Retail sales accelerate as supply chain crisis causes earlier start to holiday shopping season
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Consumer spending accelerated in October as shoppers kicked off the holiday shopping season earlier than usual due to the supply chain bottlenecks.
Retail sales, a measure of spending at restaurants, stores and online, rose 1.7% last month, according to the Commerce Department. Analysts surveyed by Refinitiv were expecting a 1.4% increase. The reading was 16.3% above year-ago levels.
September’s reading was revised up by 0.1 percentage points to 0.8%.
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"October retail sales growth was led by holiday-friendly categories such as nonstore retailers (e-commerce shops such as Amazon.com) and electronics stores," said Ted Rossman, senior industry analyst at Bankrate.
Sales at nonstore retailers surged 4% while sales at electronics and appliance stores climbed 2.8%.
A 3.9% spike in sales at gasoline stations came as prices at the pump climbed by more than 60% from the previous year to a seven-year high.
Meanwhile, sales at food services and drinking places were unchanged.
Retail sales excluding autos rose 1.7% month over month compared with the 1% gain that was expected.
Homebuilder confidence rises as strong demand counters supply chain constraints
The housing market is ‘moving very fast’: Real estate expert
Luxury real estate agent and The Campins Company founder Katrina Campins tells ‘Cavuto: Coast to Coast’ that ‘homes are flying off the market’ and selling at listed prices.
Homebuilder confidence rose in November as low inventories and strong buyer demand helped boost confidence despite ongoing supply chain disruptions.
The National Association of Home Builders/Wells Fargo Housing Market Index this month rose three points to 83. Analysts surveyed by Refinitiv were expecting homebuilder sentiment to hold at 80.
The index can range between 0 and 100 with any print over 50 indicating positive sentiment. Any reading above 80 signals strong demand.
"The solid market for home building continued in November despite ongoing supply-side challenges," said NAHB Chairman Chuck Fowke. "Lack of resale inventory combined with strong consumer demand continues to boost single-family home building."
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This story is developing. Check back for updates.
Pfizer submits FDA application for emergency approval of Covid treatment pill
Pfizer on Tuesday submitted its application to the Food and Drug Administration for emergency authorization of its Covid-19 treatment pill.
The pill, if authorized by the FDA, would be the first oral antiviral drug of its kind specifically designed to combat Covid, according to the company.
Known as Paxlovid, the pill cut the risk of hospitalization from Covid by 89% in high-risk adults who were exposed to the virus when taken in combination with a widely used HIV drug, according to the company.
"We are moving as quickly as possible in our effort to get this potential treatment into the hands of patients, and we look forward to working with the U.S. FDA on its review of our application, along with other regulatory agencies around the world," Pfizer CEO Albert Bourla said in a statement Tuesday.
Bourla had previously said that Pfizer planned to submit its data to the FDA before Thanksgiving.
Earlier Tuesday, Pfizer announced that it would allow generic manufacturers to supply its antiviral pill, known as Paxlovid, to 95 low and middle-income countries.
This is breaking news. Please Check back for updates.
Herc Holdings Acquires SkyKing Lift Rentals; Completes Rapid Equipment Rental Buy
Herc Holdings Inc. (HRI), a North American equipment rental supplier operating through Herc Rentals Inc., on Tuesday announced that it has acquired Chicago-area SkyKing Lift Rentals, a single-location equipment rental business specializing in mobile elevating work platforms, including scissor and boom lifts.
The addition of SkyKing is expected to expand the company’s Chicago-area presence to six physical locations. Financial details of the deal are not disclosed.
The company also announced the completion of acquisition of Toronto-based Rapid Equipment Rental Limited, a full-service general equipment rental company serving construction and industrial customers at seven locations throughout the Greater Toronto Area (GTA).
Shares of Herc Holdings are trading in pre-market at $197.49, up $5.12 or 2.66 percent from previous close.
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Building fire south of I-70, York Street causing smoke in Denver
The Denver Fire Department is working to extinguish a fire just south of Interstate 70 and York Street causing billowing smoke in Denver.
Two buildings are on fire — one abandoned and one occupied — at 4236 York St., according to Greg Pixley, a fire department spokesman.
No injuries are reported, Pixley said.
No further details were available at this time.
This is a developing story that will be updated as more information becomes available.