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By ANNE D’INNOCENZIO and MATT OTT, AP Business Writers

American consumers pulled back their spending to start 2026, extending the malaise in retail sales that began late last year.

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Retail sales fell 0.2% in January, following a flat reading in December, according to the Commerce Department’s report issued on Friday. January’s figure came in below the forecasts of economists, who were expecting another flat reading, The report was delayed because of the 43-day government shutdown.

The January retail figure was weighed down by a sales decline at motor vehicle and auto parts dealerships. Gas stations also saw a drop in business, reflecting lower gas prices in January, though the intensifying war in the Middle East is driving up prices in recent days. The national average price for a gallon of unleaded gasoline was $3.32 Friday; a week ago, it was $2.98, AAA said read more

By PAUL WISEMAN and ANNE D’INNOCENZIO, AP Business Writers

WASHINGTON (AP) — American employers unexpectedly cut 92,000 jobs last month, a sign that the labor market remains under strain. The unemployment rate blipped up to 4.4%.

Hiring deteriorated from January, when companies, nonprofits and government agencies added a healthy 126,000 jobs, the Labor Department reported Friday. Economists had expected 60,000 new jobs in February.

Revisions also cut 69,000 jobs from December and January payrolls.

The surprisingly weak employment picture in February adds to the economic uncertainty over the war with Iran, which has caused oil prices to surge and saddled business and consumers with unforeseen costs.

“The job market is struggling in the face of so many headwinds,” said Heather Long, chief economist at Navy Federal Credit Union. “Companies are going to be even more reluctant to hire this spring until the war ends and they can see consumers still spending. It’s a tense time for the U.S. economy.” read more

By STAN CHOE, AP Business Writer

NEW YORK (AP) — Oil shot to its highest price since 2023 after surging again Friday because of the Iran war, and a weak update on the U.S. job market knocked stocks lower to cap Wall Street’s worst week since October.

The S&P 500 dropped 1.3% after a report showed U.S. employers cut more jobs last month than they created and after oil prices spiked above $90 per barrel. The combination of a weak economy and high inflation is a worst-case scenario for investors because the Federal Reserve has no good tool to fix both problems at the same time.

The Dow Jones Industrial Average plunged as many as 945 points before finishing with a loss of 453, or 0.9%, and the Nasdaq composite sank 1.6%.

“You can’t sugarcoat this report,” according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. “A negative payrolls number combined with a big jump in oil prices will have traders worrying about stagflation risks.”

Stagflation is what economists call the miserable mix of a stagnating economy with high inflation, and a separate report released Friday added to the sourness after showing that U.S. retailers made less money in January than economists expected. It raised the disconcerting possibility that spending by U.S. households, the main engine of the economy, may be stretched near its maximum. read more

By JOSH FUNK

OMAHA, Neb. (AP) — Berkshire Hathaway is buying back shares for the first time in nearly two years, and new CEO Greg Abel said he has no immediate plans to sell off Kraft Heinz shares now that the packaged food giant has shelved its plan to split the company into two.

Abel appeared on CNBC Thursday — less than a week after releasing his first letter to shareholders after taking over the top job at Berkshire from legendary investor Warren Buffett in January. Berkshire also took the unusual step of filing a formal notice with the Securities and Exchange Commission that it had begun repurchasing its shares Wednesday for the first time since May 2024.

When Kraft first announced its plan to split the company in two last fall, Abel and Buffett expressed concerns about that because of the costs involved and the current struggles for some of the brands. So Abel said he agreed with new Kraft CEO Steve Cahillane’s decision to pause the split.

“For Steve to come in and say we’re pausing it, there’s opportunities within Kraft Heinz to fix things and get the business back on track and then he’ll evaluate things. We thought that was absolutely the right approach,” Abel said. read more

Norwegian Cruise Line got ahold of its newest ship at a ceremony in Italy on Thursday ahead of its transatlantic crossing to Miami.

The Norwegian Luna became the 21st ship in NCL’s fleet, a sister to the Norwegian Aqua that arrived in 2025.

The sister ships are larger versions of the Prima class of vessels known as Prima Plus, 10% bigger than 2022’s Prima and 2023’s Viva. They come in at 1,056 feet long, 156,000 gross tons and a 3,565-passenger capacity based on double occupancy.

Luna and Aqua are still smaller than the line’s popular Breakaway Plus class ships Escape, Joy, Bliss and Encore.

Italian shipbuilder Fincantieri delivered the vessel Thursday at its shipyard in Marghera, Italy.

The ship has 1,809 staterooms, 17 dining options and 18 bars and lounges.

“This ship represents the continued evolution of our vision and the incredible work behind an award-winning class of ships,” said NCL President Marc Kazlauskas in a press release. “We are deeply appreciative of the world-class architects and designers, as well as our talented partners at Fincantieri who brought Norwegian Luna to life.” read more