Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Retail sales rose in September

U.S. shoppers stepped up their spending in September, with sharply higher sales at auto dealers, restaurants and gas stations. But the government's retail sales report released Friday also contained some evidence that spending may be slowing.

For much of this year, consumers have spent at a solid pace as income gains have accelerated and the job market has improved. Last month's overall retail sales gain was a decent seasonally adjusted 0.6 percent. Much of it, though, was due to higher oil prices, which increased how much people spent at gas stations but were not necessarily a sign of stronger consumer spending.

September's overall increase in retail sales marked a rebound from August's sluggish 0.2 percent gain, the Commerce Department said. During the first nine months of the year, retail sales have increased 2.9 percent compared with 2015. Increased sales have helped propel economic growth and have offset a diminished U.S. manufacturing base and broader weaknesses in the global economy.

Citigroup's profit falls 11 percent, but beats forecasts * Citigroup said Friday that its profit fell nearly 11 percent in its third quarter, but the results easily beat Wall Street expectations, and its shares rose.

The New York bank reported net income of $3.8 billion, or $1.24 per share, in the three months ending Sept. 30, compared with $4.3 billion, or $1.35 per share, in the same quarter the year before.

That's better than the $1.15 per share that Wall Street analysts expected, according to FactSet.

Revenue fell 5 percent to $17.76 billion in the quarter, beating the $17.29 billion that analysts expected.

JPMorgan's 3Q earnings fall 8 percent, * JPMorgan Chase's third- quarter profits fell 8 percent from a year earlier, the bank said Friday, as higher revenue in retail and investment banking was offset as the bank had to put aside more money to cover loans that might go bad. …

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