(NEW YORK) JUST IN: Charlotte Russe Files for Chapter 11 Bankruptcy Planning to close 94, stores they announced on Monday becoming latest mall-based retailer to file for protection due to difficult trading conditions on the high street according to CNN Business #AceFinanceDesk reports

#AceFinanceReport – Feb.05: The young women’s clothing chain becomes the latest mall-based retailer to file for bankruptcy protection, and joins a list that includes Gymboree, Claire’s, and Mattress Firm: In a court filing Monday, Charlotte Russe, which operates 500 stores in malls around the country, said it “suffered from a dramatic decrease in sales and in-store traffic” and struggled with “the burden of maintaining a large brick-and-mortar presence.” #AceFinanceDesk reports

The company hopes to emerge from bankruptcy with a new owner and a lighter balance sheet. It secured $50 million from lenders to continue running about 400 Charlotte Russe and Peek Children’s stores, as well as its website, during the bankruptcy.

Poor sales and too much debt hurt the retailer.

In 2009, private equity firm Advent International bought Charlotte Russe in a $380 million cash-for-stock deal: Last year, Charlotte Russe reached a deal to reduce its debt from $214 million to $90 million. Despite the deal, Charlotte Russe’s sales plunged from $928 million in 2017 to $795 million last year……………….Comparable store sales fell 11.7% during the third quarter of 2018, according to data from Moodys.

Fast-fashion retailers must quickly respond to the latest styles, trends, and influencers to stay ahead. But Charlotte Russe admitted it missed the mark: The company said its marketing strategies “failed to connect” with teens and young adults and “outpace the rapidly evolving fashion trends.” ………….It also “shifted too far towards fashion basics” and away from trendy clothes, which the company said prevented it from growing its online business.

As part of its turnaround effort, the company, plans to save money by closing stores, go back to its “on-trend, fast-fashion model,” and develop more content for online and social media to engage core shoppers: There’s no guarantee that Charlotte Russe will successfully emerge from bankruptcy.

Source: CNN Business New York Published: February.05: 2019:

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JUST IN: #OPEC tentatively agreed an oil output cut on Thursday but was waiting for a commitment from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said #AceFinanceDesk reports

#AceFinanceReport – Dec.06: OPINION: The decision by the State of Qatar to leave the Organisation of the Petroleum Exporting Countries (OPEC) by January 2019 has raised eyebrows and set off speculation as to the extent of tensions and discord within the 15-member intergovernmental organisation: The dominant analysis centres on Qatar’s spat with Saudi Arabia and the Qataris’ desire to abandon an organisation which many feel is overly influenced by the Saudis…………..Notwithstanding official Qatari denials that their decision to leave OPEC is linked to the Saudi-led embargo, nonetheless the Saudis are likely to interpret the move as a further sign of Qatar’s growing independence in the Arabian Gulf region: Beyond the immediate political effect, Qatar’s decision raises difficult questions about the future of OPEC……………………….There will be fears in Riyadh about a sudden meltdown, especially in light of speculation that Iraq may be the next country to leave the organisation: Scare mongering aside, OPEC is faced with difficult economic and political choices going forward……………………As the economic and political value of oil diminishes in the very long term so does the relevance of an organisation like OPEC……………..In the short to mid-term however, Saudi Arabia’s established behaviour of weaponising oil to advance its foreign policy may no longer be sustainable #AceFinanceDesk reports

Saad Sherida Al-Kaabi, Qatari Minister of State for Energy Affairs, speaks during a press conference in the capital Doha on December 3, 2018. (Photo ANNE LEVASSEUR/AFP/Getty Images) @MahanAbedin December 6, 2018 at 11:19 am

Minister: Iran will not discuss OPEC quota while under US sanctions

Qatar’s departure from OPEC will not destabilise this well-established inter-governmental organisation. For a start Qatar is a relatively minor oil exporter whose exports in the past couple of years have averaged at around 500,000 barrels per day.

Nor has Qatar ever been a big political player in OPEC with the ability to influence major decisions and strategic policy. In the past 58 years, since OPEC’s foundation in 1960, the big players have been Saudi Arabia, Iran, Iraq and to a lesser extent Venezuela.

Notwithstanding Qatar’s minor role in OPEC, the announced departure is a blow to the organisation at a time of heightened uncertainty. The biggest uncertainty surrounds the extent to which petroleum products will continue to be of high value to global transportation systems.

Whilst past predictions of the depletion of oil reserves have turned out to be vastly exaggerated, nevertheless the basic fact is that as energy demands increase three-fold over the course of this century the quest to find alternatives to fossil fuels will intensify.

One of OPEC’s jobs is to keep fossil fuels, and specifically petroleum, at the top of the energy agenda. Hitherto, it has had a relatively easy ride on this front as there has been little determined and concerted effort to identify alternatives to relatively cheap fossil fuels.

But the balance of power – in respect of fossil fuels and potential alternatives – is shifting and it is doubtful if OPEC has either the innovative attitude, strategic foresight and the underlying institutional coherence to act as a singularly effective lobby for petroleum.

READ: Qatar withdraws from OPEC, ends nearly six decades of membership

The Saudi spoiler

Qatar’s declared reason for leaving the oil producers’ cartel is that it wants to focus more on its gas industry. But Qatar’s Energy Affairs Minister, Saad Sherida Al-Kaabi, left little to the imagination when he said that: “We are not saying we are going to get out of the oil business but it is controlled by an organisation managed by a country.”

From Riyadh’s point of view, the disrespect implied by this obvious swipe at Saudi dominance is compounded by fears over the future trajectory of Qatar’s energy policy. Whilst Doha has relatively low oil reserves, by contrast it is the world’s biggest exporter of liquified natural gas (LNG).

Doha’s stated aim of focussing more on the LNG sector is bad news for Riyadh inasmuch as it hints at greater alignment with Saudi Arabia’s nemesis Iran. Qatar and Iran jointly own the world’s largest natural gas field in the Arabian Gulf. Known as South Pars to the Iranians and North Dome to the Qataris, the natural gas field is central to both countries’ energy policy.

Furthermore, Qatar’s decision to leave OPEC coincides with tension and uncertainty over Iran’s position within the cartel. Faced with a belligerent US administration whose stated goal is to reduce Iranian oil exports to “zero”, the Islamic Republic is more determined than ever to maintain its position in the international oil markets.

On the eve of the latest OPEC meeting today in Vienna, the Iranian Petroleum Minister, Bijan Zangeneh, has made it clear that Iran will not reduce daily output as long as it labours under US sanctions. This is a barely concealed swipe at Saudi Arabia’s policy of cutting production to boost prices.

The price of oil has dropped by 30 per cent since October and Saudi Arabia appears determined to prevent a further drop even at the risk of offending the Kingdom’s enthusiastic ally Donald Trump who has consistently called for low oil prices.

More broadly, Saudi Arabia’s dominant role within OPEC poses potentially existential issues for the oil producers’ cartel primarily because of Riyadh’s consistent vulnerability to pressure by non-OPEC powers. The Kingdom’s historic manipulation by the US to steer OPEC towards a direction consistent with US interests is well known.

More recently Saudi Arabia has been working with non-OPEC oil producer Russia to determine the strategic direction of the international oil markets independent of OPEC. This underhand behaviour is not only inimical to OPEC’s integrity but calls into question its continued existence.

The views expressed in this article belong to the author and do not necessarily reflect the editorial policy of Middle East Monitor.

Is #OPEC future in jeopardy after Qatar’s withdrawal? #Opinion https://t.co/pPnzdtnAIO December 06, 2018 at 04:00AM

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(WASHINGTON) CBP REPORT: The contract for the first phase of gate construction was awarded on Oct.03: to Gideon Contracting, LLC, from San Antonio, Texas in the amount of $3,731,380 for the seven base gates: The contract includes options for four additional gates valued at $1,985,525. Construction for the first seven gates was scheduled to begin Nov.30: #AceFinanceDesk reports

#AceFinanceReport – Dec.03: U.S. Customs and Border Protection (CBP), in partnership with the U.S. Army Corps of Engineers, awarded a contract to construct border wall gates in the U.S. Border Patrol’s (USBP) Rio Grande Valley (RGV) Sector, which was funded in CBP’s Fiscal Year (FY) 2017 appropriation: The contract for the first phase of gate construction was awarded on October 3, 2018 to Gideon Contracting, LLC, from San Antonio, Texas in the amount of $3,731,380 for the seven base gates. The contract includes options for four additional gates valued at $1,985,525. Construction for the first seven gates is scheduled to begin November 30, 2018 #AceFinanceDesk reports

Gate construction includes the installation of 35 automated border wall gates, associated equipment, and site improvements at current openings in the existing pedestrian wall alignment in the USBP RGV Sector: The gates are within the area of responsibility of the Fort Brown, Brownsville, and Harlingen Border Patrol Stations within Cameron County, Texas. The gates will be located off the U.S. International Boundary and Water Commission (IBWC) levee at the end of or along existing levee ramps. Once installed, the gates will serve as a persistent impediment to smuggling organisations while still allowing river access for property owners, USBP, other local/state/federal officials, and local emergency responders.

The RGV Sector remains an area of high illegal cross border activity: In FY 2017, USBP apprehended over 137,000 illegal aliens and seized approximately 260,000 pounds of marijuana and approximately 1,192 pounds of cocaine in the RGV Sector.

CBP continues to implement President Trump’s Executive Order 13767 – also known as Border Security and Immigration Enforcement Improvements – and continues to take steps to expeditiously plan, design, and construct a physical wall using appropriate materials and technology to most effectively achieve complete operational control of the southern border.

Source: CBP.Gov/ Published: November: 2018:

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(NEW YORK) Is the Federal Reserve considering a pullback in its interest rate hikes? Chairman Jerome Powell ’s recent observations have suggested that while the U.S. economy remains on firm footing it also faces an array of risks, including a slowing global economy and remarks from Fed Officials #AceFinanceDesk reports

#AceFinanceReport – Nov.28: Powell’s comments and similar remarks from other Fed officials have raised hopes in financial markets that the central bank may be close to slowing its rate increases, which have gradually raised borrowing costs for consumers and businesses. Any such slowdown — or pause — in its rate hikes would be welcome news for a stock market that has been battered by fears that the Fed’s continued credit tightening could end the long bull market: On Wednesday, Powell may reveal more about his thinking when he speaks to the Economic Club of New York #AceFinanceDesk reports

In an appearance earlier this month, Powell said he was generally pleased with the state of the economy, citing strong annual economic growth above 3 percent and unemployment at a near five-decade low of 3.7 percent. Those trends, he said, were coinciding with inflation remaining “right on target” at the Fed’s goal of 2 percent annual price increases.

But Powell also noted a number of looming risks, including the slowdown in global growth and the fading economic benefits of the tax cuts and government spending boost that took effect this year as well as the cumulative effect of the Fed’s own rate hikes. Many economists also worry about potential economic damage caused by President Donald Trump’s trade conflicts with China and other nations.

For his part, Trump has sought repeatedly to shift blame for any economic troubles to the Fed and its rate increases. In an interview Tuesday with the Washington Post, the president complained bluntly and at length about Powell, who was Trump’s hand-picked choice to lead the Fed.

“So far, I’m not even a little bit happy with my selection of Jay,” Trump said, using Powell’s nickname. “Not even a little bit. And I’m not blaming anybody, but I’m just telling you I think that the Fed is way off-base with what they’re doing.”

Trump argued that the Fed’s policies were damaging the economy and pointed to the recent stock market declines and General Motors’ announcement Monday that it would cut up to 14,000 workers in North America and put five plants up for possible closure.

“I’m doing deals, and I’m not being accommodated by the Fed,” Trump said. “They’re making a mistake because I have a gut, and my gut tells me more sometimes than anybody else’s brain can ever tell me.”

After keeping rates at a record low near zero for seven years, the Fed three years ago began gradually raising rates, including three hikes this year. Those increases have raised its benchmark rate to a still-historically-low range of 2 percent to 2.25 percent.

Higher interest rates tend to slow economic growth over time as well as pressure stock prices. For those reasons, this year’s hikes have made the Fed the target of unusual public attacks from Trump — criticism that has accelerated with the past month’s sharp declines in the stock market. Trump has complained that the Fed is threatening to undo the economic stimulus being provided by the tax cuts and that its rate hikes are unnecessary because inflation has remained relatively low.

In its most recent projections, the Fed forecast that it would raise rates in December for the fourth time this year, followed by three more hikes in 2019.

Analysts think a rate hike next month is all but certain, possibly in part because they think the Fed doesn’t want to appear to be bowing to pressure from Trump. But economists say three rate increases for next year are beginning to look less certain.

“When you see that economic growth is decelerating and financial markets are going through significant turbulence not only in the United States but globally, I think a rate pause would be a good idea,” said Sung Won Sohn, chief economist at SS Economics.

“I would not be surprised if they go with one more hike in December and then pause indefinitely to see what happens to the economy,” Sohn said.

Other Fed watchers still expect at least one or two rate increases in 2019 before the central bank pauses to observe how the economy is performing.

In a speech Tuesday, Vice Chairman Richard Clarida suggested that the Fed would continue to strive to be “data dependent” by using the latest readings on the economy “with a healthy dose of judgment and humility” to determine its interest-rate policy.

The Associated Press: @APBusiness: Investors will be listening closely to Powell for any clues to Fed’s future rate hikes. @mcrutsinger reports #AceTweetNews https://t.co/TvQBUPke8J

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MARKET: #MidTerms Report: Wall Street rallies with Dow rising over 300-points and by the end of trade in Europe, the FTSE 100 closed up 1.1%, the Dax in Frankfurt climbed 0.8% and the CAC 40 in Paris added 1.24%. #AceFinanceDesk reports

#AceFinanceReport – Nov.07: Editor says here’s what we know of the markets: Wall Street rallied on Wednesday despite the prospect of political gridlock after the midterm elections: The Dow Jones Industrial Average rose 310.88 points, or 1.22%, to 25,946 and the tech-heavy Nasdaq jumped 134 points, or 2%, to 7,510, while the broader S&P 500 index climbed 36 points, or 1.33%, to 2,791.94 #AceFinanceDesk reports

0

“Wall Street welcomed the outcome of the midterm elections,” said David Madden, market analyst at CMC Markets: “Historically, equity markets have performed well out of a divided Congress as traders feel the government finds it difficult to get new laws passed, and therefore not much changes………”The US economy had positive momentum going into the midterms, and that is likely to continue.”………..The election was held against a backdrop of huge volatility during October that saw many top indices enter technical correction territory………….The main worries included the effect of rising US interest rates and the US/China trade war.

There are predictions that now the election is out of the way, stock market values could start to creep back up towards record values again as buying opportunities are sought: “The rise in popularity of the Democrats could be construed as a vote against Trump’s tough trade stance, and perhaps the White House might soften its position regarding China,” Mr Madden said…………….”There is speculation the Democrats are keen to improve infrastructure, and we are seeing a rally in Caterpillar.”………….The technology and healthcare sectors rose more than 1.5% each with the prospect of restrictive legislation fading because of possible gridlock.

“Mr Trump has set his sights on tech giants like Amazon, and the outcome of the midterms might make it more difficult for him to go after tech titans,” Mr Madden said.

Source: Sky News: Dow jumps 300 points as Trump tightens grip on Senate https://t.co/8sATUAzWU1CNNMoney.Com/ Published: November.07:2018:

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(WASHINGTON) Markets: The final major economic report before Tuesday’s congressional elections show ed that U.S. employers added a stellar 250,000 jobs in October and raised average pay by the most in nearly a decade and unemployment at five decade low of 3.7 percent and pay rose fastest since 2009 #AceFinanceDesk reports

#AceFinanceReport – Nov.03: Friday’s employment report from the government pointed to a consistently robust job market that shows no sign of flagging even with the economy in its 10th year of expansion: Many employers have been struggling to find qualified applicants, which helps explain why average pay rose 3.1 percent over the past 12 months — the fastest year-over-year increase since 2009 #AceFinanceDesk reports

Those higher wages may be drawing more people into the labor market. An influx of new job-seekers increased the proportion of Americans with jobs to its highest level since 2009: By some measures, consumers are the most confident they have been in 18 years, and their spending is propelling brisk economic growth. The economic expansion is now the second-longest on record, and October marked the 100th straight month of hiring, a record streak.Strength in their customer demand has been a key factor leading companies to steadily add workers. Though economists have predicted that hiring will eventually slow as the pool of unemployed Americans dwindles, there’s no sign of that happening yet.

Still, the latest month of healthy job growth might not tip many votes in the midterm elections. Polls have suggested that while Americans generally approve of the economy’s performance, that sentiment hasn’t necessarily broadened support for President Donald Trump or for Republican congressional candidates: The strong job growth and bigger pay increases will likely encourage the Federal Reserve to keep raising short-term interest rates. Most analysts expect the Fed to resume its rate hikes in December.Hurricane Michael, which slammed into the Florida Panhandle and southern Georgia last month, had no discernible effect on the jobs data, the government said.

Still, October’s outsize gain might have reflected, in part, a rebound from September, when Hurricane Florence depressed job growth.Hiring in October was strong in higher- and middle-income jobs: Professional and business services, which include engineers, architects and accountants, gained 35,000 jobs. Manufacturers added 32,000 after two months of smaller gains, defying fears that Trump’s trade fights would slow hiring in that sector. Construction companies added 30,000 positions……………………..Retailers barely hired, adding just 2,400 positions, possibly reflecting the Sears bankruptcy…………………Restaurants and hotels gained 33,000, most of them lower-paying.In the July-September quarter, consumer spending grew by the most in four years and helped the economy expand at a 3.5 percent annual rate. That growth followed a 4.2 percent annual pace in the April-June quarter……………Combined, the two quarters produced the strongest six-month stretch of growth in four years.

Manufacturing output and hiring remain healthy, according to a survey by a private trade association, although increased tariffs have raised factory costs: By contrast, housing remains a weak spot in the economy, with sales of existing homes having fallen for six straight months as mortgage rates have risen to nearly 5 percent. But slower sales have started to limit home price increases, which had been running at more than twice the pace of wage gains.

There are other signs that pay growth is picking up: A measure of wages and salaries rose 3.1 percent in the third quarter from a year earlier, the best such showing in a decade, the government said Wednesday……………..Although pay increases can help boost spending and propel the economy’s growth, they can also lead companies to raise prices to cover their higher labor costs………………….That trend, in turn, can accelerate inflation.So far, though, inflation remains in check. The Federal Reserve’s preferred price measure rose 2 percent in September compared with a year earlier, slightly lower

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MARKETS: AUSTRALIA) Shares in troubled financial services firm AMP have failed to fight back from yesterday’s 25 per cent plunge, ending down by nearly 5 per cent at a fresh record low after failing to hold onto the early gains today before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

#AceFinanceReport – Oct.26: After choosing a bad day to reveal news to the market, and being swept up in the global sell-off that saw Australian shares wipe off more than $50 billion in value, AMP shares failed to hold on to early gains today: The stock closed at $2.38, compared to its 2018 high of $5.47 in March — before the company’s first damaging appearance at the banking royal commission #AceFinanceDesk reports

Building with AMP logo on topPhoto: AMP’s reputation and share price have taken a battering since the banking royal commission. (Reuters: David Gray)

AMP’s stints before the commission have revealed lies told to the corporate regulator, interference with an independent report and charging fees for no service, leading to the loss of a chairman, chief executive and a slew of directors.

“Almost from the day it listed 20 years ago, it’s been almost one bad story, or one bad move, after another,” investor and former fund manager Peter Morgan said.

The latest story was confirmation that customers are deserting AMP. Its Australian wealth management division saw a $1.5 billion net outflow of funds over a what it called a “testing” quarter, coming on top of nearly $900 million over the previous six months.

The company also announced the sale of its life insurance business to Resolution Life for $3.3 billion.

Despite the life insurance sector taking a battering at the royal commission, Mr Morgan thinks there was a potential opportunity in an industry “on its knees”.

“The sale feels desperate,” he said.

However, he used the share-price plunge as a buying opportunity, picking up some AMP shares on Friday morning with the hope the potential impacts of the royal commission’s final report are already priced in.

“The pain is well known and the problems are well known, that’s in the market now and hopefully it can’t get any worse,” he said.

There was blood in the streets yesterday.

“When you see a stock fall 25 per cent, following on from a history of negativity, it feels like the last are getting out.”

Embed: AMP share price

‘A sense of arrogance’

The pain has been long-term for AMP shareholders — after the stock peaked above $14 in 2001 — and Morningstar analyst Chanaka Gunasekera thinks management’s short-term focus has been the problem.

They haven’t looked to the long term interests of shareholders,” he said.

Mr Morgan says a “sense of arrogance” has hurt the company since it listed on the market in 1998.

“It’s better to under-promise and overdeliver rather than the reverse, overpromise and underdeliver, which has been basically what AMP has done,” he said.

However, most analysts say the company’s problems are not terminal.

“There are a couple of businesses within AMP that are doing pretty well — you’ve got AMP Capital and AMP Bank,” Mr Gunasekera said.

Mr Morgan thinks management needs to sell their strategy better and is calling for the board to have some skin in the game, to instil confidence in investors.

“If I could say one thing to AMP, I’d say get out there on the front foot and be transparent,” he said.

“I’d love to see the directors buy some shares in it, out of their own back pocket.”

New chief executive Francesco De Ferrari takes the reins in December, with a battered corporate reputation and share price awaiting his attention.

Source: ABC.Net/Reuters.Com/ Published: October.26: 2018:

Related Story: AMP shares nosedive 25pc to record low on life insurance sale and funds outflow

Related Story: AMP charges dead customers for life insurance
Related Story: AMP releases $615m damage control plan, lowers profit expectation

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MARKETS: JUST IN: Unemployment rate drops to 3.7%, lowest in nearly half a century and only 134,000 jobs wer e added due to ‘ Hurricane Florence ‘ with many people working part-time wanting full time j obs as earnings grew 2.8% and markets roar away its reported on Friday #AceNewsDesk reports

#AceFinanceReport – Oct.05: The unemployment rate dropped to a half-century low in September, the Labor Department reported Friday: The U.S. unemployment rate fell to 3.7 percent in September — the lowest level since December 1969 — signaling how the longest streak of hiring on record has put millions of Americans back to work: However, there was an increase in the number of people working part-time who want full-time work #AceNewsDesk reports

The unemployment rate is now at 3.7 percent, the lowest rate since December 1969, when the jobless rate was 3.5 percent. That’s despite September hiring being slower than expected. “The fall in the unemployment rate is largely due to the ‘right’ reasons: people finding work (i.e. not because people gave up looking),” wrote Elise Gould, senior economist at the Economic Policy Institute.

Unemployment fell broadly, indicating that workers across all levels of education are finding work: “Over the last six months to a year, the market has really tightened at the lower-experience level,” said Cathy Barrera, chief economist for ZipRecruiter, an online job platform. “That’s really good news for people with less education and also young people.”

Only 134,000 jobs were added, But that figure was likely depressed by the impact of Hurricane Florence while economists had been expecting about 180,000 jobs to be added. Most say it’s a temporary dip, which battered and flooded the Carolinas in mid-September, during the time the national jobs survey is conducted. Businesses that close temporarily can have a big impact on the jobs numbers, Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note: “[T]he official data only include people who were paid something – anything – in the survey period,” he wrote. People “who could not work because of the storm therefore disappear temporarily from the BLS numbers.”

Other data show the economy roaring ahead. Earlier estimates for job creation in July and August were revised up, so that on average, businesses added nearly 200,000 jobs per month this year — well above the number needed to keep up with a growing population.

Average earnings grew 2.8 percent year-over-year. While that’s still lower than what economists would expect with a rock-bottom unemployment rate, it’s an improvement from the 2.0 percent wage growth seen at the start of this year. Economist Justin Wolfers said September’s data pushes up annualized wage growth over the last three months to a healthy 3.8%.

While nominal wage growth over the past 12 months is only 2.8%, there’s definitely a trend here…

Annualized wage growth over the 3 months ending:
Dec 2017: 2.0%
Mar 2018: 2.4%
Jun 2018: 2.9%
Sep 2018: 3.8%

— Justin Wolfers (@JustinWolfers) October 5, 2018

Date Published: October.05:2018:

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JUST IN: Trumps #MAGA Economy ADDS a strong 201,000 jobs in August, and the unemployment rate remained near historical lows at 3.9% Ave earnings GREW 2.9% in the strongest rate since 2009 #AceFinanceDesk reports

#AceFinanceReport – Sept.07: The unemployment rate stayed at 3.9%, near historical lows, the Labor Department reported #AceNewsDesk reports

Average hourly earnings grew 2.9% compared with a year ago, the strongest rate since 2009. That number is not adjusted for inflation, which has been rising in recent months and eating into workers’ paychecks. And it’s lower than wage growth rates in previous economic expansions……………………..Still, the wage growth figure may be held down by larger numbers of young people entering the workforce at lower pay scales. Other measures of wage growth, such as the total cost for employers, have been rising more quickly.

“We don’t think it’s a fluke,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “We think we are at that stage where the labor market has gotten so tight that you’re going to see upward pressure on wages.”

The job gains for August were roughly in line with the average for the last 12 months, which is196,000: Employment growth was revised down by a total of 50,000 over June and July, making the last three months look more like a slowdown as trade tensions loomed. August is also commonly revised, meaning that this month’s number will likely change as well. …………………………August’s job gains were driven by professional and business services as well as health care and wholesale trade. Manufacturing shed 3,000 jobs, the sector’s first monthly decline since July 2017, although manufacturers have still added 254,000 jobs over the year………………The economy has been on a roll lately, with employers reporting difficulty finding enough workers to fill their open positions. The number of job openings has exceeded the number of unemployed people since March.

CNNMoney (New York) First published September 7, 2018: 12:01 AM ET: https://cnnmon.ie/2Nm0ykF pic.twitter.com/FcueJ9rBcE

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(WASHINGTON) In latest the US unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs, in the the latest escalation in the trade war between the two countries which will take effect from Aug.23: As the markets Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece #AceFinanceDesk reports

#AceFinanceReport – Aug.08: Editor says but the markets reacted positively Dow closes up 127 points, S&P 500 and Nasdaq up 0.3% apiece. Tesla soars 11% after Elon Musk says he wants to take the company private. https://cnnmon.ie/2ARtM5G to the news: The Trump administration on Tuesday unveiled a list of roughly $16 billion worth of imports from China that will be hit with 25% tariffs: The move marks the latest escalation of a trade war between the world’s two largest economies………………….The tariffs on 279 products, including motorcycles, speedometers and antennas, will take effect August 23 #AceFinanceDesk reports

It is the second time the US has slapped tariffs on Chinese goods, despite persistent warnings by American businesses it will raise the price of goods for consumers: The Trump administrationhas accused China of unfair trade practices and President Donald Trump has long vowed to bring down the United States’ trade deficit in goods with Beijing.

In July, the administration imposed 25% tariffs on $34 billion in Chinese imports. Beijing, accusing the United States of trade bullying, has retaliated by imposing tariffs on an equal measure of American goods.

So far, financial markets have shrugged off the first round of trade duties

Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing to threaten new tariffs. Over the weekend, Trump told a rally he holds the advantage over China, adding playing hardball on trade is “my thing.”

Trump directed the Office of Trade Representativeearlier this month to considerimposing a 25% tariff on an additional $200 billion worth of Chinese goods, including fruit and vegetables, handbags, and refrigerators.

China has threatened to retaliate on any additional US tariffs tit-for-tat

The Chinese government has said it would impose duties as high as 25% on American products like meat, coffee, nuts and auto parts.

“In violation of the bilateral consensus reached after multiple rounds of negotiations, the United States has again unilaterally escalated trade frictions,” the Chinese State Council Tariff Commission said in a statement last Friday.

The United States and China trade goods and services worth about $650 billion each year, the largest trading relationship in the world between two countries: https://cnn.it/2M6fkLA pic.twitter.com/oBzvZoV5rI

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here Live Feeds https://acenewsroom.wordpress.com/ Ace News Services Posts https://t.me/AceSocialNews_Bot and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews all private chat messaging on here https://t.me/sharingandcaring