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Keyword: bhoeconomy

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  • Carrier moving operations to Mexico

    02/10/2016 1:55:34 PM PST · by John W · 96 replies
    WISHTV.COM ^ | February 10, 2016 | Staff Reports
    INDIANAPOLIS (WISH) - An Indianapolis manufacturing facility is moving operations to Mexico, impacting 1,400 jobs. Carrier, currently located on West Morris Street, will be moving operations to Monterrey, Mexico beginning in 2017. The move is expected to be complete in 2019. A release by the company said there would be no immediate impact on jobs. The company says the proposal to move is subject to "discussions with local union representatives." "This decision is difficult and we recognize the impact on employees, their families and the community. We are committed to ensuring that our employees are treated respectfully and to working...
  • Stock Market in 2016 compared to 2008

    02/06/2016 1:38:37 PM PST · by entropy12 · 13 replies
    Feb 06, 2016 | Self
    Chart comparing 2008 market behavior with 2016. But it is still too early in the year and 2016 may not repeat the stock market of 2008.
  • Welcome To The New Normal: The Dow Crashes Another 390 Points And Wal-Mart Closes 269 Stores

    01/19/2016 10:27:02 AM PST · by RetiredArmy · 61 replies
    The Sons of Liberty ^ | January 17, 2016 | Michael Snyder
    Welcome To The New Normal: The Dow Crashes Another 390 Points And Wal-Mart Closes 269 Stores Did you know that 15 trillion dollars of global stock market wealth has been wiped out since last June? The worldwide financial crisis that began in the middle of last year is starting to spin wildly out of control. On Friday, the Dow plunged another 390 points, and it is now down a total of 1,437 points since the beginning of this calendar year. Never before in U.S. history have stocks ever started a year this badly. The same thing can be said...
  • Oil Sold for -$0.50 per Barrel. A Negative Price!

    01/18/2016 3:54:46 PM PST · by bananaman22 · 18 replies
    Oilprice.com ^ | 18-01-2016 | northdakoterrrr
    The oil markets are on edge with oil sinking into the $20s per barrel. And last week we reported on one place where oil is already trading in the single-digits. Canada’s bitumen is selling for just $8 per barrel. But even that rock bottom price is higher than what one oil seller earned for a shipment recently. In a bizarre turn of events, Bloomberg reported that Flint Hill Resources, a refining unit owned by the Koch brothers, said that they would purchase sour crude from North Dakota for $-0.50 per barrel. That’s right: a negative price. Oil has become so...
  • Wal-Mart to Close 269 Stores as It Retools Fleet (In US: 154 stores, 10,000 jobs lost)

    01/15/2016 6:25:32 AM PST · by kristinn · 88 replies
    CNBC ^ | Friday, January 15, 2016 | Krystina Gustafson and Courtney Reagan
    Wal-Mart said Friday it will close 269 stores across the globe, including 154 in the U.S. The world's largest retailer also will open as many as 405 stores globally in the coming fiscal year, as it shifts its focus toward Supercenters and Neighborhood Markets in profitable locations. In all, 16,000 employees will be impacted by the store closings, about 10,000 of whom are in the U.S. Also domestically, Wal-Mart will also close 23 Neighborhood Market stores, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam's Clubs.
  • CSX: Railroads Face Recession-Like Pressures (rail volumes at Recession levels)

    01/13/2016 3:22:14 PM PST · by Red in Blue PA · 43 replies
    CSX Corp. executives said on Wednesday that current pressures on rail cargo volumes are at levels not seen outside a recession. “You have multiple aspects working against you: the low [natural] gas prices, the low commodity prices, the strength of the dollar,” Chief Executive Michael Ward said during an earnings call with analysts. “Except for markets like automotive and housing related, you’re seeing pressure on most of the markets.”
  • Donald Trump gloats after massive Macy's job cuts

    01/07/2016 8:36:05 AM PST · by TangledUpInBlue · 120 replies
    The Business Insider ^ | 1/7 | Colin Campbell
    Trump had a high-profile feud with Macy's shortly after he launched his presidential campaign in June with a fiery campaign speech in which he accused the Mexican government of sending rapists and murderers across the border. Macy's was among several corporations to sever financial ties with Trump amid the resulting firestorm. The store said it would phase out its Trump-branded ties, dress shirts, and "Success" fragrance. Trump responded by calling for a boycott of the store and retweeted his supporters who said they were cutting up their Macy's credit cards.
  • Most Americans are one paycheck away from the street

    01/06/2016 11:30:32 AM PST · by Citizen Zed · 80 replies
    MarketWatch ^ | 1-6-2016 | Quentin Fottrell
    Why aren't people saving? Millions of Americans are struggling with student loans, medical bills and other debts, says Andrew Meadows, a San Francisco-based producer of "Broken Eggs," a documentary about retirement. Central bankers hiked their short-term interest rate target last month to a range of 0.25% to 0.50% from near-zero, but that's still a small return for savings left in bank accounts. Indeed, personal savings rates as a percentage of disposable income dropped from 11% in December 2012 to 4.6% in August 2015, according to the Bureau of Economic Analysis , and now hover at 5.5%. More money and education...
  • U.S. Durable Goods Orders Flat in November

    12/23/2015 12:17:05 PM PST · by BenLurkin · 4 replies
    Wall Street Journal ^ | 12/23/2015 | Ben Leubsdorf
    Military spending helped prop up November's headline figure. Orders for defense capital goods surged 44.4% last month including a 46.9% increase in orders for defense aircraft and parts. Excluding defense, orders for durable goods fell 1.5% in November after increasing 3.0% in October. Durable-goods orders excluding the often-volatile transportation category fell 0.1% in November from the prior month after rising 0.5% in October. A closely watched proxy for how much businesses are spending on new equipment-orders for nondefense capital goods excluding aircraft-fell 0.4% in November from the prior month after rising by a downwardly revised 0.6% in October. New orders...
  • Kraft Heinz To Close Seven Plants, Cut 2,600 Jobs

    11/05/2015 8:24:15 PM PST · by robowombat · 24 replies
    Manufacturing News ^ | Thu, 11/05/2015 - 9:37am | Andy Szal,
    Kraft Heinz To Close Seven Plants, Cut 2,600 Jobs Thu, 11/05/2015 - 9:37am Andy Szal, Digital Reporter Kraft Heinz on Wednesday announced that it will close seven facilities and cut 2,600 jobs as part of its continued efforts to reduce costs. The plan includes shuttering the nearly century-old Oscar Mayer plant in Madison, Wisconsin, which houses the company's U.S. meats business. The meats operation will instead move to Chicago along with about 250 of the plant's workforce of more than 1,000. Kraft Heinz will move its Illinois office from the former Kraft headquarters in suburban Northfield to downtown Chicago early...
  • Target to close 13 stores nationwide amid plummeting profits

    11/04/2015 5:21:37 PM PST · by gwgn02 · 34 replies
    DailyMail ^ | 11/4/2015 | AP
    Target plans to close 13 stores nationwide, most in the Midwest where the store has its roots. The Minneapolis, Minnesota-based retailer says a decision to close a store usually follows several years of decreasing profitability. The retail giant plans to close the stores on January 30, 2016. The 13 are among Target's nearly 1,800 stores in the U.S.
  • Number Of Americans Living On $2-A-Day Doubles

    09/01/2015 6:37:50 PM PDT · by Citizen Zed · 35 replies
    cbs news 6 ok ^ | 9-1-2015
    By one dismal measure, America is joining the likes of Third World countries. The number of U.S. residents who are struggling to survive on just $2 a day has more than doubled since 1996, placing 1.5 million households and 3 million children in this desperate economic situation. That's according to "$2.00 a Day: Living on Almost Nothing in America," a book from publisher Houghton Mifflin Harcourt that will be released on Sept. 1. The measure of poverty isn't arbitrary -- it's the threshold the World Bank uses to measure global poverty in the developed world. While it may be the...
  • Day 2 Mega Crash: Dow Closes Down 530 Points

    08/21/2015 1:56:00 PM PDT · by amessenger4god · 39 replies
    That is a 3.12% loss in a single day. 5.18% today and yesterday. To put that in perspective between 750 billion and 1 trillion dollars in market value were just wiped out in two days in the U.S. alone. And it isn't even September yet. It is about to get really, really ugly. CNBC is reporting that China's market is now mirroring 1929, and we could see the Chinese market crash a further 9% over just the next 4-5 days. Again I'll ask you: is your treasure in Heaven or on earth? You can't eat your gold, your silver, or...
  • Macy's cuts outlook as sales, profit slide (Trump Factor??)

    08/12/2015 11:50:56 AM PDT · by ripnbang · 42 replies
    Market Watch ^ | August 12, 2015 | Chelsey Dulaney
    Macy's Inc. on Wednesday cut its sales guidance for the year after reporting steeper-than-expected slides in sales and profit in its second quarter. Chief Executive Terry J. Lundgren said the company was disappointed with its second-quarter results, but said Macy's expects improvement in the second half of the year.
  • The New American Dream Under Obama: Renting

    06/22/2015 4:27:32 AM PDT · by SeekAndFind · 24 replies
    IBD ^ | 06/21/2015
    The heavy federal hand in the housing market has been a disaster. Despite spending more than $13,000 for every household, Washington has record low homeownership to show for it, even among the middle class. In fact, a just-released report by Harvard's Joint Center for Housing Studies not only finds more middle-class families renting but many also struggling to make rent, as homeownership rates plunge lower than ever. This is as shocking as it is depressing. It used to be that the middle class owned homes. Now it's increasingly feeling "the strain of rising rents," the reports says, as foreclosures and...
  • US ECONOMY SHRANK AT 0.7 PERCENT RATE IN FIRST QUARTER

    05/29/2015 5:47:11 AM PDT · by tellw · 117 replies
    AP ^ | 5/29/2015 | MARTIN CRUTSINGER
    WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of...
  • The U.S. economy has left behind 20 million Americans

    05/15/2015 8:00:05 PM PDT · by Lorianne · 16 replies
    Market Watch ^ | 13 May 2015 | Howard Gold
    About 10% of adults of working age have at best marginal ties with the economy ___ Last month, when Baltimore was burning after a young African-American man died in police custody (six officers were subsequently charged), I did a Google search to find what David Simon thought about it. Simon, a former reporter for the Baltimore Sun, was the creator and show runner of The Wire, which ran for five seasons on HBO and which Entertainment Weekly called the greatest television show ever. It was a brilliant narrative of the struggle for survival in a violent, drug-riddled Baltimore neighborhood much...
  • US economy rebounding with solid if unspectacular job gains

    05/08/2015 7:20:54 PM PDT · by Olog-hai · 33 replies
    Associated Press ^ | May. 8, 2015 5:05 PM ET | Christopher S. Rugaber
    Rebounding from a dismal start to the year, the U.S. economy added 223,000 jobs in April, a solid gain that suggested that employers are helping fuel a durable if still subpar recovery. The job growth helped lower the unemployment rate to 5.4 percent from 5.5 percent in March, the Labor Department said Friday. That is the lowest rate since May 2008, six months into the Great Recession. The figures provided some reassurance that the economy is recovering from a harsh winter and other temporary headwinds that likely caused it to shrink in the first three months of the year. Yet...
  • Wow. 47 Major Retailers Announce Closing of 6,000 Stores Across the Country

    05/07/2015 6:16:59 PM PDT · by Beave Meister · 39 replies
    Youll never hear the Obama administration pass on an opportunity to gloat about the miracles they think theyve managed to pull off over the past seven years to get Americas economy back on track. The only problem with that is, its not remotely true. Somehow, the spin doctors at the White House always manage to cherry pick rare instances of economic improvement and turn them into something much bigger. If you want a real indication of how President Barack Obamas economy is fairing, just look to a recent report that shows a coming retail apocalypse, with major retailers across the...
  • Major U.S. Retailers Are Closing More Than 6,000 Stores

    05/03/2015 4:02:11 PM PDT · by dennisw · 144 replies
    zerohedge ^ | 05/02/2015 | Michael Snyder
    Submitted by Michael Snyder via The Economic Collapse blog, If the U.S. economy really is improving, then why are big U.S. retailers permanently shutting down thousands of stores? The retail apocalypse that I have written about so frequently appears to be accelerating. As you will see below, major U.S. retailers have announced that they are closing more than 6,000 locations, but economic conditions in this country are still fairly stable. So if this is happening already, what are things going to look like once the next recession strikes? For a long time, I have been pointing to 2015 as a...
  • A Weird Discrepancy In The US Economy Has Begun To Work Itself Out ... In A Bad Way

    04/06/2015 7:28:21 AM PDT · by blam · 39 replies
    BI ^ | 4-5-2015 | Sam Ro
    Sam Ro4-5-2015 Since the beginning of the year, the pace of growth in numerous US economic indicators deteriorated significantly, so much so that many of these metrics even fell short of economists' expectations. Weirdly, the pace of jobs growth had been resilient even amid unexpected plunges in key measures like retail sales and durable goods orders, reports which reflected weakness in both consumers and businesses. However, this weirdness has begun to work itself out. On Friday, we learned the US economy added just 126,000 jobs in March, missing expectations for 245,000 new jobs. You have to go all the way...
  • Just When You Thought The Obama Economy Can't Get Any Worse, It's Getting A Lot Worse

    04/03/2015 3:08:49 PM PDT · by Kaslin · 106 replies
    Townhall.com ^ | April 3, 2015 | Donald Lambro
    In the seventh year of Barack Obama's administration, the economy is still getting failing grades that have been the hallmark of his trouble-filled presidency. While he continues to go about the country telling voters that his policies are working, this week's dreary economic data tell a far different story. The bleak headlines in the nation's major newspapers tell the story in its bluntest terms. "Stocks fall on disappointing economic data," said USA Today. "U.S. stocks fall on weak economic data," blares The Wall Street Journal, with this subhead: "Private payrolls rise less than expected in March, adding to concerns about...
  • Obama's Lies on the Economy Revealed (He just can't help but lie)

    04/03/2015 3:20:49 PM PDT · by Kaslin · 18 replies
    Rush Limbaugh.com ^ | April 3, 2015 | Rush Limbaugh
    RUSH: It is amazing, folks. It's once again amazing how we were blatantly lied to in January and February about the unemployment numbers and the overall economy. Blatantly lied to. And we're being blatantly lied to about whatever or not is happening in this Iranian deal to boot. JOHNNY DONOVAN: And now, from sunny south Florida, it's Open Line Friday! RUSH: And, of course, the piece de resistance, we are being lied to about what's happening in Indiana. Every day, every day we have to devote time here to straightening out the lies that are told by the Democrat Party...
  • Americans just aren't spending

    04/01/2015 11:27:12 AM PDT · by Lorianne · 30 replies
    CNN ^ | sometime around the end of March 2015 | Paul R. La Monica
    Consumer spending is often called an engine of the United States economy. That engine may be about to blow a gasket. Consumers are sitting on their wallets. The government reported Monday that personal consumption expenditures -- aka consumer spending -- rose just 0.1% in February. That follows two months of declines of 0.2%. It comes at a time when people actually do have a little bit more money to spend. In the same report, the government said disposable personal incomes rose 0.4% in February, after rising 0.5% in January and 0.3% in December.
  • Ex OMB chief Stockman: "It is the biggest speculative disaster in human history."

    03/31/2015 7:59:48 PM PDT · by concernedcitizen76 · 52 replies
    Zero Hedge ^ | March 01, 2015 | Tyler Durden
    David Alan Stockman interviewed on CBS-TV 60 Minutes (October 2010) Highlights of recent interview by Harry Dent. David Stockman: People don't want to hear the reality and the truth that we're facing. But I think there is an enormous appetite out in the country to get a different perspective than what you have from the media day in and day out, so I say the fed is out of control. Its balance sheet is exploded. It's printing money like never before. Zero interest rates for 70 months have basically destroyed the pricing function in the financial markets. I said...
  • Underwater Homeowners "Here To Stay" Zillow Says

    03/21/2015 7:16:01 PM PDT · by Lorianne · 33 replies
    Zero Hedge ^ | 20 March 2015 | Tyler Durden
    A few weeks back we commented on the rather disturbing news that repeat foreclosures jumped in January: (link at source) Now, a new report from Zillow seems to offer further evidence that the US housing market may not be the picture of health after all (as if we needed more proof after housing starts cratered 17% in February). The percentage of homeowners underwater in the US was flat from Q3 to Q4 which doesnt sound all that terrible until you consider that this figure had fallen for 10 consecutive quarters. Things look particularly bad in Florida and the midwest where...
  • Economist Tells Congress: U.S. May Be in Worse Fiscal Shape Than Greece

    03/10/2015 3:11:57 PM PDT · by Jan_Sobieski · 86 replies
    CNSNews.com ^ | 03/09/2015 | Barbara Hollingsworth
    (CNSNews.com) -- The U.S. has a $210 trillion fiscal gap and may well be in worse fiscal shape than any developed country, including Greece, Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25. The first point I want to get across is that our nation is broke, Kotlikoff testified. Our nations broke, and its not broke in 75 years or 50 years or 25 years or 10 years. Its broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See...
  • The US recovery story is a fraud: SocGen bear

    02/27/2015 1:41:27 PM PST · by Lorianne · 3 replies
    CNBC ^ | 26 February 2015 | Matt Clinch
    Societe Generale's notoriously bearish strategist, Albert Edwards, has poured scorn on the belief that the U.S. economy is recovering and predicts "violent" reactions in asset markets during the second half of 2015. "The downturn in U.S. profits is accelerating and it is not just an energy or U.S. dollar phenomenon a broad swathe of U.S. economic data has disappointed in February," he said in a research note published Thursday. U.S. indexes have continued to hit all-time highs this year and the Nasdaq is also looking to break through a level last seen at the peak of the tech bubble...
  • Billionaire Tells Americans to Prepare For 'Financial Ruin'

    02/26/2015 11:05:29 AM PST · by Ghost of SVR4 · 24 replies
    NewsMax ^ | Feb 25 2015 | Newsmax Wires
    In a recent interview for his book Aftershock, Wiedemer says, The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting as soon as next year. When the host questioned such wild claims, Wiedemer unapologetically displayed shocking charts backing up his allegations, and then ended his argument with, You see, the medicine will become the poison. The interview has become a wake-up call for those unprepared (or unwilling) to acknowledge an ugly truth: The countrys financial rescue devised in Washington has failed miserably.
  • Billionaires Dumping Stocks, Economist Knows Why

    02/26/2015 12:18:13 PM PST · by Citizen Zed · 52 replies
    newsmax ^ | 2-26-2015
    A handful of billionaires are quietly dumping their American stocks . . . and fast. Warren Buffett, who has been a cheerleader for U.S. stocks for quite some time, is dumping shares at an alarming rate. He recently complained of disappointing performance in dyed-in-the-wool American companies like Johnson & Johnson, Procter & Gamble, and Kraft Foods. Buffetts holding company, Berkshire Hathaway, has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced its overall stake in consumer product stocks by 21%. Berkshire Hathaway also sold...
  • Gallup CEO: I May Suddenly Disappear For Telling Truth About Obama (Video)

    02/08/2015 10:18:53 AM PST · by Reverend Saltine · 47 replies
    TheGatewatPundit.com ^ | February 8, 2015 | Jim Hoff
    Gallup CEO: I May Suddenly Disappear For Telling Truth About Obama Unemployment Rate (Video) Gallup CEO Jim Clifton told CNBC he might suddenly disappear for telling the truth about the Obama unemployment rate. The real Obama unemployment rate has never recovered and is still above 10%. unemployment obama Wall Street on Parade reported: Years of unending news stories on U.S. government programs of surveillance,rendition and torture have apparently chilled the speech of even top business executives in the United States. Yesterday, Jim Clifton, the Chairman and CEO of Gallup, an iconic U.S. company dating back to 1935, told CNBC that...
  • Gallup CEO: "America's 5.6% Unemployment Is One Big Lie"

    02/03/2015 9:49:47 AM PST · by SeekAndFind · 36 replies
    Zero Hedge ^ | 02/03/2015 | Tyler Durden
    The biggest threat to a corrupt regime is when truth moves away from the "conspiracy theory" fringes and into the mainstream. Which is why we thank Jim Clifton, Chairman and CEO of Gallup, for daring to tell the truth to those who care to listen.Posted first on LinkedInThe Big Lie: 5.6% UnemploymentHeres something that many Americans -- including some of the smartest and most educated among us -- dont know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading.Right now, were hearing much celebrating from the media, the White House and Wall Street...
  • Manufacturing showing signs of sputtering

    02/02/2015 7:36:00 AM PST · by george76 · 10 replies
    MarketWatch ^ | Feb 2, 2015 | Steve Goldstein
    Two measures of manufacturing sentiment in January matched their worst performance in a year, a sign that sputtering overseas growth as well as the rapid deterioration in commodity prices is hurting U.S. businesses. The Institute for Supply Managements manufacturing index slowed to a reading of 53.5% from 55.1% in December, a reading that was below the MarketWatch-compiled consensus for a reading of 55%. U.S. stocks SPX, -0.41% moved lower in the immediate aftermath of the report. What has been good news for the U.S. consumer tumbling gas prices isnt proving to be as good for U.S. business. Thats...
  • IBM Layoffs 2015: Here's What You Need To Know -- Big Blue's employees bracing for massive job cuts

    01/29/2015 7:55:50 AM PST · by SeekAndFind · 30 replies
    Talkin Cloud ^ | 01/29/2015 | CJ Arlotta |
    The VAR Guy reported last week that IBM's massive layoffs would begin this week — and this seems to be the case. Word surfaced last weekend that IBM is prepping to layoff up to 26 percent of its global workforce, or some 100,000 workers.Many of these layoffs come on the heels of Lance Crosby's resignation. Crosby, the founder of SoftLayer, a company IBM acquired for around $2 billion in July 2013, said in a statement that he was taking some time off before pursuing his "next challenge."Here's what you need to know about IBM's most recent round of layoffs....
  • IBM denies rumor of 100,000 layoffs but confirms several thousand layoffs

    01/27/2015 10:45:27 AM PST · by SeekAndFind · 34 replies
    The Examiner ^ | 01/27/2015 | Tina Burgess
    IBM denies the rumor about the layoffs of more than 100,000 IBM employees. The company says that only several thousand IBM employees will be affected by the layoffs. In an email statement from IBM to Reuters, IBM officially denied the rumor concerning as many as 112,000 employees. According to the Jan. 26 Reuters report, IBM is in the process of layoffs, as disclosed in its latest earnings report last week, but it will affect several thousand employees only. The layoffs of as many as 112,000 of the companys employees would affect 26 percent of its global workforce. Robert Cringely, a...
  • More homeless camps are appearing beyond downtown L.A.s skid row

    01/25/2015 4:26:48 PM PST · by Nachum · 25 replies
    L.A.Times ^ | 1/25/15 | Gale Holland
    Evicted four months ago from their Highland Park apartment, Louis Morales and his 18-year-old stepson, Arthur Valenzuela, live half-hidden by brush along the nearby Arroyo Seco riverbed. Morales, 49, keeps a framed bible verse and a stuffed monkey in his tent. Water hauled by bike from a park heats up on the camp stove. Next door, their friend Johnny Salazar fixes bikes and shattered computer screens on the cheap for people who live in the neighborhood. A brother and sister Morales has known for years live up the river, and three couples stay down by the bridge. "Everybody here is...
  • Obama Is The Main Obstacle To Economic Growth

    01/21/2015 1:58:41 PM PST · by Kaslin · 8 replies
    Townhall.com ^ | January 21, 2015 | Donald Lambro
    WASHINGTON -- No matter what President Obama said about the state of our union Tuesday night, the economy's prognosis is not good. Who says so? A hefty majority of the American people in a new Washington Post/ABC News poll that sought their opinion about the economy's health. Roughly six in 10 said it was "not so good" or "poor." Six years into Obama's painfully slow recovery, jobs are hard to come by in many parts of the country and wages remain flat. Hourly earnings actually fell last month, the U.S. Labor Department reported last week. It's gotten so bad that...
  • American Express Is Slashing 4,000 Jobs

    01/21/2015 2:40:22 PM PST · by SeekAndFind · 6 replies
    Business Insider ^ | 01/21/2015 | AKIN OYEDELE
    American Express will slash 4,000 jobs, even as the company reported that fourth quarter earnings were dented by foreign currency movements. Bloomberg reported that the job cuts are part of a restructuring, and a spokesperson said they will cut across the company. In its earnings release, the company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies." After the bell Wednesday, American Express reported that fourth quarter profits rose 11% to $1.45 billion, or $1.39 a share, versus an expected $1.38 per share. Revenues rose to $9.1 billion from $8.5 billion, a 7% increase,...
  • Big layoffs planned at eBay [7% of the workforce]

    01/21/2015 2:47:49 PM PST · by SeekAndFind · 35 replies
    CNN Money ^ | 01/21/2015 | By Katie Lobosco
    Big layoffs are coming to eBay. The company is planning to slash 2,400 workers across the eBay and PayPal parts of the business. The cuts will impact 7% of the workforce. The layoffs will be made before the end of March. EBay said it was "simplifying organizational structures" in its quarterly earnings released Wednesday. A company spokesperson told CNNMoney that some of the cuts were to unfilled positions, but would not say how many.
  • 50,000 Wall Street jobs cut [Theres blood on the Street]

    01/19/2015 6:15:07 AM PST · by SeekAndFind · 31 replies
    New York Post ^ | 01/19/2015 | By John Aidan Byrne
    Theres blood on the Street. In a wild swing of the ax that has shocked many pundits, Wall Streets biggest banks have slashed nearly 50,000 jobs, and bonuses and expense money are being cut as profit opportunities dry up. And theres no easy way out, analysts say, because the Feds quantitative easing that once rescued the financial system with trillions of cheap dollars is at least for now history. But while some analysts were unnerved by the carnage announced by banks last week during their earnings calls, the warning signs were there before from lower trading and...
  • Jacksonville-based Body Central closing all of its 265 stores; 2,500 out of work

    01/14/2015 6:34:44 PM PST · by 2ndDivisionVet · 5 replies
    The Florida Times-Union ^ | January 9, 2015 | Roger Bull
    Just two days after it warned that it might file Chapter 11 bankruptcy, Body Central is shutting all of its stores and headquarters completely. The chains 265 stores are running aggressive promotional sales through Sunday, Gardner Davis, an attorney representing the Jacksonville-based chain of clothing stores geared to young women and teens, said on Friday afternoon. It has stores in the The Avenues and Orange Park malls and River City Marketplace. The companys headquarters and warehouse closed Friday, he said. Its tragic that the companys 2,500 loyal employees are losing their jobs, he said. About 185 of those employees worked...
  • U.S. stocks sell off; S&P 500 below 2,000

    01/06/2015 10:53:32 AM PST · by John W · 5 replies
    marketwatch.com ^ | January 6, 2015 | Carla Mozee
    NEW YORK (MarketWatch) Selling pressure on Wall Street intensified on Tuesday, sending the S&P 500 below the 2,000 level, as slumping oil prices and weaker-than-expected economic reports sent investors running for cover. Tuesdays selling action comes on the heels of a brutal sell-off on Monday, which saw the closely watched Dow Jones Industrial Average shed 331 points. Investors were scouring for safe industries such as utilities as well as U.S. Treasurys, pushing yields to the lowest levels since the Oct.15 mini-flash crash.
  • "We Are Extremely Over-Retailed" Picturing The Death Of America's Malls

    01/06/2015 7:33:54 AM PST · by SeekAndFind · 109 replies
    Zero Hedge ^ | 01/05/2015 | Tyler Durden
    Starting in the mid-1990s, "the mall genie was out of the bottle," says one mall analyst, "and it was never going to come back." While about 80% of the country’s 1,200 malls are considered healthy (vacancy rates of 10% or less), that compares with 94% in 2006; and more than 30 million square feet of malls are more than 40% empty, a threshold that signals the beginning of what one one analyst called "the death spiral." As The NY Times reports, like beached whales, dead malls draw fascination as well as dismay, "nobody ever thinks a mall is going to...
  • Obama Will Trumpet Economic Recovery in State of the Union Runup

    01/03/2015 2:30:03 PM PST · by PROCON · 33 replies
    time.com ^ | Jan.3, 2014 | Zeke J Miller
    The President will head to Detroit, Phoenix and Tennessee next week, touting economic growth under his administration Two weeks before he is set to deliver the State of the Union Address, President Barack Obama will embark on a tour to highlight the nations economic progress and preview his agenda for the coming year. The White House said Obama will trumpet the recovery of the nations automotive sector in a speech in the Detroit area on Wednesday, just one day after the new Republican-controlled Congress holds its first meetings of 2015.
  • Welcome To The Recovery: US Box Office Spend Plunges To Lowest Since 2000

    12/22/2014 7:26:22 PM PST · by Nachum · 80 replies
    zero headge ^ | 12/22/14 | tyler durden
    While the cancellation of 'The Interview' wiped billions off the US Box Office take in 2014 (), ticket sales in North America will total roughly $10.5 billion, according to The NY Times, the lowest since 2000 (after inflation). Regal Cinemas and AMX Theatres have seen profits collapse and Carmike Cinemas has plunged to a loss as major movie delays (from Pixar and Universal), "pirating" of several movies (The Expendables 3 and Annie) before their release, and studios suffering one dud after another (Warner Bros.) the 4% YoY decline - for what is ultimately an affordable luxury - suggests the gas-price-savings...
  • 1 in 5 Millennials Live in Poverty, Census Bureau Says

    12/16/2014 12:02:35 PM PST · by Olog-hai · 41 replies
    Cybercast News Service ^ | December 15, 2014 - 1:09 PM | Ali Meyer
    One in five young adultsages 18 to 34 years oldlive in poverty, according to data from the U.S. Census Bureau. More millennials are living in poverty today, and they have lower rates of employment, compared with their counterparts in 1980, the Census states. One in five young adults lives in poverty (13.5 million people), up from one in seven (8.4 million people) in 1980.
  • Sears to accelerate closings, shutter 235 stores

    12/04/2014 12:42:34 PM PST · by Hojczyk · 133 replies
    CNBC ^ | December 4,2014 | Krystina Gustafson
    Sears shares fell Thursday, after the struggling department store announced an adjusted net loss of $296 millionin line with the updated guidance it gave in November. The retailer also said it's accelerating the number of stores it plans to close this year, boosting its list from the 130 underperforming stores it announced in its second-quarter earnings release, to a total of 235 stores. Analysts called the move a step in the right direction for the company, which has been tapping into its real estate in creative ways to compensate for downward-spiraling sales. Still, they said the haircut won't be enough...
  • 24 Reasons Why Millennials Are Screaming Mad About Our Unfair Economy

    11/17/2014 11:28:21 AM PST · by SeekAndFind · 96 replies
    TEC ^ | 11/15/2014 | Michael Snyder
    Do you want to know why Millennials seem so angry? We promised them that if they worked hard, stayed out of trouble and got good grades that they would be able to achieve the "American Dream". We told them not to worry about accumulating very high levels of student loan debt because there would be good jobs waiting for them at the end of the rainbow once they graduated. Well, it turns out that we lied to them. Nearly half of all Millennials are spending at least half of their paychecks to pay off debt, more than 30 percent of...
  • Dow now down 434...? Thanks Obama!

    10/15/2014 10:21:18 AM PDT · by AngelesCrestHighway · 82 replies
    10/15/14
    HMMMMMM HMMMMMM HMMMMMM
  • Clinton: "Nobody Believes" Economy Is Coming Back "Because you Don't Feel It"

    10/07/2014 5:45:06 AM PDT · by Haiku Guy · 43 replies
    Real Clear Politics Video ^ | 10/6/14 | Ian Schwartz
    Former President Bill Clinton was in his home state of Arkansas today to campaign for Sen. Mark Pryor. At a rally in Conway, Clinton said, "the economy is coming back but nobody believes it yet because you don't feel it." Clinton also touted his record as president. "I don't expect anybody to vote on it or be happy because middle class incomes haven't risen, the average family is making less adjusted for inflation than they were the day I left office," he said. (ship) --- VIDEO AT LINK ---