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☆ US women’s cycling team suspended for dressing mechanic as rider to avoid disqualification from race
▼ + stars: | 2024-02-27 | by ( Matias Grez | ) edition.cnn.com time to read: +2 min

CNN —US women’s cycling team Cynisca has been suspended by the International Cycling Union (UCI), the sport’s global governing body, for perpetrating a “fraud” and dressing a mechanic as a rider in order to avoid disqualification from a race. “The above-mentioned members of the team were therefore all found to have participated in a fraud under article 12.4.008 of the UCI Regulations, with different levels of implication,” the UCI statement read. Van Haute, Barrett and Hicks no longer appear on Cynisca’s website as part of the 2024 roster and it is unclear if they have left the team. CNN has reached out to Cynisca Cycling for comment on the ruling and whether those individuals have left the team. The UCI said Van Haute “was found to be the main perpetrator” and suspended from all cycling activity until December 31, 2025, as well as being fined.

Persons: Cynisca’s, Danny Van Haute, Anna Hicks, Cara O’Neill, Katherine Sarkisov, Claire Windsor –, ”, Van Haute, Moira Barrett, Barrett, Hicks, Haute “, “ Organizations: CNN, International Cycling Union, UCI, Cynisca Cycling, Sport Locations: Belgium

HOUSTON (AP) — Hard-throwing reliever Josh Hader and the Houston Astros finalized a $95 million, five-year contract on Monday. Hader will get a $19 million salary in each of the next five seasons, none of it deferred. He gets a full no-trade provision and would receive a $1 million bonus for winning the Mariano Rivera/Trevor Hoffman Reliever of the Year Award. Houston reached the agreement three days after announcing reliever Kendall Graveman will miss the season after right shoulder surgery. Because Hader turned down a qualifying offer, San Diego will receive an extra pick in next July’s amateur draft.

Persons: Josh Hader, Hader, Mariano Rivera, Trevor Hoffman, Edwin Díaz’s, won’t, Ryan Pressly, Rafael Montero, Bryan Abreu, Héctor Neris, Kendall Graveman, ___ Organizations: HOUSTON, Houston Astros, New York Mets, Astros, Houston, San Diego, Padres, Star, NL, Brewers, Baltimore Locations: San Diego, Milwaukee, Maryland, Houston

NEW YORK (AP) — Shohei Ohtani was among seven players who turned down $20,325,000 qualifying offers from their former teams Tuesday and remained on free agent market to pursue more lucrative contracts. In addition to Ohtani saying no to the Los Angeles Angels, others who declined to accept were outfielder Cody Bellinger (Chicago Cubs), pitchers Josh Hader and Blake Snell (San Diego), Aaron Nola (Philadelphia), Sonny Gray (Minnesota) and third baseman Matt Chapman (Toronto). A team signing the player could lose one or two draft picks. Qualifying offers began after the 2012 season, and only 10 of 131 offers have been accepted. Ohtani heads a free agent class that also includes starting pitchers Eduardo Rodriguez and Jordan Montgomery, along with Nola, Snell, Gray and Japanese star Yoshinobu Yamamoto, who is not attached to draft-pick compensation.

Persons: Ohtani, Cody Bellinger, Josh Hader, Blake Snell, Aaron Nola, Sonny Gray, Matt Chapman, Eduardo Rodriguez, Jordan Montgomery, Snell, Gray, Yoshinobu Yamamoto Organizations: Los Angeles Angels, Chicago Cubs, Qualifying Locations: San Diego, Philadelphia, Minnesota, Toronto, Nola

☆ October Prime Day Deals: Shop Lightening Deals and Our Vetted Favorites on Sale for 2023
▼ + stars: | 2023-10-11 | by ( Bellamy Richardson | ) www.wsj.com time to read: +3 min

Amazon is hosting its second two-day sales event of the year, Prime Big Deal Days, on Oct. 10 and 11. We’ll be updating this section throughout Prime Big Deal Days with our favorites as they’re available. You can also click the “Watch this deal” button for a notification when a specific product’s lightning deal begins. Don’t miss big sales on products we love, including some of our favorite wireless earbuds and portable bluetooth speakers. Travel dealsIf you’re getting ready for an upcoming trip, Big Deal Days can help you save big when upgrading your travel gear.

Persons: Bellamy Richardson, you’ll, you’re, fryer Organizations: July’s, Deal, ”, Prime Big, Big, Big Deal, Tech

☆ Amazon Prime Big Deal Days 2023: The Best Lightning Deals, Home Sales and More
▼ + stars: | 2023-10-10 | by ( Bellamy Richardson | ) www.wsj.com time to read: +4 min

Amazon is hosting its second two-day sales event of the year, Prime Big Deal Days, on Oct. 10 and 11. Read our guide on how to shop the event so you can get the most out of Prime Big Deal Days and check back here for updates on limited-time “lightning deals.”Get 10% back with Amazon Prime VisaIf you’re a Prime Visa credit card owner, you’ll want to take advantage of an extra bonus on Prime Big Deal Days. Some of our favorites incIf you’re a Prime Visa credit cardholder, you’re used to getting 5% back on Amazon and Whole Foods purchases, but now during Prime Big Deal Days, you’ll get double that—10% back—on select items during the sale. Don’t miss big sales on products we love, including some of our favorite wireless earbuds and portable bluetooth speakers. Travel dealsIf you’re getting ready for an upcoming trip, Big Deal Days can help you save big when upgrading your travel gear.

Persons: Bellamy Richardson, ”, Cardholders, you’ll, incIf you’re, you’re, fryer Organizations: July’s, Deal, Amazon, Foods, Kindle, Big, Big Deal, Tech

WASHINGTON (AP) — Secretary of State Antony Blinken called Niger’s deposed President Mohamed Bazoum on Monday ahead of an expected decision by the Biden administration to formally declare that his overthrow was a coup d’etat. “The United States calls for the immediate release of all those unjustly detained following the military takeover,” the department said. The administration had been delaying a coup decision because Niger plays a critical role in U.S. counterterrorism activity in Africa's Sahel region. The officials could not say if the expected coup determination would result in the withdrawal of any U.S. personnel from Niger. The U.S., France and other European countries had poured hundreds of millions of dollars into shoring up the Nigerien military.

Persons: Antony Blinken, Mohamed Bazoum, Biden, Blinken, Blinken “, Blinken's, —, Emmanuel Macron Organizations: WASHINGTON, —, The State Department, State Department, Pentagon, Islamic, Nigerien Locations: Niger, United States, Sahel, The U.S, France

☆ US economy added 336,000 jobs last month, almost twice what was expected
▼ + stars: | 2023-10-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +8 min

The US economy added an estimated 336,000 jobs last month, blowing expectations out of the water, according to Bureau of Labor Statistics data released Friday. In September, leisure and hospitality helped drive job growth higher, with 96,000 jobs added. Today’s headline jobs number — that surprising 336,000 net job gain — is an initial estimate that will be revised twice more. The surprising September jobs report, however, didn’t continue that streak. August’s second look has job growth now at 227,000 for the month, an increase of 40,000.

Persons: ”, Sung, Soh, Joe Biden, “, it’s, ” Biden, Andrew Patterson, ” Patterson, they’ve, Jim McCoy, we’re, ” Daniel Zhao, Glassdoor’s, ” Julia Pollak, didn’t, ” Diane Swonk, — CNN’s Tami Luhby Organizations: Minneapolis CNN, of Labor Statistics, Loyola Marymount University, SS Economics, BLS, Federal Reserve, Dow, Nasdaq, Bureau of Labor Statistics, Vanguard, Fed, Administration, Children, Families, Nationwide, Century, CNN Locations: Minneapolis, United States

☆ Opinion: Paris’ bedbug bedlam
▼ + stars: | 2023-10-04 | by ( David A. Andelman | ) edition.cnn.com time to read: +7 min

He formerly was a foreign correspondent for The New York Times and Paris correspondent for CBS News. But conquering the city’s bedbug infestation, too, could prove to be an Olympian challenge. The deputy mayor of Paris has also asked Prime Minister Élisabeth Borne to take it on. A French government survey found that at least 11% of all French households reported having a bedbug infestation between 2017 and 2022. The tried-and-true solution to combating bedbugs is as old as Paris itself.

Persons: David A, CNN —, David Andelman, Élisabeth Borne, Borne, they’re, ”, Mathilde Panot, bedbugs, ” Panot, who’d, Anne Hidalgo, Emmanuel Gregoire, implore Borne, Gregoire, Hidalgo, they’ve, Charles de Gaulle, Jean, Michel Berenger, Dior, Mayra Peralta, “, Rue de Solferino, you’ve Organizations: CNN, French Legion of, The New York Times, CBS News, Maison, Legion, French Socialist Party, David Andelman CNN, Paris, bedbugs, Metro, Paris’s, French National, France Insoumise, Paralympic, EnVi Media, PUNAISES RUE DE, Rue de Locations: Paris, Paris’s, France, Seine, Le, “, Rue

☆ US job openings unexpectedly grew in August
▼ + stars: | 2023-10-03 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —The number of job openings at US employers unexpectedly surged in August, a testament to the continued strength of the labor market, according to new data released Tuesday by the Bureau of Labor Statistics. There were an estimated 9.61 million open jobs in August, according to seasonally adjusted data from the BLS’ latest monthly Job Openings and Labor Turnover Survey (JOLTS) report. That’s up from July’s upwardly revised estimate of 8.92 million openings. The consensus estimate from economists was for 8.8 million openings, according to Refinitiv. Federal Reserve officials have frequently pointed to the robust labor market, particularly the imbalance of job postings to job seekers, as a key factor in helping to lower inflation.

Persons: August’s, Julia Pollak, ZipRecruiter, ”, Christopher Rupkey, Stocks Organizations: Minneapolis CNN, Bureau of Labor Statistics, BLS, Labor, CNN, Federal Reserve, FwdBonds, Dow Locations: Minneapolis

☆ Dow drops more than 400 points as Treasury yields spike on job openings surge
▼ + stars: | 2023-10-03 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The Dow fell more than 400 points Tuesday morning, turning negative for the year, as US Treasury yields surged to their highest levels in over a decade. Treasury yields have spiked and the US dollar has surged in the weeks since, continuing to chip away at the stock market’s gains from the spring. That’s up from July’s upwardly revised estimate of 8.92 million openings and above the consensus 8.8 million estimate among economists. The yield on the 10-year Treasury note on Tuesday climbed to 4.75%, its highest level since August 2007. The 2-year rose to 5.13%, around its highest level since July 2006.

Persons: Dow, Stocks, That’s, ”, Ed Moya Organizations: New, New York CNN, Treasury, Nasdaq, Federal Reserve, Fed, Bureau of Labor Statistics, of Labor Statistics, OANDA, OANDA . West Texas, OPEC Locations: New York, OANDA .

☆ Futures rise as Treasury yields take a breather; eyes on inflation data
▼ + stars: | 2023-09-29 | by ( Ankika Biswas | Shashwat Chauhan | ) www.reuters.com time to read: +3 min

(Reuters) - U.S. stock index futures advanced on Friday as Treasury yields eased from multi-year highs and powered gains in growth stocks, while investors awaited a crucial inflation metric to assess the outlook for the Federal Reserve’s monetary policy. REUTERS/Brendan McDermid/File PhotoApple, Microsoft, Tesla, Alphabet, Amazon.com and Nvidia advanced between 0.7% and 1.5% in premarket trading as two-year and 10-year Treasury yields declined. “A move lower in bond yields has given equity markets a much-needed reprieve,” said Tim Waterer, chief market analyst at KCM Trade. With fears of high oil prices fueling inflation, investors are awaiting the U.S. central bank’s preferred inflation metric, the personal consumption expenditures (PCE) price index, which is seen increasing 0.5% in August against a 0.2% gain in July. The core rate, which excludes the volatile food and energy components, is expected to have increased 0.2% in August, similar to July’s reading.

Persons: Brendan McDermid, ”, Tim Waterer, ” Waterer, Thomas Barkin Organizations: Reuters, Federal, New York Stock Exchange, REUTERS, Microsoft, Nvidia, KCM Trade, Traders, Dow e, Nasdaq, Federal Reserve Bank of Richmond, Democratic, Dow, Nike Locations: New York City, U.S, Riding

The personal consumption expenditures price index increased 0.4% in August, slightly below estimates, while the yearly rise was 3.5%. But it was the core index that strips out food and energy prices coming in at 3.9%, its lowest reading since September of 2021, that is likely of most interest to the Fed. While goods prices have slowed considerably, costs in the services sector have proven harder to bring down, driven largely by housing prices. Looked at just over the past three months, the rate of core inflation has slowed markedly and is not far from the Fed’s 2% annual target. “PCE and core pce figures indicate continued inflation easing,” Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research, commented on X.

Persons: “, ”, Carol Schleif, ” Kathy Jones, Andrew Patterson, Downside, ” Patterson Organizations: Federal Reserve, Labor Department, Fed, PCE, BMO Family Office, Schwab Center, Financial Research

☆ Government shutdown, labor strikes will likely weigh on US consumers’ attitudes
▼ + stars: | 2023-09-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Americans are taking notice of a possible government shutdown and the uncertainty of ongoing labor strikes, according to the University of Michigan’s latest consumer sentiment survey. The university’s Consumer Sentiment Index edged lower by 1.4 points in September, according to a final reading. That would mean some federal workers become furloughed and agencies operate with skeleton crews, hamstringing agencies’ ability to provide crucial government services. The ongoing United Auto Workers strike is also not expected to end soon. With so much turmoil, Americans will likely feel uneasy in the coming weeks, which could affect their spending.

Persons: ”, Joanne Hsu, There’s Organizations: DC CNN, University of Michigan’s, “, Republicans, United Auto Workers, UAW, Ford, GM, Kaiser Permanente, Commerce Department Locations: Washington, Kaiser, California , Colorado , Oregon, Washington , Virginia, Las Vegas, Reno

WASHINGTON (AP) — An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. Friday's report from the Commerce Department showed that prices rose 0.4% from July to August, up from just 0.2% the previous month. Excluding volatile food and energy prices, though, “core” inflation rose by the smallest amount in nearly three years, evidence that inflation pressures continue to ease. Compared with a year earlier, overall prices rose 3.5% in August, slightly higher than the 3.4% increase in July. The inflation gauge that was issued Thursday, called the personal consumption expenditures price index, is separate from the better-known consumer price index.

Persons: ” Rubeela Farooqi, ’ paychecks, Austan Goolsbee, ” Goolsbee, “, ” Organizations: WASHINGTON, Federal, Commerce Department, Fed, Republicans, Federal Reserve Bank of Chicago Locations: July’s

☆ Bank of England pauses interest rate hikes as inflation falls
▼ + stars: | 2023-09-21 | by ( Hanna Ziady | ) edition.cnn.com time to read: +2 min

London CNN —The Bank of England paused its historic interest rate hiking campaign for the first time in nearly two years Thursday after inflation fell unexpectedly in August. The Federal Reserve also kept rates on hold Wednesday, as did Switzerland’s central bank earlier on Thursday. The Bank of England did not rule out further rate increases, however, although it said it expected headline inflation to “fall significantly” in the near term, reflecting lower energy and food inflation. Economists polled by Reuters had forecast inflation would rise to 7% — from 6.8% in July — because of higher oil prices. “There is an air of underlying weakness,” chief UK economist at Capital Economics Paul Dales said about July’s GDP data.

Persons: Martin Beck, insolvencies, Capital Economics Paul Dales Organizations: London CNN —, Bank of England, Federal, Reuters, Office, National Statistics, Capital Economics Paul Locations: United Kingdom, —

☆ Reactions: Bank of England bashes pound after halting rate rises
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +8 min

A pedestrian carrying an umbrella walks near the Bank of England in the City of London, Britain, July 30, 2023. Investors had already rushed on Wednesday to reel in their bets on further UK rate rises after data showed UK inflation cooled surprisingly quickly in August. Against the euro , the pound was down 0.5% at 86.74 pence, having traded around 86.70 pence before the decision. "The MPC still refers to its flexibility to react should things change, but the chances are this could be the peak in this UK interest rate cycle." "However, there is a risk that the ‘lag effect’ on interest rate hikes means that today’s decision may not be felt for another 9 to 12 months."

Persons: Hollie Adams, Sterling, THOMAS, Huw Pill's, HUGH GIMBER, PHILIP SHAW, DOUGLAS GRANT, JEREMY BATSTONE, CARR, RAYMOND JAMES, FRANCES HAQUE, JOE TUCKEY, RICHARD GARLAND, GILES COGHLAN, BoE, stagflation, Amanda Cooper, Dhara Organizations: Bank of England, City of, REUTERS, London, Investors, Bank of, Bank, MPC, SANTANDER, LONDON, Core CPI, PMI, CPI, EMEA, Thomson Locations: City, City of London, Britain, London, MANX, EUROPEAN, FRANCE, GROUP, OXFORDSHIRE

The U.S. central bank left interest rates unchanged on Wednesday, in line with market expectations. Broadly speaking, higher rates for longer could be an unwelcome turn of events for stocks and bonds. The S&P 500 lost 0.94% on Wednesday, while the yield on two-year Treasuries, which reflect interest rate expectations, hit 17-year highs. Futures tied to the Fed’s policy rate late Wednesday showed traders were betting the central bank would ease monetary policy by a total of nearly 60 basis points next year, bringing interest rates to about 4.8%. Signs of wobbling growth could bolster the case for the central bank to cut rates far sooner than it had projected.

Persons: Sarah Silbiger, Josh Jamner, Gennadiy Goldberg, Jerome Powell, …, David Norris, John Madziyire, ”, Norris, Davide Barbuscia, David Randall, Herbert Lash, Lewis Krauskopf, Ira Iosebashvili, Stephen Coates Organizations: Eccles Federal Reserve, Washington , D.C, REUTERS, Federal, U.S, Treasury, U.S ., Clearbridge Investments, TD Securities USA, TwentyFour Asset Management, Thomson Locations: Washington ,, U.S

☆ UK disinflationary shock sharpens Bailey’s dilemma
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 20 (Reuters Breakingviews) - Bank of England Governor Andrew Bailey finally got some good news on Wednesday. UK annual inflation fell to 6.7% in August, from 6.8% in July, confounding market expectations of a rise to 7%. Domestic disinflationary forces offset a nearly 30% rise in oil prices to bring headline inflation to the lowest level since February 2022. Higher petrol prices did add around 0.3 percentage points to the consumer price index, according to Capital Economics.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, disinflation, Francesco Guerrera, Bernie Sanders’s, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Capital Economics, CPI, Thomson Locations: London, Britain

TOKYO (AP) — Asian shares declined Wednesday as markets awaited a decision on interest rates by the Federal Reserve. Trade data for Japan showed exports fell 0.8% last month from a year ago, marking the second straight month of declines, as exports to China lagged, dropping 11%. Markets have see-sawed for weeks on uncertainty about whether the Fed is done with its market-shaking hikes to interest rates. The Fed began its latest meeting on interest rates Tuesday, with an announcement scheduled for Wednesday. Traders are split on whether the Fed may raise rates again this year, but they’re largely expecting the Fed to begin cutting rates next year.

Persons: Australia's, Robert Carnell, they’re, homebuilders, Brent Organizations: TOKYO, Federal Reserve, Nikkei, Finance Ministry, ING, Dow Jones, Nasdaq, Fed, Wednesday, Traders, Instacart, Walt Disney Co, U.S . Steel, United, Detroit’s Big, Ford, General Motors, UAW, New York Mercantile Exchange, U.S Locations: Hong, Shanghai, Japan, China, U.S, Europe, Asia, Pacific, Beijing

☆ Home building sank in August amid crushing mortgage rates
▼ + stars: | 2023-09-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home building sank in August, dropping 11.3% from July levels, as mortgage rates stayed elevated amid lingering inflation. After rising in July, new home starts dropped in August as mortgage rates climbed back to their late 2022 peak. “The combination of high interest rates, high pricing, and limited inventory has continued to plague the housing market,” said Kelly Mangold of RCLCO Real Estate Consulting. “In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”More than 90% of homeowners have a mortgage rate under 6% and many have rates closer to 2% or 3%. Home builder confidence was lower in September, according to a separate report from the National Association of Home Builders / Wells Fargo Housing Market Index released Monday.

Persons: ”, Kelly Mangold, Mangold, “ Organizations: DC CNN, Housing, Census, Real Estate Consulting, “, National Association of Home Builders Locations: Washington, Wells Fargo

☆ Government shutdown would leave the Fed flying blind
▼ + stars: | 2023-09-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —In the event of a US government shutdown, the Bureau of Labor Statistics says it will stop releasing data, including key figures on inflation and unemployment. A lack of crucial government data would make it difficult for investors and the Federal Reserve to interpret the US economy. “By the time the Fed discovered its mistake, the effects of excessive monetary tightening could be difficult to reverse,” she said. It’s unclear whether the Fed would hold rates steady in the absence of government data or how it would navigate a government shutdown when deliberating monetary policy. The effects of a government shutdown also depend on how long it lasts, which also isn’t clear at this point.

Persons: Kevin McCarthy, acquiesce, Greg Daco, ”, Agron Nicaj, Price, Julia Pollak Organizations: DC CNN, of Labor Statistics, Federal Reserve, BLS, Republicans, “, MUFG, Labor, Survey, ZipRecruiter, Fed Locations: Washington, EY, United States, —

☆ Inflation is expected to slow because of these trends
▼ + stars: | 2023-09-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —US inflation has slowed steadily from its four-decade peak last June, and it’s expected to cool further thanks to easing car prices and rents. Despite the expected inflation drop, she said investors anticipate the Fed will keep interest rates steady and not cut them anytime soon. “It may take a little bit longer than expected for inflation to come down to 2%, and inflation being in a 2-3% range next year is reasonable,” she said. Tuesday: Canada’s statistics agency releases August inflation data. The UK’s Office for National Statistics releases August inflation data.

Persons: we’re, ” José Torres, “, ”, Sarah House, Saira Malik, Michelle Toh, ” Read, General Mills, Christine Lagarde Organizations: CNN Business, Bell, DC CNN, Interactive Brokers, CNN, “, ”, United Auto Workers, CPI, San, San Francisco Fed, National Association of Home Builders, US Commerce Department, Japan’s Ministry of Finance, FedEx, General, National Statistics, Federal Reserve, Darden Restaurants, The Bank of England, US Labor Department, National Association of Realtors, The Bank of Japan, European Central Bank, Global Locations: Washington, Wells Fargo, San Francisco, China, Michelle Toh ., Japan’s

☆ Wholesale inflation ticked up last month, exceeding expectations
▼ + stars: | 2023-09-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +2 min

New York CNN —Wholesale inflation accelerated for the second month in a row, mirroring a similar trend in the Consumer Price Index report, the Bureau of Labor Statistics reported Thursday. The Producer Price Index, a key measure of price changes at the wholesale level, rose to 1.6% from 1.3% for the 12 months ending in August. Stripping out the more volatile categories of food and energy, core PPI rose 2.2% on an annual basis in August, in line with economists’ expectations. The PPI is a closely watched inflation gauge, since it captures average price shifts upstream of the consumer. But this week’s inflation data is unlikely to push the Fed to raise interest rates at its meeting next week.

Persons: Price, uptick, ” Raymond James ’, Eugenio Aleman Organizations: New, New York CNN, of Labor Statistics, PPI, July’s, Thursday’s PPI Locations: New York, July’s

☆ US retail spending picked up in August, mostly due to sales at gas stations
▼ + stars: | 2023-09-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US retail sales picked in August, boosted by higher gas prices, as spending on other items grew modestly. Retail sales, which are adjusted for seasonal swings but not inflation, rose 0.6% in August, the Commerce Department reported Thursday. Excluding sales at gasoline stations, retail spending advanced a more modest 0.2% in August from July. Retail spending increased across most categories, including at restaurants and grocery stores. Online retail sales in August were flat, after jumping in July due to Amazon’s Prime Day promotional event.

Persons: That’s, It’s, “ Fitch, ”, David Silverman, Goldman Sachs, there’s, Lydia Boussour, “ Encouragingly, Boussour Organizations: DC CNN, Commerce Department, AAA, Federal Reserve, Fitch Locations: Washington, Libya, EY

That’s discouraging for shoppers paying higher prices, but much of the acceleration was because of higher fuel costs. The inflation report was so highly anticipated because it will help steer what the Federal Reserve does next on interest rates. Even though economists are willing to ignore fuel costs when looking at inflation to find the underlying trends, households and companies don’t get the same luxury. American Airlines cut its forecast for profits during the summer because fuel costs are running higher than it expected. Spirit Airlines said it’s also paying higher fuel costs this summer than expected, roughly $3.06 per gallon instead of the $2.80 it had earlier forecast.

Persons: don’t, it’s, It’s, Brent Organizations: Federal Reserve, Nikkei, Dow Jones, Nasdaq, Fed, American Airlines, Spirit Airlines, United Airlines, Delta Air Lines, Microsoft, Nvidia, Moderna, New York Mercantile Exchange, U.S Locations: Asia, Seoul, Hong, Hong Kong, Shanghai, Australia, U.S

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