Business News Archive - December 25, 2008

Consumer spending edged upward in November, the government said, but some economists are hesitant to call the shift an economic resurgence. Consumer spending drives about 70 percent of the U.S. economy. In November, spending notched up 0.6 percent on an inflation-adjusted basis.

Luxury spending in Las Vegas, thought to be recession-proof, is in decline, causing some to worry the famous hotels on the famous strip were overbuilt. Gaming revenues fell 25.8 percent on the strip in October compared with a year ago.

The mayor of Irving, Texas, used the Internet medium YouTube to plead his case for an economic stimulus plan to President-elect Barack Obama. Mayor Herbert Gears used the short-film YouTube Web site to ask the next president to use federal funds to buy municipal bonds, The Dallas Morning News reported

Steep discounts stirred up last-minute shopping but this Christmas season shapes up as one of the worst on record, U.S.

The Better Business Bureau has been fielding calls about checks people are getting from a U.S. court, and is assuring callers the checks are legitimate. The checks are part of a $150 million settlement Wachovia Bank entered into in U.S.

Word of the Day
  • A person or thing gazed at with wonder or curiosity, especially of a scornful kind.
The 'stock' of 'gazingstock' comes from an Old English word meaning 'tree trunk' or 'wood'.