Americans have been holding on to their wobbly washing machines and sagging sofas even longer than their grandparents did 50 years ago, setting the stage for a rebound in consumer spending as old household goods wear out.
When emergency manager Kevyn Orr arrives in near-bankrupt Detroit, almost half of Michigan’s black population will live under the rule of state overseers with little say in the governments nearest them.
Shares of U.S. homebuilding companies have fallen more than 20 percent since May, even as home- improvement retailers rose to a record high, a sign some investors are too pessimistic that higher mortgage rates could derail new construction.
Orders to manufacturers unexpectedly dropped in September and households were more glum in October for a third consecutive month, showing the U.S. economy was taking a step back heading into the fiscal gridlock that partially shut down the federal government.
Electrolux AB, the world’s second- biggest home appliances maker, said it will eliminate 2,000 jobs after reporting third-quarter earnings below analysts’ estimates. The stock slumped the most in eight months.