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US consumer spending solid, inflation showing progress as year ends WASHINGTON: US consumer spending increased in November amid strong demand for a range of goods and services, underscoring the economy’s resilience, which saw the Federal Reserve this week projecting fewer interest rate cuts in 2025 than it had in September. There was also good news on inflation last month after a series of warmer readings. The report from the Commerce Department on Friday showed moderate monthly rises in prices, with a measure of underlying inflation posting its smallest gain in six months. Nonetheless, the annual increase in core inflation, excluding food and energy, remained stubbornly well above the US central bank’s 2.0 per cent target. There are also worries that plans by President-elect Donald Trump’s incoming administration to cut taxes, impose or raise tariffs on imports and deport millions of undocumented immigrants would stoke inflation. “The economy continues to grow from strong consumer demand as income growth and the wealth effect from higher portfolio values give consumers capacity to spend,” said Jeffrey Roach, chief economist at LPL Financial. “Inflation was more benign than expected but the stickiness of some categories supports the Fed’s hesitancy to materially lower rates next year.” Consumer spending, which accounts for more than two-thirds of US economic activity, rose 0.4 per cent last month after a downwardly revised 0.3 per cent gain in October, the Commerce Department’s Bureau of Economic Analysis said. Economists polled by Reuters had forecast consumer spending advancing 0.5 per cent after a previously reported 0.4 per cent rise in October. The nearly broad-based increase in spending was led by new motor vehicles, likely in part as households replaced vehicles damaged during Hurricanes Helene and Milton. That accounted for the bulk of the 0.8 per cent rebound in goods outlays. Spending on recreational goods and vehicles also rose as did outlays on financial services and insurance, mostly charges, fees and commissions. There was also increased spending on recreation services, healthcare, clothing and footwear, furniture as well as housing and utilities. Spending at restaurants and bars as well as on hotel and motel stays also increased. Spending on services rose 0.2 per cent. When adjusted for inflation, consumer spending rose 0.3 per cent after edging up 0.1 per cent in October. The so-called real consumer spending is running at an annualized rate of 3.1 per cent in the first two months of the fourth quarter. “That will lay the foundation for another very solid GDP number for the fourth quarter,” said Lou Crandall, chief economist at Wrightson ICAP. Consumer spending surged at a 3.7 per cent pace in the third quarter, the fastest in 1-1/2 years, helping to propel the economy to a 3.1 per cent growth rate following a 3.0 per cent pace of expansion in the April-June quarter. The Atlanta Fed is forecasting gross domestic product increasing at a 3.1 per cent rate in the fourth quarter. Fed Chair Jerome Powell on Wednesday described the economy as having “just been remarkable”, adding “I feel very good about ... the performance of the economy and we want to keep that going.” The central bank on Wednesday cut its benchmark overnight interest rate by 25 basis points to the 4.25-4.5 per cent range. It forecast only two rate reductions in 2025, in a nod to the economy’s continued resilience and still-high inflation. In September, Fed officials had forecast four quarter-point rate cuts next year. The shallower rate cut path in the latest projections also reflected uncertainty over policies from the incoming Trump administration. Stocks on Wall Street traded higher. The dollar slipped against a basket of currencies. US Treasury yields fell.
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In California's 'earthquake country,' a 7.0 temblor prompts confusion and a tsunami warningThe Container Store, a storage and organization goods retailer, has applied for bankruptcy protection while it reorganizes its finances. The Texas company is grappling with mounting losses and cash flow shortages, the reports. The chain has faced increasing competition from retailers like Target and Walmart at the same time that demand for its goods is under strain in a rough housing market, where soaring prices and elevated mortgage rates have stunted sales. Under Chapter 11 protection, the chain will continue to operate while it restructures. The chain, founded in 1978, has more than 100 stores nationwide, reports. The filing arrives two weeks after the trading of company shares was suspended by the New York Stock Exchange. The Container Store Group Inc. failed to maintain an average market capitalization of at least $15 million in accordance with NYSE rules. Last month, the company said it was in advanced discussions with lenders to provide additional capital as it aimed to turn around sagging earnings and sales, according to a regulatory filing. The company has been struggling to raise cash. Last month an agreement with the owner of Bed Bath & Beyond, Overstock, and Zulily that would have come with a $40 million cash infusion fell apart. In a news release, the company said its "stores and website will continue to operate as normal; all customer deposits and orders will be honored and delivered as normal," and vendors will be paid in full. "The Container Store is here to stay," company president and CEO Satish Malhotra, said in a statement. The bankruptcy filing doesn't cover the company's Sweden-based Elfa brand, which it describes as a "premium customizable storage system," reports. (More stories.)
Andhra CM planning public interaction on lines of PM’s monthly Mann Ki Baat
Even with technology taking over much of our day-to-day lives, board games still offer quality entertainment that can’t be beaten. Of course, the popular board games of today are a far cry from the games your parents grew up playing. Board games are perfect for encouraging your family to work together or for bringing your group of friends around the table for an evening. If you’d like to start up a weekly game night, let this helpful list of the most popular board games be your guide. Utter Nonsense Ages 8+ This game will have every player rolling in stitches with each ridiculous phrase that’s uttered. Combine crazy accents and hilarious phrases to impress the Nonsense Judge and win the round. The player with the highest number of wins ultimately wins the game, but the true fun of this card game is listening to your fellow players trying to say some of the most entertaining phrases of all time. This game is perfect for game nights or parties. Speak Out Ages 8+ This hilarious game is perfect if you have teenagers or are hosting a party with all adults. To play, you insert a mouthpiece that alters the sound of your speech, making every word sound silly. Set the timer and read one of the phrases on the cards and try to help your teammate guess what you’re saying. Speak Out easily provides hours of fun that even grandparents will love. Escape Room in a Box Ages 13+ What’s the next best thing to trying to break out of a room? Escape Room in a Box, of course. This thrilling, immersive game involves solving 2D and 3D puzzles in order to prevent a mad scientist from turning you and your friends or family into werewolves. Work together to escape your fate and use Amazon Alexa to enhance the experience. Codenames Ages 14+ This fun strategy game is perfect for anyone with teenagers. Form two teams and select a spymaster on each team. Using clues, spymasters try to help their teammates find all 25 of the agents they’re in contact with, hopefully without selecting the other team’s agents or running into the deadly assassin. This innovative game offers a challenging and rewarding time working together. Harry Potter Clue Ages 9+ Excite your kids on game night with this modern twist on a classic. Play as six recognizable Hogwarts characters — Harry, Hermione, Ron, Luna, Ginny or Neville — to solve the mystery behind a fellow student’s disappearance. It’s up to you to figure out who attacked the student, what bewitching spell they used and where it occurred. Watch out for the Dark Mark, moving staircases and secret passages as you travel along in this magical family game. Pandemic Ages 8+ If you’ve ever wanted to save humanity from a deadly outbreak, you’ll love spending an hour playing Pandemic. You and your teammates must fight to contain four deadly diseases threatening the human race. Players must learn to work with their teammates to control outbreak hotspots and treat diseases. Win the game by curing all diseases without wiping out humanity first. Catan Ages 10+ This tactical 60-minute game will push your imagination to its limits as you embark on a journey across Catan. Acquire crucial resources as you travel, build roads, buildings, and cities, and be wary of the ruthless robber and other players halting you on your own road. Through careful trading and clever decisions, you can lead your travelers to victory in this role-playing game of limitless possibilities. Play again and again. Every game is different. Ticket to Ride Ages 8+ Train lovers will enjoy this innovative board game which has won numerous awards. This cross-country train adventure game mimics the concept of traveling around the world in 80 days. Collect train cars and claim railways across the country. Players earn the most points by establishing long train routes and connecting distant cities. Each game takes roughly 30 to 40 minutes to complete, and every adventure is different. 5 Second Rule Ages 10+ This quick-paced game gives each player five seconds to name items on a certain topic. Although the topics are objectively easy —“Name 3 Mountains,” “Name 3 Types of Hats” or “Name 3 Super Heroes,” the pressure of the time crunch is likely to put you on edge. Race the clock and remain composed to win this game. You can even make up your own topics if you prefer. Half the fun is just hearing what other people blurt out, whether it’s relevant to the topic or not. Prices listed reflect time and date of publication and are subject to change. Check out our Daily Deals for the best products at the best prices and sign up here to receive the BestReviews weekly newsletter full of shopping inspo and sales. BestReviews spends thousands of hours researching, analyzing and testing products to recommend the best picks for most consumers. BestReviews and its newspaper partners may earn a commission if you purchase a product through one of our links.
Chuck Woolery, smooth-talking game show host of 'Love Connection' and 'Scrabble,' dies at 83
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