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WASHINGTON — Americans spent a bit more at retailers last month, providing a small boost to the economy just seven weeks before Election Day as the Federal Reserve considers how much to cut its key interest rate. Retail sales ticked up 0.1 percent from July to August, after jumping the most in a year and a half the previous month, the Commerce Department said Sept.
17. Online retailers, sporting goods stores, and home and garden stores all reported higher sales. The data indicate that consumers are still able and willing to spend more despite the cumulative impact of three years of excess inflation and the higher interest rates intended to combat those rising prices.
Average paychecks, particularly for lower-income Americans, have also risen sharply since the pandemic, which has allowed many Americans to continue spending even as many necessities became more expensive. And price increases are slowing, with inflation falling to a three-year low last month of 2.5 percent.
"With consumption still very healthy, for now, recession fears appear overblown," said Olivia Cross, North America economist at Capital Economics. NEW YORK — Shares of Intel surged before the opening bell after the chipmaker said its foundry business would make some custom artificial intelligence chips for Amazon Web Services as it attempts to reinvigorate its business. CEO Pat Gelsinger said in a message to employees late Sept.
16 that Intel will create an AI fabric chip for Amazon's cloud services division at its foundry business, a struggling division that he said would become a subsidiary of Intel. Gelsinger also provided an update on cost-cutting efforts. He said that the chipmaker is more than halfway to its workforce reduction target of about 15,000 by the end of the year.
And Intel plans to reduce or exit about two-thirds of its real estate worldwide by Dec. 31. Shares jumped 7 percent Tuesday before giving up some of the gains.
The stock closed 2.68 percent higher. Today's Top Headlines Story continues below Lindsey Graham emerges as Trump's top South Carolina surrogate — but on his own terms Coach Shane Beamer and Gamecocks contact SEC office about penalties during LSU loss Longstanding Mexican-inspired restaurant closes Mount Pleasant location SC Education Department partners with conservative media platform PragerU Myrtle Beach-area development could add shopping center, hundreds of homes and 501 traffic light 'I got that .
.. on video': SC man recovering after being bitten by world's most venomous snake Brett Favre Sends Blunt Message To Americans Before Presidential Election 'A few miles really made a big difference': Storm's late shift spares Myrtle Beach area Plans for Lowcountry hospital withdrawn after 6-year legal battle Speakeasy-inspired bar for the LGBTQ+ community opens in North Charleston DETROIT — The United Auto Workers' rift with Stellantis widened this week as the union filed federal labor charges over possibly moving production of an SUV out of the country.
The union said Sept. 16 that it filed charges with the National Labor Relations Board accusing the company of refusing to release information about plans to build the Dodge Durango at a plant in Detroit. It also has filed grievances over the delayed reopening of a vehicle assembly plant in Belvidere, Ill.
Stellantis denied violating the contract and said it's managing when it brings new vehicles to market in order to be competitive. CAPE CANAVERAL, Fla. — SpaceX faces $633,000 in fines for alleged safety violations during two Florida launches last year.
T he Federal Aviation Administration said Sept. 17 it's proposing the civil penalties because of the company's alleged failure to follow licensing requirements. During a communication satellite launch in June 2023, the FAA said SpaceX used a new launch control room without prior approval and did not conduct the required readiness poll in advance.
The federal regulator also said SpaceX used a new rocket fuel facility to launch another communication satellite a month later. SpaceX has 30 days to respond..
