Economic and jobs news thread

[Time_Traveller]

Wilko rescue deal from HMV owner 'being finalised and could save more than 8,000 jobs'

31 Aug 2023

The owner of HMV is reportedly finalising a deal to buy the majority of the Wilko business, in a move that could save more than 8,000 jobs.

The collapsed chain's administrator PricewaterhouseCoopers (PwC) began consulting with Wilko creditors on Thursday on the terms of a deal with HMV owner Doug Putman, Sky News has reported. One source told the publication that the HMV boss intended to save more than 300 of Wilko's 400 stores.

This means between 8,000 and 9,000 jobs of a total workforce of 12,500 could be saved. However, details of the deal are still being discussed. Sky News reports that the HMV boss has approached financiers including Gordon Brothers, the specialist retail investor, about backing a deal.

One source told Sky News: "It's still in the balance but it is beginning to look more positive that a deal can get done." It's been reported a deal could be announced in the next few days.

https://www.mirror.co.uk/money/wilko-re ... 832633.amp

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[caltrek]

^^^ I think this shows that even with mechanization and robots replacing humans, there is still plenty of work that can be done to create a full employment economy. The most important variable may very well be political leadership and political will.

What I came here to post:

Wall Street Hits Slump as Dearth of Data Puts All Eyes on Fed
Nick Rummel
September 8, 2023

Introduction:

MANHATTAN (Courthouse News) — With little economic data on which to focus, investors continued to fret over whether the Federal Reserve is done with interest rate hikes for the year, causing markets to drop.

By the closing bell on Friday, the Dow Jones Industrial Average capped off a week’s worth of gradual losses to end down 260 points since last Friday. The S&P 500 and Nasdaq had similar trajectories and ending points, losing 58 points and 270 points for the week, respectively.

“We are in the middle of a seasonal slowdown and September’s average stock returns are the lowest of any of the 12 months,” said Chris Zaccarelli, chief investment officer at the Independent Advisor Alliance. “But once we get through this period, if the economy continues its resilient streak, we wouldn’t be surprised to see the market higher by year end.”

As is typical around Labor Day, trades were less voluminous earlier in the week and economic data was not as robust. What data was released on the short week led investors to reinvigorate their worries the Federal Reserve might resume hiking rates.

On Wednesday, the Fed released its Beige Book, which documents changes in economic conditions. In the latest report, the Fed indicated modest economic growth during July and August, bolstering the theory the central bank will “skip” its next meeting and keep interest rates where they are.

Read more here: https://www.courthousenews.com/wall-st ... on-fed/

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[weatheriscool]

The republican party is killing America and its people just sit their with their finger up their asses.

[weatheriscool]

Inflation expected to tick higher in August as oil prices surge.
After hitting 3.0% in June... CPI hit 3.2% in July and now, the August numbers released tomorrow will be 3.6%

That's the first time we've had back to back months with increasing inflation in over a year.

Bad news is... this is going to pressure Jerome Powell to increase interest rates more...

https://finance.yahoo.com/news/inflatio ... 43789.html


The report, set for release at 8:30 a.m. ET, is expected to show headline inflation of 3.6%, an acceleration from July's 3.2% annual gain in prices, according to estimates from Bloomberg. Over the prior month, consumer prices are expected to have risen 0.6% in August, a faster clip than July's 0.2% monthly increase.

A significant rise in energy prices is expected to drive the bulk of those increases. Oil prices hit new year-to-date highs on Tuesday with West Texas Intermediate (CL=F) closing just below $89 per barrel. Brent crude futures (BZ=F) sat above $92 per barrel — the highest levels in oil prices since November 2022.

[weatheriscool]

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[Nanotechandmorefuture]

Artificial Intelligence IS the customer. Maybe not now because of what that would cause though in 40 years time the same way it is a little awkward yet people get accustomed to having virtual reality and augmented reality in 2020s is the same way AI can be the customer buying things. When people can still get their pumpkin spice and investments paying them to live without working a day in their life the concern for customers goes away. The problem is unless you own a country and the government by that implication artificial intelligence can get wacky. So that is why the USA with its focus on keeping a human in the AI process is a little sensible.