HEADLINES IN THE SPOTLIGHT
RETAIL SALES GROWTH SLUGGISH IN AUGUST The Census Bureau reported that retail sales numbers were better than expected in August as price increas- es across a multitude of sectors offset a considerable drop in gas station receipts. Advance retail sales for the month increased 0.3% from July, better than the Dow Jones estimate for no change. The total is not adjusted for inflation, which rose 0.1% in August, suggesting that spending outpaced price increases. Inflation as gauged by the consumer price index rose 8.3% over the past year through August, while retail sales increased 9.1%. However, excluding autos, sales decreased 0.3% for the month, below the estimate for a 0.1% increase. Excluding autos and gas, sales rose 0.3%. Sales at motor vehicle and parts dealers led all cate- gories, rising 2.8%, helping to offset the 4.2% decline in gas stations, whose receipts tumbled as prices fell sharply. Online sales also decreased 0.7%, while bar and restaurant sales rose 1.1%.
IT PAYS TO BE A PET THESE DAYS Pet owners might feel squeezed by inflation, but they’re still pampering their animals when it comes to food. Pet owners increasingly spoil their cats and dogs with foods that are more like the dishes they’d feed themselves or other family members. To capi- talize on the ongoing shift, Petco recently partnered with snack bar maker Clif to sell a version for pets. It also launched a line of frozen, human-grade meals for dogs. “Pet parents are driving one of the biggest trends the pet industry has seen as they increasingly seek out fresh, human-grade food for all members of the family,” Petco CEO Ron Coughlin said in a release. Coughlin said the growing “humanization” of animal companions is being led by Gen Z and Millennial con- sumers who are “hyper-focused” on their pets’ health and wellness.
TESLA COULD START BUILDING A LITHIUM REFINERY IN TEXAS
OMICRON BOOSTERS SHOULD PROVIDE BETTER PROTECTION AGAINST INFECTION U.S. health officials expect new omicron boosters will provide better protection against infection and serious illness this fall because the new shots now match the dominant coronavirus variant. The Food and Drug Administration and the Centers for Disease Control and Prevention has cleared new booster shots for people ages 12 and older that target the dominant omicron BA.5 subvariant, as well as the original strain of Covid that first emerged in Wuhan, China, in 2019. Pfizer’s new booster is available for people ages 12 and up, while adults ages 18 and older can get Moder- na’s shot. People can receive the new vaccine at least two months after their primary vaccination series or their most recent booster with the older shots.
Electric car giant Tesla is evaluating the feasibility of a lithium hydroxide refining facility on the gulf coast of Texas. Tesla said the plant would be focused on the devel- opment of “battery-grade lithium hydroxide” and be “the first of its kind in North America,” according to a newly released letter to the Texas Comptroller’s Office. The company would process “raw ore material into a usable state for battery production” and then ship the lithium hydroxide to various Tesla battery manufactur- ing factories, the application said. Tesla said that it is still “evaluating the feasibility of this project” and “only very preliminary development activities have begun.” No engineering, construction or procurement construction contracts have been negotiated or signed and no regulatory permits have been obtained, Tesla said.
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JULY/AUGUST 2022 • SPOTLIGHT ON BUSINESS MAGAZINE
SPOTLIGHT ON BUSINESS MAGAZINE • JULY/AUGUST 2022
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