U.S. retail sales fell 0.1% in October from a month earlier, the first decline since March and comes after a 0.9% increase in September. From a year earlier, sales rose 2.5% in October, well slower than the pace of price increases.
Through bankruptcy, WeWork filed a motion to reject approximately 69 active leases, 40 of which are in New York. The company also said it is in active negotiations with more than 400 landlords to amend existing leases.
Bain Capital is close to acquiring Guidehouse, a consulting firm that advises government organizations and businesses, in a deal valuing it at $5.3 billion including debt.
China passed a significant milestone last fall: For the first time since its economic opening more than four decades ago, it traded more with developing countries than the U.S., Europe and Japan combined.
Employers offer 80% of workers paid sick leave, up from 67% a decade ago. Paid vacation expanded to 77% of the workforce from 74%. And paid family leave, with the most dramatic jump, increased to 27% from 12%.
Gross domestic product grew at a seasonally- and inflation-adjusted 4.9% annual rate in the third quarter. That was the fastest rate since late 2021 and much stronger than economists were anticipating just a few months ago. The economy expanded 2.1% in the second quarter.
The tried-and-true 60-40 portfolio lost 17% last year, its worst performance since at least 1937. Even with a 14% gain in the S&P 500 helping the strategy recover in 2023, stocks and bonds have moved in tandem, more over the past three years than any time since 1997.
IRS migration data found that California lost more than $340 million in 2021 IRS tax revenue due to residents moving. New York experienced the second-biggest drop losing just under $300 million from its yearly tax base.
Industry estimates indicate that members of the S&P 500 will report earnings per share were 1.3% higher than a year earlier—a nice improvement from the second quarter’s decline of 2.8%.
Americans age 65 and up accounted for 22% of spending last year, the highest share since records began in 1972 and up from 15% in 2010.
