USA OUTLOOK DECEMBER 25 TO 29, 2023

USA OUTLOOK WEEKLY NEWSLETTER DECEMBER 25 TO 29 10001111NOVEMBER 00

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DECEMBER 25, 2023

DECEMBER 26, 2023

US holiday retail sales grow 3.1%, down from prior year, Mastercard says U.S. retail sales rose 3.1% between Nov. 1 and Dec. 24, as shoppers looked for last-minute Christmas deals amid big promotions, a Mastercard report showed on Tuesday.

The increase is lower than the 3.7% growth Mastercard forecast in September and last year's 7.6% rise as higher interest rates and inflation pressured consumer spending.

Photo Foto: CHARLES REX ARBOGAST (AP) | Vídeo: AGENCIAS

Thousands of migrants in the United States are preparing to spend the winter on the streets Chicago and New York are some of the cities that have undertaken time-trial efforts to protect migrants before temperatures drop Faced with the imminent drop in temperatures during the winter, Chicago, New York and other cities in the United States have been pressured to solve the refuge of the thousands of migrants who camp outdoors on their streets.

Amazon.com and Walmart (WMT.N) ramped up promotions through November in the United States to entice bargain-hunting shoppers, but analysts said that the discounts were not as deep as the prior year, when retailers were saddled with excess stock after the pandemic.

Some of those discounts were rolled back starting in December, when customers were expected to buy last-minute gifts and household goods on the Saturday before Christmas dubbed "Super Saturday."

Chicago, the third largest city in the country, announced an agreement with religious leaders to protect 400 people waiting for asylum in churches.

But another 1,000 migrants continue to live at O'Hare International Airport and police stations.

The construction of a migrant camp in Illinois was suspended in early December because a report found high levels of mercury, lead, and other toxic elements at the site.

Souce: https://elpais.com/internacional/2023-12-24/miles-de-migrantes-en-estados-unidosse-preparan-para-pasar-el-invierno-en-las-calles.html?autoplay=1

Souce: https://www.reuters.com/markets/us/us-retail-sales-grow-31-during-holidayseason-mastercard-report-2023-12-26/

DECEMBER 27, 2023

DECEMBER 28, 2023

US applications for jobless benefits rise but labor market remains solid

More Americans applied for unemployment benefits last week, but not enough to raise concern about the labor market or broader economy.

Jobless claims rose to 218,000 for the week ending Dec. 23, an increase of 12,000 from the previous week, the Labor Department reported Thursday.

The four-week average of claims, which smooths out week-to-week ups and downs, fell by 250 to 212,000.

GM sues San Francisco, seeking $121 million in back taxes, penalties

Overall, 1.88 million Americans were collecting jobless benefits during the week that ended Dec. 16, an increase of 14,000 from the previous week.

Weekly unemployment claims are a proxy for layoffs. They have remained at extraordinarily low levels in the face of high interest rates.

General Motors has sued the city of San Francisco, seeking to recover more than $100 million, alleging that it was charged a higher tax bill than warranted because its Cruise self-driving car unit was improperly used to make the calculations.

In the case filed in California Superior Court in San Francisco, GM is seeking $108 million in back taxes over the course of seven years, as well as $13 million in penalties and interest, according to the complaint. The Detroit automaker said San Francisco-based Cruise is operated separately from GM, generates only a minimal amount of sales and should not be used to calculate GM’s liabilities in the city where the parent company has a limited presence. GM said in the lawsuit that it sold only about $677,000 worth of goods in San Francisco in 2022.

Photo: BRIAN SNYDER (REUTERS) Souce: https://www.reuters.com/legal/gm-sues-san-francisco-seeking-121-million-backtaxes-penalties-2023-12-27/

Souce: https://english.elpais.com/usa/2023-12-28/us-applications-for-jobless-benefitsrise-but-labor-market-remains-solid.html

DECEMBER 29, 2023

Photo: REUTERS/Gary McWilliams/File Photo Acquire Licensing Rights

US drivers hope for lower pump prices in 2024 as gasoline stocks climb

American drivers can expect lower motor fuel costs for a second-straight year in 2024 as a jump in global refining capacity and a surplus in U.S. gasoline stocks drive down retail prices, according to analysts' forecasts.

The U.S. national average retail gasoline price could drop by 13 cents next year to $3.38 a gallon, according to price tracker GasBuddy annual outlook.

The U.S. Energy Information Administration is expecting a bigger, 17-cent drop in next year's average pump price, according to its latest short-term forecast.

Lower gasoline bills free up money for consumers to spend elsewhere and could help the U.S. avoid a recession next year. The national average price of gasoline crossed $5 a gallon for the first time in June 2022, lifting inflation to a 40-year record.

Souce: https://www.reuters.com/business/energy/us-drivers-hope-lower-pump-prices2024-gasoline-stocks-climb-2023-12-29/