More for less: American companies are ready to write bigger checks for business travel this year. As the Los Angeles Times reports, the Global Business Travel Association is expecting companies to spend $266.7 billion in 2013. That would be a 4.6% increase over last year. However, the group predicted that companies will trim total trips by about 1.1%. More details on the report can be found in the full story here.
Out of pocket: U.S. consumers increased their spending at retail businesses in December, buying more autos, furniture and clothing. The Commerce Department reports this morning that retail sales rose 0.5% in December from November, slightly better than November’s 0.4% increase and the best showing since September. A 1.6% jump in sales of autos and auto parts led all categories. More details are available in the full story here.
On the way down: Wholesale prices in the U.S. dropped for a third month in December as food costs retreated, capping the smallest annual gain in four years and indicating there is little risk of a pickup in inflation. The producer price index declined 0.2% following a 0.8% decrease the prior month, according to Labor Department figures released today. Economists projected a 0.1% fall, according to the median of 77 estimates in a Bloomberg News survey. The full story has more details here.
Today’s poll question: What do you think of the architectural design for the Knock Knock Children’s Museum?
