Despite malls looking like ghost towns, July retail data shows U.S. consumers are spending at their quickest pace in 2017. According to the Commerce Department, July retail sales increased 0.6% month-over-month in July, the largest gain since December 2016.
Trump Blames Amazon for the Bloodbath in American Retail There’s no better way to put it; America’s brick-and-mortar retail industry is dying. Big names in retail are going bankrupt left, right, and center. Thousands of American workers have already lost their jobs in the sector and more job losses are expected to follow.
A recent report shows that credit card delinquencies are increasing as American households rack up debt.
Growing Number of Borrowers Defaulting on Green Energy PACE Loans Recent research shows that an increasing number of Americans are defaulting on their green energy loans taken under the Property Assessed Clean Energy (PACE) program.
S&P/Experian Consumer Credit Default Indices on the Rise in July Standards and Poor’s and Experian have jointly released the report for consumer credit defaults for the month of July, which illustrates a rising trend in delinquencies. The jointly-prepared report, which comes out every month, depicts the monthly trend in four categories of consumer loans—bank cards, (more…)
Besieged retailer J C Penney Company Inc’s (NYSE:JCP) share price is under attack after it missed second-quarter estimates and its losses widened. The company’s margins were weighed down by the liquidation of 127 stores in the second quarter. News of the widened losses sent investors to the exits—the stock cratered more than 15% and is (more…)
French electrical manufacturing company Schneider Electric SE (EPA:SU) is closing its plant in Salisbury, North Carolina, and cutting 64 manufacturing jobs in the process.
Losses at NantHealth Inc (NASDAQ:NH) continue to mount as the company’s share price spirals. To change this trajectory, the company has announced restructuring efforts that will slash its workforce by as many as 300.
The U.S. Postal Service warned after posting weak third-quarter fiscal results that it could default on up to $6.9 billion in payments for future retiree health and pension benefits. This would be the fifth straight year it would miss topping up pension and health payments. The reason? A cash crunch that could disrupt day-to-day mail (more…)
Cox Automotive to Slash 950 Jobs One of the largest digital networks of automotive e-commerce, Cox Automotive, Inc., has announced that it is on track to cut as many 950 jobs as part of its ongoing cost-cutting efforts.