Just in time for Tax Day, the for-profit tax preparation industry is about to realize one of its long-sought goals. Congressional Democrats and Republicans are moving to permanently bar the IRS from creating a free electronic tax filing system. Last week, the House Ways and Means Committee, led by Rep. Richard Neal, D-Mass., passed the […]
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March Jobs Report – 196,000 Jobs Gained, Unemployment Rate Remains 3.8%, Wage Growth 3.2%…
The Bureau of Labor Statistics (BLS) released the March employment report earlier today showing strong job growth of 196,000 with the unemployment rate remaining 3.8%. Also, in March, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $27.70, following a 10-cent gain in February. Over the past 12 months, […]
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U.S Weekly Jobless Claims Drop to the Lowest Level Since 1969…
The number of Americans filing applications for unemployment benefits dropped to a more than 49-year low last week, pointing to sustained labor market strength despite slowing economic growth. Initial claims for state unemployment benefits declined 10,000 to a seasonally adjusted 202,000 for the week ended March 30, the lowest level since early December 1969, the […]
Drugmakers Jazz, Alexion, Lundbeck to Pay $123M to Resolve U.S. Charity Kickback Probe…
Three drugmakers will pay $122.6 million to resolve claims they used charities that help cover Medicare patients’ out-of-pocket drug costs as a way to pay kickbacks aimed at encouraging use of their medications, including some expensive ones. The U.S. Justice Department on Thursday said Jazz Pharmaceuticals Plc, Lundbeck and Alexion Pharmaceuticals Inc were the latest […]
‘A Historic Day’ – Former Malaysian PM Appears in Court as 1MDB Corruption Trial Begins…
After his lawyers succeeded in delaying the start of the trial by two months, former Malaysian Prime Minister Najib Razak appeared in a Kuala Lumpur courtroom on Wednesday for the first time, marking the beginning of a historic trial where the former leader of a political party that dominated Malaysian politics for 60 years could […]
OPINION: This Is the Real Reason Why the U.S. Economy Isn’t in Recession Danger Now by Ed Yardeni & Melissa Tagg…
The yield curve is first and foremost predicting the outlook for Fed policy rather than the next recession. My research has confirmed this conclusion, as does a recent Fed study. In my recent book, Predicting the Markets, I wrote: “The Yield Curve Model is based on investors’ expectations of how the Fed will respond to […]
Retail Apocalypse? JCPenney, Payless, LifeWay Announce 3,000+ Combined Store Closures…
More than 41,000 people have lost their jobs in the retail industry so far this year — a 92 percent spike in layoffs since the same time last year, according to a new report. And the layoffs continue to mount, with JCPenney announcing this week it would be closing 18 stores in addition to three […]
Rope Tightens: U.S. Orders Foreign Firms to Further Cut Down on Oil Trades with Venezuela…
The United States has instructed oil trading houses and refiners around the world to further cut dealings with Venezuela or face sanctions themselves, even if the trades are not prohibited by published U.S. sanctions, three sources familiar with the matter said Reuters Agencies. The move comes as Washington’s efforts to oust President Nicolas Maduro in […]
Federal Judge in Alaska Holds Up Offshore Drilling Plans for the Rest of the Country…
A federal judge Friday vacated President Donald Trump’s order to revoke a ban on oil and gas exploration in federal waters in the Arctic and Atlantic oceans. Former President Barack Obama unilaterally enacted the bans near the end of his second term. Obama used powers under a 1953 law over offshore drilling to block oil […]
The Beginning of the End Of SWIFT: Russian Banks Join Chinese Alternative Global Payments System…
With Russia actively dumping US dollars and buying gold at the fastest paced in decades, the writing is on the wall when it comes to what the Kremlin thinks of any possibility for a detente in the painfully strained US-Russian relations. And with Russia now clearly seeking to end monetary ties with a dollar-denominated “west”, […]
The Delphic Oracle Was Their Davos: A Four-Part Interview with Michael Hudson: Mixed Economies Today, Compared to Those of Antiquity (Part 2)…
Michael Hudson: There are many degrees of how “mixed” an economy will be — meaning in practice, how active its government sector will be in regulating markets, prices and credit, and investing in public infrastructure. In the 20thcentury’s Progressive Era a century ago, a “mixed economy” meant keeping natural monopolies in the public sector: transportation, […]
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NYC to Charge Commuters $11.50 to Enter Midtown Manhattan, Trucks $25…
New York City commuters and workers from across the region will soon pay a steep price to enter midtown Manhattan, with Big Apple officials confirming over the weekend they plan to introduce “congestion pricing” to help off-set the massive MTA operating budget. “Motorists entering Midtown Manhattan below 60th Street will be charged a toll, which […]
Lyft and Other Gig-Economy Giants Cash in with IPOs Before Labor Laws Catch Up with Them…
Gig-economy companies Lyft, Uber, and Postmates are racing to file IPOs this year, a mad dash replete with ever-increasing multibillion-dollar valuations. But is the rush to start trading on the public markets also a sprint to evade compliance with current labor law? Recent financial and lobbyist filings suggest that the gig-economy giants are hoping to […]
Consumer Sentiment Jumps as Americans Report Best Income Gains Since 1966…
Economists had expected the final read to match the preliminary reading for March of 97.8. Consumers were more positive about both their present conditions and their outlook for the future, according to the survey. The March gain was entirely due to households with incomes in the bottom two-thirds of the income distribution, according to the […]
Two Whistleblowers Awarded $50 Million in “Massive Enforcement Action” Against JPMorgan…
The SEC today announced awards totaling $50 million to “two whistleblowers whose high-quality information assisted the agency in bringing a successful enforcement action.” The whistleblowers provided information that helped the agency win a $267 million settlement with JPMorgan over claims that the bank failed to inform wealthy clients of conflicts of interest in managing their […]
International Trade Court Rejects Challenge to Trump’s Steel and Aluminum Tariffs (PDF)…
The United States Court of International Trade (full pdf below) has rebuked a global industry challenge to President Trump’s Steel and Aluminum tariffs. The court told the multinational trade association they lacked any authority to override the sovereign authority of President Trump, and his absolute right to apply a national security (section 232) declaration to […]
Nomura: “BOOM, Roasted: The Fed’s “Clown Car” Experiment Is Now Complete”…
In the aftermath of the Fed’s second consecutive dovish capitulation, which while framed as a response to the slowing economy (a slowdown which the Fed completely missed as recently as December when 9 FOMC officials expected 1 or more rate hikes and now expect 0) but was really meant to support assets, many have taken […]
Central American Migrants Are Sending Billions Back To Their Home Countries…
Foreign nationals from three Central American countries that send some of the highest numbers of illegal immigrants to the U.S. are sending back a record amount of money to their home countries. Immigrants from Guatemala, El Salvador and Honduras sent back a record $120 billion in remittances this decade, according to an immigration expert who […]
Turns Out That Trillion-Dollar Bailout Was, in Fact, Real by Matt Taibbi…
Last summer, Washington Post “Fact-checker” columnist Glenn Kessler wrote that the Medicare for All plan favored by Sen. Bernie Sanders (I-VT) would cause “providers” to face an “immediate cut of 40 percent in their payments.” The piece was quickly amended to reflect that the cuts only referred to private insurance payments, leaving Medicare recipients untouched. […]
A Summary of the 2019 Economic Report of the President…
In accordance with the Employment Act of 1946, the purpose of this Report is to provide the U.S. Congress with “timely and authoritative information concerning economic developments and economic trends” for the preceding year and, prospectively, for the years ahead. As required by the Employment Act, the Report also sets forth the Administration’s program for […]
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