Here's what we are reading this morning:
Americans ramped up retail spending a strong 1.7% last month: Americans largely shrugged off higher prices last month and stepped up their spending at retail stores and online, providing a boost to the economy. Retail sales rose a seasonally adjusted 1.7% in October from September.
U.S. Shoppers Boosted Spending Last Month, Taking on Higher Prices - WSJ: U.S. retail sales rose by 1.7% in October, a sign that consumers are willing to spend more headed into the holidays despite rising inflation.
Oil production at biggest U.S. shale field set to hit new record | Reuters: Crude oil production from the Permian Basin, the largest U.S. oil field, is set to surpass its pre-pandemic record in December, a swift turnaround that has not been replicated in the country's other oil regions.
WeWork Reports $802M Loss in First Earnings as Public Firm: WeWork’s third quarter revenue was up 11% from the previous quarter, but the company still showed an $802 million net loss.
Bankrupt Hotel Chain’s Backers Face Threat of Jail Over PPP Loan Fraud: The judge overseeing Eagle Hospitality’s bankruptcy case held in contempt two men at the center of the hotel chain’s struggles.
Stockout notifications up 325% from 2019: Adobe | Retail Dive: With shoppers concerned about desired items running out, a new Adobe report found that out-of-stock messages have increased by 250% in October compared to January 2020. When comparing October 2021 to October 2019, out-of-stocks notifications have increased by 325%.
Riverbed Initiates Next Steps to Implement Recapitalization and Strengthen Financial Position: Process Will Reduce Debt by More Than $1 Billion and Provide $100 Million Cash Infusion; Plan Approved by 100% of Voting Lenders; Court-Supervised Process Expected to be Completed in Mid-December