The U.S. trade deficit in goods and services rose to a record high in June largely on the back of a surge in imports as businesses built up inventories to meet robust consumer demand. The Commerce Department said in a release Thursday (pdf) that the trade deficit—the difference between exports and imports of goods and…
Shipping Snags Prompt US Firms to Mull Retreat From China
August 5, 2021
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Business & EconomyChinaCompaniesCOVID-19EconomieseconomygameInternationalMichael TaylorshipmentsToystradetrade warUnited StatesUSUS NewsUS-China relationsWashingtonWorld
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WASHINGTON—Toy maker Eric Poses created a card game last year he called The Worst-Case Scenario, a wry reference to the way the coronavirus had upended normal life. He had no idea. In a twist that Poses never could have predicted, his game itself would become caught up in the latest fallout from the health crisis:…
Long China, Short US—the Volatility!
Commentary The worse than expected U.S. purchasing managers index (PMI) released days ago seems to suggest the economy is indeed slowing down. But wait. The manufacturing PMI still stood near 60, a level which was never reached between mid-2004 and end-2017. In fact, the recent high near 65 has never been seen since 1983. Even…
New York Auto Show Canceled Amid Delta Variant Worries
August 4, 2021
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WASHINGTON—Organizers on Wednesday canceled the New York Auto Show that had been set for later this month amid rising COVID-19 cases caused by the more infectious Delta variant of the coronavirus. The 10-day public show and press previews that had been set to start Aug. 19 typically draw thousands of journalists from around the world…
Service Sector Activity Gauge Hits Record High, Price Index Surges: ISM Report
A measure of U.S. service sector activity surged to a record high in July while an index reflecting prices paid by service industry businesses accelerated sharply, marking another milestone on the path to economic recovery but reinforcing concerns about inflation. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index climbed from…
Despite Chip Shortage, GM Posts $2.8B Profit, UPS Guidance
August 4, 2021
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DETROIT—Despite a computer chip shortage that temporarily closed some of its factories, General Motors made a healthy $2.8 billion net profit in the second quarter. The earnings came even though GM plants cranked out 200,000 fewer vehicles than they did during the same period in 2019, the last comparable quarter before the COVID-19 pandemic. The…
GM Posts $2.8 Billion Profit, but Cautious Tone Sinks Share Price
August 4, 2021
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DETROIT—General Motors posted a healthy $2.8 billion second-quarter profit Wednesday, but its cautious outlook for the rest of the year spooked investors. The Detroit automaker made the strong profit despite a global shortage of computer chips that have forced it and other companies to temporarily close factories. While GM raised its outlook for the year,…
Yellen Details ‘Extraordinary Measures’ to Raise Cash as Debt Ceiling Hits
August 3, 2021
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Treasury Secretary Janet Yellen on Monday announced a series of so-called “extraordinary measures” the department is taking to give the federal government more room to spend under a reimposed debt cap. Yellen detailed the emergency maneuvers—chiefly pausing investments in certain government employee pension funds—in an Aug. 2 letter to congressional leaders that came as a two-year suspension…
Bacon May Disappear in California as Pig Rules Take Effect
August 2, 2021
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baconBusinessCaliforniaEconomieseconomyhogLocal NewsNorthern CaliforniapigsporkRegional-Local NewsSouthern CaliforniaUSUS News
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DES MOINES, Iowa—Thanks to a reworked menu and long hours, Jeannie Kim managed to keep her San Francisco restaurant alive during the coronavirus pandemic. That makes it all the more frustrating that she fears her breakfast-focused diner could be ruined within months by new rules that could make one of her top menu items—bacon—hard to…
Labor’s Landmark Tax Reversals Are Welcome, but Budget Deficits Now Look Enshrined
Commentary Sidelined by this week’s news of gold medals in Tokyo, and an expanding COVID-19 outbreak in Sydney, was the Australian Labor Party’s announcement they would no longer look at proposed tax increases if successful in next year’s bid for government. This is a stunning reversal of Labor’s stance at the 2019 election and a…
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