Hi Treasure Friends,
We hope you are well ahead of the shortened week in the US. The big news in the economy last week was inflation cooling down; now back to 3.2% on an annualized basis.
What the Treasure Team is reading
- Economy: Declining SMB employment and wages Small Business Employment Watch
- Economy: Weaker retail sales after 7 months of strength Retail sales fall less than forecast in October as US consumers defy expectations again
- Economy: Rebound in activity in New York Empire State manufacturing index jumps in November
- Finance: Lower price pressures? Deflation could be coming this holiday season, Walmart CEO says
- Finance: Low yield + poor service + lack of technology Americans are getting ‘ripped off’ by big banks, Robinhood CEO says
- Finance: Eventually... Zelle Network Banks Begin Reimbursing Imposter Scam Victims
- Finance: 18,000 whistleblower tips Companies hit with $5B in SEC penalties in FY23
- Fintech: 15% interest rate? Mexico Fintech Battle Escalates With Account Yield Ramp-Up
From the Treasure chest...
$1M beef cellar: Finally, Peter Luger Steak House Las Vegas is open for business, providing its famed, butter-bathed porterhouse and ribeyes to carnivores in Sin City. But the new location is not an exact replica of the no-frills, cash-only Brooklyn flagship, where the brusque service and always-crowded tables are almost as famous as the well-aged meat. For one thing, there’s the sheer volume of steak on site. The new steakhouse, which threw open its doors in Caesars Palace Las Vegas Hotel and Casino on Nov. 1, just in time for the inaugural F1 Las Vegas Grand Prix, has a 14,000-square-foot footprint. (It replaced another legendary New York dining room, Rao’s.) About 20% of the new restaurant is dedicated to a lower-level dry aging room that’s filled with USDA prime beef. “We’ve got well over $1 million of beef aging in that room,” says Daniel Turtel, vice president of Peter Luger. His great-grandfather Sol Forman purchased the steakhouse in 1950 from its founder, Peter Luger, who launched the original location in 1887.
Have a great week!
The Treasure Team
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