Americans stepped up their spending at retail stores and restaurants last month in a clear sign that consumers are still able and willing to shop. Retail sales rose 0.4% in December from the previous month, the Commerce Department said Thursday, though down from November’s upwardly revised 0.8% gain. The figures suggest that even as many Americans are struggling with higher prices and elevated interest rates, a low unemployment rate and rising wages are encouraging millions of consumers to spend, bolstering economic growth.

U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive. CEO Murray Auchincloss sent an email to staff on Thursday that has been seen by The Associated Press. Auchincloss said that the job losses “account for much of the anticipated reduction this year.” The reductions amount to just over 5% of BP’s 90,000 worldwide employees. Auchincloss’s memo said that about 2,600 of the contractors involved in the job cuts have already left the business. Auchincloss said the company is “focusing resources on our highest-value opportunities” and that it has stopped or paused 30 projects since June.

UnitedHealth posted a better-than-expected fourth-quarter profit, but a nagging rise in medical costs and care utilization surprised Wall Street. Shares of the health care giant slid early Thursday after it released its first financial report since the brazen shooting of one of its executives outside a New York City hotel touched a national nerve and brought to the surface American frustration over health care access. More than 87% of the premiums UnitedHealth collected in the fourth quarter went back out the door to cover medical costs, TD Cowen analyst Ryan Langston says that was well above what analysts expected.

Taiwan has taken another step in enhancing its key role in the production of advanced semiconductor chips used for artificial intelligence with the inauguration of a new plant by Siliconware Precision Industries Co. The ceremony Thursday marking the inauguration of the Tan-Ke factory in the central city of Taichung was attended by Jensen Huang, CEO and co-founder of California-based Nvidia Corp., a world leader in the design of AI chips, reinforcing the companies’ partnership in the production of advanced AI chips. Huang highlighted the growing complexity of semiconductor packaging and its central role in advancing AI. Huang’s visit reflects the critical role Taiwan plays in the global AI supply chain.