Paper chase: Republican gubernatorial candidate Ralph Abraham, whose campaign account has lagged competitors by millions of dollars, announced Thursday he has assembled a group of GOP fundraising heavyweights to help him draw more campaign cash. The 10-person gubernatorial campaign finance committee is packed with several businessmen and political financiers who are well-known big-ticket GOP donors. Its chairmen, shipbuilder Donald “Boysie” Bollinger and New Orleans real estate developer Joe Canizaro, also are co-chairs of President Donald Trump’s campaign finance operation in Louisiana. Read the full story.
Disposable income: Consumer spending increased 0.4% in May, a modest gain that suggests Americans remain confident enough about the economy’s outlook to keep shopping. The Commerce Department reports incomes rose 0.5% while inflation remained tame, increasing just 1.5% in the past year. Americans spent more on cars and restaurant meals, a sign that they are willing to make large purchases and spend on discretionary activities, such as eating out. Read the full story.
Safety issues: Honda is recalling 1.6 million vehicles in the U.S. to replace potentially deadly Takata airbag inflators, completing its required recalls six months ahead of schedule, the automaker said today. When the latest recall is done, Honda says it will have recalled or accounted for 22.6 million inflators in about 12.9 million vehicles. Owners will be notified by letters starting in mid-August, and Honda is urging people to schedule repairs as soon as possible. Read the full story.