WASHINGTON—Production at U.S. factories rebounded more than expected in October as the drag from Hurricane Ida faded and motor vehicle output picked up, but manufacturing continues to be constrained by shortages of raw materials and labor. Manufacturing output surged 1.2 percent last month to its highest level since March 2019, after falling 0.7 percent in…
US Import and Export Prices Surge in October, Adding to Signs of Persistent Inflation
The prices of U.S. imports and exports surged in October, adding to signs that the current bout of inflation, which Fed policymakers and Biden administration officials say is “transitory,” could prove to be considerably more persistent. Import prices accelerated 1.2 percent last month after gaining 0.4 percent in September, the Labor Department said in a…
US Import, Export Prices Surge in October, Adding to Signs of Persistent Inflation
The prices of U.S. imports and exports surged in October, adding to signs that the current bout of inflation, which Federal Reserve policymakers and Biden administration officials say is “transitory,” could prove to be considerably more persistent. Import prices rose 1.2 percent last month after gaining 0.4 percent in September, the Labor Department said in…
Report Says Drugmakers Impose Unjustified US Price Increases; Spending on AbbVie Drug Rises $1.4 Billion
WASHINGTON—Drugmakers hiked U.S. prices on 7 of the 10 costliest prescription drugs in 2020 without justification, increasing drug spending by $1.67 billion, a U.S. group that reviews the value of medicines said on Tuesday. AbbVie Inc.’s widely used Humira rheumatoid arthritis drug accounted for the majority of the spending increase, with a net price increase…
Germany’s Largest Port Sees Volatile Transport Chains for Rest of Year
November 16, 2021
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BERLIN—Europe’s third largest harbour, the German Port of Hamburg, reported a 2.9 percent hike in sea cargo in the first nine months of 2021 on Tuesday but warned that global transport chains would remain volatile for the rest of the year. Global trade has been marred by logjams in container ports caused by disruptions from…
Home Depot Beats Sales Estimates as Home Improvement Spending Holds Strong
November 16, 2021
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Home Depot Inc. beat quarterly sales estimates by nearly $2 billion on Tuesday as Americans, buoyed by a strong housing market, hired more builders and handymen to complete large home improvement projects, boosting demand for tools and materials. Professional contractors have been rushing back to Home Depot’s stores as they look to upgrade their toolkits…
Walmart Raises Full-Year Sales, Profit Forecasts as Holidays Start Strong
November 16, 2021
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Walmart Inc. on Tuesday raised its annual sales and profit forecast in anticipation of a surge in demand for toys and apparel during the crucial holiday season, even as global supply chain disruptions hit its margins in the third quarter. Shares of the world’s largest retailer were flat in pre-market trading, reversing earlier gains of…
Shutting Down Economies Amid COVID-19 Will Have ‘Unprecedented’ Negative Effects: Donald Boudreaux
November 16, 2021
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Shutting down huge chunks of the economy and increasing government spending amid the COVID-19 pandemic will have “significant” and maybe even “unprecedented” negative effects on the economy, according to economist Donald J. Boudreaux. Speaking to The Epoch Times at the inaugural conference of the Brownstone Institute in Hartford, Connecticut, on Nov. 13, Boudreaux explained that economists cannot clearly quantify…
Wall Street Opens Lower as Nvidia Weighs
November 16, 2021
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Wall Street indexes opened slightly lower on Tuesday, with Nvidia weighing on the S&P 500 and Nasdaq after the UK ordered an in-depth probe into the chipmaker’s planned acquisition of Arm. The Dow Jones Industrial Average fell 11.27 points, or 0.03 percent, at the open to 36,076.18. The S&P 500 opened lower by 3.38 points,…
Bitcoin Slips Below $60,000 for the First Time in More Than Two Weeks
November 16, 2021
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Bitcoin, the world’s biggest and best-known cryptocurrency, slipped below $60,000 on Tuesday, taking losses from a record high of $69,000 struck on Nov. 10 to more than 12 percent. Bitcoin was down 5 percent at $60,391.3 at 1253 GMT, after earlier falling as much as $58,563, its lowest since Oct. 28, while Ether, the second-biggest…
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