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☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ U.S. factory orders miss expectations in May
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +2 min

Factory orders rose 0.3% after advancing by the same margin in April, the Commerce Department said on Wednesday. Orders increased 1.1% through May from a year earlier. Orders for transportation equipment increased 3.8% in May after accelerating 4.8% in the prior month. Civilian aircraft orders soared 32.8%, but motor vehicle orders fell 0.6%. Excluding transportation, orders fell 0.5%.

Persons: Lucia Mutikani Organizations: U.S, Commerce Department, Reuters, Institute, Supply, Civilian, Thomson

☆ US manufacturing slump deepens, factory gate price pressures subdued
▼ + stars: | 2023-07-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Shrinking activity left factories resorting to layoffs, the survey from the Institute for Supply Management (ISM) showed on Monday. ISM Manufacturing Business Survey Committee Chair Timothy Fiore described the practise as happening "to a greater extent than in prior months." At face value, the ISM survey is consistent with an economy that is in recession. The ISM survey showed that transportation equipment was the only one of the six biggest industries reporting growth last month. ISM manufacturing PMIWEAK DEMANDThe ISM survey's forward-looking new orders sub-index climbed to a still-subdued 45.6 from 42.6 in May amid increased caution from businesses and consumers alike.

Persons: Timothy Fiore, payrolls, Andrew Hunter, Jonathan Millar, José Torres, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Institute for Supply Management, Manufacturing Business Survey, Federal Reserve, Capital Economics, PMI, Reuters, Treasury, Barclays, Manufacturers, Machinery, Commerce Department, Interactive Brokers, Thomson Locations: homebuilding WASHINGTON, U.S, New York, Miami

☆ Brazil’s Jair Bolsonaro is barred from running for office until 2030
▼ + stars: | 2023-07-01 | by ( ) www.cnbc.com time to read: +6 min

Former Brazilian President Jair Bolsonaro leaves his home following a search operation, in Brasilia, Brazil May 3, 2023. Far-right former Brazilian President Jair Bolsonaro was barred Friday from running for office again until 2030 after a panel of judges concluded that he abused his power and cast unfounded doubts on the country's electronic voting system. Five judges on the nation's highest electoral court agreed that Bolsonaro used government communication channels to promote his campaign and sowed distrust about the vote. Speaking to reporters in Minas Gerais, Bolsonaro lamented that the trial was unfair and politically motivated. Brazilian law forbids candidates with criminal sentences from running for office.

Persons: Jair Bolsonaro, Bolsonaro, Carlos Melo, Judge Carmen Lucia —, —, Alexandre de Moraes, Melo, Fernando Collor de Mello, Luiz Inácio Lula da Silva, Sen, Sergio Moro, Maria Maris, Maris, Lula, Swift jailing, Gleisi Hoffmann, mongers, Donald Trump, Marie Santini, Katia Caminha, Caminha, Bolsonaro's, Thomas Traumann, didn't, Traumann Organizations: Insper University, Liberal Party, Federal, Lula's Workers ' Party, Federal University of Rio, Bolsonaro, Associated Press, Sao Paulo Locations: Brasilia, Brazil, Sao Paulo, Minas Gerais, Rio de Janeiro, Federal University of Rio de Janeiro, Rio de, Copacabana, Sao, decamp, Florida

☆ US consumer spending hits speed bump; inflation picture mixed
▼ + stars: | 2023-06-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, rising 0.2%. When adjusted for inflation, consumer spending was unchanged. Data for April was revised lower to show the so-called real consumer spending rising only 0.2% instead of 0.5% as previously reported. With consumer spending softening, inflation subsided. The so-called core PCE price index increased 4.6% on a year-on-year basis in May after advancing 4.7% in April.

Persons: Kevork, Sal Guatieri, Joe Biden's, Mike Graziano, Morgan Stanley, Dana Peterson, Lucia Mutikani, Jonathan Oatis Organizations: Walmart, REUTERS, Commerce, Reserve, BMO Capital Markets, Reuters, Services outlays, Treasury, RSM, Fed, Conference Board, Thomson Locations: Los Angeles, WASHINGTON, U.S, Toronto, Outlays, New York, Washington

☆ More layoffs have hit Dow Jones, and The Wall Street Journal's newsroom sees changes ahead, including cuts, under top editor Emma Tucker
▼ + stars: | 2023-06-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Dow Jones laid off 10 people on the business side last week, the latest in ongoing reductions. Wall Street Journal insiders are prepping for a content overhaul and potential cuts later this summer. A steady drip of layoffs continues at Dow Jones, which laid off another 10 people in the last week of June. The roles were mostly finance, sales, and marketing people who work across Dow Jones properties, which include The Wall Street Journal, Barron's, and MarketWatch. The Journal newsroom has largely been spared, but EIC Emma Tucker is conducting a sweeping content review.

Persons: Dow Jones, Almar Latour, Emma Tucker, Tucker, Rupert Murdoch's, she's, Liz Harris, Taneth Evans —, Charles Forelle, Karen Pensiero, Neal Lipschutz, Jason Anders, Thorold Barker, She's, Bernard Arnault, There's Organizations: Wall Street Journal, Dow, Street, MarketWatch, News Corp, Sunday Times Locations: Dow Jones, London, Europe, Middle East, Africa

☆ 18 pitch decks that helped media and tech startups nab millions in funding to disrupt entertainment
▼ + stars: | 2023-06-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Tech is disrupting all areas of media and entertainment, and investors are rushing to cash in. Startups are attracting millions in investments to change how content is made, distributed, and more. Here are 18 pitch decks that startups used to fundraise for Seed and Series A rounds and beyond. New startups are raising capital to jump on audiences' shift to streaming, change hidebound production practices, and more. Insider talked with founders about the pitches they used to raise millions and innovate in content creation and distribution.

Persons: Isabel Rafferty, Mila Kunis, John Attanasio Organizations: Morning, Canela, Latina

☆ Apple TV+ is growing faster than other streamers, but it'll have a lot of catchup to do when it launches its rumored ad tier
▼ + stars: | 2023-06-30 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

More established streamers have had the most success growing their ad tiers. The findings come as Apple TV+ is rumored to be planning to join the other major streamers in chasing video advertising. Apple hired ad exec Lauren Fry earlier this year to build out the business, The Information reported, stoking speculation about its ad plans. And the streamers that have had an ad-supported tier for a while may have a first-mover advantage, the Antenna data suggests. AntennaNetflix and Disney+, meanwhile, whose ad tiers are the newest — having launched late last year — have only 2% and 5% of their subscribers opting for ads, respectively.

Persons: Peacock, Lauren Fry, Hulu, Discovery's Max, Jonathan Carson Organizations: Hulu, Apple, Paramount, Warner Bros, Netflix, Disney Locations: Hulu

☆ In parched Uruguay, tensions rise as water levels fall
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +2 min

"Water used to cover everything you can see." The South American country of 3.5 million people is reeling from its worst drought in 74 years, pushing frustrated residents to depend on bottled water. Low rainfall has forced water authorities to use water from a saltier part of the Santa Lucia river, which supplies most of Uruguay's drinking water, leaving tap water undrinkable for many. Earlier this month, Uruguay's government declared a water emergency, exempting taxes on bottled water and ordering the construction of a new reservoir. "The issue is real," said musician Frank Lampariello, after stocking up on bottled water at a supermarket in Solymar, on Montevideo's outskirts.

Persons: Alejandro Obaldia CANELONES, Mario del Pino, Adrian Dias, OSE, Federico Kreimerman, Kreimerman, Gerardo Amarilla, Frank Lampariello, Alejandro Obaldia, Brendan O'Boyle, Stephen Coates Organizations: REUTERS, Thomson Locations: Canelones, Uruguay, Montevideo, Santa Lucia, Solymar, Montevideo's

☆ US pending home sales fall to five-month low in May
▼ + stars: | 2023-06-29 | by ( ) www.reuters.com time to read: +1 min

Economists polled by Reuters had forecast pending sales, which become sales after a month or two, falling 0.5%. Pending home sales tumbled 22.2% in May on a year-on-year basis. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," said NAR Chief Economist Lawrence Yun. The housing market, which has taken the biggest hit from the Federal Reserve's fastest monetary policy tightening cycle since the 1980s, appears to have found a floor. While the tight supply is weighing on the market for previously owned homes, it is boosting construction and sales of new houses.

Persons: Lawrence Yun, Lucia Mutikani, Andrea Ricci Organizations: National Association of Realtors, Reuters, Federal, Housing, Thomson Locations: Northeast, West

☆ US weekly jobless claims post biggest drop in 20 months
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand. "Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 25. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. Economists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Rubeela Farooqi, Unadjusted, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Conference Board, Labor, Gross, Commerce Department, Thomson Locations: WASHINGTON, U.S, White Plains , New York, Minnesota, California, Texas, Pennsylvania, Connecticut, New Jersey

☆ US weekly jobless claims post biggest drop in 20 months as economy shows stamina
▼ + stars: | 2023-06-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

"The economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in New York. Initial claims for state unemployment benefits decreased 26,000 to a seasonally adjusted 239,000 for the week ended June 24. Continuing claims covered the period during which the government surveyed households for June's unemployment rate. The unemployment rate was at 3.7% in May. GDP consumer contributionEconomists had expected first-quarter GDP growth would be raised slightly to a 1.4% pace.

Persons: Gregory Daco, Unadjusted, Rubeela Farooqi, Jerome Powell, Amira Karaoud, Scott Hoyt, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Federal Reserve, Labor Department, Reuters, Financial, U.S, Treasury, REUTERS, Conference Board, Gross, Commerce Department, Thomson Locations: WASHINGTON, EY, New York, Minnesota, Ohio, California, Texas, Pennsylvania, Connecticut, New Jersey, White Plains , New York, Spanish, Madrid, Louisville, U.S, West Chester , Pennsylvania

☆ US goods trade deficit narrows; retail inventories rise
▼ + stars: | 2023-06-28 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

SummarySummary Companies Goods trade deficit decreases 6.1% to $91.1 billion in MayWholesale inventories dip 0.1%; retail stocks rise 0.8%WASHINGTON, June 28 (Reuters) - The U.S. trade deficit in goods narrowed in May as imports fell, but the improvement was probably insufficient to prevent trade from being a drag on economic growth in the second quarter. The goods trade deficit decreased 6.1% to $91.1 billion last month, leaving the bulk of April's surge intact. The drop was led by a 7.3% plunge in consumer goods imports. The report also showed that retail inventories increased 0.8% last month after gaining 0.3% in April. Excluding motor vehicles, retail inventories were unchanged after decreasing 0.3% in April.

Persons: nonfarm, Omodunbi, Lucia Mutikani, Chizu Organizations: Goods, Commerce Department, PNC Financial, Trade, Atlanta Federal Reserve, Thomson Locations: WASHINGTON, U.S, Pittsburgh , Pennsylvania

☆ WTA roundup: Coco Gauff cruises into quarterfinals
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +1 min

4 Ons Jabeur was eliminated in the second round of the Rothesay International on Wednesday in Eastbourne, England. Gauff defeated Brit Jodie Burrage 6-1, 6-1 to advance to the quarterfinals, where she will play fellow American Jessica Pegula. 3 seed needed three sets to dispatch Camila Osorio 6-2, 1-6, 6-3. Jabeur was bounced in 72 minutes by unseeded Italian Camila Giorgi 6-3, 6-2. 1 Iga Swiatek of Poland cruised into the quarterfinals with a 6-3, 6-1 victory over Switzerland's Jil Teichmann in Germany.

Persons: Coco Gauff, Britain's Jodie Anna Burrage, Paul Childs, Gauff, Brit Jodie Burrage, Jessica Pegula, Camila Osorio, Jabeur, Camila Giorgi, Carolina Garcia, Ana Bogdan, Beatriz Haddad Maia, Petra Martic, Daria Kasatkina, Jelena Ostapenko, Madison Keys, Swiatek, Anna Blinkova, Leylah Fernandez, Lucia Bronzetti, Mayar Sherif, Katerina Siniakova Organizations: Eastbourne International, Lawn Tennis Club, Rothesay International, Madison, Bad, Canada, Thomson Locations: Eastbourne, Britain, Rothesay, England, Brazil, Bad Homburg, Poland, Germany, Egypt, Czech Republic

☆ US new home sales jump in May; median house price falls
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, slipping to a rate of 675,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. The housing market has likely found a floor and could be even improving. Economists say the signs of revival in the housing market suggested the Federal Reserve would need to keep raising interest rates. The housing market has been the biggest causality of the U.S. central bank's fastest rate hiking cycle since the 1980s.

Persons: Freddie Mac, Lucia Mutikani, Chizu Organizations: U.S, Commerce Department, Reuters, Housing, Thomson Locations: U.S, Northeast, South, Midwest

☆ US core capital goods orders beat expectations; shipments rise modestly
▼ + stars: | 2023-06-27 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

SummarySummary Companies Core capital goods orders increase 0.7% in MayShipment of core capital goods rise 0.2%Durable goods orders jump 1.7%WASHINGTON, June 27 (Reuters) - New orders for key U.S.-manufactured capital goods unexpectedly rose in May, but the prior month's data was revised down, suggesting that businesses remained cautious about new capital investment because of higher borrowing costs and an uncertain economic outlook. Core capital goods orders increased 0.7% last month. Data for April was revised lower to the core capital goods rising 0.6% instead of 1.3% as previously reported. Economists polled by Reuters had forecast core capital goods orders would be unchanged. Core capital goods shipments are one of the inputs used to calculate equipment spending in the gross domestic product measurement.

Persons: Rubeela Farooqi, Lucia Mutikani, Chizu Organizations: Commerce Department, Reuters, Federal, Institute, Supply, Transportation, Boeing, Thomson Locations: WASHINGTON, White Plains New York, U.S

The STOXX 600 (.STOXX) index closed 0.3% lower after data showed euro zone business growth stalled this month as the downturn in manufacturing deepened. "A hike was fully expected, but the magnitude of the rise surprised most," said RBC Brewin Dolphin’s head of asset allocation, Paul Danis. Germany's DAX index (.GDAXI) shed 1.0%, leading losses among regional peers as shares of Siemens Energy (ENR1n.DE) sank 37.3%. DATA DIGESTWhile euro zone business growth stalled in June, a separate reading showed German business activity slowed notably this month. French business activity contracted this month for the first time in five months, data showed.

Persons: Germany's DAX, Paul Danis, DAX, Clemente De Lucia, Shreyashi Sanyal, Bansari, Eileen Soreng, Jonathan Oatis Organizations: Siemens Energy, GSK, Bank of England, Norges Bank, Swiss National Bank, Investors, RBC, Bank, Siemens, Deutsche Bank Research, Thomson Locations: U.S, Stockholm, Helsinki, Bengaluru

☆ Bloomberg conducts a rare layoff in an ongoing restructuring of its media operation
▼ + stars: | 2023-06-22 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Bloomberg has laid off a handful in the newsroom as it shifts resources around in the organization. Bloomberg has done a rare layoff of a handful of people in its newsroom of 2,700, as it shifts resources around in the organization. In audio, Bloomberg shuttered its afternoon Boston radio program in June and replaced it with its Bloomberg Businessweek show. But Bloomberg Media is protected by its ownership by Michael Bloomberg's much larger financial information giant Bloomberg LP, whose key product, the Bloomberg Terminal, is widely used on Wall Street. Bloomberg Media CEO Scott Havens said the company grew revenue 16% in 2022, marking its 10th quarter of advertising growth.

Persons: David Merritt, Julie Alnwick McHale, Luke Morano, I've, Kim Carrigan, Tom Moroney, Joe Shortsleeve, Anthony Mancini, Michael Bloomberg's, Scott Havens, John Micklethwait Organizations: Bloomberg, Bloomberg Media Editorial, Boston, Bloomberg Businessweek, Boston Globe, Media, Bloomberg Media Locations: downturns

☆ Inside Netflix's growing M&A machine, who's leading it, and what insiders think the streamer could buy next
▼ + stars: | 2023-06-21 | by ( Lucia Moses | ) www.businessinsider.com time to read: +9 min

It then delved further into M&A to kickstart its games business. And the streamer hasn't completely abandoned its build-from-within strategy, as it also announced plans last fall to build its own gaming studio in Finland. He recently was elevated to the Lstaff, a group of 25 Netflix business heads who debate its biggest initiatives. (Netflix ended up doing a partnership in 2019 with that company, Studio Dragon, and its parent CJ ENM.) But leadership has been steadfast that Netflix's M&A mantra hasn't changed.

Persons: Here's, Reed Hastings, It's, it's, who's, what's, Roald Dahl, Dahl, Peter Rabbit, Spry, Harry Potter, execs, Spencer Wang, Michael Porter, Spencer Neumann, who'd, Neumann, Wang, Greg Peters, Ted Sarandos, Bela Bajaria, Scott Stuber, Mike Verdu, Jay MacDonald, Digiday, Ana Milicevic, Hastings, Sarandos, CJ ENM, Mario Organizations: Netflix, stoke, Paramount, Night School, Spry Fox, Disney, Warner Bros, DC Comics, Digital Capital Advisors, MLB, Surf League, Street Journal, Microsoft, Sparrow Advisers, MGM, Amazon, Mario Bros, Activision Blizzard, Epic Games, UBS Locations: Finland, New Jersey, Hollywood

☆ Some Disney insiders are questioning the company's appetite for 'rebellious innovation' after layoffs, despite its splashy Apple Vision Pro partnership
▼ + stars: | 2023-06-21 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Disney's Apple Vision Pro partnership has stoked excitement and concern at the media company. AppleBut an innovation team that worked on Disney's Apple Vision Pro offering is being disbanded, with its founder and leader exiting the company as part of the cuts. Insider spoke to five current and recently exited Disney insiders about hopes and concerns regarding the Vision Pro project and the future of innovation at the company. Disney's Vision Pro partnership was its latest project. A source with knowledge of Disney's Vision Pro work said it's still ongoing and that there are other teams at Disney still working on that project.

Persons: Bob Iger, Iger, Dave Lankford, WWDC, Disney's, Dirk Van Dall, Mike White, it's, Aaron LaBerge, Jeremy Doig, Bob Chapek, DMED Organizations: Apple Vision, Insiders, Disney, DMED, Apple, Apple's Worldwide, Conference, Iger, Vision, Advanced, Netflix, Disney's, Hollywood, ESPN, Marvel, Geographic Locations: verticals

☆ Who will be the next CEO of CNN? 12 execs who could be in the running to replace Chris Licht, according to company insiders and news veterans.
▼ + stars: | 2023-06-18 | by ( Lucia Moses | ) www.businessinsider.com time to read: +3 min

Warner Bros. Discovery chief David Zaslav is faced with finding another CEO for CNN after Chris Licht's exit. Just over a year after appointing Chris Licht to run CNN, Warner Bros. Discovery chief David Zaslav now faces the task of finding his replacement. He might look for a woman or person of color to bring diversity to a Warner Bros.

Persons: David Zaslav, Chris Licht's, Amy Entelis, Chris Licht, Zaslav, he's, he'll, CNN's, WBD, that's, Licht, Virginia Moseley, Eric Sherling, David Leavy, Claire Atkinson Organizations: Warner Bros . Discovery, CNN, Company, that's, Warner Bros, Discovery, Comcast

☆ US consumers' near-term inflation expectations hit two-year low; sentiment rises
▼ + stars: | 2023-06-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Summary Consumer sentiment index rises to 63.9 in June from 59.2One-year inflation expectations drop to 3.3% from 4.2%Long-run inflation expectations dip to 3.0% from 3.1%WASHINGTON, June 16 (Reuters) - U.S. consumers' near-term inflation expectations dropped to more than a two-year low in June and the outlook over the next five years improved slightly, according to a survey on Friday that also showed sentiment perking up. "The Fed will be gratified that the surge in inflation expectations in the late-1970s and early 1980s has not been repeated," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. The University of Michigan survey's reading of one-year inflation expectations dropped to 3.3% this month, the lowest since March 2021, from 4.2% in May. The survey's preliminary reading on the overall index of consumer sentiment came in at a four-month high of 63.9 in June compared with 59.2 in May. Its measure of consumer expectations rose to 61.3 from 55.4 last month.

Persons: Conrad DeQuadros, Joanne Hsu, Robert Frick, Lucia Mutikani, Daniel Wallis, Chizu Organizations: University of Michigan's, Fed, Wednesday, Brean, The University of Michigan, Treasury, Reuters, Consumers, Navy Federal Credit Union, Thomson Locations: WASHINGTON, New York, U.S, Washington, Vienna , Virginia

☆ Bob Iger announced exciting plans for Apple's Vision Pro headset, but after wide cuts, some are questioning Disney's appetite for 'rebellious innovation'
▼ + stars: | 2023-06-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +5 min

Disney's Apple Vision Pro partnership has stoked excitement and concern at the media company. "Mandalorian" footage in the Vision Pro demo. AppleBut an innovation team that worked on Disney's Apple Vision Pro offering is being disbanded, with its founder and leader exiting the company as part of the cuts. Disney's Vision Pro partnership was its latest project. A source with knowledge of Disney's Vision Pro work said it's still ongoing and that there are other teams at Disney still working on that project.

☆ Motor vehicles, building materials lift US retail sales in May
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

WASHINGTON (Reuters) - U.S. retail sales unexpectedly rose in May as consumers stepped up purchases of motor vehicles and building materials, which could help to stave off a dreaded recession in the near term. Retail sales increased 0.3% last month after rising 0.4% in April, the Commerce Department said. SLOWER MOMENTUMExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%. With price pressures easing in May, economists estimated that core retail sales increased 0.2% after adjusting for inflation.

Persons: ”, Robert Kavcic, Mike Graziano, Ben Ayers, Unadjusted, Conrad DeQuadros, Tim Quinlan Organizations: WASHINGTON, Federal Reserve, Fed, Wednesday, BMO Capital Markets, Commerce Department, Reuters, Saks Fifth, REUTERS, RSM, Consumers, Nationwide, Labor Department, Treasury, Atlanta Fed, Writers Guild of America, Brean, Manufacturing, Federal Locations: Minnesota, U.S, Toronto, New York City, Columbus , Ohio, Texas, California, Writers Guild of America . Georgia, Florida , Illinois , Indiana , Connecticut, New York, Philadelphia, Wells, Charlotte , North Carolina

☆ US retail sales rise; weekly jobless claims steady at higher levels
▼ + stars: | 2023-06-15 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales are mostly goods and are not adjusted for inflation. Food services and drinking places are the only services category in the retail sales report. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.4%. UNDERLYING STRENGTHExcluding automobiles, gasoline, building materials and food services, retail sales gained 0.2% last month. Data for April was revised slightly lower to show these so-called core retail sales rising 0.6% instead of the previously reported 0.7%.

Persons: Robert Kavcic, Jerome Powell, Unadjusted, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Saks Fifth, REUTERS, Commerce Department, Reuters, BMO Capital Markets, Federal Reserve, Treasury, Atlanta Fed, Labor Department, Thomson Locations: New York City, U.S, WASHINGTON, Toronto, Minnesota, Texas, California , Georgia, Florida , Illinois, Indiana, New York

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