Business Highlights: Inflation cools, Wall Street gains

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US inflation and consumer spending cool in December

WASHINGTON (AP) — The Federal Reserve’s favorable inflation gauge eased further in December as consumer spending fell. This is the latest evidence that a series of Federal Reserve rate hikes are slowing the economy. Prices rose 5% y/y last month, down from a 5.5% y/y gain in November. It was a three-game losing streak. Private consumption decreased by 0.2% from November to December and was revised downwards to show a 0.1% decrease from October to November. Last year’s holiday season sales were sluggish for many retailers, and his overall spending in the final two months of 2022 was his lowest in two years.


Wall Street adds more to big January after strong week

NEW YORK (AP) — Stocks closed higher on Wall Street, recording three weekly market wins in the past four weeks. The S&P 500 rose 0.2% on Friday after giving up most of its gains so far. The Nasdaq Composite he rose 0.9% and the Dow rose about 0.1%. American Express took the lead. After delivering better-than-expected profit forecasts, the stock surged. Next week could be even busier for the market. The Federal Reserve is about to announce the latest hike in interest rates. Inflation continues to fall, raising hopes for a smaller, less painful rally, according to Friday’s report.


Research: enough rare earth minerals to drive the shift to green energy

As the world shifts from fossil fuel-burning power to cleaner wind and solar power, we fear there will be a shortage of rare earth minerals to make the switch to greener power. Some people A new study on Friday found that the earth has enough of his 17 necessary substances, but that mining needs to be stepped up. Scientists say it adds a little more pollution, but it saves money by removing polluted power plants. It is a more difficult problem to be studied next.


UK Treasury Secretary: Tax cuts must wait for inflation to fall

LONDON (AP) — The UK’s Treasury secretary says keeping inflation under control is more important than tax cuts. Jeremy Hunt has resisted calls from some of the ruling Conservative Party for immediate tax cuts to businesses and voters. It’s a decline,” he said. Britain’s annual inflation rate reached 11.1% in October, his highest in 40 years, fueling a cost of living crisis and a wave of strikes. Although it has eased since then, he still hit 10.5% in December, the highest since the 1980s. Hunt said he wants the UK to be a low-tax economy, but “with volatile markets and high inflation, sound money must come first.”


Low-cost fashion chain H&M reports fourth-quarter loss

STOCKHOLM (AP) — Low-cost fashion brand H&M hit 864 million Swedish kronor ($84 million) in the fourth quarter, while its net profit fell 68% in the year ending November 2022. said he received it. The company closed its operations in Russia, saying it was affected by high raw material and shipping costs combined with a historically strong U.S. dollar. Chief Executive Helena Helmerson said on Friday that although 2022 was a “turbulent year,” the Sweden-based company saw a 6% increase in overall sales for the full year. After Russia launched an attack in Ukraine, the H&M group first suspended all sales in Russia and then announced it would scale back its business there.


Amex profits drop 9% as customers lag behind in payments

NEW YORK (AP) — American Express’ fourth-quarter earnings fell 9%. This is because the credit card giants have had to set aside significantly more money to cover potential bad debt. The company is seeing an increase in charge-offs and delinquencies, a troubling sign for a company whose customer base is typically wealthy and highly creditworthy. The New York-based company said it posted earnings of $1.57 billion, or $2.07 per share, for the quarter, down from $1.72 billion, or $2.18 per share, in the same period last year. This is below analyst expectations.


Third Trader Joe’s Store Vote to Union

A Trader Joe’s store in Louisville, Kentucky voted to unionize. According to the National Labor Relations Board, on Thursday night, workers at the store voted for the union, 48 to 36 for him. The store will join two other unionized Trader Joe’s stores that have already begun contract negotiations with grocers. Trader Joe’s stores in Massachusetts and Minnesota first formed a union last summer. Workers say they want higher wages, better benefits and safer working conditions. Trader Joe’s did not respond to a request for comment on Friday.


The S&P 500 rose 10.13 points (0.2%) to 4,070.56. The Dow Jones Industrial Average rose 28.67 points (0.1%) to 33,978.08. The Nasdaq Composite rose 109.30 points (0.9%) to 11,621.71. The Russell 2000 Index for small businesses rose 8.39 points, or 0.4%, to 1,911.46.

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