Category: Economy

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  • Initial Jobless Claims

    Initial jobless claims fell less than expected

    Initial jobless claims fell to 278,000, beating economists’ expectations of 275,000. Jobless claims have remained below the 300,000 threshold for 63 straight weeks. The 4-week moving average was 275,750, an increase of 7,500 from the previous week’s unrevised average of 268,250, according to Bloomberg. There are no special factors listed in the report. Claims last week unexpectedly […]

  • Chinese steel is under attack by US officials

    US duties on Chinese steel just increased by 500%

    Duties on Chinese steel have increased by 500% after a spat between the US and China on Wednesday led to a quick increase in the cost of importing the product. Chinese cold-rolled steel is used to make appliances, cars, and electric motors. The cost of importing the steel occurred following a ruling by the US […]

  • Wall Street bonuses are plummeting

    Wall Street bonuses are in free fall as banking jobs continue to disappear

    Wall Street workers are starting to suffer from a declining bonus pool that could fall by about 20% this year, according to data from compensation consultant Johnson Associates Inc. The sharpest drop is likely to be in fixed-income sales and trading, as well as investment-bank underwriting, according to Bloomberg. Those workers are expected to see […]

  • US Hiring Slows

    US hiring slows to 160,000 jobs in the US

    There wasn’t much hiring going on by US companies in April. Only 160,000 jobs were added last month, according to the Labor Department’s latest report. Analysts at Goldman Sachs had estimated that 240,000 jobs would be added. Concerns are rising that the US economy may be losing its momentum. Growth is slower in 2016 than […]

  • Venezuela blackouts and 2 day work weeks

    Venezuela orders 2-day work week to help avoid blackouts

    As Venezuela continues to suffer from blackouts, Zika virus, and a massive recession, it will also now only send workers to the office for two days a week. Venezuela’s President Nicolas Maduro decided Tuesday night to shorten the work week to two days. Public sector workers will now only report to work on Monday and […]

  • Unemployment claims

    Unemployment benefit claims fall to a four-decade low

    Americans seeking unemployment benefits have fallen to a four-decade low. Weekly applications for jobless benefits declined to 247,000 last week, the lowest reading since November 1973, the Labor Department said Thursday. The four-week average dropped by 4,500 to 260,500 and the total number of people receiving benefits has fallen by 7.6% to 2.14 million. Applications […]

  • Ted Cruz GDP Growth

    Ted Cruz’s GDP growth promise is complete B.S.

    Ted Cruz announced on CNBC’s Squawk Box on Friday morning that the US will have a “minimum of 5% GDP growth” if he’s elected president. Unfortunately for the Republican presidential candidate, that number is simply impossible. Cruz stated on the show, “Every other problem we’ve got, whether it’s unemployment, whether it’s the debt and the […]