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☆ U.S. trade deficit widens; goods exports at 10-month low
▼ + stars: | 2023-02-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

The trade deficit increased 10.5% to $67.4 billion, the Commerce Department said on Tuesday. The trade deficit widened to a record $948.1 billion in 2022 from $845.0 billion in 2021. Consumer goods exports fell $1.0 billion, but food exports rose $0.7 billion. A smaller trade deficit was one of the contributors to the economy's 2.9% annualized growth pace in the fourth quarter. "The economy isn't floundering, but it is unlikely to pick up much speed looking at today's trade deficit data."

☆ Disney and other Hollywood giants spent billions chasing Netflix. But their strategy appears to have a major flaw.
▼ + stars: | 2023-02-03 | by ( Lucia Moses | ) www.businessinsider.com time to read: +7 min

Media companies are trying to get to streaming profitability but their underlying businesses are in worse shape than previously thought. The remedy is to cut content spending, which throws the whole business model out the window. After cheering on Hollywood players for massively spending on streaming content, Wall Street is looking less impressed. Bottom line is, the media business isn't as good as it used to be." But another warning sign for these companies is that in streaming, content may not be as valuable as once thought.

☆ Fed seen hiking policy rate above 5% as hiring surges
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

Feb 3 (Reuters) - The U.S. Federal Reserve is likely to need at least two more interest-rate hikes, lifting the benchmark rate to above 5%, to slow an unexpectedly strong labor market seen as contributing to high inflation. The Fed earlier this week increased its benchmark rate by a quarter-of-a-percentage-point to 4.5%-4.75%. Interest-rate futures prices, initially skeptical of that view, now reflect that expectation, with a better than even chance seen that the Fed will continue get its policy rate to the 5%-5.25% range by June, if not by May. The Fed targets 2% inflation, now running at 5% by the Fed's preferred measure, the personal consumption expenditures price index. Friday's Labor Department report did show slower growth in average hourly earnings to a 4.4% pace, from an upwardly revised 4.8% in December.

☆ U.S. job growth accelerates in January, wage gains moderate
▼ + stars: | 2023-02-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 3 (Reuters) - U.S. job growth accelerated sharply in January amid a persistently resilient labor market, but a further moderation in wage gains should give the Federal Reserve some comfort in its fight against inflation. The Labor Department's closely watched employment report's survey of establishments on Friday showed that nonfarm payrolls surged 517,000 jobs last month. Economists polled by Reuters had forecast payrolls increasing by 185,000 jobs and wages advancing 4.3% year-on-year. It also incorporated new population estimates in the household survey, from which the unemployment rate is derived. As such January's unemployment rate of 3.4% is not comparable to December's 3.5% rate.

☆ Strong U.S. job growth expected in January; wages seen cooling
▼ + stars: | 2023-02-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"Wage growth is decelerating less than inflation," said Kate Bahn, chief economist at the Washington Center for Equitable Growth in Washington. It will also incorporate new population estimates in the household survey, from which the unemployment rate is derived. As such January's unemployment rate will not be directly comparable to December. REVISIONS IN FOCUSThe revisions will attract attention after researchers at the Philadelphia Fed published a paper in December that suggested employment growth in the second quarter was overstated by a million jobs. Economists will be closely watching the labor force for signs whether the current pace of job growth will persist.

☆ Why Netflix is placing cars like the Chevy Bolt in its shows, and what the streamer's deal with GM means for its growing advertising business
▼ + stars: | 2023-02-02 | by ( Lucia Moses | ) www.businessinsider.com time to read: +4 min

Netflix announced a new deal to integrate GM electric vehicles into popular shows like "Love is Blind" and "Queer Eye." On a press call announcing the deal, Lee said directors and showrunners would be involved in the process and that cars would be integrated in an "authentic" way so they don't "feel out of place." Netflix has a history of placing brands like Coke and GM in shows like "Stranger Things" and "Queer Eye." Lee insisted the GM deal isn't "product placement" and that GM isn't paying to put its vehicles on shows. Terms of the deal weren't shared; GM said it wasn't part of a TV ad buy on Netflix's Basic with Ads.

☆ U.S. weekly jobless claims fall; layoffs surge in January
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +3 min

The claims report showed the number of people receiving benefits after an initial week of aid, a proxy for hiring, fell 11,000 to 1.655 million during the week ending Jan. 21. The raft of layoffs in the technology sector pushed up job cuts in January. A separate report on Thursday from global outplacement firm Challenger, Gray & Christmas showed job cuts announced by U.S.-based employers surged 136% to 102,943. The technology sector accounted for 41% of the job cuts, with 41,829 layoffs. Retailers announced 13,000 job cuts, while financial firms planned to lay off 10,603 workers.

☆ Late Subway co-founder's stake donated in potential tax shield
▼ + stars: | 2023-02-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

It will shield both the estate and the foundation from a big tax bill were Subway to be sold. Reuters reported in January that Subway was exploring a sale with the help of a financial adviser. A Subway spokesperson said the company does not comment on ownership structure and business plans. Buck, who was a nuclear physicist, and co-founder Fred DeLuca started Subway in 1965 after DeLuca asked Buck for advice on how to pay for his college tuition. Reporting by Abigail Summerville in New York; Editing by Anirban Sen and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. job openings increase to five-month high as labor market stays tight
▼ + stars: | 2023-02-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

There were 1.9 job openings for every unemployed person in December, the Labor Department's monthly Job Openings and Labor Turnover Survey, or JOLTS report, showed on Wednesday. Job openings, a measure of labor demand, increased by 572,000 to a five-month high of 11.0 million on the last day of December. Others speculated that job openings had been overstated because of difficulties adjusting the data for seasonal fluctuations. "A jump in job openings in the retail sector is also at odds with a lower pace of seasonal hiring around the holidays." The job openings rate up shot to 6.7% from 6.4% in November.

In France, the bloc's second-biggest economy, factory activity returned to growth albeit not as strongly as initially forecast. In Asia, factory activity contracted in January as the boost from China's COVID reopening had yet to take full effect. China's factory activity shrank more slowly in January after Beijing lifted tough COVID curbs late last year, a private sector survey showed. China's Caixin/S&P Global manufacturing (PMI) nudged up to 49.2 in January from 49.0 in December, staying below the 50 mark for a sixth straight month. Factory activity expanded in January in Indonesia and the Philippines but shrank in Malaysia and Taiwan, PMI surveys showed.

☆ U.S. private payrolls miss expectations in January -ADP
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 1 (Reuters) - U.S. private payrolls increased far less than expected in January, hinting at some cooling in the labor market. Private employment increased by 106,000 jobs last month, the ADP National Employment report showed on Wednesday. Economists polled by Reuters had forecast private jobs increasing 178,000. It has been a poor predictor of private payrolls in the BLS employment report. According to a Reuters survey of economists, nonfarm payrolls likely increased by 185,000 jobs in January after rising by 223,000 in December.

☆ U.S. job openings unexpectedly increase in December
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Feb 1(Reuters) - U.S. job openings unexpectedly rose in December, showing demand for labor remains strong despite higher interest rates and mounting fears of a recession, potentially keeping the Federal Reserve on its policy tightening path. Job openings, a measure of labor demand, increased 572,000 to 11.0 million on the last day of December, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday. Economists polled by Reuters had forecast 10.250 million job openings. The U.S. central bank is expected to raise its policy rate by 25 basis points. The Labor Department reported on Tuesday that wages and salaries increased in the fourth quarter at their slowest pace in a year.

☆ U.S. consumer confidence ebbs in January; inflation expectations rise
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 31 (Reuters) - U.S. consumer confidence unexpectedly fell in January as households continued to worry about the economy's prospects over the next six months, a survey showed on Tuesday. The Conference Board said its consumer confidence index slipped to 107.1 this month from 109.0 in December. The survey places more emphasis on the labor market, which remains tight. The present situation index, based on consumers' assessment of current business and labor market conditions, increased to 150.9 from 147.4 last month. But the expectations index, based on consumers' short-term outlook for income, business, and labor market conditions, dropped to 77.8 from 83.4 in December.

☆ U.S. labor costs growth slows in fourth quarter
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 31 (Reuters) - U.S. labor costs increased less than expected in the fourth quarter as wage growth slowed, offering a boost to the Federal Reserve in its fight against inflation. The Employment Cost Index, the broadest measure of labor costs, rose 1.0% last quarter after increasing 1.2% in the July-September period, the Labor Department said on Tuesday. Labor costs increased 5.1% on a year-on-year basis after advancing 5.0% in the third quarter. With the fourth-quarter release, the government introduced new employment weights based on the 2018 Standard Occupational Classification system. The ECI is widely viewed by policymakers and economists as one of the better measures of labor market slack and a predictor of core inflation, because it adjusts for composition and job-quality changes.

☆ Subway's late cofounder will give half the company to a charity where his 2 sons work, amid reports the chain is considering a sale
▼ + stars: | 2023-01-31 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Subway's last surviving founder, Peter Buck, died in 2021. Buck, who died last year, left his 50% stake in the chain to the Peter and Carmen Lucia Buck Foundation, according to a Tuesday announcement by the charity. Peter Buck was 34 when he partnered with a 17-year-old family friend, Fred DeLuca, to open a submarine sandwich shop. In 2020, the chain laid off hundreds of corporate staff to cut costs amid rumors of a company sale. Are you a Subway insider with insight to share?

☆ Growth in U.S. labor costs smallest in a year in fourth quarter
▼ + stars: | 2023-01-31 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

WASHINGTON, Jan 31 (Reuters) - U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, offering a boost to the Federal Reserve in its fight against inflation. The Employment Cost Index, the broadest measure of labor costs, rose 1.0% last quarter, the Labor Department said on Tuesday. That was the smallest advance since the fourth quarter of 2021 and followed a 1.2% gain in the July-September period. Labor costs increased 5.1% on a year-on-year basis after advancing 5.0% in the third quarter. Wages and salaries increased 1.0% in the last quarter, also the smallest gain since the fourth quarter of 2021, after rising 1.3% in the third quarter.

☆ U.S. consumer spending falls; inflation cooling
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, dropped 0.2% last month, the Commerce Department said on Friday. Economists polled by Reuters had forecast consumer spending dipping 0.1%. In the 12 months through December, the PCE price index increased 5.0% after advancing 5.5% in November. Excluding the volatile food and energy components, the PCE price index rose 0.3% after climbing 0.2% in November. The so-called core PCE price index rose 4.4% on a year-on-year basis in December after increasing 4.7% in November.

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☆ ChatGPT is about to write BuzzFeed content - and investors are loving it
▼ + stars: | 2023-01-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

BuzzFeed's part of that group too — but it's come up with a peculiar idea to ramp up business (and stock). Similar to other companies, BuzzFeed laid off 12% of its workforce last month, citing a worsening economic environment. The stock also got a boost from news of the media company's partnership with Meta, which will see BuzzFeed bring more content to Facebook and Instagram. It's unclear how ChatGPT's parent, OpenAI, ties into Meta's multi-million dollar deal with BuzzFeed, if at all, but the agreement is meant to boost creator content for Facebook and Instagram. It was the king of viral content and quirky listicles — and Facebook of course had a hand in getting eyeballs on BuzzFeed.

☆ U.S. pending home sales post first gain in seven months in December
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

The National Association of Realtors (NAR) said on Friday its Pending Home Sales Index, based on signed contracts, rose 2.5% to 76.9 last month. That was the first increase in pending home sales since May. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 0.9%. Pending home sales decreased 33.8% in December on a year-on-year basis. Government data this week showed new home sales increasing for a third straight month in December.

☆ U.S. core capital goods orders fall in December
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

These so-called core capital goods orders were unchanged in November. Economists polled by Reuters had forecast core capital goods orders falling 0.2%. Core capital goods orders increased 8.3% on a year-on-year basis in December. Shipments of core capital goods dropped 0.4% after declining 0.2% in November. Core capital goods shipments are used to calculate equipment spending in the gross domestic product measurement.

☆ U.S. economy grows strongly in fourth quarter; weekly jobless claims fall
▼ + stars: | 2023-01-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +3 min

Gross domestic product increased at a 2.9% annualized rate last quarter, the Commerce Department said in its advance fourth-quarter GDP growth estimate on Thursday. The economy grew at a 3.2% pace in the third quarter. Retail sales have weakened sharply over the last two months and manufacturing looks to have joined the housing market in recession. While the labor market remains strong, business sentiment continues to sour, which could eventually hurt hiring. Spending has been underpinned by labor market resilience as well as excess savings accumulated during the COVID-19 pandemic.

☆ There's 'close to 100% certainty' there will be a recession in the U.S. this year, CIO says
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's 'close to 100% certainty' there will be a recession in the U.S. this year, CIO saysJames Morton, CIO of Santa Lucia Asset Management, says the "Biden team need to look at the numbers because they obviously don't know what they're talking about."

☆ Strong U.S. economic growth expected in fourth quarter, outlook darkening
▼ + stars: | 2023-01-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Retail sales have weakened sharply over the last two months and manufacturing looks to have joined the housing market in recession. While the labor market remains strong, business sentiment continues to sour, which could eventually hurt hiring. According to a Reuters survey of economists, GDP growth likely increased at a 2.6% annualized rate last quarter after accelerating at a 3.2% pace in the third quarter. Trade, which accounted for the bulk of GDP growth in the third quarter, was seen either making a small contribution or subtracting from GDP growth. While the labor market thus far has shown remarkable resilience, economists argue that deteriorating business conditions will force companies to slow hiring and lay off workers.

☆ Bloomberg LP is hiring 1,000 people while other media, finance, and tech companies slash staff
▼ + stars: | 2023-01-25 | by ( Lucia Moses | ) www.businessinsider.com time to read: +2 min

Bloomberg LP plans to hire 1,000 people this year as other media and finance companies slash staff. Bloomberg LP is on a hiring tear while other media, finance, and tech companies slash staff amid the softening economy. Mike Bloomberg's software, data, and media company is known for hiring in downturns, an advantage of being a privately held company. Bloomberg also announced it's creating a new team of product and tech workers under news-side exec Chris Collins as chief product and technology officer. The goal is to improve the user experience and discoverability of news on the Bloomberg Terminal, Bloomberg editor in chief John Micklethwait wrote in a staff memo.

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