Earlier today, the Dow was down nearly 600 points, the S&P was down 1.1 percent, and the Nasdaq was down nearly 2 percent. But as we go to press, they all bounced back somewhat.
Tag: U.S. Economy
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“JOB CREATION IS PRETTY CLOSE TO ZERO,” POWELL SAYS
The U.S. labor market might appear healthy, with a jobless rate near historic lows. However, once statistical overcounting is adjusted out of the data, “job creation is pretty close to zero,” U.S. Federal Reserve chair Jerome Powell said in a 15 November press briefing.
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SPOTLIGHT: BIGS GETTING BIGGER
Civitas Resources and SM Energy are merging in an all-stock deal worth $13 billion that will create a major natural gas producer in the shale-rich Permian Basin underlying Texas and New Mexico.
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TOP TREND 2023: OFFICE BUILDING BUST
Office Properties Income Trust (OPI), which owns about 17 million square feet of office space across 29 states and the District of Columbia, is suing its bondholders to recover around $135 million they received as a discount.
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FINANCIAL INDUSTRY LEADERS WARN OF STOCK MARKET REVERSAL
The CEOs of Goldman Sachs and Morgan Stanley are among U.S. financial industry leaders warning that the country’s equity markets are increasingly likely to see a sharp correction.
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BUILDERS UNABLE TO SELL NEW HOUSES WITH 4-PERCENT MORTGAGES
Mortgage rates as low as 4 percent are still not motivating enough buyers to commit to home ownership, indicating the American housing market has more troubles than just too-high interest rates, The Wall Street Journal reported.
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RETAIL HOLIDAY HIRING IS THE LEAST SINCE THE GREAT RECESSION
Retailers will hire 265,000 to 365,000 seasonal workers this holiday season, the fewest since at least 2010, according to the National Retail Federation (NRF). Last year, stores took on 422,000 temps as holiday help.
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U.S. BANKRUPTCIES GREW BY DOUBLE DIGITS IN OCTOBER
Last month, households and businesses filed 54,019 bankruptcy claims, up 12 percent year on year and 8 percent from September, according to Epiq, a leading bankruptcy tracking service.
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U.S. JOBS MARKET: LAYOFFS OUTPACE HIRING
The number of workers U.S. employers plan to lay off shot up to 153,704 in October, a 183-percent surge from September and 175 percent more than a year earlier, outplacement firm Challenger, Gray & Christmas reported.
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U.S. HOUSEHOLD DEBT RISES TO A RECORD $18.4 TRILLION
Debts owed by American households climbed to $18.4 trillion in the third quarter, the most ever, according to the Federal Reserve Bank of New York. Student debt also set a record at $1.65 trillion.