New York City’s economy added just 13,500 jobs in December, leaving payrolls about 12 percent smaller than before the COVID era. That translates to 300,000 fewer jobs in town. The city’s unemployment rate is now 6 percent, almost double the national rate, The New York Post reported. Black and brown communities have lost the most jobs and...
Category: TRENDS ON THE U.S. ECONOMIC FRONT – Jan 24 2023
DEATH OF JOURNALISM: NEWS COMPANIES CUT BUDGETS
With digital ad revenues projected to fall by more than 10 percent this quarter, news organizations are cutting staff to balance their budgets.
HOMES SELL AT SLOWEST PACE SINCE 2014
The number of existing U.S. homes sold in 2022 was 17.8 percent smaller than in 2021, marking the industry’s worst sales year since 2014, according to the National Association of Realtors (NAR).
M&A PROFITS TANK FOR MAJOR BANKS
Fees for structuring mergers and acquisitions and underwriting stock issues were down 49 percent at Morgan Stanley last year and 48 percent at Goldman Sachs, the companies reported, as deals dried up amid rising interest rates, continuing inflation, and a gloomy economic outlook.
ECONOMIC UPDATE – MARKET OVERVIEW
Where are the equity market and the global economy going?
DECEMBER RETAIL SALES: NOT A MERRY CHRISTMAS
U.S. retail sales in December slumped the fastest in all of 2022, falling 1.1 percent from November, the commerce department reported. November’s figure also was revised downward.