In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
"The important thing is that you shouldn't try to hit homeruns this week, because you're much more likely to end up striking out," Jim Cramer says.Mad Money with Jim Cramerread more
Retail sales in 2018 are now forecast to climb higher than what had been expected thanks to U.S. tax reform and other upbeat economic indicators, according to an industry trade organization.
Spending at retailers — excluding automobiles, gasoline stations and restaurants — is predicted to climb at least 4.5 percent, the National Retail Federation said Monday, giving an updated outlook for the remainder of the year. That's compared with a prior forecast range of 3.8 to 4.4 percent.
"Higher wages, gains in disposable income, a strong job market and record-high household net worth have all set the stage for very robust growth in the nation's consumer-driven economy," NRF President and CEO Matthew Shay said in a statement. "We knew this would be a good year, but it's turning out to be even better than expected."
Still, there is uncertainty around a trade war with China that could impact retail spending, the group said. President Donald Trump has proposed additional tariffs on $200 billion in goods from China, which would include a mix of consumer items. The proposal is expected to be finalized next month, following a public comment period.
"Despite this upgrade in our forecast, uncertainty surrounding the trade war and higher-than-expected inflation due in part to increased oil prices could make consumers cautious during the fall season," NRF Chief Economist Jack Kleinhenz said Monday.
Retail sales for the first half of 2018 were up 4.8 percent from a year earlier, NRF said. In the most recent three-months moving average, they have climbed 4.4 percent year over year.
Major retailers including Home Depot, Walmart and Macy's are set to report quarterly earnings this week, which will offer looks at how these companies feel ahead of the all-important holiday season. So far, earnings reports from luxury retailers like Michael Kors and Louis Vuitton owner LVMH have been better than Wall Street was anticipating.
Amazon's annual Prime Day in July is believed to have pulled the back-to-school shopping season even earlier, prompting retailers like Target, J.C. Penney and Kohl's to roll out deals sooner in the summer. The e-commerce giant said this year's Prime Day was its largest yet.