Business Update: Jobs Report, Consumer Sentiment, Missouri Layoffs

3 years 5 months 2 weeks ago December 09, 2012 Dec 9, 2012 Sunday, December 09 2012 Sunday, December 09, 2012 6:24:00 PM CST in News
By: Katie Brennan

U.S. Markets ended mixed last week as investors weighed an encouraging jobs report against evidence of waning consumer confidence, KOMU's Katie Brennan reports in this week's Business Update.

The Labor Department released its November jobs report before the opening bell Friday. The report found the U.S. economy added more jobs than expected with 146,000 new jobs in November.

In hand, the nation's unemployment rate fell 0.2 percent to 7.7 percent- that's a four-year low. But manufacturing cut 7,000 jobs, mostly in food manufacturing - which speaks to some local layoffs by Hostess.

Missouri has seen layoffs across the state: Not only by Hostess but by Energizer, Enersays Energy Products, and it could see more as the low levels of the Mississippi river impact shipping. So, unfortunately, Missouri's November unemployment rate is not expected to follow the national trend. Missourians filed 31,500 initial jobless claims in the final four weeks of November, up more than 15 hundred from October's total.

Also, Citigroup's new CEO announced Wednesday the bank will cut more than 11,000 jobs to drive down costs. Citi's mortgage lending subsidiary, CitiMortgage, is based in O'Fallon, Missouri. The third-largest bank in the country employs 6,000 people in Missouri. About 5 percent of those positions - roughly 300 jobs - will be cut, a spokesman told the Saint Louis Post Dispatch.Not great news for Missouri's economy, but the plans sent Citigroup's stock price soaring 8.9 percent.

That surge helped the S&P 500 keep up its winning streak for the third week. The S&P 500 increased 0.6 percent to 1,418 for the week, finishing at its highest level since election day. The Dow Jones Industrial Average added 170 points throughout the week, closing at 13,155. But the NASDAQ dropped 24 points to 2,978 last week - dragged down by a nearly 9 percent sell off in Apple shares.

Also weighing on the markets- consumer confidence unexpectedly plunged to 74.5 from November's reading of 82.7, according to the monthly survey by Thompson Reuters and the University of Michigan. It came in way below forecasts of 82, serving as a stark reminder that Americans are still nervous about the economy. Perhaps they should be; lawmakers continue to bicker over a budget deal. Each day without a deal inches the country closer to $500 billion of scheduled tax increases and spending cuts.

KOMU8's Katie Brennan will have more on the fiscal cliff threat, now only three weeks away, in the next business update.

More News

Grid
List
KANSAS CITY (AP) — A Kansas City woman who pleaded guilty to second-degree murder in the death of her 2-year-old... More >>
1 hour ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:10:23 PM CDT in News
COLUMBIA — A 22-year-old man was taken to the hospital with non-life threatening injuries Friday after he was shot twice.... More >>
2 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 10:52:00 PM CDT in News
CAPE GIRARDEAU (AP) — A man has been arrested and charged in the death of a man whose body was... More >>
4 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 8:15:25 PM CDT in News
JEFFERSON CITY — Gov. Jay Nixon declared a state of emergency Friday as severe storms could bring more flooding throughout... More >>
5 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 7:38:00 PM CDT in News
CASSVILLE (AP) — Authorities in southwestern Missouri say an 8-year-old boy has drowned in a creek. The Missouri State... More >>
6 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 6:34:00 PM CDT in News
COLUMBIA — Local troopers remind Missouri residents what's important this Memorial Day weekend while on waters. The Missouri State... More >>
6 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 6:01:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri mega-donor Rex Sinquefield is pouring millions of dollars into political committees before the Aug. 2... More >>
7 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 5:44:00 PM CDT in News
KANSAS CITY (AP) — A Kansas City, Missouri, man is accused of assaulting a female city animal control officer and... More >>
7 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 5:28:51 PM CDT in News
COLUMBIA — A pursuit that ended with a wrong way crash on Providence Road on Wednesday morning led to charges... More >>
8 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 4:13:00 PM CDT in Target 8
JEFFERSON CITY (AP) — A prominent GOP political donor is again supporting Lt. Gov. Peter Kinder as he runs for... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:50:00 PM CDT in News
JEFFERSON CITY — Missouri Attorney General Chris Koster warned consumers on Friday about Internal Revenue Service (IRS) scam calls. ... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:35:00 PM CDT in News
BOONE COUNTY — Boone County residents can now find out more than ever about who's detained in their county's system,... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:16:00 PM CDT in News
OSAGE COUNTY — Ron Dishman has officially taken over as the Sheriff of Osage County after Michael Dixon stepped down... More >>
9 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 3:11:00 PM CDT in News
COLUMBIA — Missouri public schools are expected to have higher summer school attendance rates this year, yet some officials worry... More >>
10 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 2:36:00 PM CDT in News
SPRINGFIELD – United States Attorney Tammy Dickinson announced that James Laughlin, the owner of the 4-J apartment complexes in Pulaski... More >>
12 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 12:44:00 PM CDT in News
CAMDENTON – Chelsea Rae Ellis, a 28-year-old, was arrested after the Camden County Sheriff’s Department reported discovering drugs in her... More >>
13 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:53:00 AM CDT in News
MEXICO – Attorney Jacob Shellabarger announced Gary D. Johnson Senior, of Mexico, MO, was sentenced thirty years for child sex... More >>
13 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:35:00 AM CDT in News
COLUMBIA - The University of Missouri announced Friday MU Law School Dean Gary Myers will resign effective Aug. 14. In... More >>
13 hours ago May 27, 2016 May 27, 2016 Friday, May 27 2016 Friday, May 27, 2016 11:31:00 AM CDT in News
Columbia, MO
Broken Clouds 67°
1am 68°
2am 67°
3am 67°
4am 67°

Select a station to view its upcoming schedule:

Coming Up Next

12:37a
Last Call with Carson Daly
1:07a
The Insider
1:37a
Access Hollywood
12:30a
The King of Queens
1:00a
The King of Queens
1:30a
Seinfeld

Tonight's Schedule

7:00p
King Kong
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld