Tag Archives: economy

Farm Bankruptcies At 8-Year High Despite Bailouts

Reuters reports: U.S. farm bankruptcy rates jumped 20% in 2019 – to an eight-year high – as financial woes in the U.S. agricultural economy continued in spite of massive federal bail-out funding, according to federal court data. According to data released this week by the United States Courts, family farmers filed 595 Chapter 12 bankruptcies in 2019, up from 498 …

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Commerce Dept Report: 2019 Economy Missed Target

Reuters reports: The U.S. economy maintained a moderate pace of growth in the fourth quarter, and again fell short of attaining the Trump administration’s coveted but elusive 3% annual growth target because of slumping business investment amid damaging trade tensions. The Commerce Department’s snapshot of gross domestic product on Thursday will show the Federal Reserve’s three interest rate cuts in …

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POLL: 97% Of CFOs Expect Economic Downturn In 2020

Axios reports: Chief financial officers are bracing for an economic slowdown this year, according to Deloitte’s quarterly survey of nearly 150 executives at top North American companies. Multiple surveys showed plunging optimism among top executives last year, thanks largely to trade war uncertainty. Deloitte’s survey is a signal that skittishness continues to curb companies’ hiring and spending plans this year, …

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Manufacturing At Lowest Level Since Great Recession

Axios reports: The Institute of Supply Management’s index of manufacturing activity released Friday hit its lowest level since the end of the Great Recession in December. Why it matters: It shows worsening conditions for the U.S. manufacturing sector, which has been in contraction for five straight months, and reignites concerns about the trade war’s impact on the economy. Stocks, already …

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Bill Gates: Yes, The Wealthy Should Pay Higher Taxes

From a post on Bill Gates’ personal blog: I start with the understanding that the U.S. government simply does not bring in enough money to meet its obligations. This isn’t a value judgment; it’s just a fact. The government collects about 20 percent of GDP in taxes while spending about 24 percent. And the cost of commitments is going up. …

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2019’s Top Ten Home Sales Totaled Over $1.2 Billion

Bloomberg News reports: This year saw weak annual gains in luxury home prices, new tax proposals on million-dollar properties, and restrictions for foreign investors. But that didn’t stop luxury homebuyers in the U.S. from shelling out upwards of $100 million apiece for mansions, penthouses, and beachside properties. A Manhattan penthouse topped the list of 2019’s 10 most expensive residential real …

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Saturday Shopping Sales At All-Time Record $34B

Bloomberg News reports: Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners. “Paced by the ‘Big Four’ mega-retailers — Walmart, Amazon, Costco and Target — Super Saturday was boosted by the best traffic our team has seen in years,” said Craig Johnson, …

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Lebanon Sees Riots Amid Economic Crisis [VIDEO]

The Associated Press reports: Lebanese security forces fired tear gas, rubber bullets and water cannons Sunday to disperse hundreds of protesters for a second straight day, ending what started as a peaceful rally in defiance of the toughest crackdown on anti-government demonstrations in two months. The violence comes on the eve of a meeting between the president and parliamentary blocs …

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Forecast: Credit Card Delinquencies Near 10-Year High

Bloomberg News reports: Americans are projected to fall seriously behind on their credit card bills at the highest rate in a decade as banks push a record number of people to get plastic. The share of credit card borrowers who are at least 90 days past due on their accounts will probably tick up to 2.01% next year, the highest …

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Budget Deficit Spikes $342B In First Two FY20 Months

Fox Business reports: The U.S. government deficit spiked 12 percent to $342 billion during the first two months of fiscal year 2020, according to data from the Congressional Budget Office. The CBO says the U.S. budget deficit will average $1.2 trillion a year from 2020 to 2029, amounting to 4.4 percent to 4.8 percent of gross domestic product. The federal …

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Trump Gets Robust November Jobs Reports

Bloomberg News reports: U.S. job gains roared back in November as unemployment matched a half-century low and wages topped estimates, giving the Federal Reserve more reason to hold interest rates steady after three straight cuts. Stock futures and the dollar jumped while Treasuries slid. Payrolls jumped 266,000, the most since January, after an upwardly revised 156,000 advance the prior month, …

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Online Sales Set $7.4 Billion Black Friday Record

The Associated Press reports: This year’s Black Friday was the biggest ever for online sales, and Adobe Analytics says carts filled on phones, computers and tablets rang up $7.4 billion in transactions. That ranks just behind the $7.9 billion haul of last year’s Cyber Monday, which holds the one-day record for online sales. Adobe measures sales at 80 of the …

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October Employment Report Better Than Forecast

The New York Times reports: The American job market has lost some momentum, but a major auto strike was not enough to knock it off the road in October. Ordinarily, a gain of 128,000 jobs would count as a weak month. But the figure looks stronger accounting for the strike at General Motors, which shaved close to 50,000 workers from …

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Commerce Dept: US Economy Slowed In Third Quarter

NPR reports: President Trump is counting on a strong economy to help him win reelection next year. But new numbers from the Commerce Department show the economy lost steam during the summer and early fall. GDP — the broadest measure of economic activity — grew at an annual rate of just 1.9% during the third quarter. That’s a deceleration from …

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Jobs: Hiring Slows, Wages Fall, Unemployment Dips

USA Today reports: Hiring slowed in September as employers added 136,000 jobs, fueling recession concerns and possibly raising the odds of another Federal Reserve rate cut this month. The unemployment rate fell from 3.7% to 3.5%, a new 50-year low, the Labor Department said Friday. Economists expected 145,000 job gains, according to a Bloomberg survey. Partly offsetting the weak showing: …

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WINNING: US Manufacturing Contracts To Decade Low

MarketWatch reports: Manufacturing contracted for a second consecutive month in September, falling to lowest its level of activity in a decade, according to the Institute for Supply Management (ISM). The group’s production manufacturing index slid to 47.8, down from 49.1 percent in August. Any reading below 50 percent indicates contraction. Trade was one of the main factors weighing down manufacturing. …

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Inflation Exceeds Forecast As Healthcare Costs Rise

Bloomberg reports: A measure of underlying U.S. inflation accelerated by more than forecast to a one-year high in August, signaling inflation was already firming ahead of fresh tariffs on Chinese goods this month that may push prices higher for Americans. The core consumer price index, which excludes food and energy, rose 0.3% from the prior month and was up 2.4% …

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Trump’s Approval Rating Sags Amid Recession Fears

The Hill reports: President Trump’s approval rating dropped 6 points in a new poll as Americans voice concerns about the economy. Trump’s approval rating fell to 38 percent after July’s career-high 44 percent approval, based on the ABC News/Washington Post poll released Tuesday. The survey also found that 46 percent of Americans approve of Trump’s handling of the economy and …

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Temp Census Workers Buoy Lackluster Jobs Report

NPR reports: U.S. employers added 130,000 jobs in August, according to a monthly snapshot from the Labor Department, signaling a slowdown in the pace of job growth. Forecasters surveyed by the Reuters news service had predicted job gains of around 158,000. The unemployment rate held steady at 3.7%. Manufacturers added just 3,000 jobs. The jobs total would have been lower …

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US Manufacturing Contracts For First Time In Decade

CNBC reports: U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown. The U.S. manufacturing PMI (purchasing managers’ index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to …

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