President Joe Biden stated on Thursday that he is against the proposed sale of U.S. Steel to Nippon Steel of Japan, emphasizing the importance of having robust American steel companies run by American steel workers.
Biden emphasized that U.S. Steel has been a significant American steel company for over 100 years and highlighted the necessity of it remaining an American company that is owned and operated domestically.
In December, Nippon Steel announced its intention to acquire the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about the potential impact on unionized workers, supply chains, and U.S. national security.
Retail sales increase in February
After a decrease in spending in January, Americans slightly increased their spending in February. However, the growth last month was lower than anticipated, and the decline in January was even greater, indicating that many are becoming more careful with their finances.
The Commerce Department's report on Thursday revealed that retail sales rose by 0.6% last month following a revised 1.1% decline in January, partly due to adverse weather conditions.
The increase in February's sales can be attributed to higher gas prices, increased auto sales, and a recovery in building materials, which were negatively impacted by severe weather in the previous month.
Excluding sales from gas stations and auto dealers, sales increased by 0.3%.
The average national gas price on Thursday was $3.41 per gallon, according to AAA, up from $3.39 a week ago and $3.26 last month.
The government's retail data does not account for inflation, which rose by 0.4% from January to February, higher than the previous month's 0.3%, according to the latest government report. Therefore, retailers only managed a slight increase when considering inflation.
