Industry news: | Associated press
Stocks fall ahead of the Fed’s policy statement
NEW YORK (AP) – Stocks are lower on Wall Street in afternoon trading as traders wait to hear from the Federal Reserve after their final monetary policy session of the year. The Fed is widely expected to announce a faster withdrawal of its stimulus measures as inflationary pressures mount. The S&P 500 lost 0.3%. After two days of losses, the reference index comes a little further below last Friday’s record high. The Dow Jones Industrial Average was down less than 0.1% and the Nasdaq was down 0.9%. Retailers and other businesses that rely on consumer spending largely declined. Bond yields were stable.
Moderate 0.3% retail sales in November, optimism still high
NEW YORK (AP) – Americans slowed spending from October through November but continued to shop before the critical Christmas season to stave off soaring prices and shortages. The Commerce Department said Wednesday that retail sales rose a modest 0.3% in November, compared to the previous month when sales rose 1.8%. That was a little weaker than most economists expected, but the early Christmas shopping may have added a month to October’s traditional November Christmas shopping, with news of bottlenecks and supply chain issues consistently in the headlines. And there was also evidence of a return to pre-pandemic behavior as Americans spend more on services, such as dinner, which has come under significant pressure due to fears of contagion.
CONGRESS CHILD TAX CREDIT
The child tax credit expanded by COVID is about to expire
WASHINGTON (AP) – It is one of the most far-reaching of all federal aid programs launched during the COVID-19 pandemic. The Extended Child Tax Credit will deposit up to $ 300 per child directly into families’ bank accounts on the 15th of each month. But the final checks will be on Wednesday, with the program expiring unless Congress revives it for 2022. January 15 checks float as lawmakers seek to enforce President Joe Biden’s $ 2 trillion social and environmental package. Studies show that families spend the money on food, school supplies and childcare.
AP source: Biden-Manchin talks about a 2T-Dem bill that is going badly
WASHINGTON (AP) – Negotiations between President Joe Biden and negative Senator Joe Manchin are reportedly going badly over the $ 2 trillion Democratic Social and Environmental Bill. One person familiar with the talks says the Democrat in West Virginia wants to drop the law on extending an extended tax credit to children. Many Democrats consider this provision to be the cornerstone of the entire bill. Manchin’s attitude in the conversations was described by a person familiar with the conversations, who would only describe them on condition of anonymity. It was the latest of several signs that Democrats’ hopes of getting the overall bill through the Senate by Christmas are growing gloomy.
VIRUS OUTBREAK EVICTIONS RISING
Evictions increase months after the end of the federal moratorium
BOSTON (AP) – Housing advocates say evictions are increasing across the country several months after a state moratorium ended. The rise in cases, while below pre-pandemic levels in most states and cities, shows the billions of dollars in government aid and the impact of lax protections in some locations. Data collected by Princeton University’s eviction laboratory shows that evictions in most of the 31 cities and six states that hold data have increased since the federal moratorium ended in August.
REGISTER FOR HEALTH INSURANCE
Deadline for reporting on HealthCare.gov is January 1st
WASHINGTON (AP) – Consumers applying for government subsidized health insurance for the next year must sign up by Wednesday if their new plan is scheduled to begin January 1st. This is the first of two deadlines for coverage for HealthCare.gov with increased financial support from President Joe Biden’s Coronavirus Relief Act. The last chance is on January 15th for reporting, which will take effect on February 1st. People who are already enrolled do not need to do anything. If they’re happy with their current plan, they’ll automatically renew for 2022. HealthCare.gov and its government counterparts are insurance marketplaces that offer taxpayer subsidized private coverage.
Subaru recall: chain can slip and break resulting in poor performance
DETROIT (AP) – Subaru is recalling approximately 200,000 vehicles in the United States because a chain in the transmission can break and cause a loss of performance. The recall affects certain 2020 legacy and outback vehicles, as well as some 2019 and 2020 Ascent SUVs. Subaru says in documents released by U.S. security officials Wednesday that a programming error in the transmission control computer could cause the clutch to engage before the drive chain becomes jammed. In this case, the chain will slip and break. Subaru says there have been no reports of accidents or injuries. Dealers will reprogram the transmission computer and check the chain guide. If they find any damage, the gearbox will be replaced. Owners will be notified starting February 7th. The fix is expected to be available in April.
Audi recall: water can get into computers, reduce engine output
DETROIT (dpa) – Volkswagen’s luxury brand Audi is recalling 289,000 SUVs in the USA because water can get into a control computer under the rear seats. The recall affects certain Q5 and SQ5 Sportback models in 2021 and 2022, and some Q5 and SQ5 models from 2018 to 2022. The company says in documents released by US security agencies that water could be caused by liquid spilled on the back seat or can get into the computer through a leaky body seam. This can cause the computer to shut down and reduce engine power, increasing the risk of a crash. VW is not aware of any accidents or injuries. Dealers will be installing a cover to protect computers and seal an underbody seam without notifying owners starting Feb. 24.
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