Consumer prices up 0.4% last month but core prices moderate
The Labor Department reported on Thursday, Dec. 10, that the gain in the consumer price index followed an unchanged reading in October and matched the 0.2% September advance. (AP Photo/David Zalubowski)WASHINGTON – U.S. consumer prices increased 0.4% in February, the biggest gain in six months, led by a sharp jump in gasoline prices. The Labor Department said Wednesday that the February advance in its consumer price index followed a 0.3% rise in January and was the largest advance since a similar 0.4% increase in August. Consumer prices are up 1.7% over the past year, a still moderate performance for inflation which is running below the Federal Reserve’s 2% target for price increases. Gasoline costs have been climbing since December, reflecting rising costs of crude oil.
Costco to raise starting hourly wage to $16; end hazard pay
(AP Photo/Rogelio V. Solis)NEW YORK – Costco will increase its starting wage to $16 an hour, surpassing most of its main competitors. Jelinek said the starting wage for Costco employees would rise to $16 next week, up from $15 the company instituted two year ago. The starting wage scale puts Costco above competitors, including Amazon, Target and Best Buy, which have $15 minimum wages. Walmart's starting pay is $11 an hour. AdThe federal minimum wage is currently $7.25.
Deaf Costco worker with mumbling manager won’t get $775K jury award
FORT LAUDERDALE, Fla. – A deaf former employee of a South Florida Costco store won’t be collecting $775,000 a federal jury awarded her in a discrimination and wrongful termination case. The U.S. Supreme Court on Monday declined to reconsider a judge's decision to overturn the 2018 verdict in favor of Christine D'Onofrio. Instead, Costco provided her with a video phone with online interpretation services. D’Onofrio's lawyers appealed, arguing that the phone and online services did not overcome communication problems that arose during her final year at Costco, the newspaper reported. The petition to the Supreme Court asked justices to consider whether the appellate court failed to apply the correct standard of review.
US consumer spending fell 0.2% in December in face of virus
Since making a brief bounce-back from the viral pandemic last spring, consumer spending has barely grown. Friday's government report on consumer spending showed that inflation by a measure preferred by the Fed rose 0.4% in December after no change in October and November. AdThe savings rate remained at an elevated 13.7% of after-tax income in December, up from 12.9% in November. In the final three months of 2020, consumer spending, which accounts for about 70% of the economy, grew at a 2.5% annual rate. Ad“We believe increased vaccinations, stable household finances and rebounding confidence will lift consumer spending growth” this year, Daco said.
US consumer confidence rebounds in January
A sales associate helps customers as they consider the purchase of a big-screen television at a Costco warehouse on Wednesday, Nov. 18, 2020, in Sheridan, Colo. U.S. consumer confidence fell to a reading of 96.1 in November as rising coronavirus cases pushed Americans confidence down to the lowest level since August. (AP Photo/David Zalubowski)WASHINGTON – U.S. consumer confidence rose in January as Americans became more optimistic about the future. The Conference Board reported Tuesday that its consumer confidence index increased to 89.3, a rebound from December when it dipped to 87.1. The present situation index weakened further, however, reflecting concerns over the resurgence of COVID-19. “The slow rollout of the vaccines and the still raging pandemic continue to depress consumer confidence despite the prospect of further fiscal aid and a brighter and a brighter health situation,” said Kathy Bostjancic, chief U.S. financial economist at Oxford Economics.
Consumer prices up 0.4% in December led by higher gas prices
(AP Photo/David Zalubowski)WASHINGTON – U.S. consumer prices rose 0.4% in December, led by a sharp rise in gasoline prices. For December, energy prices rose 4% with gasoline prices surging 8.4%. Even with that big jump, gasoline prices are 15.2% below where they were a year ago, when people were still commuting to work. Food costs rose 0.4% in December and are 3.9% higher than a year ago. Core inflation, excluding volatile food and energy, rose a slight 0.1% last month, and just 1.6% over the past 12 months.
During crucial holiday season, US consumer confidence slumps
– A closely-watched gauge of U.S. consumer confidence tumbled in December as rising coronavirus cases dragged American optimism to its lowest level since the summer. However, rising pessimism is now spreading during the crucial holiday season, which could make or break a number of retailers, airlines, restaurants other sector that have been hammered financially during the pandemic. It may be an ominous sign for an economy in which consumer spending accounts for 70% of all economic economic activity. The index measuring consumers’ assessment of current business and labor market conditions also fell sharply, from 105.9 last month to 90.3 in December. It remains to be seen how Congress' $900 billion relief bill, which was passed Monday and too late for the survey, will affect consumer behavior this winter.
Q3 GDP estimate gets a slight upgrade to 33.4% growth
The U.S. economy expanded at a 33.4% annual pace from July through September, the Commerce Department said Tuesday, Dec. 22, 2020 delivering the last of three estimates on the economys third-quarter performance. (AP Photo/Steven Senne, file)WASHINGTON – The U.S. economy expanded at a record 33.4% annual pace from July through September, the Commerce Department said Tuesday, delivering the last of three estimates on the economy’s third-quarter performance. But it's likely that a resurgence in coronavirus cases slowed growth sharply during the last three months of 2020. Employers slashed 22 million jobs in March and April, then began to steadily recall furloughed workers. But the United States is still 9.8 million short of the jobs it had February, and hiring has slowed every month since June.
Fun advent calendars you’ll want to snatch up this holiday season, guaranteed
It’s not guaranteed that the store listed below will have these advent calendars in stock, so just note that you may want to call ahead to ensure your local Costco has the products we’re referencing. This advent calendar is perfect for anyone who loves to watch the movie during Halloween or Christmas. Trader Joe’sNot only does Trader Joe’s have advent calendars for your pup, but also for the kitty cat in your life. AldiAldi is the KING of advent calendars. The month of December is already pretty magical with the holiday spirit in the air, but these adult advent calendars just make it even better.
Viral $75 Costco coupon is fake, Costco says
(CNN) - That $75 Costco coupon floating around Facebook that seems too good to be true is, in fact, too good to be true. The company debunked the coupon scam that promised users $75 off their purchase at the wholesale warehouse. "While we love our fans and our members, this offer is a SCAM, and in no way affiliated with Costco," the company said. The fraudulent offer cropped up on Facebook earlier this year, prompting users to click on a link unaffiliated with Costco to collect their $75 coupon. Costco shares legit deals on its website and doesn't accept any coupons that are not issued by Costco.
$75 Costco coupon found on social media is a scam
MIAMI - A $75 coupon for Costco currently circulating on social media sounds too good to be true, and it is. The coupon claims customers will get $75 off purchases as long as they complete surveys and share the fake coupon with others on Facebook. Users were also asked to provide personal details as well, such as name, address and phone number, KGO reports. However, Costco itself made sure customers knew the coupon was a scam. "While we love our fans and our members, this offer is a SCAM, and in no way affiliated with Costco.
These pumpkin-shaped raviolis are perfect for Halloween
We are in the middle of spooky season, and if you're living your best fall life then you will love these pumpkin and bat-shaped raviolis that Costco is selling. A photo of the raviolis was posted by the Instagram account @costcobuys and they are made by Nuovo Pasta. Each container has raviolis shaped like mini orange pumpkins and scary black bats, perfect for a Halloween party. Costco has a great selection, but you should also check out the ravioli and tortellini at Trader Joe's. You have not lived until you've had the lobster ravioli from Trader Joe's.
A burglar hid in a Costco for hours
Authorities in Coweta County, Georgia, say a man cased a Costco and hid in the store for hours before stealing $13,000 worth of jewelry. The burglary took place on October 10 after the man went to Costco and walked around before leaving, the affiliate reported. Deputies say the man hid behind the display sign for nearly five hours, waiting for the store to clear out and close up, the affiliate reported. Video shows the man smashing a glass display and grabbing handfuls of jewelry. Video from a nearby theater shows the man running out of the store and returning to a truck, authorities said.
Five things to know about Costco's $4.99 rotisserie chickens
The company sold more than 90 million rotisserie chickens last year. (David P. Morris/Bloomberg/Getty)(CNN) - Costco is willing to go to extreme lengths to keep its prized rotisserie chickens at $4.99. Costco sold 91 million rotisserie chickens last year, more than double the number from a decade prior. Costco has sold rotisserie chickens at $4.99 since 2009Costco is so determined to keep its rotisserie chickens at $4.99 that it's been willing to lose money selling them in the past. Even as competitors increased their rotisserie chickens to $5.99 in recent years, Costco held its price steady.
South Floridians prepare for Hurricane Dorian
MIAMI-DADE COUNTY, Fla. - South Floridians are beginning to prepare for Hurricane Dorian possibly making landfall in South Florida. Publix customers in Miami Shores were stocking up on water and other non-perishables just in case Hurricane Dorian turns toward South Florida. "Even though I live in a good, sound building, you have to have supplies," Ron Jevro said. "As soon as I get it in, it's going out just as quick," Costco manager Alan Pack said. The Publix in Miami Shores ran out of water by 5:30 p.m., but is expecting more pallets to be delivered.
Costco's first China store so popular it shut down traffic
The country's first Costco store is so popular that it had to shut down early on its first day because of too many shoppers. "The store has been clogged up with crowds," Costco said in a text message alert to its members in China. Police were deployed to restore order and manage traffic jams around the store, with law enforcement urging people to remain calm. But despite the early buzz around its Shanghai store, the US retailer will have to prove it can stick around for the long haul. Day one hypeWhile there are challenges on the horizon, the early hype around China's Costco stores is very real.