Month: March 2019

U.S. consumer spending tumbled 0.5 percent in December, the biggest decline in nine years, as the holiday shopping season ended in disappointment. Meanwhile, incomes rose sharply in December but edged down in January. The fall in consumer spending followed sizable gains of 0.7 percent in October and 0.6 percent in November, the Commerce Department reported Friday. December's result means that spending for the quarter decelerated significantly, a primary factor in the slowing of overall economy in the final three months of the year. Gross domestic product recorded a growth rate of 2.6 percent after a 3.4 percent gain in the third quarter. Incomes jumped 1 percent in December, though slipped 0.1 percent in January. The government did not release spending data for January because of delays stemming from the government…

Oregon Gov. Kate Brown signed the nation's first statewide mandatory rent control measure on Thursday, giving a victory to housing advocates who say spiraling rent costs in the economically booming state have fueled widespread homelessness and housing insecurity.      Brown, a Democrat, said the legislation will provide ``some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market.''    Landlords are now limited to increases once per year that cannot exceed 7 percent plus the change in the consumer price index, which is used to calculate inflation.    The law prohibits them from serving no-cause evictions after a tenant's first year of occupancy, a provision designed to protect those who are living paycheck to paycheck and who affordable housing advocates say are often most…

Tesla says it is now taking orders for the long-awaited $35,000 Model 3, will close stores and move to online orders. Tesla says it is now taking orders for the long-awaited $35,000 Model 3, a car for the masses that is essential for the company to survive. The company says to reach the lower price, it's shifting all sales worldwide from stores to online only. Some high-traffic stores, however, will remain open. The company will offer the standard base model, which can go 220 miles (350 kilometers) per charge. It also will offer a $37,000 version with a premium interior that accelerates faster and can go 240 miles (385 kilometers) per charge. Tesla started taking orders for the Model 3 in March of 2016, but until now hasn't been able…

Gap Inc. said Thursday that it would separate its Old Navy brand into a publicly traded company in order to focus on its struggling namesake apparel business, sending its shares up 18 percent.  Old Navy has had a better success than the Gap brand in recent years as a wide range of budget apparel has made it more appealing to a broader base of consumers.  "It's clear that Old Navy's business model and customers have increasingly diverged from our specialty brands over time," Gap's Chairman Robert Fisher said.  The company also said it planned to close 230 Gap specialty stores over the next two years.  Gap's overall same-store sales fell 1 percent in the fourth quarter ended Feb. 2, compared with analysts' average estimate of a 0.3 percent rise, according to IBES data from Refinitiv.  Gap, Athleta, Banana Republic and…