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WASHINGTON (MarketWatch) – Consumers increased spending by 0.4% in August, a strong month of car buying and back-to-school purchases at retailers. Personal incomes rose by 0.3% last month, the Commerce Department said Monday. Economists polled by MarketWatch had forecast a seasonally adjusted 0.3% increase in spending and a 0.4% gain in income. Since spending grew faster than income, the amount of money individuals save fell a tick to 4.6% from 4.7%. Consumer outlays have risen a modest 3.5% in the past year, though spending looks healthier if gasoline is stripped out. Gas is much cheaper now compared to a year ago. Also, inflation as gauged by the PCE price index was unchanged in August. The PCE index has risen 0.3% in the past 12 months, offering little evidence that inflation is about to surge close to the Federal Reserve’s 2% target. The core PCE index that excludes food and energy, meanwhile, edged up 0.1%, and it’s 1.3% higher over the past year.

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From:: Stock Market News

Whole Foods Market Inc. disclosed on Monday it will cut about 1,500 jobs as part of its plan to reduce costs. That represents about 1.6% of of the natural-foods grocers total employees. The company said in a regulatory filing that some of the job cuts will come through natural attrition, while others will be offered transition pay, severance or the opportunity to apply for other jobs. Whole Foods says it has nearly 2,000 open positions and has 100 new stores in development. “We believe this is an important step to evolve Whole Foods Market in a rapidly changing marketplace,” said Co-Chief Executive Walter Robb. The company has struggled recently with its reputation of a high-priced grocer, and following accusations of overcharging customers in New York City. The stock, which was still inactive in premarket trade, has slumped 23% over the past three months, while the S&P 500 has lost 8.1%.

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From:: Stock Market News

Energy Transfer Equity L.P. announced a deal to acquire Williams Companies in a deal valued at $37.7 billion. Under terms of the deal, an Energy Transfer affiliate, Energy Transfer Corp., will buy Williams at an implied price of $43.50 a share in cash and stock, which represents a 4.6% premium to Friday’s closing price. Energy Transfer Corp. will be publicly traded on the NYSE under the symbol “ETC.” Energy Transfer Equity said it anticipates commercial synergies to be more than $2 billion in earnings before interest, taxes, depreciation and amortization by 2020, and up to $400 million in additional cost savings. The deal comes as Williams Partners L.P. and Williams said they were terminating their previously-announced merger agreement, leading to Williams paying Williams Partners a $428 million termination fee. Williams Companies stock has lost 27% over the past three months, while Energy Transfer shares have dropped 29% and the S&P 500 has slipped 8.1%.

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From:: Stock Market News

Alcoa Inc. , the world’s largest aluminum producer, said on Monday it’s splitting into two separate publicly-listed companies, with the separation expected to be completed in the second half of 2016. The split will create an “upstream company”, focused on bauxite, alumina and aluminum, and a “value-add company”, focused on innovation in “high performance multi-material products and solutions in attractive growth markets”, the company said. Alcoa is targeting an investment grade rating for its value-add company and a strong non-investment grade rating for the upstream company, it said in the release. Alcoa shares jumped 5.6% in premarket trade.

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From:: Stock Market News

Shares of SABMiller PLC climbed to the top of the FTSE 100 index on Monday, up 3.1%, after a report Anheuser-Busch InBev SA is nearing a bid for the U.K.-listed brewer. The Sunday Times reported on Sunday that Budweiser owner InBev may bid 70 billion pounds ($106 billion) for SABMiller and that the offer could come as early as Monday. InBev said about two weeks ago it had approached its rival about a possible takeover, which could create the world’s largest beer company. SABMiller was initially resistant about the approach, according to the Sunday Times report, but has now softened its position in a bid to secure a big premium.

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From:: Stock Market News

Give wood furniture the look of a timeworn treasure …read more

From:: DIY this old house

Follow the prep instructions carefully and paint on a specialty coating to preserve weathered boards for years to come …read more

From:: DIY this old house

A newlywed’s stepdad recreated detailed gingerbread trim for the best curb appeal redo from the Search for America’s Best Remodel 2015 …read more

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An uncovered rotted subfloor lengthened the construction for the best bath redo from the Search for America’s Best Remodel 2015 …read more

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At 8 a.m. on Sunday, Pope Francis met with five adults who suffered abuse by priests when they were minors. The meeting took place at the St. Charles Borromeo Seminary, the Vatican confirmed.

While addressing bishops in Philadelphia, the pope said, “I hold the stories and the suffering and the sorry of children who were sexually abused by priests deep in my heart. I remain overwhelmed with shame that men entrusted with the tender care of children violated these little ones and caused grievous harm. I am profoundly sorry. God weeps.”

Read more in The Wall Street Journal.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News