Marketplace

Got a little change in our pockets...

Despite gas prices, despite the housing slump, Americans went shopping in May. Retail sales shot up 1.4 percent. That's the best month since January of 2006 and the increase is double what economists predicted. This is a clear sign the economy is rebounding from a blah start to the year. Consumer spending is a huge part of the economy — it makes up 70 percent of GDP.

Permalink | Comments (0)

Misery loves money

Before you make any plans to shop this weekend, consider your mood and a new study out today.
If you're sad and a little self-absorbed, you may be spending more cash than usual.
Researches from Harvard, Carnegie Mellon, Stanford and Pittsburgh Universities say this is different from the idea of retail therapy. A Harvard prof says the so-called "misery is not miserly" phenomenon occurs without awareness. Participants in the study watched either a short video about the death of a boy's mentor or a clip about coral reefs. On average, the group watching the somber video paid nearly four times as much for an insulated water bottle than the group watching the nature video.

Permalink | Comments (0)

Midwest snow demands more salt

Towns in the midwest are looking at another wintery weekend. The harsh weather this season brings the usual anxiety -- heating costs on the rise and all. But here's something you might not have thought of. Towns across the Northeast and Midwest are bracing for a salt shortage. The U.S. spends around $300 million on about 12 million tons of salt, and much of it goes to keeping the roads clear. Many cities didn't budget for the extra salt needed to get through this season, and now they're having to buy it at higher prices. The town of Davenport, Iowa told the Associated Press they'll have to spend $1.3 million on snow removal this year. They only expected to spend $580,000

Permalink | Comments (0)

Capital One sets fixed rate on new cards

What's in your wallet?

If it's a new Capital One card, make sure you know what you signed up for.

The Wall Street Journal reports Capital One just changed interest rates on several of its cards to a fixed rate from a variable one.

The changes, aimed at new customers, means they won't get lower rates if the Federal Reserve continues to slash short-term rates.

Permalink | Comments (0)

Latest bad news: sales tax revenue drop

Ok, so consumer confidence is low. Retail sales are growing very slowly these days. But check out this very telling piece of information: The New York Times reports that of the 36 states that have released sales tax revenue numbers this year, 21 are showing significant declines. Excluding Texas, the other 35 states show an average of 1 percent decline in sales tax revenues.

Permalink | Comments (0)

A prediction on oil from the guys who make money off it

Oil is trading around $124 a barrel today. But don't worry. A new survey by KPMG is out today, and it says that 55 percent of oil executives out there think that the price of oil will drop below $100 a barrel by the end of the year. Twenty-five percent said oil would fall below $110 a barrel by year's end. One little catch though: The survey was conducted last month. So who knows what these guys are thinking now that we are passed the $120 mark.

Permalink | Comments (0)