Tag Archives: economy

Modell’s Goes Bankrupt, Will Shutter All 115 Stores

ABC News reports: Modell’s Sporting Goods, the century-old family-owned sporting goods chain, has filed for Chapter 11 bankruptcy and will be closing its remaining 115 stores. It becomes the latest traditional retailer to succumb to a fast-changing environment. In recent years Payless ShoeSource Corp., Toys R Us and children’s chain Gymboree have filed for Chapter 11 reorganization or liquidated their …

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Trump Mulls Stimulus Measures In Response To Virus

Politico reports: Top White House and Treasury officials are scheduled to meet with President Donald Trump on Monday afternoon to discuss options for fiscal stimulus measures amid the uncertainty over the spread of the coronavirus throughout the U.S. Among the options under consideration: paid leave for workers, relief for small businesses and aid to certain sectors facing diminished business due …

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Labor Dept Issues Robust Jobs Report For February

The Hill reports: The U.S. added 273,000 jobs in February, according to data released Friday by the Labor Department, blowing past expectations ahead of a feared coronavirus economic slump. The unemployment rate stayed roughly even at 3.5 percent while the labor force participation rate held steady at 63.4 percent. February’s job gain comes after an upwardly revised increase of 273,000 …

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Markets Continue Wild Ride, Dow Skids 979 Points

Investor’s Daily reports: As the coronavirus upends more aspects of life in the United States, Wall Street’s only certainty is this: The uncertainty will continue. The Dow Jones industrial average closed down 969 points Thursday as investors fled stocks and headed for the safety of U.S. debt. The 3.6 percent skid canceled out most of Wednesday’s eye-popping rally, and was …

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Federal Reserve Cuts Interest Rate Over Virus Impact

NBC News reports: The Federal Reserve announced an emergency rate cut on Tuesday in response to the viral outbreak, trimming the nation’s benchmark borrowing rate by 0.5 percentage points. The move comes after finance ministers from the G-7 convened via teleconference with Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin to determine an economic strategy to defend against …

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Obama Triggers Trump Over Economic Recovery

The Washington Post reports: On Monday, former president Barack Obama commemorated the 11th anniversary of the American Recovery and Reinvestment Act, the $800 billion stimulus, with a tweet, boasting that it paved “the way for more than a decade of economic growth and the longest streak of job creation in American history.” Obama’s tweet did not sit well with President …

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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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