Business Update: Budget Talks, Hostess, GE

7 years 3 months 4 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
In this COVID-19 town hall, KOMU 8's Emily Spain talks with Graham McCaulley about how the ongoing pandemic has affected... More >>
5 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 11:42:00 PM CDT March 31, 2020 in News
COLUMBIA - For Scott Denson, music is his escape from reality. And, during this global pandemic he knew he wasn't... More >>
7 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 9:38:00 PM CDT March 31, 2020 in News
JEFFERSON CITY (AP) — Former Kansas City Council woman Alissia Canady is running as a Democrat for Missouri lieutenant... More >>
9 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 7:57:41 PM CDT March 31, 2020 in News
JEFFERSON CITY (AP) — The Missouri Supreme Court on Tuesday ruled that a 2018 law banning public union workers... More >>
10 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 7:09:59 PM CDT March 31, 2020 in News
JEFFERSON CITY - Governor Mike Parson held his daily COVID-19 press conference Tuesday afternoon. At the press conference, he... More >>
13 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 4:05:00 PM CDT March 31, 2020 in News
COLUMBIA - A Columbia teen is leading the charge to make face shields for healthcare workers as the nation is... More >>
13 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 4:01:00 PM CDT March 31, 2020 in News
If you are feeling anxious about COVID-19, you're not alone. A new survey from the American Psychiatric Association reveals more... More >>
13 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 3:58:38 PM CDT March 31, 2020 in A Brighter Tomorrow
COLUMBIA — As state and commercial testing is more available for the Missourians, the number of confirmed cases is rising.... More >>
15 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 2:00:00 PM CDT March 31, 2020 in News
JEFFERSON CITY- State lawmakers were originally scheduled to be back at the capitol Jefferson City this week after their spring... More >>
16 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 12:57:00 PM CDT March 31, 2020 in News
COLUMBIA - This is the first week Columbia Public Schools is delivering meals for students as school is held at... More >>
16 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 12:50:00 PM CDT March 31, 2020 in News
DC —Senators Roy Blunt and Josh Hawley joined a bipartisan group of 121 members of Congress in sending a letter... More >>
17 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 12:15:00 PM CDT March 31, 2020 in News
In this COVID-19 town hall, KOMU 8's Emily Spain talks with Andrew Zumwalt about the stock market's roller coaster ride... More >>
17 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 11:34:00 AM CDT March 31, 2020 in Continuous News
COLUMBIA — The University of Missouri Police Department hasn't received any reports of scams related to COVID-19, yet. But in... More >>
17 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 11:30:31 AM CDT March 31, 2020 in News
COLUMBIA — Lakota Coffee was broken into Monday night, according to a Facebook post by the company. "We... More >>
18 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 10:39:00 AM CDT March 31, 2020 in News
As COVID-19 spreads, KOMU 8 will continue to update you about the impacts on the community. KOMU 8 News... More >>
19 hours ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 9:17:00 AM CDT March 31, 2020 in News
COLUMBIA - On March 1, daily life in Columbia looked a lot different than it does today. People were... More >>
1 day ago Tuesday, March 31 2020 Mar 31, 2020 Tuesday, March 31, 2020 4:00:00 AM CDT March 31, 2020 in News
TROY (AP) — An eastern Missouri sheriff's department has reached a $2 million settlement with a man who spent more... More >>
1 day ago Monday, March 30 2020 Mar 30, 2020 Monday, March 30, 2020 8:23:00 PM CDT March 30, 2020 in News
JEFFERSON CITY- Governor Parson said during his daily press briefing on Monday that it could be 60 to 90 days... More >>
1 day ago Monday, March 30 2020 Mar 30, 2020 Monday, March 30, 2020 7:05:00 PM CDT March 30, 2020 in Top Stories
Columbia, MO
Broken Clouds 42°
6am 39°
7am 41°
8am 43°
9am 47°