US consumer spending slowed unexpectedly in December, according to a report released Tuesday, raising concerns about a potential economic slowdown. Meanwhile, Commerce Secretary Howard Lutnick faced calls for his resignation after emails revealed details of his interactions with Jeffrey Epstein. Elsewhere, a group of Buddhist monks concluded a 108-day "Walk for Peace" across the United States, arriving in Washington on Tuesday. Also, Ukraine is rallying European support to block FIFA's push to reinstate Russia in international football.
Retail sales in the US were flat during the December holidays, a break from the relatively robust spending seen in recent months, according to BBC Business. This slowdown suggests a pullback among consumers, even as sentiment about the economy had dimmed. The Commerce Department report indicated that retail sales remained unchanged from the previous month, following a 0.6% increase in November. Factors such as a faltering labor market, persistent inflation, and cooling wage growth contributed to the lacklustre end of the year, according to the same source.
Commerce Secretary Howard Lutnick is under pressure to resign after newly released emails shed light on his relationship with Jeffrey Epstein, as reported by Al Jazeera. Lutnick has downplayed his connections to the disgraced financier, telling a Senate committee on Tuesday that he barely knew Epstein, despite the emails appearing to contradict his statements.
In other news, a group of Buddhist monks completed their "Walk for Peace" across the US, arriving in Washington on Tuesday, as reported by Euronews. The monks, who began their journey in Fort Worth, Texas, were greeted by crowds of onlookers. Their journey, which lasted 108 days, aimed to advocate for peace. The monks, along with their rescue dog Aloka, have gained attention on social media.
Ukraine is seeking support from European governments to oppose FIFA's efforts to end Russia's ban from international football, according to Sky News. Ukrainian sports minister Matvii Bidnyi stated that allowing Russia back into World Cups would legitimize the war. While the ban is a symbol of Russia's isolation, FIFA believes it "has not achieved anything," according to Sky News.
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