Tag Archives: economy

Labor Dept Issues Weakest Jobs Report In 17 Months

Yahoo News reports: The U.S. economy added a sharply lower-than-expected 20,000 non-farm payrolls in February, the Bureau of Labor Statistics reported Friday. Consensus expectations called for 180,000 positions to be added for the month, according to Bloomberg data. February’s headline reading for new payrolls was the weakest in 17 months. The unemployment rate fell to 3.8%, from 4% in January. …

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General Motors Shutters Chevy Cruze Plant [VIDEO]

NBC News reports: A sprawling General Motors assembly plant near Youngstown was idled on Wednesday after more than 50 years producing cars and other vehicles, a move that will eliminate nearly 1,700 hourly positions by month’s end. GM announced late last year that Lordstown along with three plants in the U.S. and one in Canada would close by early next …

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Shutdown Has Already Cost US Economy $3.6 Billion

CNBC reports: If the government shutdown lasts another two weeks, the total cost to the U.S. economy would exceed the price of building the proposed border wall. According to an estimate by S&P Global, it will only take another two weeks to cost the economy more than $6 billion, exceeding the $5.7 billion that President Donald Trump demanded to fund …

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POLL: Economic Pessimism Hits Five-Year High

Bloomberg reports: The number of Americans expecting the U.S. economy to get worse in the next year is at its highest point since 2013, a national NBC/Wall Street Journal poll shows. A majority of Americans also say President Donald Trump has been untruthful about the investigation into Russia’s interference in the 2016 campaign, and half say the probe has given …

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Macron Halts Fuel Tax Hike In Bid To Curb Riots

Agence France-Presse reports: The French government plans to announce Tuesday the suspension of fuel tax increases slated for January in a bid to quell the fierce protests which have ballooned into the deepest crisis of Emmanuel Macron’s presidency, sources said. Prime Minister Edouard Philippe will also unveil other measures to help boost the living standards of low-income households, the government …

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General Motors To Lay Off 15,000, Shutter Five Plants

The Chicago Tribune reports: General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of …

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Solid Jobs Report Lands Days Ahead Of Midterms

USA Today reports: The economy added a healthy 250,000 jobs in October, the Labor Department said Friday in the last employment report before midterm elections that President Trump has cast as a critical referendum on his stewardship of the economy. The unemployment rate was unchanged at a near 50-year low of 3.7 percent. Annual wage growth topped 3 percent for …

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Brookstone To Shutter All 101 Of Its Mall Stores

The death of physical retail grinds on: Brookstone, the ubiquitous seller of cool but largely unneeded things, has filed for Chapter 11 bankruptcy protection again and will close the 101 of its stores that are located in malls. Malls have suffered for years due to far-reaching shifts in the way that Americans shop for just about everything, which has diminished …

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White House Hails Trump For United “Sates” Economy

In a tweet that was posted three hours ago and has not been removed at this writing, the White House hailed the booming economy given to the United “Sates” by Glorious Leader. Embarrassing misspellings, aside, here’s some fact-checking from the Associated Press: The U.S. economy just entered its 10th year of growth, a recovery that began under President Barack Obama, …

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LIVE VIDEO: Trump Speaks On Latest Economic Report

The Associated Press reports: The U.S. economy surged in the April-June quarter to an annual growth rate of 4.1 percent. That’s the fastest pace since 2014, driven by consumers who began spending their tax cuts and exporters who rushed to get their products delivered ahead of retaliatory tariffs. The Commerce Department reported Friday that the gross domestic product, the country’s …

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Inflation Rise Triggers More Wall Street Jitters

The Washington Post reports: The Consumer Price Index, which measures how quickly prices are going up in the U.S. economy, rose at a faster than anticipated 2.1 percent in January compared to a year ago, triggering fears of another rocky run on Wall Street. The monthly Labor Department report on the price of everything from gas to groceries was closely …

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DISLOYALTY: Stock Market Plummets 1000+ Points

The Associated Press reports: Dow Jones industrials plunged over 1,000 points Thursday, bringing the index down 10 percent from the record it reached two weeks ago. Stocks started to fall in early trading and extended their losses throughout the morning. The market’s turmoil began last Friday and has continued this week as investors worried about early signs of inflation. Analysts …

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White House Shrugs Off Stock Market Plunge

The Hill reports: The White House on Monday said the country’s “long-term economic fundamentals” remain “exceptionally strong” after U.S. stocks dropped sharply earlier in the day, extending a massive sell-off on Wall Street. “The president’s focus is on our long-term economic fundamentals, which remain exceptionally strong,” White House press secretary Sarah Huckabee Sanders said in a statement. Sanders cited U.S. …

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Dow Sees Record Plunge Of 1100+ Points

Bloomberg reports: The Dow Jones industrial average fell more than 1,000 points Monday, dropping below 25,000 for the first time since Jan. 4 during a second straight day of sell offs. It’s the worst losses the Dow has ever sustained in terms of points, coming on the heels of Friday’s 666-point loss. The Dow has lost its gains for the …

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Black Unemployment Spikes In New Jobs Report

Mediaite reports: One of President Donald Trump’s favorite boasts, in recent weeks, is noting the fact that unemployment among black workers has sunken to record lows during his tenure in office — even taking full credit for the decline. But now, it looks like Trump won’t have “record low” talking point to kick around anymore. The January jobs report is …

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Hurricanes Reverse 7-Year Jobs Trend

Business Insider reports: The US economy in September lost more jobs than it created for the first time in seven years. Amid the damage caused by the hurricanes Harvey and Irma, nonfarm payrolls fell by 33,000, the Labor Department said Friday in its monthly report. Most of the losses occurred in the leisure-and-hospitality sector, where most employees can’t work remotely …

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UNPOSSIBLE: Rick Perry Out-Stupids Rick Perry

Business Insider reports: On Thursday, US Secretary of Energy Rick Perry flubbed one of the most fundamental lessons of modern economics. “Here’s a little economics lesson: supply and demand. You put the supply out there, and the demand will follow,” he said at a coal plant, according to Taylor Kuykendall, an energy reporter at S&P Global Market Intelligence. Contemporary mainstream …

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April Jobs Report: Unemployment Hits 10-Year Low

MarketWatch reports: Some 211,000 people found new jobs in April as hiring rebounded from a wobbly showing in early spring, offering fresh evidence the U.S. economy is still growing at healthy pace after a slow start to the year. The unemployment rate, meanwhile, dipped to 4.4% from 4.5% to set a postrecession low. The last time the rate was so …

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Feds Issue Worst Jobs Report In Nearly A Year

Stand by for Sean Spicer to declare that federal jobs data is fake once again. The New York Times reports: Hiring in March was expected to drop after the monthly gains of more than 200,000 in the two previous months, but this marks the weakest showing for the economy in nearly a year. Just 98,000 jobs were added last month. …

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Chris Wallace To Trump Advisor: Why Should We Believe Jobs Numbers Trump Once Called “Phony”? [VIDEO]

Via Mediaite: On Fox News Sunday today, Chris Wallace asked White House Chief Economic Advisor Gary Cohn about President Trump‘s past dismissals of jobs numbers. The White House touted the numbers out this past Friday, but as Wallace pointed out, during the campaign Trump called similar reports “phony.” Sean Spicer quoted Trump as explaining, “They may have been phony in …

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