Business Briefs – May 1, 2017

U.S. Consumer Spending Flat For Second Month in March

WASHINGTON (AP) – U.S. consumers cut back sharply on buying durable goods such as autos in March, leaving overall spending unchanged for a second straight month. A slowdown by consumers was a major reason overall economic growth slowed so sharply over the winter. Consumer spending was unchanged in March after also being flat in February and posting only a modest rise of 0.2 percent in January, the Commerce Department reported Monday. For the January-March quarter, the sharp slowdown in consumer spending was a key reason growth, as measured by the gross domestic product, slowed to an annual rate of just 0.7 percent, the poorest performance in three years.

Airbnb, San Francisco Reach Deal on Rental Registrations

SAN FRANCISCO (AP) – San Francisco and Airbnb reached a deal Monday that aims to prevent the short-term rental website from listing housing units that are not following city rules that limit the duration of stays and the number of nights units can be rented. The settlement resolves a lawsuit filed by Airbnb over a city law that fines the company for booking rentals not registered with the city. Under the deal, residents looking to list a rental will be able apply for a city registration number through Airbnb’s website and will have to list their registration number to post a listing. The company will provide a monthly list of all San Francisco listings to the city, so officials can verify that units are registered. Airbnb will deactivate listings that the city says are invalid.