Author: Reuters
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Best Buy raises annual forecasts as shoppers snap up holiday deals
Electronics retailer Best Buy raised its annual sales and profit forecasts on Tuesday, banking on strong holiday demand as shoppers seize steep discounts to upgrade their laptops, smartphones and other household electronics. Computing and tablets, which make up about a third of the retailer’s revenue, saw robust growth as consumers adopted new technology and replaced…
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US retail sales growth slows in September
WASHINGTON – U.S. retail sales increased less than expected in September, suggesting consumer fatigue amid higher prices, though the moderation was not enough to dampen economists’ expectations for solid economic growth in the third quarter. The sales slowdown reported by the Commerce Department on Tuesday followed a long stretch of gains and marked a weak handoff…
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Economists see slightly faster US growth, sticky inflation in 2026
WASHINGTON – U.S. economic growth will increase slightly next year but employment gains will remain sluggish and the Federal Reserve will slow any further rate cuts, economists polled by the National Association for Business Economics said in the group’s year-end forecast survey. The survey of 42 professional forecasters, conducted from Nov. 3 to 11, found…
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Record Black Friday crowds to find fewer bargains amid high prices
NEW YORK – Unprecedented numbers of Americans are expected to hit stores this Black Friday, but they are likely to curtail their spending as they find fewer bargains from tariff-hit retailers. Marking the biggest turnout ever for the five-day stretch between Thanksgiving and Cyber Monday, 186.9 million people will shop, up from 183.4 million last…
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U.S. posts solid job gains in September but unemployment rate rises
WASHINGTON – U.S. job growth accelerated in September, but the unemployment rate increased to a four-year high of 4.4% and the economy in August shed jobs for the second time this year as employers navigate an uncertain environment. The increase in the jobless rate to the highest level since October 2021 reported by the Labor…
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Blue Origin unveils plan for bigger New Glenn rocket variant to take on SpaceX
WASHINGTON -Jeff Bezos’ space company Blue Origin said Thursday it will build a bigger, more powerful variant of its New Glenn rocket, drawing early plans for a family of orbital satellite launchers akin to the fleet of Falcon rockets from Elon Musk’s dominant SpaceX. The new rocket, announced after New Glenn’s second mission launched last…
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U.S. trade deficit narrows sharply in August
WASHINGTON – The U.S. trade deficit narrowed more than expected in August as businesses imported fewer goods against the backdrop of higher tariffs, a trend that if sustained could be a potential tailwind for economic growth in the third quarter. But a drop in consumer goods imports to levels last seen early in the COVID-19…
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Lowe’s trims annual forecasts but quarterly profit beat lifts shares
Lowe’s signaled a strong start to the fourth quarter after topping profit estimates, but followed Home Depot in projecting muted annual earnings and sales as budget-conscious Americans defer major home improvement projects. The cautious outlook on Wednesday comes as U.S. households grapple with rising costs for everyday essentials, auto insurance and health care, while interest…
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U.S. shoppers find Thanksgiving relief on turkey, but feel the pinch on pricier side dishes
Deep discounting by U.S. retailers on turkeys pushed the cost of the traditional Thanksgiving dinner lower for a third straight year, while costs for side dishes highlighted the country’s nagging debate over the cost of living. The overall decline put the price of the meal at $55.18, 5% down from 2024 and the lowest since 2021,…
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Fed cut rates amid policymakers’ caution about inflation, minutes show
WASHINGTON – A divided Federal Reserve cut interest rates last month even as policymakers cautioned that lower borrowing costs could risk undermining the fight to quell inflation that has been above the U.S. central bank’s 2% target for four and a half years, the minutes from the Oct. 28-29 meeting showed on Wednesday. “Many participants…