Business News

Retail sales unchanged in June from May, underscoring shoppers’ resilience

NEW YORK (AP) — Shoppers paused their spending in June from May, defying economic forecasts for a pullback and proving their resilience in the face of an uncertain economy. Retail sales were unchanged in June from May, after being revised upward to a 0.3% increase in May, according to the Commerce Department. Last month, April sales were revised downward — a 0.2% decline, from unchanged. Sales rose 0.6% in March and 0.9% in February. That comes after sales fell 1.1% in January, dragged down in part by inclement weather.

IMF’s economic view: Brighter outlook for China and India but tepid global growth

WASHINGTON (AP) — The International Monetary Fund has upgraded its economic outlook this year for China, India and Europe while modestly lowering expectations for the United States and Japan. But it says worldwide progress against accelerating prices has been slowed by stickier-than-expected inflation for services, from airline travel to restaurant meals. Overall, the IMF still expects the world economy to grow a lackluster 3.2% this year, unchanged from its previous forecast in April and down a tick from 3.3% growth in 2023. From 2000 through 2019, before the pandemic upended economic activity, global growth had averaged 3.8% a year.

Walmart retools its young adult clothing line in pursuit of fashion credibility

NEW YORK (AP) — Walmart has spent three years overhauling its mix of adult apparel to make it stylish as well as sensible for middle America. Now, the nation’s largest retailer is seizing the back-to-school shopping season to take another shot at fashion respectability. The company plans to relaunch its 30-year-old brand for teenagers and young adults on Tuesday with a new 130-piece fall collection aimed at Generation Z. The retooling of the No Boundaries label is part of a strategy to get customers to think of Walmart as a place to buy cool clothes as well as groceries. Winning over younger customers will be challenging given Walmart’s heavy competition and reputation for selling cheap basics.

Amazon Prime Day is a big event for scammers, experts warn

NEW YORK (AP) — Amazon Prime Day is here. And experts are reminding consumers to be wary of scams. Deceptions such as phony emails from people impersonating online retailers like Amazon are nothing new. But the Better Business Bureau says phishing attempts increase amid the heavy spending seen during significant sales events. Amazon’s two days of discounts for Prime members start on Tuesday. The Better Business Bureau advises consumers to watch out for lookalike websites, too-good-to-be-true social media ads, and unsolicited emails or calls. A spokesperson for the organization that because Prime Day is a huge moment on the retail calendar, “it represents an enormous opportunity for a scammer, con artist or even just an unethical business or organization.”

Amazon Prime Day is a major cause of injuries for warehouse workers, Senate review says

NEW YORK (AP) — A report released by Senator Bernie Sanders says Amazon’s popular Prime Day sales event has been “a major cause of injuries” for warehouse workers who pick and pack customer orders at the company’s facilities across the U.S. The report released to coincide with the start of Prime Day on Tuesday says nearly 45 out of 100 workers were injured during the two-day sales event in 2019. An Amazon spokesperson says the company has improved its safety numbers since 2019 and disputes many of the report’s claims. The report drew information from a year-long Senate committee investigation into Amazon’s safety practices and said peak shopping times result in the “highest weekly injury rates” for warehouse workers.

Soros’ Open Society Foundations say their restructuring is complete and pledge $400M for green jobs

NEW YORK (AP) — Open Society Foundations revealed Tuesday its first new commitment after a years-long internal reorganization, pledging $400 million over eight years to support green economic development. OSF is the philanthropic organizations that billionaire investor George Soros has built up since the 1970s. OSF president Binaifer Nowrojee said the goal of the investment was to produce sustainable jobs and a shift toward clean energy in Brazil, Mexico, South Africa, Senegal, Malaysia and Indonesia. Nowrojee is a human rights lawyer from Kenya who has worked at OSF for twenty years. She took the helm of the $25 billion philanthropy after three years of buyouts, layoffs and structural changes.

Stock market today: A widespread rally sends Wall Street toward records, even as Big Tech weighs

NEW YORK (AP) — U.S. stocks are flirting with their records again after several big companies delivered better-than-expected profits for the spring. The S&P 500 rose 0.5% Tuesday in a widespread rally and is on track to top its all-time high set last week. The Dow Jones Industrial Average leaped 613 points a day after setting its own record. The Nasdaq composite added 0.1%. UnitedHealth Group pushed the market higher after reporting stronger results for the spring than analysts expected, despite losses it took due to a massive cyberattack. Treasury yields were mixed after a report showed sales at U.S. retailers held firmer last month than expected.

Summer pause: Small business sales growth tapers in June as consumers take a breather on spending

Small business sales growth slowed in June as consumers took a pause on spending. That’s according to new data from financial services and payments provider Fiserv. Consumers have been reining in spending as still high prices on groceries and other necessities and high interest rates weigh on their pocketbooks. Nationally, the seasonally adjusted Fiserv Small Business Index, which rates small business performance, for June declined to 140 in June from 144 in May. Month-over-month sales at small businesses dipped 2.9% from May, and transactions fell by 1.5%. However, sales and transaction rose compared to the same month a year ago.

MSNBC’s ‘Morning Joe’ host says he was surprised and disappointed the show was pulled from the air

MSNBC “Morning Joe” host Joe Scarborough says he was “surprised and disappointed” the news and talk show was pulled off the air the day before and that the explanation he was given didn’t hold water. The show, a favorite of President Joe Biden and his fans, was pulled Monday morning in favor of a live news stream from the NBC News Now streaming service. Scarborough said he was told that would happen to all of MSNBC’s shows on Monday, but “that did not happen” and he hasn’t gotten a good explanation about why. There was no immediate response from an MSNBC representative.

Bank of America Q2 profits drop as higher interest rates slow down lending

NEW YORK (AP) — Bank of America said Tuesday its profits fell in the second quarter, as higher interest rates ate into expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division, which helped make up for some of the weakness in other parts of the business.