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April Retail Spending Stalls After Stimulus-Fueled March Shopping Spree
Retail spending in the United States stalled in April, coming in at a below-expectations zero percent after surging over 10 percent in March, when a round of stimulus checks hit bank accounts and Americans went on a shopping spree.
The U.S. Census Bureau said in a Friday release (pdf) that U.S. retail spending remained flat in April, while economists polled by Reuters predicted a 1 percent rise. So-called core retail spending which excludes automobiles, gasoline, building materials and food services dropped 1.5 percent last month.
Retail spending surged by 10.7 percent in March, when many households received $1,400 stimulus checks as federal authorities disbursed a round of economic impact payments authorized by the recent $1.9 trillion pandemic relief bill. The retail spending measure saw a similar upward bump in January, when an earlier round of checks was sent out.
American Employers Added Just 266,000 Jobs in April as Businesses Struggle to Find Workers
America’s private employers in April added a paltry 266,000 jobs a proxy for new hires despite job openings at near record-high levels, suggesting businesses are struggling to find workers and reinforcing the view that some of the Biden administration’s fiscal relief measures are disincentivizing people from seeking work.
The government’s jobs report, released Friday, shows that nonfarm payroll employment rose by 266,000 in April, sharply lower than in March and a sign that some businesses are struggling to find enough workers. In the report, the Labor Department also sharply lowered its estimate of March’s job gain to 770,000 from its earlier estimate of 916,000.
By: Christie Eliezer
Snoop DoggTEG MJR Signs Snoop Dogg Globally
TEG’s UK-based division TEG MJR signed a five-year deal with Snoop Dogg in collaboration with Ireland’s MPI Artists. The multimillion-dollar global deal sees TEG MJR promote the hip- hop act’s tours outside of North America, beginning with his 2022 World Tour including rescheduled sold-out shows at O2 Arena in London, 3 Arena in Dublin and Ziggo Dome Arena in Amsterdam.
TEG MJR CEO Richard Buck brokered the deal with Snoop’s international agents Julian O’Brien and MPI’s Minneapolis-based partner Nabil Ghebre, who works with Bobby D (Robert Dreislen) who run Dogg’s operations in LA.