Business Update: Jobs Report, Consumer Sentiment, Missouri Layoffs

5 years 6 months 1 week ago Sunday, December 09 2012 Dec 9, 2012 Sunday, December 09, 2012 6:24:00 PM CST December 09, 2012 in News
By: Katie Brennan
loading

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
WASHINGTON (AP) — President Donald Trump announced Monday he is directing the Pentagon to create a new "Space Force" as... More >>
1 hour ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 7:08:00 PM CDT June 18, 2018 in News
JEFFERSON CITY - Missouri democrats want Governor Mike Parson fire his chief operating officer and cancel a contract awarded to... More >>
1 hour ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 6:49:00 PM CDT June 18, 2018 in News
COLUMBIA - Mid-Missouri air conditioning companies are facing the busiest time of year amid a four-day heat advisory. Craig... More >>
3 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 5:16:00 PM CDT June 18, 2018 in News
COLUMBIA – The attorney representing the security guard who shot Anthony Warren at a Waffle House on New Year's Day... More >>
5 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 3:12:00 PM CDT June 18, 2018 in News
JEFFERSON CITY - The 600 block of Monroe Street will be closed until Friday. Construction crews are removing a retaining... More >>
6 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 2:20:00 PM CDT June 18, 2018 in News
BOONE COUNTY - A death, a huge cache of weapons and a suspect whose gun jammed as he was aiming... More >>
6 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 2:17:00 PM CDT June 18, 2018 in News
JEFFERSON CITY (AP) — Gov. Mike Parson appointed state Senate Majority Floor Leader Mike Kehoe to be the new lieutenant... More >>
7 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 1:15:00 PM CDT June 18, 2018 in News
BOONVILLE - Jesse Viertel Memorial Airport may reach new heights after the city council accepted a bid and authorized a... More >>
7 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 12:42:00 PM CDT June 18, 2018 in News
COLUMBIA - City public works crews will be repairing a road buckle on Providence Road between Blue Ridge Road and... More >>
8 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 11:39:00 AM CDT June 18, 2018 in News
BALLWIN (AP) — Another bear sighting has people concerned in part of Missouri, but this time, it's deep into... More >>
10 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 9:45:39 AM CDT June 18, 2018 in News
BOONE COUNTY – The Katy Trail will see more bike traffic than usual this week with the 2018 Katy Trail... More >>
12 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 7:33:00 AM CDT June 18, 2018 in News
COLUMBIA - Columbia is under a heat advisory until Monday evening. The National Weather Service issued the advisory on... More >>
22 hours ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 9:29:00 PM CDT June 17, 2018 in News
FULTON - Forty people with disabilities will learn how to ride a two-wheel bicycle at the iCan Bike camp this... More >>
23 hours ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 9:18:00 PM CDT June 17, 2018 in News
COLUMBIA - Missouri is the first and only state to define "meat" as exclusively animal product. The Missouri General... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 4:55:00 PM CDT June 17, 2018 in News
COLUMBIA - The city will discuss the results of the 2017 Community Survey at Monday's city council meeting. Used... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 4:06:00 PM CDT June 17, 2018 in News
ROCHEPORT - The Sunny Oaks Charity Horse Show brought about 20 riders out Sunday afternoon to compete for ribbons and... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 3:36:00 PM CDT June 17, 2018 in News
SPRINGFIELD - A Hickman High School graduate has surrounded herself with Kewpies. The dolls' trademark round eyes watch happily from... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 8:05:00 AM CDT June 17, 2018 in News
COLUMBIA - Hundreds of people impacted by cancer gathered together on a track Saturday in support of cancer fighters and... More >>
1 day ago Saturday, June 16 2018 Jun 16, 2018 Saturday, June 16, 2018 10:11:00 PM CDT June 16, 2018 in News
Columbia, MO
Broken Clouds 87°
9pm 85°
10pm 83°
11pm 82°
12am 80°