The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
The U.S. Air Force's top general says he hasn't received direction to send additional bombers to the Middle East after what is believed to be Iranian attacks on Saudi Arabian...Defenseread more
Facebook has partnered with Ray-Ban maker Luxottica to develop augmented-reality glasses code-named 'Orion', people familiar with the matter told CNBC.Technologyread more
U.S. retail sales increased less than expected in June as receipts at automobiles dealerships surprisingly fell, but details of Tuesday's report suggested the economy was on a solid footing at the end of the second quarter.
The Commerce Department said retail sales rose 0.2 percent last month after an upwardly revised 0.5 percent advance in May.
Economists polled by Reuters had forecast retail sales, which account for a third of consumer spending, rising 0.6 percent after a previously reported 0.3 percent gain in May.
So-called core sales, which strip out automobiles, gasoline, building materials and food services, and correspond most closely with the consumer spending component of gross domestic product, increased a solid 0.6 percent in June.
Core sales rose by a revised 0.2 percent in May. They were previously reported as being flat and economists had expected them to rise 0.5 percent in June.
Despite the below-expectations rise in overall sales, June's retail sales report was the latest sign of the economy's strengthening fundamentals, which could buoy optimism the recovery is on a self-sustaining path.
The economy contracted sharply in the first quarter, but that was probably just a temporary setback.
From employment to manufacturing, the economy appears to be firing on nearly all cylinders with even housing appearing to be regaining its footing after slumping in late 2013 following a run-up in mortgage rates. Growth estimates for the second-quarter top a 3.0 percent annual rate.
Overall retail sales last month were held back by a 0.3 percent fall in receipts at auto dealerships. The decline is surprising given that automakers reported a surge in motor vehicle sales in June. Auto sales had increased 0.8 percent in May. Excluding autos, sales increased 0.4 percent after rising by the same margin in May.
Sales at nonstore retailers, which include online sales, increased 0.9 percent. Receipts at gasoline stations gained 0.3 percent, and sales at clothing retailers advanced 0.8 percent. Receipts at sporting goods shops rose 0.6 percent and sales at electronics and appliances stores gained 0.1 percent.
But sales at building materials and garden equipment suppliers fell 1.0 percent.