Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
U.S. consumer spending advanced at a brisk clip in November as lower gasoline prices gave the holiday shopping season a boost, offering the latest sign of underlying momentum in the economy.
The Commerce Department said on Thursday retail sales excluding automobiles, gasoline, building materials and food services, increased 0.6 percent last month after an unrevised 0.5 percent rise in October.
The so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Economists polled by Reuters had expected core retail sales to rise 0.4 percent last month.
Last month's increase suggested consumer spending, which accounts for more than two-thirds of U.S. economic activity, was accelerating in the fourth quarter after slowing a bit in the July-September period.
It added to November's bullish employment report in painting a fairly upbeat picture of the economy, despite a recession in Japan and faltering growth in the euro zone, China and major emerging markets.
Core sales last month were lifted by a 1.2 percent jump in receipts at clothing stores, an indication that the holiday shopping season got off to a solid start, with retailers offering discounts to attract shoppers.
Receipts at online stores increased 1.0 percent. Sales at electronic and appliance stores advanced 0.9 percent, while receipts at furniture stores rose 0.5 percent. Sales at sporting goods stores rose as did receipts at health and personal care stores.
While declining gasoline prices are stimulating consumer spending, they weighed on service station sales, with receipts falling 0.8 percent.
That decline was, however, offset by a 1.7 percent surge in automobile sales, which helped to lift overall retail sales by 0.7 percent in November. That was the largest gain since March and followed an upwardly revised 0.5 percent increase in October.
Economists had expected retail sales to rise 0.4 percent in November.
Retail sales excluding gasoline stations increased 0.9 percent. Sales building materials and garden equipment increased 1.4 percent. Sales at restaurants and bars rose 0.7 percent.