The Commerce Department said retail sales were flat in July, showing the weakest growth in six months. The figure was pulled down by shrinking auto sales, as well as a decline in electronics, furniture and appliances. Economists expected sales to increase 0.2% in July. Excluding autos, retail sales rose 0.1%, but economists were looking for a rise of 0.4%.
The Wall Street Journal reported that banks, lobbyists and lawmakers have been asking the Federal Reserve to delay part of the Volcker Rule that limits the stakes in private equity and hedge funds that banks can own. The Volcker Rule was supposed to go into effect next year, but banks are pushing to have it delayed for another seven years. The Volcker Rule, part of the 2010 Dodd-Frank Law, also prohibits banks from making bets with their own money.
Candy Crush maker King Digital Entertainment (KING) reported earnings that were in-line with estimates, but revenue missed expectations. King also lowered its revenue outlook for the year. The company reported gross bookings - the amount of money users spend on virtual items - were down 5% from the previous quarter. King did say, though, that it will pay a $150 million dividend to investors.
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- Banking & Budgeting
- Volcker Rule
- retail sales