Tag: oct 06 2020

Pepsico reported $2.29 billion in third-quarter net revenue, in part because of stronger sales in Cheetos, Doritos, and other snack foods. The company is struggling to keep up with demand for its new “Cheetos Mac’n Cheese” product, Pepsico said. The company’s Quaker Oats division saw double-digit growth in its pasta and macaroni and cheese dishes....

The price of rental housing continues to decline around the U.S., with San Francisco’s rents falling 20 percent from a year previous, the steepest drop in the country. September’s median price of a one-bedroom flat in the city was $2,380, down 7 percent from August, according to Zumper, an online apartment finder. The price sag...

Through mid-August this year, 29 major retailers had filed bankruptcy, passing the 22 filed last year during the same period, according to BDO, a professional services firm. Clothing and footwear stores felt the brunt of this year’s failures, along with home furnishing and department stores. In the first six months of the year, 18 retail...

American Airlines Group and United Airlines Holdings have begun laying off more than 32,000 workers between them now that federal support for airlines’ payrolls has ended on 1 October. The Disney Co. has announced 28,000 workers temporarily furloughed now will be terminated. Allstate Insurance is cutting 3,800 jobs, about 8 percent of its pre-pandemic labor...

Personal income fell 2.7 percent in August compared to July, due entirely to the end of federal unemployment benefits of up to $600 a week, the U.S. commerce department reported. Household income remained, however, at 2 percent above February’s mark because of one-time federal stimulus payments, ongoing unemployment benefits, and stock market profits, most of...

Half of Americans now aged 55 or older are likely to have less than $20,000 a year to live on at age 65, according to an analysis by economist Teresa Ghilarducci at New York’s New School. “That means chronic deprivation for the rest of your life,” she said. The reason: the economic shutdown. Older workers...

When the economy shut down in March, the U.S. economy was toting $64 trillion in government, business, and consumer debt – more than three times the national GDP. Economies with high debt tend to recover more slowly from a setback than economies with less borrowing. In the U.S., up to 70 percent of the economy...

On the equity market front, it’s more of the same. Stock markets keep rising as the global and domestic economies keep sinking. The reason for yesterday’s market boost, according to the Wall Street Journal, was because “investors [a.k.a. gamblers] cheered signs that political uncertainty may ebb following reports of President Trump’s improving health.” As we...