Latest Discretionary spending News

FILE - In this Dec. 22, 2017, file photo people shop at the Pentagon City Mall in Arlington, Va. Clothing retailers, particularly those in malls, have been devastated by changing consumer behavior. More than 9,000 stores were shuttered last year. (AP Photo/Susan Walsh, File)

Express, seeking revival, to close 100 stores

Jan. 22, 2020 4:49 PM EST

NEW YORK (AP) — Express, a staple in U.S. malls, will close about 100 stores as part of a restructuring plan as the chain grapples with drastic changes in where people spend their shopping dollars. The retailer that caters to younger shoppers said earlier this month that it was laying off 10% of the staff...

FILE- In this Nov. 23, 2018, file photo shoppers browse the aisles during a Black Friday sale at a Target store in Newport, Ky. Comparable stores sales at Target fell well below the previous year, joining a growing list of retailers reporting a meager performances during the critical holiday shopping season. Target said Wednesday, Jan. 15, 2020, that it had weaker-than-expected sales of electronics, toys and some home good. Those sales climbed 1.4% in the November-December period, compared with a 5.7% increase a year earlier.  (AP Photo/John Minchillo, File)

Target, like other retailers, did not have a Merry Christmas

Jan. 15, 2020 1:06 PM EST

Target reported a rare shortfall in holiday sales, raising concerns about the challenges ahead for the traditional retail industry even as the economy remains strong. Target's disappointing growth of 1.4% percent for November and December, dragged down by toys and electronics, fell well below the previous year....

FILE - In this Feb. 8, 2019, file photo, the logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange.  Citigroup’s fourth-quarter profits rose by 15% from a year earlier, as the bank benefited from a boost in trading similar to its competitor JPMorgan Chase. Citi said Tuesday, Jan. 14, 2020,  that bond trading revenues were up 49% from a year earlier, when a steep downfall in the last quarter of 2018 took its toll on all banks’ trading desks.  (AP Photo/Richard Drew, File)

Citigroup profits rise 15%, helped by trading like JPMorgan

Jan. 14, 2020 9:08 AM EST

NEW YORK (AP) — Citigroup's fourth-quarter profits rose by 15%, as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase. The New York-based bank said Tuesday that it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or...

NAACP lawsuit claims Census Bureau is unprepared for count

Jan. 13, 2020 2:46 PM EST

ORLANDO, Fla. (AP) — Calling preparations for the 2020 Census “conspicuously deficient,” the NAACP is suing the U.S. Census Bureau, demanding that the agency send more workers into the field and spend more money on encouraging people to participate in the once-a-decade head count. The civil...

Democratic Presidential candidate and former New York City Mayor Michael Bloomberg speaks during a rally Friday, Jan. 10, 2020, in Atlanta. (AP Photo/John Bazemore)

Can cash buy the Dem nomination? Two billionaires are trying

Jan. 11, 2020 12:51 AM EST

WASHINGTON (AP) — Billionaires Michael Bloomberg and Tom Steyer are testing an unproven theory in the contest for the Democratic presidential nomination: that their vast personal wealth can buy the trophy. Not since Texas businessman Ross Perot spent $63.5 million in 1992 (more than $100 million in today's...

Atlanta Hawks' Young cancels $1M in medical debt for locals

Jan. 8, 2020 8:48 PM EST

ATLANTA (AP) — The holiday season is over but Atlanta Hawks point guard Trae Young still had some charity gift giving in mind: wiping out medical debt for hundreds of the city's residents. The 21-year-old star donated $10,000 to a medical debt erasure agency which relieved over $1 million in debt for those...

FILE - In this Tuesday, Nov. 5, 2019 file photo shoppers browse the Holiday Lane section at the Macy's flagship store, in New York. Macy's is closing nearly 30 stores in coming weeks, though the company reported some improvement in comparable-stores sales during the crucial holiday shopping season.  Macy's sales at stores opened at least a year fell 0.6% during the November and December period, which was not as bad as most industry analysts had anticipated. Shares rose more than 2% in early trading Wednesday, Jan. 8, 2020.   (AP Photo/Richard Drew, File)

Macy's closing stores despite upbeat holiday sales numbers

Jan. 8, 2020 2:51 PM EST

NEW YORK (AP) — Macy's is closing 29 stores in coming weeks despite the company reporting some improvement in comparable-stores sales during the crucial holiday shopping season. In an email to The Associated Press, the Cincinnati-based retailer said the store closures include 28 Macy’s locations...

Democratic presidential candidate, former New York Mayor Michael Bloomberg, front back to camera, chats with Richmond mayor Levar Stoney, front left, under the watchful eye of the media at a coffee shop in Richmond, Va., Tuesday, Jan. 7, 2020. (AP Photo/Steve Helber)

Bloomberg, Northam push back on gun law 'misinformation'

Jan. 7, 2020 3:42 PM EST

RICHMOND, Va. (AP) — Democratic presidential hopeful Michael Bloomberg voiced strong support Tuesday for enacting new gun regulations in Virginia a few months after groups he backs spent millions of dollars helping Democrats win full control of state government. But the former New York City mayor said...

Company fires worker who criticized holiday gift via Twitter

Jan. 7, 2020 12:57 PM EST

WINONA, Minn. (AP) — A man who complained on social media about his company's holiday gift — barbecue sauce and a grill scraper — wound up getting fired for it. The man, a Canadian branch manager for Minnesota company Fastenal, was dismissed just before New Year's Day after he posted a tweet...

FILE - In this Nov. 29, 2019 file photo, shoppers carry bags as they cross a street in San Francisco. More people turned to online shopping during one of the shortest holiday shopping seasons in years, helping boost total sales. Retail sales in the U.S. rose 3.4% between Nov. 1 and Dec. 24 from a year ago, according to early data from Mastercard SpendingPulse. That's down from last year, when total sales grew 5.1%. Online sales rose at a faster pace, up 18.8% from last year.  (AP Photo/Jeff Chiu)

Online sales make up a larger portion of overall sales again

Dec. 26, 2019 1:55 PM EST

NEW YORK (AP) — More people did their shopping online this year during one of the shortest holiday shopping seasons in years, helping to push total sales higher. Retail sales in the U.S. rose 3.4% between Nov. 1 and Dec. 24 compared with last year, according to early data from Mastercard SpendingPulse....