The Commerce Department says business inventories rose 0.3 percent, rebounding from a 0.2 percent decline in April. Total business sales fell 0.2 percent, the largest decline since a 0.3 percent drop last July. Sales have been weak for the past three months.
Retail sales fell 0.2 percent after declining 0.1 percent in May, the Commerce Department said Friday. Spending at retailers has grown 2.8 percent over the past 12 months, a relatively modest pace given that the sales figures aren’t adjusted for inflation.
“I don’t think it mattered to him — it was just what he thought he could get away with,” said Richard Kocher, a New Jersey construction company owner who invested $200,000 in with Shkreli in 2012. “It was insulting.”
Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages increased to an average 4.03 percent from 3.96 percent last week. It stood at 3.42 percent a year ago and averaged a record low 3.65 percent in 2016.
The Labor Department says its producer price index, which measures prices before they reach consumers, rose 0.1 percent last month after being flat in May. The index was up 2 percent in June from a year earlier.
“Our team is energized and focused on enhancing and modernizing the Target shopping experience, and our guests are responding,” said CEO Brian Cornell in a company release.
“Five, 10 years ago, we were the dominant player in convenience, as convenience was defined in those days,” CEO Steve Easterbrook said last month. “But convenience continually gets redefined, and we haven’t modernized.”
“Once you shake hands with the car salesman, you are not done,” says Oren Weintraub, president of Authority Auto in Tarzana, California. As a car-buying concierge, Weintraub identifies cars for clients and negotiates the deals. Getting the sales contract — and all the financing terms — right is so important, Weintraub insists on reviewing a faxed copy before his clients sign.
Federal Reserve Chair Janet Yellen is testifying for a second day before Congress. She is expanding on her views on inflation, emphasizing that the dual risks to inflation: prices rising too slowly and prices accelerating too quickly.