U.S. retail spending drops
Consumer spending at U.S. retailers unexpectedly fell in January as consumer confidence languished and harsh cold weather buffeted various parts of the country. Retail sales declined 0.2% in January from the prior month, the Commerce Department said Friday, the biggest decline since May. Retail sales declined across most categories in January, falling the most at department stores (down by 6%), personal care shops (down by 3%) and gasoline stations (down by 2.9%).
U.S. unemployment rate ticks up in February
Hiring at U.S. businesses unexpectedly plunged last month as employers shed an estimated 92,000 jobs, according to new data released Friday by the Bureau of Labor Statistics. The unemployment rate edged higher to 4.4% from 4.3%. The unemployment numbers came as the yields on two-year and 10-year Treasury notes ticked lower as investors moved into bonds. Also, the U.S. dollar weakened against other major currencies. Separately, crude oil was up 6.2%, to $86 per barrel.
Republican Congressman Tony Gonzales drops out after admitting to affair
Republican Rep. Tony Gonzales of Texas said he is ending his reelection bid after admitting to an affair with a former staffer who later died by suicide. “After deep reflection and with the support of my loving family, I have decided not to seek re-election while serving out the rest of this Congress with the same commitment I’ve always had to my district,” he said in a statement Thursday. Gonzales’ announcement came just hours after Republican leaders called for him to withdraw from the election. Notably, however, party leaders have not called for Gonzales to resign his seat in view of the narrow Republican majority in the House of Representatives.
Israel launches new strikes against Tehran
Israel launched a wave of strikes on Iran’s capital of Tehran overnight, lighting up the sky with fiery explosions seen on video shared widely online. President Donald Trump said Thursday that the U.S.-Israeli bombing campaign will only escalate, claiming it is “totally demolishing the enemy far ahead of schedule.” Defense Secretary Hegseth warned Thursday that Iran is making a “bad miscalculation” if it thinks the U.S. will slow strikes. Meanwhile, Iranian retaliatory attacks appear to be declining — ballistic missile strikes have fallen by 90% and drone attacks by 83%, according to U.S. Central Command — potentially easing pressure on Gulf states that have faced Iranian strikes in recent days.
Kristi Noem fired
President Trump fired Department of Homeland Security Secretary Kristi Noem on Thursday amid mounting scrutiny over her conduct in the role. Noem, who was tapped to lead the agency at the start of Trump’s second term, had faced a series of controversies — including her alleged romantic relationship with top adviser Cory Lewandowski, questions over a $220 million ad campaign that prominently featured her, and conflicting accounts about fatal incidents involving federal immigration agents. Trump plans to replace her with Oklahoma Sen. Markwayne Mullin, who is expected to assume the role later this month, pending Senate confirmation.
Severe weather threatens 60 million
Severe storms could affect nearly 60 million people from Texas to the Great Lakes today, forecasts were showing. Meteorologists warned that some storms, including supercells, may develop through the day, with the most intense activity likely in the evening and overnight. The highest tornado risk stretched from Madison, Wisconsin, to Dallas, Texas. On Thursday, powerful storms swept across the southern Plains, bringing numerous tornado threats from Texas to the Midwest. Louisiana was also rattled by a magnitude 4.9 earthquake — one of the strongest recorded in the state — though no damage or injuries were immediately reported.
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