Sales of new U.S. single-family homes fell more than expected in October as higher mortgage rates squeezed out buyers even as prices plunged, but the setback is likely temporary amid a persistent shortage of previously owned houses on the market.
Black Friday shoppers spent a record $9.8 billion online in the US, Adobe Analytics reported, offering a positive sign for retailers facing lackluster sales forecasts for the holiday season. Demand for electronics, smartwatches, TVs and audio equipment helped boost the day’s online sales by 7.5% compared with last year. Bloomberg's Charlie Wells reports.
Macy’s CEO Jeff Gennette says, “the consumer is under pressure,” but is still looking to give gifts. He speaks to Bloomberg's Caroline Hyde about consumer spending, the continuing evolution of retail, and why department stores are still relevant to customers as the holiday shopping season begins.