won re-election. Andriana Kugler, a member of the Fed’s board, says economic research shows that an independent central bank typically does a better job keeping inflation low. Kugler spoke just a week after Fed Chair Jerome Powell tersely denied that Trump had the legal authority to fire him, as the president-elect has acknowledged he considered doing during his first term. Powell also said he wouldn’t resign if Trump asked.
Moody’s downgrades Mexican government’s outlook to ‘negative’ over weakening of judiciary and debt
MEXICO CITY (AP) — Mexico’s president has lashed out at Moody’s ratings service after it downgraded the Mexican government’s debt outlook to “negative.” Moody’s said newly approved laws in Mexico could weaken the judiciary branch and checks and balances. It reaffirmed Mexico’s Baa2 overall credit rating but said increased government debt represented a risk for Mexico. It also mentioned the possibility that the government will have to transfer more money to shore up the highly indebted state-owned oil company Pemex. President Claudia Sheinbaum said Friday that ratings agencies often have “this bias of origin” against her party’s economic policies.
New York judge rejects state efforts to shutter bitcoin mine over climate concerns
NEW YORK (AP) — A New York judge has rejected an effort by state regulators to shutter a bitcoin mine over concerns about its greenhouse gas emissions. The decision will allow the Greenidge power plant to continue operating in the Finger Lakes region of the state. The state had previously found the gas-powered crypto mine ran afoul of a climate law intended to limit greenhouse gas emissions. But on Thursday, a state Supreme Court judge found Greenidge was entitled to a process to defend its alleged violation. Environmental groups have protested the facility, which they allege is pumping emissions into the air while contaminating the nearby Seneca Lake.
Ben & Jerry’s lawsuit accuses parent company of censorship over Gaza
Ben & Jerry’s has sued its parent company Unilever accusing it of silencing the ice cream maker from making statements in support of Palestinians in the war in Gaza. The complaint filed Wednesday in federal court in New York says multi-national conglomerate Unilever has failed to adhere to its contractural obligations in merger and settlement agreements with Ben & Jerry’s over its social mission. Unilever said in a statement that it rejects the claims made by Ben & Jerry’s social mission board and that it will defend its case very strongly.
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