Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Fiat Chrysler and France's Renault could soon partner up to take on the sweeping changes to the global auto industry, according to a report in the Financial Times. The...Autosread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
U.S. retail sales rose less than expected in October amid a surprise decline in automobile purchases, suggesting a slowdown in consumer spending that could temper expectations of a strong pickup in fourth-quarter economic growth.
The Commerce Department said on Friday retail sales edged up 0.1 percent last month after being unchanged in September.
Economists polled by Reuters had forecast retail sales increasing 0.3 percent in October after a previously reported 0.1 percent increase in September.
Sales at auto dealerships fell 0.5 percent last month after rising 1.4 percent in September. The decline is surprising given that motor vehicle manufacturers reported strong sales for October.
Retail sales excluding automobiles, gasoline, building materials and food services rose 0.2 percent after an upwardly revised 0.1 percent gain in September. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.
Core retail sales previously were reported to have dipped 0.1 percent in September. Economists had forecast core retail sales rising 0.4 percent last month.
The lackluster report suggests that savings from cheaper gasoline are being used to pay rents, which have increased substantially over the past year.
Still, the weak spending tone is unlikely to significantly shift expectations that the Federal Reserve will raise interest rates next month in the wake of October's robust employment report. The U.S. central bank has kept its benchmark overnight interest rate near zero since December 2008.
Economic growth slowed to a 1.5 percent annual pace in the third quarter as businesses worked through an inventory glut and energy companies continued to cut back spending in response to lower oil prices.
Retail sales also were held back by a 0.9 percent drop in the value of sales at service stations, which reflected lower gasoline prices. Service station receipts fell 4.0 percent in September.
Clothing store sales were flat last month. Receipts at building materials and garden equipment stores rose 0.9 percent, while sales at furniture stores increased 0.4 percent.
Receipts at sporting goods and hobby stores gained 0.4 percent and sales at restaurants and bars rose 0.5 percent. Sales at electronics and appliance stores fell 0.4 percent. Sales at online stores increased 1.4 percent.