(Reuters) – The U.S. Treasury Department on Thursday announced $15 billion in one-day cash management bills on June 2 and said it tentatively plans to sell 13-week and 26-week bills on June 5, but added that the latter sales depend on whether Congress will pass legislation to raise the debt ceiling by then. The Treasury…
By Aishwarya Venugopal (Reuters) – Weak profit forecasts from department store chain Macy’s to discounter Dollar General on Thursday underscored the fragile health of the U.S. consumer as persistent inflation curbs spending. Several U.S. retailers said sales have ebbed as consumers react to higher prices for food and other essentials. Broadly, U.S. consumer spending trends…
By Andy Sullivan WASHINGTON (Reuters) – The bipartisan debt-ceiling deal that could clear Congress as soon as Thursday would stave off an imminent U.S. default, but might deliver less budget savings than Republicans have hoped for, according to nonpartisan budget analysts. The agreement ensures that President Joe Biden will not have to grapple with another…
(Corrects title in last paragraph) (Reuters) – Stellantis will invest 160 million euros ($176.13 million) at its Rennes plant to launch a 100% electric compact Sports Utility Vehicle (SUV) in 2025, the Franco-Italian-American car manufacturer said on Thursday. Stellantis will use the investment to set up a battery assembly workshop as well as one dedicated…
By Granth Vanaik (Reuters) – Hormel Foods Corp reaffirmed its annual sales and profit forecasts even as its second-quarter revenue missed estimates, sending the company’s shares up as much as 8% in early trade. Multinational meat packers have gradually bumped up the prices of their goods over the past year to battle rising labor, freight…
WASHINGTON (Reuters) – U.S. construction spending surged in April, boosted by investment in nonresidential structures, but higher mortgage rates continued to depress single-family homebuilding. The Commerce Department said on Thursday that construction spending jumped 1.2% after rising 0.3% in March. Economists polled by Reuters had forecast construction spending climbing 0.2%. Construction spending shot up 7.2%…
WASHINGTON (Reuters) – U.S. manufacturing contracted for a seventh straight month in May as new orders continued to plummet amid higher interest rates, but factories boosted employment to a nine-month high. The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April. It was…
(Refiles to remove extraneous words in paragraph 7) WASHINGTON (Reuters) – U.S. worker productivity slumped in the first quarter, though not as steep as initially thought, according to government data on Thursday, which also showed sharp downward revisions to labor costs last quarter and in the final three months of 2022. Nonfarm productivity, which measures…
By David Lawder WASHINGTON (Reuters) – U.S. President Joe Biden’s 2020 campaign promise to make wealthy Americans and corporations pay more in taxes to finance a range of social priorities breathed its last gasp, at least for this presidential term, with the debt ceiling deal he struck with Republicans on Saturday. The deal to cap…
By Akriti Sharma and Abhirup Roy (Reuters) – Lucid Group said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia’s Public Investment Fund (PIF), sending shares of the luxury electric-vehicle maker down 9% after market hours. PIF, which owns more than 60% of the…
