Consumer spending, which accounts for 70% of U.S. economic activity, rose only slightly in November even as people shifted their holiday shopping to earlier in the season.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Nation & World
U.S. jobless claims unchanged at 205,000 while Maine claims decline
National weekly claims numbers, a proxy for layoffs, have fallen steadily most of the year.
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Posted inBusiness, Nation & World, News
U.S. Supreme Court to hold special session on Biden vaccine requirements
The court says it will hear arguments Jan. 7 on the administration’s vaccine-or-testing requirement for large employers and a vaccine requirement for health care workers.
Posted inBusiness, Local & State, News
COVID-19 home test maker with site in Westbrook plans to boost production
Abbott Laboratories, which makes the BinaxNOW rapid test, says it now produces more than 50 million tests per month and plans to raise that number to 70 million in January.
Posted inArts & Entertainment, Business, Nation & World
Congressional panel investigates deadly Astroworld concert
Ten people were killed in the crowd surge, about 300 were treated at the site and 25 were taken to hospitals.
Posted inBusiness, Nation & World
Russian pipeline faces big hurdles amid Ukraine tensions
Opposed by Ukraine, Poland and the U.S., the project awaits approval from Germany and the EU to start bringing natural gas directly to Europe.
Posted inBusiness, Nation & World
Smaller-store owners aiming for last-minute shoppers
They’re hoping that shortages at bigger retails stemming from supply chain issues will send customers their way.
Posted inBusiness
Stocks rise on Wall Street after early slide
The uncertainty over the omicron variant’s impact on the economy is likely to cause more swings.
Posted inBusiness, Local & State, News
Maine’s electric vehicle transition a costly proposition, report says
Public funding for new vehicle incentives and charging stations to meet Maine’s climate goals is projected to fall short by more than $100 million, according to the state-commissioned report.
Posted inBusiness, Local & State
Maine home sales fell in November while prices kept rising
A tightening supply of homes on the market is pushing prices up even as the number of transactions falls.