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Economy Tag

Posted by Fuzzy Slippers on December 28, 2017 19 Comments
Prior to the Brexit vote, the Centre for Economics and Business Research (CEBR) lent fuel to the "remain" proponents' "Project Fear" by predicting economic gloom for the UK should voters choose "leave."  Their doom and gloom report assured the world that leaving the EU would plunge the UK into economic decline. Indeed, the Bank of England predicted, incorrectly as it's turned out, that a UK vote to leave the EU would lead to recession.  This didn't happen, and as I noted in 2016, the UK has no problem reaching trade agreements on its own.  Unfettered by the EU albatross, the UK economy is now expected—by the CEBR no less—to flourish.

Posted by Mary Chastain on October 27, 2017 5 Comments
Despite two massive hurricanes, the GDP, which is the measure of goods and services produced in America, grew to 3% in the third quarter. Experts estimated a growth of only 2.5% because of the natural disasters, but the "increase in inventory investment and a smaller trade deficit" helped offset the slow spending after the hurricanes. The White House economists have also said that if the proposed changes to corporate taxes go through the GDP could jump between 3 and 5 percent in a few years.

Posted by Mary Chastain on October 04, 2017 12 Comments
When will companies learn to listen to their consumers? Maybe PepsiCo will now that its profit dropped 10% in the third quarter after it devoted more time to healthier drinks instead of its staples like Pepsi and Mountain Dew. From The Wall Street Journal:
PepsiCo this year shifted resources away from its namesake cola and Mountain Dew toward new products such as its premium bottled-water brand, LIFEWTR, and a sparkling lemonade called Lemon Lemon, finance chief Hugh Johnston said in an interview Wednesday.

Posted by William A. Jacobson on September 20, 2017 11 Comments
It's tough for bricks-and-mortar retailers. We reported earlier this year, how Retailers Filing for Bankruptcy Keep Piling Up, May Set Record in 2017. And recently how Toys R Us Files for Chapter 11 Bankruptcy. Chapter 11 at least allows a retailer to reorganize, and perhaps survive in some form. But other retailers are simply folding up shop and going out of business. Benny's is an iconic discount Rhode Island retailer. It has been part of the Rhode Island landscape for generations. It was a discounter before there were discounters, and somehow it survive the big box stores and Wal Mart.

Posted by Mary Chastain on September 08, 2017 31 Comments
On Thursday, major national credit-reporting company Equifax revealed that a cyberattack from July exposed personal information of about 143 million U.S. consumers. The company wrote in a statement:
The information accessed primarily includes names, Social Security numbers, birth dates, addresses and, in some instances, driver's license numbers. In addition, credit card numbers for approximately 209,000 U.S. consumers, and certain dispute documents with personal identifying information for approximately 182,000 U.S. consumers, were accessed. As part of its investigation of this application vulnerability, Equifax also identified unauthorized access to limited personal information for certain UK and Canadian residents. Equifax will work with UK and Canadian regulators to determine appropriate next steps. The company has found no evidence that personal information of consumers in any other country has been impacted.

Posted by Mary Chastain on September 04, 2017 29 Comments
We've all heard the same advice: get good grades in high school and get a bachelor's degree. A bachelor's degree has become so common that a lot of people have entered graduate school to get a master's or a PhD. That push has led to a shortage of tradespeople, especially as those in jobs usually described as "blue collar work" grow older. So what do we do now? Some states have started to push more money to promote vocational education.

Posted by Mary Chastain on August 30, 2017 4 Comments
The Bureau of Economic Analysis has revised the second quarter GDP growth to reflect 3%, up from the 2.6% growth initially released. This gives the U.S. its strongest quarter since 2015. From The Wall Street Journal:
Growth in the second quarter was “above the trend for the expansion” but came “after a below-trend pace” in the first quarter, said Jim O’Sullivan, chief U.S. economist at High Frequency Economics, in a note to clients. “The trend is probably still not much more than 2%,” he said.

Posted by Mary Chastain on August 25, 2017 22 Comments
Amazon passed two major hurdles on Wednesday after the U.S. Federal Trade Commission and Whole Foods' shareholders cleared the way for the internet giant to acquire the grocery chain. With that out of the away, Amazon is going all in and has already announced it plans on slashing Whole Foods prices as early as Monday.

Posted by Mary Chastain on July 31, 2017 19 Comments
After failing to do anything with Obamacare, Congress has gone on recess without addressing the debt ceiling. Treasury Secretary Steven Mnuchin has warned Congress to address the debt ceiling for the past seven months and do something before recess. Mnuchin said the government needs to raise the debt ceiling before September 29 or it will run out of money to pay the bills.

Posted by Mary Chastain on July 12, 2017 30 Comments
Officials in Cook County, the home of Chicago, have threatened to pass out 1,100 layoff notices since a judge delayed implementation of a soda tax. Circuit Judge Daniel Kubasiak placed a temporary hold on the tax until at least July 21. Cook County Board President Toni Preckwinkle said this move has forced her hand to fire people.

Posted by Mary Chastain on July 10, 2017 9 Comments
We've been chronicling the retail crisis gripping the country as e-commerce continues its rise in popularity. Stores have been closing. Malls are having trouble attracting stores to fill the growing number of empty spaces. Now department stores are taking and unprecedented move to bring in more shoppers: Discount high-end cosmetics.

Posted by Mary Chastain on July 09, 2017 28 Comments
The retail crisis continues as Sears and Kmart will close 43 additional stores. Numerous factors have contributed to stores closing, especially online shopping. But believe it or not, one market correspondent has used the situation to criticize President Donald Trump. However, CNNMoney even reported that Sears Holdings "has struggled to stay afloat as customers turn away from traditional brick-and-mortar stores to shop online."

Posted by Mary Chastain on July 06, 2017 31 Comments
The Illinois House voted to override Republican Governor Bruce Rauner's veto of the income tax hike and budget bill. This is the first budget Illinois has passed in two years. The House voted 71-42, which is the bare minimum House Speaker Mike Madigan needed, after a security incident delayed the vote for two hours.
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