Economic News
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Retail sales up 0.8% in September, but a big chunk of spending went to paying gasoline bills
Shoppers showed their willingness to spend in September even after a better-than-expected splurge in August
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US retail trade group forecasts healthy holiday sales, in part due to inflation
Don’t underestimate U.S. shoppers when it comes to shelling out money for the winter holidays
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IMF says African economies performing well despite shocks from the Iran war
The head of the International Monetary Fund’s Africa department says African economies have managed to weather the energy crisis brought on by the Iran war
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The number of Americans filing for jobless aid remain at historically low levels below 200,000
U.S. applications for unemployment benefits inched up last week as layoffs remain historically low and most American workers enjoy job security
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Taiwan chipmaker TSMC explores Texas investment to expand production in the US
Taiwan Semiconductor Manufacturing Co. is exploring potential investments in Texas to expand chip production in the U.S. The company says it is open to collaborating with Elon Musk’s planned “Terafab” chip manufacturing complex in Texas
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Brazil's Senate approves a shorter workweek in major win for Lula ahead of runoff
Brazil’s Senate has approved a constitutional amendment to reduce the maximum workweek from 44 to 40 hours without cutting salaries
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US stocks drop to their worst day since July as inflation worsens
U.S. stocks dropped to their worst day since July
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Social Security recipients to get 3.6% cost of living boost, an average of $75 per month
The Social Security Administration projects a 3.6% cost-of-living adjustment for older adults and people with disabilities starting in 2027
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IMF chief urges US and wealthy nations to rein in debt to ease global economic pressure
The head of the International Monetary Fund says the United States and other wealthy nations must urgently tackle mounting global debt, which is weighing most heavily on low-income countries
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GlobalFoundries to open 2 new chip plants in New York with $21 billion in financing from Japan
Semiconductor contract manufacturing and design company GlobalFoundries Inc. says it plans to open two chip-making factories in Malta, New York, financed by an investment of up to $21 billion from Japan
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