Despite rising prices, retail sales rose 0.3% in August according to the Census Bureau's latest report, in a sign of rebounding demand after declining 0.4% in July. Car sales got a boost after falling last month, but people spent less at the gas station as gas prices eased.
The report also showed that people spent less at furniture stores, health and personal care stores, and online in August, while spending at the grocery store was up 0.2%, suggesting that many are likely sticking to the necessities as inflation remains high.
Separately, a report from the Labor Department found that unemployment claims fell for the fifth week in a row. The number of Americans filing for unemployment benefits for the first time fell by 5,000 for the week of September 10, indicating the job market remains strong amid high inflation and concerns about a recession looming.
In other news, the White House announced that a tentative agreement had been reached between freight railroad companies and the unions that represent railway workers. The new contracts, if ratified by union members, would provide a 24% increase in wages between 2020 and 2024, and an immediate $11,000 payout once the contract is official. The agreement would help avoid a rail strike that would cause shipping delays for food and fuel, and affect commuters across the nation.
"These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned," said President Biden in a statement.
- Hira
0 comments:
Post a Comment