Business

Despite lingering inflation, Americans increased their spending this holiday season, early data shows. That comes as a big relief for retailers that had spent much of the year fearing the economy would soon weaken and consumer spending would fall.Retail sales increased 3.1 percent from Nov. 1 to Dec. 24 compared with the same period a year earlier, according to data Mastercard released on Tuesday. The credit card company’s numbers are not adjusted for inflation.Spending increased across many categories, with restaurants experiencing one of the largest jumps, 7.8 percent. Apparel increased 2.4 percent, and groceries also had gains.The holiday sales figures, driven by a healthy labor market and wage gains, suggests that the economy remains strong. The Federal Reserve’s campaign to rein in hi...

The attacks on crucial shipping traffic in the Red Sea straits by a determined band of militants in Yemen — a spillover from the Israeli-Hamas war in Gaza — is injecting a new dose of instability into a world economy already struggling with mounting geopolitical tensions.The risk of escalating conflict in the Middle East is the latest in a string of unpredictable crises, including the Covid-19 pandemic and the war in Ukraine, that have landed like swipes of a bear claw on the global economy, smacking it off course and leaving scars.As if that weren’t enough, more volatility lies ahead in the form of a wave of national elections whose repercussions could be deep and long. More than two billion people in roughly 50 countries, including India, Indonesia, Mexico, South Africa, the United State...

A closely watched measure of inflation cooled notably in November, good news for the Federal Reserve as officials move toward the next phase in their fight against rapid price increases and a positive for the White House as voters see relief from rising costs.The Personal Consumption Expenditures inflation measure, which the Fed cites when it says it aims for 2 percent inflation on average over time, climbed 2.6 percent in the year through November. That was down from 2.9 percent the previous month, and was less than what economists had forecast. Compared with the previous month, prices overall even fell slightly for the first time in years.That decline — a 0.1 percent drop, and the first negative reading since April 2020 — came as gas prices dropped. After volatile food and fuel prices we...

When Patrick Pacious, the chief executive of a large portfolio of hotel brands, promoted a blockbuster attempt to acquire a competitor in October, he said the proposed merger would lower costs and attract more customers for the families and small businesses that own most of the company’s locations.“Our franchisees instantly grasped the strategic benefit this would bring to their hotels,” Mr. Pacious, who leads Choice Hotels, said on CNBC.As the weeks have passed, however, the reaction has not been positive. Wyndham Hotels and Resorts, the target of the proposed deal, rejected the offer from Choice, which is now pursuing a hostile takeover. And in early December, an association representing the majority of hoteliers who own Choice and Wyndham-branded properties came out strongly against it....

Every day since the trees were planted has been a roll of the dice.Unlike commodities like corn and soybeans, which Mr. Wyckoff grows on another 90 acres he owns, there is no good way to insure Christmas trees against the harm caused by extreme weather, or the effects of an overseas war or a pandemic that freezes supply chains, he added.“Farmers are the biggest gamblers there are,” Mr. Wyckoff, 57, said. His family has been growing Christmas trees in Belvidere, N.J., about a 90-minute drive from Midtown Manhattan, since his grandfather started the business in the 1950s.Christmas trees grow slowly, about 12 to 14 inches a year, and can take 10 years to go from seed to harvest. Most trees he plants are 3 to 5 years old by the time he buys them from nurseries.To keep up with costs, Mr. Wyckof...

Illumina, the leading producer of gene-sequencing machines, announced Sunday that it would sell Grail, a cancer test developer that it purchased for $7.1 billion in 2021.The move came two days after Illumina lost its case in a federal appeals court, which largely upheld a Federal Trade Commission ruling that Illumina should unwind its deal with Grail on antitrust grounds.The case was seen by antitrust experts as a test of regulators’ efforts to stop big companies from buying fledgling innovators.The deal had also faced a roadblock in Europe. In September 2022, the European Union said it would block the acquisition. Illumina, based in San Diego, previously stated publicly that if it was unsuccessful with appeals in either jurisdiction, it would divest the start-up.“We are committed to an ex...