Americans Spend Their Savings at the Pump
In overseas trading today, Asia was weak while Europe posted some slim gains.
Americans Spend Their Savings at the PumpIn a recent investigation by the JP Morgan Chase Institute, they found that drivers are spending the money they save at the pump, rather than saving it as has been widely reported. JO Morgan Chase thinks this is why companies like Olive Garden are doing so well, since nearly 20% of those savings are going into the pockets of fast casual chains.
Whether or not this is a big boost -- and for most rivers it’s actually a relatively small one -- any bump in consumer spending in a good thing. As we move into the holiday season, Americans still aren’t spending like they were in some of the better years of the previous decade. This increase in spending could bode well for Christmas sales around the country, which have been lackluster in previous years.
Bill Gross Leaves Pimco, Sues Former EmployerLegendary investor Bill Gross has just left Pimco for Janus, and he’s leaving chaos in his wake. According to recent details, Gross is suing Pimco, his former employer, for wrongfully ousting the former board member. According to allegations leveled by Gross, Pimco’s board of directors was engaged in a cabal, driven by “lust for power and greed” to get Gross out the door. Bill Gross left Pimco in September of 2014, and has since found a position with Janus.
Published on Oct 8, 2015By Aaron Phillips