While many were expecting a potential downside surprise due to the ‘residual seasonality’ of August payrolls (discussed previously), moments ago the BLS reported that after a weaker than expected July (which was revised lower from 170K to 153K), August payrolls came in strong than expected at 201K, above the 191K consensus estimate. The revisions were […]
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Class-Action Lawsuit Seeks to Expand Supreme Court Janus v AFSCME Ruling on Unions…
A class-action lawsuit filed against a Connecticut union Thursday seeks to expand a recent Supreme Court ruling that ended forced payments to unions by nonmembers. The lawsuit would require the unions to repay any funds they received from nonmembers going back to 2015, a potentially severe financial blow to the labor movement, should the case […]
Trump Breaks 20-Year ‘Fouled Up’ Budget Gridlock, Scores Big Wins…
President Trump, Senate Majority Leader Mitch McConnell, and House Speaker Paul Ryan have teamed up this summer to do something that hasn’t happened in two decades — write and pass department spending bills instead of lumping everything into a massive package. The House and Senate are moving at a brisk pace to pass the appropriations […]
College of the Ozarks Drops Nike Over New “Just Do It” Ad…
The College of the Ozarks says it’s dropping its affiliation with Nike in response to the company’s new ad campaign. Nike released their ad campaign this week on the 30th anniversary of the “Just Do It” slogan. It features ex-NFL quarterback Colin Kaepernick. The endorsement deal is prompting a flood of debate online as sports […]
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Nike, NFL, and Levis Strauss Political Business Strategy – The Much Bigger Geopolitical and Trade Picture…
On its face, it just seems absurd. Why would any major corporation intentionally stake out a branding position that is adverse to their financial interests? I’ve spoken to some very excellent business actuaries on this late today; and one specific conversation finally helped to make it all make sense. During that conversation a good ally […]
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Apple, Nike and 18 Other U.S. Companies Have $158B at Stake in China Trade War…
U.S. investors might be gripped by fear of a trade war with China well into the summer. That could keep a lid on stock market gains, or at least on companies with the most at stake in the world’s most populous country. China, after all, has the second-largest economy and is the No. 2 trade […]
Couple Who Raised $400k for Homeless Vet Allegedly Spent the Vast Majority on Themselves…
Go fund yourself! The New Jersey couple who raised $400,000 for a homeless man has been accused of blowing through the dough after giving the intended recipient only $75,000. An attorney for displaced Philadelphia veteran John Bobbitt claims New Jersey residents Kate McClure and Mark D’Amico are unable to honor a judge’s order to put […]
Ford Kills Plan to Sell Chinese-Made Vehicle in the U.S….
Ford Motor Co (F.N) has abruptly killed a plan to sell a Chinese-made small vehicle in the United States because of the prospect of higher U.S. tariffs, the head of the automaker’s North American operations said Friday. The automaker’s decision came as U.S. President Donald Trump is escalating a trade battle with China, threatening to […]
Lighthizer Submits 90-day U.S.-Mexico Trade Modification Notification to Congress…
U.S. Trade Represenative Robert Lighthizer releases a statement announcing the administration is filing a NAFTA Section 2202 trade modification “notification of intent” letter to congress: Washington, DC – U.S. Trade Representative Robert Lighthizer today issued the following statement regarding the status of trade negotiations with Mexico and Canada: “Today the President notified the Congress of […]
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Trump Sets Pay Freeze for Federal Workforce in 2019, Citing Budget Problems…
President Trump rescinded a pay raise Thursday for more than 2 million civilian federal employees next year, saying the government can’t afford the scheduled increases and issuing a call for a move to a merit-based pay system. In a letter to Congress, Mr. Trump said a planned 2.1 percent across-the-board pay increase, and higher pay […]
U.S. Consumer Confidence Surged in August to Near 18-Year High…
A measure of economic confidence among American households rose in August to its highest level since October 2000. The Conference Board on Tuesday said its index of U.S. consumer confidence climbed to 133.4 in August from 127.9 in July. The August reading well exceeded economists’ expectations. Factors including a buoyant job market and rising incomes […]
Justin from Canada Painted His Country Into a Lose/Lose Trade Corner – Rejoins Talks…
By choosing politics over fundamental trade economics Justin and Chrystia from Canada have painted themselves into an isolated position on the renegotiated North American Trade deal. Here’s the basic Canadian conundrum. The U.S. and Mexico have agreed to manufacturing origination terms; wage and labor improvements; elimination of AG subsidies and non tariff barriers; and removal […]
Preliminary Details of U.S.-Mexico Trade Deal…
In direct relationship to the checkbook policy that impacts middle-class Americans the U.S./Mexico trade deal is the biggest win so far in Trump’s presidency. There are such massive ramifications it could take days for anyone to comprehend how the granular details have such massive downstream consequences. The deal is incredibly complex. At the 30,000 ft […]
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Amazon Paying People to Tweet About How Their Working Conditions Don’t Suck…
Amazon’s warehouse conditions aren’t awful, despite numerous reports from employees — or at least that’s what the tech giant’s small, paid Twitter army is attempting to promote. Amazon is paying a small team of Twitter users to combat the negative publicity the company is receiving on the social media platform about the working conditions in […]
Trade War Escalates As U.S., China Slap Each Other With Fresh $16 BN in Tariffs…
Just after midnight on Thursday EDT, the United States and China escalated their acrimonious trade war implementing punitive 25% tariffs on $16 billion worth of each other’s goods, even as mid-level officials from both sides resumed talks in Washington. China’s Commerce Ministry said Washington was “remaining obstinate” by implementing the latest tariffs, which kicked-in on […]
Texas Exports More Oil Than It Imports for First Time Ever…
The Texas Gulf Coast oil terminals sent abroad more crude than they received in April, the Energy Information Administration said this week. During that month, crude oil exports from the Houston-Galveston port district exceeded imports by 15,000 bpd. Over the next month, the advantage of exports over imports welled further, to an impressive 470,000 bpd. […]
Here’s Who Owns a Record $21.21 Trillion of U.S. Debt…
Who owns the huge and growing U.S. national debt? By and large, Americans. Some 70% of the national debt is owned by domestic government, institutions investors and the Federal Reserve. A shade under 30% is owned by foreign entities, according to the latest information from the U.S. Treasury. The nation’s debt climbed to a record […]
One Million Americans Default on Their Student Loans Annually…
More than one million American student loan borrowers default on their debt each year, a new report says. That means by 2023, approximately 40 percent of borrowers are expected to default. That is according to a new report by the Urban Institute, a nonprofit research organization dedicated to developing evidence-based insights on critical socioeconomic issues. […]
Saudi Oil Minister: Aramco IPO Not Canceled…
The initial public offering of Saudi Arabia’s energy major Aramco is still a part of the Kingdom’s plans, Oil Minister Khalid al-Falih said, following reports yesterday citing industry sources as saying that the IPO had been canceled. Arab News quoted Al-Falih as saying, “The Government remains committed to the IPO of Saudi Aramco at a […]
Sears Is Closing 46 More Stores…
Sears Holdings is closing more stores. The company said this week it is shuttering 46 more stores in November. The locations are spread across the U.S. (See a full list below.) “We continue to evaluate our network of stores, which is a critical component to our integrated retail transformation, and will make further adjustments as […]
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