4, the Bureau of Labor Statistics revealed that the number of available jobs in America dropped 10% in August compared to July.
.
It was the biggest decline in jobs over the course of a month since April 2020.
It was the biggest decline in jobs over the course of a month since April 2020.
The number of people who
quit their jobs rose by 100,000.
The number of people who
quit their jobs rose by 100,000.
Job openings took a major dive in August, falling by more than about 1 million, but they still total more than 10 million.
That and other data point to a jobs market thatâs still challenging for employers.
, Robert Frick, corporate economist at Navy Federal Credit Union, via CNBC.
But judging by the drop in openings and the high number of Americans who entered the labor force in August, almost 900,000, the worst of the tight labor market is over, Robert Frick, corporate economist at Navy Federal Credit Union, via CNBC.
The tight labor market remains
a concern for the Federal Reserve
as it continues to battle inflation.
The tight labor market remains
a concern for the Federal Reserve
as it continues to battle inflation.
But the Fed's continual rate increases have had little effect on the job market thus far.
While average hourly earnings increased 5.2% from Aug.
2021 to Aug.
2022, after being adjusted for inflation, actual earnings dropped 2.8%.
While average hourly earnings increased 5.2% from Aug.
2021 to Aug.
2022, after being adjusted for inflation, actual earnings dropped 2.8%
Krispy Kreme to Be Sold , at McDonaldâs Nationwide.
Krispy Kreme to Be Sold , at McDonaldâs Nationwide.
Both food chains made the announcement
on March 26, CNBC reports. .
The rollout will start later this year but will take until the end of 2026 to reach McDonald's nationwide. .
That's because Krispy Kreme will have
to "more than double its distribution"
to meet demand, CNBC reports. .
We think we can service about
6,000 restaurants with our existing
infrastructure, mostly doughnut
shops, which have excess capacity, Krispy Kreme CEO Josh Charlesworth, to CNBC.
Shares of Krispy Kreme jumped 22%
following the announcement.
Krispy Kreme is also expanding distribution
to grocery and convenience stores.
That means that the overall efficiency
and productivity of our distribution network will significantly improve over time, not just
because of all those local deliveries. , Krispy Kreme CEO Josh Charlesworth, to CNBC.
Currently, Krispy Kreme typically makes more doughnuts than it can sell, so churning out even more product will take few additional costs. .
Currently, Krispy Kreme typically makes more doughnuts than it can sell, so churning out even more product will take few additional costs. .
Overall, therefore, it makes our system
more profitable to grow the deliver
fresh daily channel, and McDonaldâs
is an accelerator of that, Krispy Kreme CEO Josh Charlesworth, to CNBC.
Overall, therefore, it makes our system
more profitable to grow the deliver
fresh daily channel, and McDonaldâs
is an accelerator of that, Krispy Kreme CEO Josh Charlesworth, to CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
Boeing CEO Dave Calhoun , to Step Down.
Calhoun will resign at the
end of the year, CNBC reports.
His departure comes amid a broad management shakeup at Boeing following a Jan. 5 incident in which a door flew off an Alaska Airlines flight.
His departure comes amid a broad management shakeup at Boeing following a Jan. 5 incident in which a door flew off an Alaska Airlines flight.
As you all know, the Alaska Airlines
Flight 1282 accident was a
watershed moment for Boeing, Boeing CEO Dave Calhoun, via note to employees.
We must continue to respond to
this accident with humility and
complete transparency. , Boeing CEO Dave Calhoun, via note to employees.
We also must inculcate a total
commitment to safety and quality
at every level of our company, Boeing CEO Dave Calhoun, via note to employees.
Calhoun went on to say that
"the eyes of the world are on us.".
Calhoun went on to say that
"the eyes of the world are on us.".
I know we will come through this moment a
better company, building on all the learnings
we accumulated as we worked together to
rebuild Boeing over the last number of years, Boeing CEO Dave Calhoun, via note to employees.
Larry Kellner, chairman of the board,
will also step down in May.
Boeing director Steve Mollenkopf
will become the new chairman.
Boeing director Steve Mollenkopf
will become the new chairman.
Stan Deal, president and CEO of Boeing Commercial
Airplanes, will step down immediately.
Stephanie Pope, Boeing's Chief
Operating Officer, will take his place
Credit: Wibbitz Top Stories Duration: 01:30Published
Trump Canât Obtain Appeal Bond , in New York Fraud Case.
According to a New York court filing
on March 18, Trump isn't able to secure a
$454 million bond as he appeals a civil business
fraud judgement against him, CNBC reports. .
Trump's attorneys said that getting the bond is "impossible" since it would "effectively" require "cash reserves approaching $1 billion.".
Defendantsâ ongoing diligent
efforts have proven that a bond
in the judgmentâs full amount
is âa practical impossibility.â, Donald Trump's lawyers, via CNBC.
Gary Giulietti, president of the
Northeast division of the Lockton Companies, was hired to help Trump obtain a bond.
Despite scouring the market, we have
been unsuccessful in our effort ... for the
simple reason that obtaining an appeal bond
for $464 million is a practical impossibility
under the circumstances presented, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Simply put, a bond of this
size is rarely, if ever, seen, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
In the unusual circumstance that a bond of
this size is issued, it is provided to the largest
public companies in the world, not to
individuals or privately held businesses, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Giulietti went on to say that a private company would need about $1 billion to put up as collateral to receive a bond of that size. .
While it is my understanding that
the Trump Organization is in a strong
liquidity position, it does not have
$1 billion in cash or cash equivalents, Gary Giulietti, president of the Northeast
division of the Lockton Companies, via CNBC.
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll. .
Meanwhile, Trump secured a $91.6 million bond earlier this month as part of a separate case
brought against him by writer E. Jean Carroll.
Credit: Wibbitz Top Stories Duration: 01:31Published
Former Treasury Secretary , Looking to Form Investor Group , to Purchase TikTok.
NBC reports that former Treasury Secretary
Steven Mnuchin is looking to put together an
investor group to acquire ByteDance's TikTok.
NBC reports that former Treasury Secretary
Steven Mnuchin is looking to put together an
investor group to acquire ByteDance's TikTok.
The news comes as a bipartisan bill works its
way through Congress that threatens to bring an
end to the platform's existence in the United States.
The news comes as a bipartisan bill works its
way through Congress that threatens to bring an
end to the platform's existence in the United States.
On March 13, the House of Representatives passed
the bill, which would force ByteDance to divest
the platform or face a ban on the app in the U.S.
I think the legislation should
pass and I think it should be sold.
Itâs a great business and Iâm going
to put together a group to buy TikTok, Steven Mnuchin, Former Treasury Secretary, via CNBCâs âSquawk Boxâ.
This should be owned by
U.S. businesses. Thereâs no
way that the Chinese would
ever let a U.S. company own
something like this in China, Steven Mnuchin, Former Treasury Secretary, via CNBCâs âSquawk Boxâ.
NBC points out that the bill still requires Senate approval
before it heads to President Joe Biden, who has indicated
that he would support the bill if it passes through Congress.
NBC points out that the bill still requires Senate approval
before it heads to President Joe Biden, who has indicated
that he would support the bill if it passes through Congress.
However, TikTok CEO Shou Zi Chew has said
that selling TikTok is not a viable option. .
According to PitchBook data, , ByteDance was valued at , $220 billion in 2023. .
Mnuchin has yet to specify the potential valuation
of a deal to acquire the social media platform
or which investors may be interested in the deal.
At the same time, the 'Wall Street Journal' reported that
former Activision Blizzard CEO Bobby Kotick has also
expressed interest in a deal to purchase TikTok.
At the same time, the 'Wall Street Journal' reported that
former Activision Blizzard CEO Bobby Kotick has also
expressed interest in a deal to purchase TikTok
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden and Trump Clash , Over Cuts to Medicare and Social Security.
Biden and Trump Clash , Over Cuts to Medicare and Social Security.
In a telephone interview
with CNBC host Joe Kernen, .
former President Donald Trump was asked how he'd "handle entitlements" like Medicare and Social Security when it comes to addressing concerns about long-term debt.
So first of all, there is a lot you can do in
terms of entitlements, in terms of cutting, Donald Trump, via CNBC.
And in terms of, also, the theft and the
bad management of entitlements â
tremendous bad management of entitlements
â thereâs tremendous amounts of things
and numbers of things you can do, Donald Trump, via CNBC.
Biden, who pledged during his State of the Union address to stop those who âwant to
put Social Security on the chopping block,â.
took to social media to say,
âNot on my watch.â.
The president addressed the issue again
in New Hampshire on March 11.
If anyone tries to cut Social Security
or Medicare, or raise the retirement
age again, I will stop them, President Joe Biden, via statement.
This morning, Donald Trump
said cuts to Social Security and
Medicare are on the table again, President Joe Biden, via statement.
Trump campaign spokeswoman
Karoline Leavitt issued a statement.
President Trump delivered on his
promise to protect Social Security and
Medicare in his first term, and President
Trump will continue to strongly protect Social
Security and Medicare in his second term. , Karoline Leavitt, Trump campaign spokeswoman, via statement.
The only candidate who poses a threat
to Social Security and Medicare is Joe Biden â
whose mass invasion of countless millions
of illegal aliens will, if they are allowed to
stay, cause Social Security and Medicare
to buckle and collapse, Karoline Leavitt, Trump campaign spokeswoman, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released
its latest data on March 12.
In February 2024, prices rose 0.4%
compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. .
The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. .
Experts predict that rates will
remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. .
Fed Chair Jerome Powell recently said
that while interest rates will likely
be cut "at some point this year,"
"a little bit more data" is needed.
Credit: Wibbitz Top Stories Duration: 01:31Published
Price Growth , Cooling Falls Short of , Economist Expectations.
According to the latest Bureau of Labor Statistics data,
inflation in the United States cooled in January,
inching down from 3.4% to 3.1% on an annual basis.
According to the latest Bureau of Labor Statistics data,
inflation in the United States cooled in January,
inching down from 3.4% to 3.1% on an annual basis.
NBC reports that the data also showed
that "core" price growth remained flat
at 3.9% compared with the month prior.
While inflation did come down, economists had
been expecting a more robust slowdown that
would have brought inflation down to 2.9%. .
Economists had also expected "core" price
growth to come down to 3.7%, which it did not.
The final mile towards
the Fedâs 2% target was
always going to be slow,
erratic, and frustrating, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
Todayâs data is not what markets
or the Fed would have liked to see,
but itâs important not to overreact
and jump to the assumption that an
inflationary resurgence is developing, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
Todayâs data is not what markets
or the Fed would have liked to see,
but itâs important not to overreact
and jump to the assumption that an
inflationary resurgence is developing, Seema Shah, Chief global strategist at
Principal Asset Management, via NBC.
While some prices fell, others continued to rise.
Data showed that shelter costs climbed
over 6% on an annual basis, which includes
both rent and homeownership.
Economists have now forecast that solid
economic growth will continue to drive price increases. .
We continue to see the path back
to 2-percent inflation as challenging,
absent a more significant loosening
in the labor and housing markets. , Economists with Citibank, via NBC.
NBC reports that the latest data suggests that
the Federal Reserve will not look to start lowering
interest rates until late spring or early summer.
Credit: Wibbitz Top Stories Duration: 01:30Published
US Economy , Added 353,000 Jobs in January.
According to the Labor Department's
Bureau of Labor Statistics, nonfarm
payrolls grew by 353,000 in January.
That number exceeded the Dow Jones estimate of 185,000, CNBC reports. .
The unemployment rate stayed at 3.7%.
Average hourly earnings rose 0.6%,
twice as much as the monthly estimate. .
Year-over-year, earnings jumped 4.5%,
which was also above the forecast of 4.1%.
The wage gains occurred as average hours worked declined, dipping to 34.1.
Professional and business services posted the most job growth for January with 74,000 positions.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
Health care, retail trade, government, social assistance and manufacturing were also significant contributors.
The report, while showcasing the
resilience of the American economy, .
could prompt questions about the Federal Reserve's timeline for lowering interest rates, CNBC reports. .
Benchmark short-term borrowing costs were kept in place earlier this week, with the Fed indicating that inflation must show more signs of cooling.
Credit: Wibbitz Top Stories Duration: 01:30Published
Federal Reserve Posts Massive, $114 Billion , Loss in 2023.
On March 26, the Federal Reserve
announced a record-breaking net
negative income of $114.3 billion in 2023.
Reuters reports that the loss follows
$58.8 billion in net income in 2022. .
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
Since releasing the numbers,
the Fed has stressed that negative net
income does not impede its ability to operate.
As a result of low rates and large
levels of bond holdings, the Fed has
earned significant profits in recent years.
Last year, the Fed's audited interest expenses for
banks' reserve balances reached $176.8 billion,
an increase of over $116 billion from 2022.
In 2023, the Fed's interest payouts from
its reverse repo facility were $104.33 billion,
increased from $41.9 billion the year before.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
Reuters reports that the Fed creates funds when
dealing with operating losses, capturing its loss
in an accounting device known as a deferred asset.
At the close of 2023, the deferred
asset stood at $133.3 billion.
As of March 20 of this year, that number
had risen to $157.8 billion with no
indication of how much larger it could get.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset.
Last year, a St. Louis Fed report forecast that it
could take years before the Fed can return to
profitability and reduce the country's deferred asset
Credit: Wibbitz Top Stories Duration: 01:30Published
In this Biz Pulse episode, we delve into market updates and the US Federal Reserve's announcement. Indian ADRs witness a decline, while IT stocks garner attention. Equity markets are on an upswing, while gold prices surge. Stay tuned for insights into these trends shaping the financial landscape.
#ADRStocks #ITMarket #StockMarket #Sensex #Nifty #IndianStocks #USStocks #USStockexchange #Businessnews #Worldnews #Oneindia #Oneindianews
~HT.178~PR.282~ED.101~GR.124~
Experts Say Fed's , Rate Hikes Could Impact , Housing Market for Decades.
Yahoo Finance reports that the housing market
has been showing signs of bouncing back as
this year's spring home-buying season begins.
For the second week in a row, mortgage rates
fell, reaching the lowest level in over a month. .
According to Freddie Mac, the average rate
on a 30-year fixed mortgage dropped to
6.74% from 6.88% the week before.
At the same time, supply is also
starting to rebound, with new listings
hitting a 17-month high in February. .
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
Despite the improvement, experts warn
that the Fed's aggressive rate-hiking campaign could
have long-lasting side effects on the housing market.
According to economist Gary Shilling, the Fed's
campaign has created a "perfect storm,"
with higher rates causing would-be
home sellers to put their plans on hold. .
It won't continue
indefinitely, but it certainly
is disruptive right now, Gary Shilling, Economist, via Yahoo Finance.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
Redfin CEO Glenn Kelman shared similar views on the future of the housing market, warning it could take decades to move beyond the impact of the Fed's efforts.
There's going to be low
supply for a long time to
come. What the Fed didâŠ
will have a 30-year tail on it, Glenn Kelman, Redfin CEO, via Yahoo Finance.
Yahoo Finance reports that mortgage rates may be
unlikely to fall much further in the near term, meaning
that a more substantial rebound may still be far off.
Credit: Wibbitz Top Stories Duration: 01:30Published
Data Shows , US Wages Falling , at a 'Striking' Pace.
Fox News reports that wage growth
in the United States has slowed
significantly over the past year. .
According to new data from Indeed,
wage growth is beginning
to near pre-pandemic levels. .
Indeed's wage tracker showed that salaries have had
a marked drop since January 2022, suggesting that
employers are seeing less competition for new hires.
The pace of deceleration
is striking. Posted wage growth
has fallen by almost 3 percentage
points over the past year, Nick Bunker, Indeed labor economist, via Fox News.
Fox News reports that the most pronounced
deceleration was found in low-wage sectors. .
Given the huge run-up in posted
wages for those sectors, wage growth
is still above its pre-pandemic pace.
How long this will last is uncertain, Nick Bunker, Indeed labor economist, via Fox News.
After remaining historically tight throughout the last
year, the labor market is expected to continue slowing
in the coming months amid elevated interest rates.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
Since March of 2022, the Federal Reserve has increased interest rates 11 times in an attempt to slow down inflation and cool the labor market.
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
In 2024, there have already been a number of significant layoffs, with major companies like Alphabet, Amazon and Citigroup cutting jobs. .
Despite this, job growth has
remained resilient, with employers
adding 275,000 jobs in February. .
At the same time, Labor Department
data shows that the unemployment
rate for the month also rose to 3.9%.
Credit: Wibbitz Top Stories Duration: 01:31Published
US Consumer Confidence , Shaken Amid High Prices , and Lingering Recession Fears.
'The Independent' reports that consumer
confidence in the United States continues to
hold steady despite high prices and declining
optimism regarding the short-term future.
'The Independent' reports that consumer
confidence in the United States continues to
hold steady despite high prices and declining
optimism regarding the short-term future.
On March 26, the Conference Board research group
released its consumer confidence index, which
measures Americans' outlook for the next six months.
The index tracking consumer
confidence fell to 104.7 in March
from a revised 104.8 in February.
The index measuring short-term expectations
for income, business and the overall job
market fell to 73.8 from 76.3 last month.
'The Independent' reports that
any number below 80 could signal
the potential for a recession.
At the same time, consumers'
view of current conditions improved
to 151 from 147.6 last month.
The month before, consumers'
optimism regarding current
conditions had been at 154.9.
Economists pay close attention to consumer
spending as it accounts for approximately
70% of the United States' economic activity.
Last month, the Conference Board's
index saw larger declines, falling from
106.7 from a revised 110.9 in January.
At the time, economists had forecast
that the index was going to stay
steady from January to February.
The index tracking short-term
expectations fell from 81.5
in January to 79.8.
Credit: Wibbitz Top Stories Duration: 01:31Published
Biden Forgives $6 Billion in Student Debt , for Public Service Workers.
On March 21, the Biden administration canceled nearly $6 billion in student loans for approximately 80,000 public service workers, NPR reports.
Such workers include teachers,
nurses, firefighters and more.
Such workers include teachers,
nurses, firefighters and more.
Such workers include teachers,
nurses, firefighters and more.
These public service workers have
dedicated their careers to serving their
communities, but because of past
administrative failures, never got the
relief they were entitled to under the law, President Joe Biden, via statement.
Because of the fixes my administration
has made, we have now canceled student
debt for over 870,000 public service workers â
compared to only about 7,000 public
service borrowers ever receiving
forgiveness prior to my administration, President Joe Biden, via statement.
Those who are eligible for this round of student
loan forgiveness will receive an email next week.
Thousands more who are enrolled in the
Public Service Loan Forgiveness program
will receive emails "if they are within two years
of having their debt forgiven," NPR reports. .
The announcement comes as the president travels the country to campaign for reelection.
From day one of my administration, I promised
to fix broken student loan programs and make
sure higher education is a ticket to the
middle class, not a barrier to opportunity, President Joe Biden, via statement.
I won't back down from using every
tool at my disposal to deliver student debt
relief to more Americans, and build an
economy from the middle out and bottom up, President Joe Biden, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
US Weekly
Jobless Claims Drop.
Reuters reports that for the week ending
Oct. 15, new unemployment claims fell to 214,000.
Economists expected that number
to be higher at 230,000.
Earlier this..
Credit: Wibbitz Top Stories Duration: 01:31Published