U.S. retail sales fell flat in early summer as gasoline prices declined
The numbers: Sales at U.S. retailers were flat in June...
The numbers: Sales at U.S. retailers were flat in June due to falling gas prices and a nationwide cyberattack on auto dealers, but most other stores showed an increase in spending, a sign of stable economic growth.
The government said Tuesday that sales were unchanged last month. Based on a Wall Street Journal poll of economists, they had been forecast to decline 0.4%.
A raft of recent reports suggest the economy has slowed and consumers have cut back on spending. Yet the June retail report did not indicate whether these trends have intensified.
If autos and gas are excluded, retail sales rose a solid 0.8% last month, seasonally adjusted figures showed. Sales in April were revised higher.
US LNG Exports Down While Tankers Await Freeport LNG’s Reopening
According to sources, five LNG tankers were anchored offshore Freeport,...
According to sources, five LNG tankers were anchored offshore Freeport, Texas, as of Monday afternoon, awaiting the reopening of Freeport LNG and the port to vessels with drafts of more than 39 ft. LNG tankers’ drafts are, at times, more than 40 ft.
Port Freeport is home to the 2-Bcf/d Freeport LNG export terminal. It closed July 7 before Hurricane Beryl's arrival, which landed 45 miles west at approximately 4 a.m. July 8 at Matagorda Beach as a Category 1 storm, according to the National Hurricane Center (NHC).
Kansas Fed predicts O&G recovery in Midwest, Rockies
The Federal Reserve Bank of Kansas City's latest energy survey found...
The Federal Reserve Bank of Kansas City's latest energy survey found that oil and natural gas activity in Kansas, Colorado, Nebraska, Oklahoma and northern New Mexico contracted in the second quarter, although the next six months could bring a rebound. Oil and gas prices need to reach $91 per barrel and $4.68 per million British thermal units, respectively, for a significant uptick in drilling activity, the survey revealed.
Jerome Powell said the Fed won’t wait for 2% inflation to cut...
Jerome Powell said the Fed won’t wait for 2% inflation to cut rates. The central bank won’t wait to hit its inflation target before bringing interest rates down but wants to have “greater confidence” that inflation will get there in order to make cuts, Powell said at the Economic Club of Washington, DC, in his first public event since June’s cooling inflation numbers came out. But don’t get too excited: The Fed chair wasn’t willing to get into specifics about when rate cuts might be coming.
Robert F. Kennedy Jr., who’s running for president as an independent candidate, will get Secret Service protection because of the attempted assassination of Donald Trump.
In more election news: BlackRock pulled a 2022 ad filmed in a Pennsylvania classroom that featured Thomas Crooks, who allegedly shot at Donald Trump this weekend, as a student in the background. And Elon Musk will reportedly donate $45 million a month to a pro-Trump group.
Apple released public beta versions of the newest software for iPhone, Mac, iPad, and Apple Watch.
Macy’s ended talks of a buyout with investment firms Arkhouse Management and Brigade Capital Management after months of wrangling.
Burberry is replacing its CEO and suspending its dividend as the British luxury brand known for its signature plaid warned that it’s expecting an operating loss for the first half of the year.
Goldman Sachs was the latest big bank to benefit from rebounding investment banking fees as deals start making a comeback.
Wiz Khalifa was arrested in Romania after smoking marijuana on stage.
