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NEW YORK (AP) — Americans stepped up their spending even more than expected in December, closing out the holiday season and the year on an upbeat tone. Retail sales rose 0.6% in December compared with November's 0.3% increase, according to the Commerce Department. Sales at stores selling general merchandise rose 1.3%, while sellers of clothing and accessories saw business up 1.5%. While consumers continue to face higher borrowing costs, tighter credit conditions and higher prices, spending is being fueled by a strong job market and rising wages. Higher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its 2% target will likely remain a bumpy one.
Persons: Paul Wiseman Organizations: Commerce Department, Federal Locations: Washington
The International Monetary Fund and World Bank decided in 2018 to host their annual meeting in Marrakech, Morocco, bringing the affair to the African continent for the first time in 50 years. Their original timeline was delayed by the pandemic, but the meeting beginning Monday arrives at an apropos time. Those challenges are particularly pronounced in Africa, where many countries spend more on debt than health care and education combined. The earthquake, residents say, exacerbated disparities plaguing rural areas and compounded struggles facing already-impoverished communities. “Here’s it’s hidden behind.”___AP reporters Paul Wiseman in Washington and Yassine Oulhiq in Anerni, Morocco, contributed to this report.
Persons: Kristalina Georgieva, they've, , Iskander Erzini Vernoit, Morocco —, Brahim Ait Brahim —, he's, Ait Brahim, , Paul Wiseman, Yassine Organizations: Monetary Fund, World Bank, IMF, Bank, Climate & Development, That’s Locations: MARRAKECH, Morocco, Marrakech, Ukraine, Africa, Egypt, Zambia, Anerni, That’s Marrakech, It’s, Washington
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