Business Update: Budget Talks, Hostess, GE

4 years 3 months 3 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
loading

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
JEFFERSON CITY, Mo. (AP) — Missouri's Republican-led House has squashed an attempt by Democrats to expand Medicaid eligibility. Members... More >>
6 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 11:25:00 PM CDT in News
COLUMBIA - Less than a week away from election day, and Columbia City Council candidates are still working to out... More >>
8 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 9:49:00 PM CDT in News
ST. LOUIS (AP) — Prosecutors say a Nigerian citizen living in St. Louis was part of a stolen identity fraud... More >>
11 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 6:35:00 PM CDT in News
FULTON - An area man was arrested Wednesday afternoon on suspicion of stealing, trespassing and property damage. The Fulton... More >>
11 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 6:20:00 PM CDT in Coverage From Callaway
HOLTS SUMMIT - Research published in the Journal of the National Cancer Institute shows colon cancer rates have been steadily... More >>
11 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 6:15:00 PM CDT in News
CALLAWAY COUNTY - Two teenagers were arrested Wednesday and accused of ATV theft. According to a release, Callaway County... More >>
11 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 5:56:00 PM CDT in Coverage From Callaway
COLUMBIA - Former MU Interim Chancellor Hank Foley has accepted the position of president at the New York Institute of... More >>
12 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 4:56:00 PM CDT in Top Stories
CALIFORNIA - Three people were arrested on drug charges Tuesday at the Moniteau County Jail. According to a release... More >>
13 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 4:26:00 PM CDT in News
LAKE OZARK - Police arrested a man Wednesday morning following a vehicle chase in which the suspect allegedly hit a... More >>
13 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 4:03:00 PM CDT in News
JEFFERSON CITY - It only takes the swinging of a wrecking ball to reduce a historic building to rubble. ... More >>
14 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 3:11:00 PM CDT in News
JEFFERSON CITY - Jefferson City's transit system, JEFFTRAN, wrapped up a series of six public meetings on Wednesday. JEFFTRAN... More >>
15 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 2:08:00 PM CDT in News
INDEPENDENCE (AP) — A suburban Kansas City police office is hospitalized after being injured in a confrontation after short car... More >>
15 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 1:56:10 PM CDT in News
JEFFERSON CITY (AP) — Lawmakers are advancing a proposal to ban Missouri cities and counties from using red-light cameras. ... More >>
16 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 1:48:48 PM CDT in News
ST. LOUIS (AP) — Chuck Berry fans will have their chance to pay their respects to the late rock 'n'... More >>
16 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 1:45:11 PM CDT in News
MONITEAU COUNTY - Police caught a Kansas City man who is accused of multiple burglaries across Missouri, Pennsylvania and Arkansas... More >>
16 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 1:33:00 PM CDT in News
COLUMBIA - Only one state spends less per capita on its public defender system than Missouri: Mississippi. That could... More >>
18 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 11:27:00 AM CDT in News
JEFFERSON CITY (AP) — The Missouri House has passed a proposal to spend roughly $242 million more than planned this... More >>
18 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 11:23:07 AM CDT in News
JEFFERSON CITY (AP) — Department of Social Services Acting Director Jennifer Tidball said Missouri still is giving money to Planned... More >>
20 hours ago March 29, 2017 Mar 29, 2017 Wednesday, March 29 2017 Wednesday, March 29, 2017 9:49:00 AM CDT in News
Columbia, MO
Broken Clouds 58°
6am 58°
7am 58°
8am 58°
9am 59°

Select a station to view its upcoming schedule:

Coming Up Next

5:00a
KOMU 8 News Today
6:00a
KOMU 8 News Today
7:00a
Today
5:30a
Paid Program
6:00a
King of the Hill
6:30a
King of the Hill

Tonight's Schedule

7:00p
Superstore
7:30p
Powerless
8:00p
Chicago Med
9:00p
The Blacklist: Redemption
7:00p
Supernatural
8:00p
Riverdale
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld