The Hershey Company is building a 250,000-square-foot chocolate facility in Hershey, Pennsylvania, to expand production capabilities for some of its candy brands, including Reese’s, Kit Kat, and Hershey’s. The facility will be located on a 55-acre site near the company’s Reese’s plant, the company announced. The town of Hershey, which has streetlights shaped like Chocolate…
Devil in the Details? November Jobs Report May Have Been Broken
The November jobs report topped market expectations for the seventh consecutive month, showing robust growth at 263,000 new jobs last month. But economists are beginning to notice a divergence within the Bureau of Labor Statistics’ (BLS) monthly snapshot of non-farm payrolls. The difference rests in the Establishment and Household surveys. Jobs Report: Establishment vs. Household…
Wall Street Ends Mixed Following Strong Data on Wages, Jobs
Worries about inflation weighed on Wall Street Friday, leaving major indexes mixed after a report showed wages for U.S. workers are accelerating, which is good news for them but could feed into even higher inflation for the nation. The S&P 500 ended 0.1 percent lower after having been down as much as 1.2 percent earlier in…
November Jobs Prints Well Above Expectations, So Fed Policy Is a Toss-Up
December 2, 2022
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Commentary The November jobs report showed that the economy added 263,000 new jobs, considerably better than the consensus estimate of 200,000 jobs. This morning’s print is 21,000 fewer jobs than were created in October 2022 and 384,000 fewer jobs than were created in the COVID recovery period of 2021. Net revisions for August and September added another 29,000 net new jobs. (It is…
US Economy Adds 263,000 New Jobs in November Despite Fed’s Rate Hikes
The U.S. economy added 263,000 new jobs in November, down from 284,000 in October, according to the Bureau of Labor Statistics (BLS). The market had forecast 200,000. The September jobs report was revised down by 46,000 to 269,000, and the change for October was revised up by 23,000. Last month, the unemployment rate remained unchanged…
ACT Senator Strikes Deal Giving Australia’s Labor Government Crucial Vote for Passing Industrial Relations Bill
The centre-left Labor government looks like it has secured the necessary votes to pass its controversial industrial relations bill in parliament after crunch negotiations on Saturday with a key Senate crossbencher. Workplace Relations Minister Tony Burke says he is confident the amendments to existing workplace relations law, which enshrine multi-employer bargaining, can pass after talks…
Fewer Americans File for Jobless Benefits Last Week
WASHINGTON—The U.S. job market remains healthy as fewer Americans applied for unemployment benefits last week, despite the Federal Reserve’s rapid interest rate hikes this year intended to bring down inflation and tighten the labor market. Applications for jobless claims for the week ending Nov. 12 fell by 4,000–222,000 from 226,000 the previous week, the Labor…
Bidenomics a Recipe for Disaster
November 11, 2022
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Commentary The failure of a red tidal wave to sweep the midterms is concerning, because it means the nation is in for at least two more years of reckless spending. The sum expenditure in President Joe Biden’s three signature economic plans is just shy of $5 trillion. That number is larger than the GDP of any…
Facebook Parent Meta to Cut Over 11,000 Jobs as Zuckerberg Admits He Got Trends ‘Wrong’
November 9, 2022
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Facebook parent company Meta will slash 13 percent of its staff, or more than 11,000 employees, as it faces a revenue crunch as advertisers pull back amid high inflation and a wobbly economy. Meta CEO Mark Zuckerberg announced the cuts in a Nov. 9 blog post, in which he took blame for overestimating the company’s growth…
October Jobs Report Breaks Hopes of a Federal Reserve Pause
November 4, 2022
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Commentary The October jobs report showed that the economy added 261,000 new jobs, considerably better than the consensus estimate of 200,000 jobs. This morning’s print is 54,000 fewer jobs than were created in September 2022 and 461,000 fewer jobs than were created in the COVID recovery period of 2021. Net revisions for August and September added another 29,000 net…
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