U.S. retail sales unexpectedly increased in August, likely boosted by back-to-school shopping and child tax credit payments from the government, which could temper expectations for a sharp slowdown in economic growth in the third quarter.
despite the headwinds reflected the continued strength of the American consumer and the resilience of the nation’s“We maintain our confidence in the historic strength of consumers and fully expect a record year forAmericans are sitting on at least $2.5 trillion in excess savings accumulated during the pandemic. Wages are rising as companies scramble to fill a record 10.9 million job openings.
Claims were likely boosted by Hurricane Ida, which devastated U.S. offshore energy production and knocked out power in Louisiana. Ida also drenched Mississippi and caused historic flooding in New York and New Jersey. “There is no evidence here that the surge in COVID cases related to the Delta variant is forcing a retrenchment in the economy,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK inflation hits 9-year high in August as food prices riseConsumer prices rose by 3.2% year on year, the highest annual inflation rate since March 2012
Read more »
Woolies has introduced Dermalogica as it brings in more guest brands to boost beauty businessWoolies has just introduced professional skincare brand Dermologica to its stable, this as it tries to boost sales in its fashion, beauty, and home division which has consistently underperformed over the past several years.
Read more »
Business Maverick: Rich Nations Head to South Africa Seeking Coal Exit DealFour of the world’s richest nations will send a delegation to South Africa as soon as next week to seek a deal to begin closing the country’s coal-fired plants, according to people familiar with the matter.
Read more »
WEBINAR | Reignite your business in the new economyOn Sept 22, join Pavlo Phitidis and a panel of turnaround experts in the final episode of the four-part Standard Bank SME Summit online series on how to develop a growth strategy and access the funding to bring it to life.
Read more »
VIDEO | Intra-African trade fair | Trade fair to boost Durban tourismeNCA's Mawande Kheswa reports on the IATF, a key event boosting trade in Africa.
Read more »
New Altron index shows how pandemic hit short-term creditContraction is set to have a negative multiplier effect through the economy, says GIBS consultant 🔒
Read more »