Business Update: Budget Talks, Hostess, GE

5 years 11 months 2 weeks ago Sunday, December 02 2012 Dec 2, 2012 Sunday, December 02, 2012 4:16:00 PM CST December 02, 2012 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
BOONE COUNTY - One person was hospitalized Saturday evening after a shooting just east of Columbia, the Boone County Sheriff's... More >>
1 hour ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 11:01:00 PM CST November 17, 2018 in News
LAKE OZARK - Community members gathered Saturday to raise money for the Police Unity Tour. Every year, police officers... More >>
5 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 7:12:00 PM CST November 17, 2018 in News
COLUMBIA - A Columbia man is home from the hospital Saturday after spending three weeks in the ICU, recovering from... More >>
5 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 6:58:00 PM CST November 17, 2018 in News
PHELPS COUNTY - One man was airlifted to the hospital Saturday morning after he suffered "a large caliber gunshot wound... More >>
7 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 4:46:00 PM CST November 17, 2018 in News
COLUMBIA - Fall Into Art kicked off the weekend with its annual show, and artists shared what their art means... More >>
8 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 3:50:00 PM CST November 17, 2018 in News
COLUMBIA - One of the largest holiday shopping events in mid-Missouri takes place Saturday and Sunday at the Columbia Exposition... More >>
10 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 2:20:00 PM CST November 17, 2018 in News
COLUMBIA - From the amateurs to the professional travel teams, dodgeball players of all skill sets took part in the... More >>
10 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 2:05:00 PM CST November 17, 2018 in News
CALLAWAY COUNTY - A chase that reached speeds of 115 mph and a subsequent foot pursuit led to the arrest... More >>
11 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 12:50:00 PM CST November 17, 2018 in News
Royal Palm Beach, FL ( WPTV ) -- Firefighters rescued several pets from a house fire in Royal Palm Beach... More >>
12 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 11:45:00 AM CST November 17, 2018 in News
COLE COUNTY - Another fatal crash occurred in Missouri early Saturday morning. 30 year-old Richard Lowry, of Eugene, was pronounced... More >>
18 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 5:57:00 AM CST November 17, 2018 in News
SEDALIA - A Sedalia woman was pronounced dead following a crash near Sedalia on Nov. 16. 51-year-old Janna McQueen... More >>
19 hours ago Saturday, November 17 2018 Nov 17, 2018 Saturday, November 17, 2018 5:24:00 AM CST November 17, 2018 in News
SPRINGFIELD (AP) — A jury has found a Wisconsin man guilty of first-degree murder for killing a Missouri mother who... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 9:47:00 PM CST November 16, 2018 in News
COLUMBIA - Families filled empty shoeboxes with hygiene products, school supplies, clothes, shoes and toys for children in need at... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 8:04:00 PM CST November 16, 2018 in News
COLUMBIA - The price of a typical Thanksgiving meal in Missouri is a full $5.25 higher than the national average.... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 7:18:00 PM CST November 16, 2018 in News
JEFFERSON CITY - The nature of Twitter and how government officials use it was at the heart of a hearing... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 4:11:00 PM CST November 16, 2018 in News
ST. LOUIS - The University of Missouri Board of Curators announced cuts to costs Friday to help with enrollment at... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 3:24:00 PM CST November 16, 2018 in News
(CNN) -- USA Gymnastics' longtime chief operating officer has resigned, the organization said Friday, becoming the latest in a string... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 2:56:27 PM CST November 16, 2018 in News
COLUMBIA- A tree in downtown Columbia became the target of vandalism Thursday night when two men were caught on camera... More >>
1 day ago Friday, November 16 2018 Nov 16, 2018 Friday, November 16, 2018 2:49:00 PM CST November 16, 2018 in News
Columbia, MO
Broken Clouds 35°
1am 32°
2am 32°
3am 32°
4am 31°