Retail Sales Up in August

Markets were up on moderate volume in trading today. Domestic indices were up better than a percentage point. In overseas trading, markets were mixed. Europe and the UK had a strong day, and Japan did well, but Hong Kong’s Hang Seng continued to struggle.

Hewlett-Packard (HP) Cutting More Jobs

Tech giant Hewlett-Packard (HP) is set to downsize their workforce by 25,000 - 35,000 jobs according to a new report. The cuts have been planned for awhile, and they’re part of the companiy’s plans to break up into two publicly traded entities.
The cuts are set to effect the half of the company that will become HP Enterprise, which will focus on technologies like cloud computing and internet security.

The other arm of the company, HP Inc., will focus on providing the core services that Hewlett-Packard is already providing. Services like desktop and laptop manufacturing, printing, and more.

HP CEO Meg Whitman said the latest round of job cuts will "enable a more competitive, sustainable cost structure" for the company. The move could also impact the campaign of ex-CEO Carly Fiorina, who is currently running for President.

Retail Sales Up 0.2% in August

Retail spending climbed ever so slightly this August, rising 0.2% across the board. Car sales were up 0.7%, while home purchases and furniture buying both fell. The economy is continuing to recover at its own pace, and although this report isn’t great news, it is an indicator that the American economy still has momentum.

This latest round of news could be good for struggling retailers as they look ahead to the upcoming holiday season. Retail sales in general have been relatively flat, with only a few retailers like Amazon (AMZN) really breaking out and making gains. If this trend continues, we could see stronger holiday sales than expected, which would be a big boost for traditional brick and mortar stores that have been struggling.
Published on Sep 15, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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