Business Update: Budget Talks, Hostess, GE

4 years 1 month 2 weeks ago December 02, 2012 Dec 2, 2012 Sunday, December 02 2012 Sunday, December 02, 2012 4:16:00 PM CST in News
By: Katie Brennan
Embed Code Copied

Investors across the country are focused on Washington's budget talks as the nation continues to edge close to the so-called fiscal cliff.

The S&P 500 increased for the second week in a row, gaining 0.5 percent to close at 1,416 for the week. The Dow Jones Industrial Average ended flat, advancing 0.1 percent, to 13,025. The NASDAQ eked out a gain of 1.4%

Wall Street has some better than expected economic data to thank for those gains. Consumer confidence rose in November to the highest level in almost five years. The index read 73.7 up from 73.1 in October.

Gross Domestic Product grew at an annual rate of 2.7 percent in the third quarter, beating the prior expectation of 2 percent GDP growth. Also, U.S. orders for durable goods in October came in flat, but topped forecasts of a 0.4 percent loss. Missouri's Rapid Response Team is helping hostess employees who are facing displacement as the Twinkie maker liquidates and closes bakeries across the country.

The Missouri Department of Economic Development suggests the nearly 100 workers who lost their jobs at the Hostess bakery in Boonville file for Unemployment Insurance immediately.

But it's not all bad news in the mid-Missouri job market. General Electric created 115 additional jobs as it opened a renovated factory in Slater. GE spent $3 million turning the former storage warehouse into an air filters manufacturer and expects to spend an additional $11 million more on upgrades. GE now employs 300 people in slater.

"It's good business for everybody else. People go for lunch at the restaurants around, and they go to Casey's. So i mean it brings business to other places beyond this building," said 20-year employee Vida Dewolfe.

In the upcoming week, investors will have a plethora of jobs numbers to work with. Payroll processing firm ADP releases its employment report Wednesday. On Thursday, the Challenger job cuts report will provide investors with insight as to where layoffs could happen. The Labor Department will release non-farm payroll numbers and the nation's unemployment rate on Friday.

Some analysts expect the data to show employers are postponing hiring until there is a resolution in Washington. Many are hopeful that would encourage lawmakers to find consensus and ensure the nation does not tumble off the fiscal cliff.

KOMU 8's Katie Brennan will break down the jobs numbers and how they will play into budget talks in next week's Business Update.

More News

Grid
List
COLUMBIA – Concerned community members gathered at Republican U.S. Representative Vicky Hartzler’s office Tuesday to protest a recent development in... More >>
1 hour ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 1:58:00 PM CST in News
COLUMBIA – Higher education institutions have concern over the impact of Governor Greitens' announced budget cuts that will largely decrease... More >>
1 hour ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 1:41:00 PM CST in Continuous News
JEFFERSON CITY - Rep. Kip Kendrick, D-Columbia, filed two bills on Tuesday addressing the rise of student debt. The... More >>
1 hour ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 1:35:00 PM CST in News
CARTHAGE (AP) — Authorities say a 10-year-old girl has died in a southwest Missouri shooting that appears to be accidental.... More >>
3 hours ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 12:01:13 PM CST in News
JEFFERSON CITY (AP) — New Missouri Gov. Eric Greitens will outline his policies on jobs, ethics, public safety and education... More >>
4 hours ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 11:14:00 AM CST in News
ST. LOUIS (AP) — St. Louis' fortunes may be looking up, thanks to a surprising surge in business startups. ... More >>
4 hours ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 11:03:00 AM CST in News
COLUMBIA - Prosecutors have filed charges against one of two men arrested following an assault at the Red Roof Inn... More >>
5 hours ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 10:25:00 AM CST in News
COLUMBIA - An MU associate teaching professor is presenting a petition to the Columbia City Council Tuesday evening on behalf... More >>
13 hours ago January 17, 2017 Jan 17, 2017 Tuesday, January 17 2017 Tuesday, January 17, 2017 1:34:00 AM CST in News
COLUMBIA - Almost 50 years after the death of civil rights leader Dr. Martin Luther King Jr., Columbia groups still... More >>
17 hours ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 10:08:00 PM CST in News
SUNRISE BEACH – Buying and selling personal property privately, such as furniture, clothes and cars, is commonplace in today’s world... More >>
18 hours ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 9:18:00 PM CST in News
COLUMBIA - After a budget resolution aimed at repealing Obamacare was reached Jan. 12, groups in Missouri plan to protest... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 2:50:00 PM CST in News
CALIFORNIA (AP) - Central Missouri Democrats nominated an attorney who formerly worked for the Missouri Senate to run in a... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 2:36:00 PM CST in News
HILLSBORO (AP) - The Missouri State Highway Patrol says a 28-year-old man died after a four-wheeler he was riding on... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 2:09:00 PM CST in News
NICKELVILLE (AP) - A southwest Missouri county highway is expected to be closed until Thursday as crews clean up an... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 2:02:00 PM CST in News
ST. LOUIS (AP) - Police are investigating after a 34- year-old man was found dead outside a hospital in north... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 10:51:00 AM CST in News
COLUMBIA - Cafe Berlin reopened Monday for brunch, after being closed following a destructive break-in. The break-in on Saturday night... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 10:05:00 AM CST in News
ST. LOUIS (AP) - St. Louis' fortunes may be looking up, thanks to a surprising surge in business startups. ... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 9:41:00 AM CST in News
COOPER COUNTY - Just before 5 a.m. Monday morning, the Cooper County Fire Protection District responded to a structure fire... More >>
1 day ago January 16, 2017 Jan 16, 2017 Monday, January 16 2017 Monday, January 16, 2017 8:29:00 AM CST in Top Stories
Columbia, MO
Broken Clouds 39°
4pm 41°
5pm 40°
6pm 39°
7pm 38°

Select a station to view its upcoming schedule:

Coming Up Next

3:00p
Dr. Phil
4:00p
Jeopardy!
4:30p
Jeopardy!
3:00p
The Robert Irvine Show
4:00p
Cops Reloaded
4:30p
The Cleveland Show

Tonight's Schedule

7:00p
The Wall
8:00p
This Is Us
9:00p
Chicago Fire
7:00p
The Flash
8:00p
No Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld