US retailers brace for potential pain from a longshoremen’s strike
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A longshoremen's strike is set to begin at 12:01 a.m. Eastern time on Tuesday, threatening to close 36 ports from Maine to Texas; Chris Butler, CEO of National Tree Company, warns that 150,000 artificial Christmas trees may not arrive in time for the holiday season; the strike could impact half of the goods shipped into and out of the U.S.; the International Longshoremen’s Association has 45,000 members demanding higher wages and a ban on automation; President Biden and Vice President Harris face pressure to intervene without alienating union support; the Taft-Hartley Act could allow Biden to suspend the strike for 80 days; a prolonged strike could raise prices and fuel inflation; retailers are already facing supply chain issues due to attacks on shipping routes; companies are preparing for potential shortages; the Toy Association and other groups have urged Biden to mediate negotiations.

#Longshoremen #Strike #Retail #Inflation #Shipping #Biden #HolidaySeason #SupplyChain #Toys #Christmas

https://whdh.com/news/us-retailers-brace-for-potential-pain-from-a-longshoremens-strike/ 

 Warren calls for emergency-like Fed rate cut ASAP
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On September 18, 2024, Senator Elizabeth Warren, along with Senators Sheldon Whitehouse and John Hickenlooper, urged Federal Reserve Chair Jerome Powell to implement a dramatic interest rate cut of three-quarters of a point at the upcoming monetary policy meeting. They argue that the Fed's current high rates are harming the job market and that inflation is moving towards the target of 2 percent. Despite Wall Street's skepticism about such a large cut, with a 100% chance of a rate cut on Wednesday but only a 37% chance of a quarter-point cut and 63% for a half-point cut, Warren warns that delays could risk recession. Former Fed president Bill Dudley dismissed the idea of a mega cut, emphasizing that it is unlikely to happen. The Fed typically cuts rates by a quarter-point, with larger cuts reserved for emergencies, as seen in early 2008 and March 2020 during the Covid crisis.

#FederalReserve #InterestRates #ElizabethWarren #Economy #Recession #JobMarket #Inflation #Senate #FinancialMarkets #WallStreet

https://whdh.com/news/warren-calls-for-emergency-like-fed-rate-cut-asap/ 

 33,000 Boeing union members begin strike
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33,000 Boeing union members began a strike on September 13, 2024, after rejecting a proposed four-year contract; the strike is the first in 16 years and could halt commercial airplane production, impacting nearly 10,000 suppliers across all 50 states; the rejected contract included a 25% raise and job security for future jet production; 95% of IAM union members voted against the deal, while 96% authorized the strike; Boeing employs 150,000 in the US and contributes $79 billion annually to the economy; the company has faced significant issues, including two fatal 737 Max crashes in 2018 and 2019, leading to a 20-month grounding; Boeing has not reported a profit since 2018 and has accumulated over $33 billion in losses; the last strike lasted 57 days in 2008; union president Jon Holden emphasized the need for better job security and wages amidst rising inflation.

#Boeing #UnionStrike #LaborNegotiations #Iam #Contract #Economy #737Max #JobSecurity #Inflation #Manufacturing

https://whdh.com/news/33000-boeing-union-members-begin-strike/ 

 Boeing faces threat of a massive strike as union members vote on a contract today
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Boeing could face a strike by 33,000 workers if a contract is rejected; union members vote on September 12, 2024; tentative agreement includes 25% pay increase over four years; workers feel pressured from past concessions; Boeing has $33 billion in losses since 2018; union protests ongoing; strike could begin at 11:59 p.m. PT on September 12, 2024; contract includes cost-of-living adjustments and improved retirement contributions; union leadership predicts a 'no' vote; last strike was in 2008.

#Boeing #Strike #Union #Contract #Iam #LaborRelations #AircraftManufacturing #Seattle #Oregon #Economy

https://whdh.com/news/boeing-faces-threat-of-a-massive-strike-as-union-members-vote-on-a-contract-today/ 

 Stock market today: Wall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economy - Boston News, Weather, Sports | WHDH 7News
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Wall Street rallied to one of its best days of the year on Thursday, with the S&P 500 jumping 1.6% and the Dow Jones Industrial Average rising 1.4%. The Nasdaq composite also surged 2.3%. The rally was driven by data showing that the US economy is holding up better than expected, with strong spending by US shoppers. The encouraging economic report also led to a leap in Treasury yields. The stock market had been experiencing turmoil due to fears over a new Covid-19 variant and concerns about high interest rates. However, the positive economic data suggests a possible perfect landing, where the Federal Reserve slows the economy's growth just enough to stifle inflation without causing a recession. Walmart, Deere & Co., Cisco Systems, and Ulta Beauty were among the big companies that exceeded analysts' profit expectations. The S&P 500 is now back to within 2.2% of its all-time high set last month.

#StockMarket #S&p500 #WallStreet #UsEconomy #UsShoppers

https://whdh.com/news/stock-market-today-wall-street-leaps-and-sp-500-rallies-1-6-as-us-shoppers-drive-the-economy/ 

 Stock market today: Wall Street leaps, and S&P 500 rallies 1.6% as US shoppers drive the economy - Boston News, Weather, Sports | WHDH 7News
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Wall Street rallied to one of its best days of the year on Thursday, with the S&P 500 jumping 1.6% and the Dow Jones Industrial Average rising 1.4%. The Nasdaq composite also surged 2.3%. The rally was driven by data showing that the US economy is holding up better than expected, with strong spending by US shoppers. The encouraging economic report also led to a leap in Treasury yields. The stock market had been experiencing turmoil due to fears over a new Covid-19 variant and concerns about high interest rates. However, the positive economic data suggests a possible perfect landing, where the Federal Reserve slows the economy's growth just enough to stifle inflation without causing a recession. Walmart, Deere & Co., Cisco Systems, and Ulta Beauty were among the big companies that exceeded analysts' profit expectations. The S&P 500 is now back to within 2.2% of its all-time high set last month.

#StockMarket #S&p500 #WallStreet #UsEconomy #UsShoppers

https://whdh.com/news/stock-market-today-wall-street-leaps-and-sp-500-rallies-1-6-as-us-shoppers-drive-the-economy/ 

 What we know about the young missionaries and religious leader killed in Haiti
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Jude Montis, the local director of Missions in Haiti Inc., and Davy and Natalie Lloyd, a young missionary couple from the U.S., were attacked and fatally shot by gang members in Lizon, Port-au-Prince, Haiti. Natalie Lloyd is the daughter of a Republican state representative in Missouri. The missionary work focused on helping the children of Haiti. Missions in Haiti's efforts include House of Compassion, Good Hope Boys' Home, a church, a bakery, and a school. The couple and Montis fled to a house connected to the mission, but the gang shot up the house. The bodies of the couple were safely transported to the U.S. Embassy. Montis left behind two children. The children and staff of Missions in Haiti have been relocated to a safer location. The family is working to retrieve the bodies and transport them to the U.S. Prayers are requested for the families of the victims.

#Haiti #Missionaries #GangViolence #Shooting #Religion

https://whdh.com/news/what-we-know-about-the-young-missionaries-and-religious-leader-killed-in-haiti/ 

 Biden praises Prime Minister Kishida’s leadership and Japan’s growing international clout
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President Biden praised Prime Minister Fumio Kishida's leadership on global crises during his visit to the White House. The visit marks the completion of the Democratic administration's focus on the Quad alliance between the U.S., Japan, Australia, and India. Biden emphasized the unbreakable alliance between Japan and the United States. Japan has become a global influencer and supports the U.S. in various global initiatives. Kishida announced that Japan will give 250 cherry trees to the U.S. to mark America's 250th birthday in 2026. Both leaders are facing political challenges domestically. They discussed upgrading U.S.-Japan military relations, including improving interoperability and planning between the two countries' forces. Japan will participate in NASA's Artemis moon program and contribute a moon rover. Biden praised Japan's defense spending increase and its support in addressing global challenges. The leaders also expressed openness to direct talks between Japan and North Korea. Kishida will participate in a U.S.-Japan-Philippines summit to discuss China's aggressive actions in the region.

#Biden #Kishida #QuadAlliance #UsjapanRelations #MilitaryCooperation #Nasa #NorthKorea #China

https://whdh.com/news/biden-praises-prime-minister-kishidas-leadership-and-japans-growing-international-clout/ 

 Oil price surge is the No. 1 threat to the US economy, Moody’s economist warns
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Surging oil prices pose the most serious threat to the US economy, according to Moody's chief economist Mark Zandi. US oil prices are approaching $90 a barrel, while global oil prices are flirting with $92 a barrel. Higher oil prices could hurt consumer spending, impact inflation, and potentially delay interest rate cuts by the Federal Reserve. If gasoline prices spike above $4 a gallon and stay there, it could have significant political consequences, potentially favoring former President Donald Trump in the November election. The recent oil price rally has been driven by geopolitical tensions, including drone attacks on oil refineries and fears of a wider conflict in the Middle East. Gas prices have climbed to $3.58 a gallon on average nationally. The higher gas prices go, the worse inflation readings will look, potentially affecting the Fed's decision on interest rate cuts in June. Despite the risks, some energy market veterans remain cautiously optimistic about gas prices, with forecasts in the upper-$3 range unless a major hurricane damages US refineries.

#OilPrices #UsEconomy #Moody's #GasolinePrices #FederalReserve #GeopoliticalTensions #Inflation #InterestRateCuts

https://whdh.com/news/oil-price-surge-is-the-no-1-threat-to-the-us-economy-moodys-economist-warns/ 

 What we know about the Baltimore bridge collapse as a third body is found and Biden visits
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A third body has been found at the site of the Baltimore bridge collapse. The body was identified as 38-year-old Maynor Yasir Suazo-Sandoval. Cleanup efforts are underway to recover the bodies of the three workers who remain missing. Engineers expect to restore navigation in and out of the Port of Baltimore by the end of this month. The U.S. Army Corps of Engineers aims to reopen a permanent navigation channel by the end of May. President Joe Biden visited the site of the bridge collapse and met with the workers' families. The White House is asking Congress to authorize the federal government to cover 100% of the cleanup and reconstruction costs. Isabel Casillas Guzman, the administrator of the U.S. Small Business Administration, visited Baltimore to highlight a low-interest loan program for affected businesses. Safety experts question whether the company the workers worked for took proper precautions. The company, Brawner, did not have a rescue boat on the water or ready to be launched as the bridge fell.

#Baltimore #BridgeCollapse #Biden #CleanupEfforts #PortOfBaltimore #UsArmyCorpsOfEngineers #Workers'Families #FederalGovernment #SmallBusinessAdministration #SafetyPrecautions

https://whdh.com/news/what-we-know-about-the-baltimore-bridge-collapse-as-a-third-body-is-found-and-biden-visits/ 

 The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad
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President Biden is questioning why many Americans still feel bad about the US economy despite positive economic indicators. The economy is performing well, with a robust job market, increased consumer spending, and low inflation. However, the public's sentiment about the economy remains negative, which could impact Biden's chances of winning a second term. Biden's economic advisers are optimistic about the direction things are headed and believe that consumer sentiment will improve as the trauma of the COVID-19 pandemic diminishes. Recent surveys show a slight shift in public sentiment, but a majority of Americans still believe that Biden's policies have worsened economic conditions. Biden is trying to balance touting economic progress while acknowledging the burden of high prices on Americans. He has criticized corporations for price gouging and shrinkflation. Biden's approval rating for handling the economy is currently at 37% and aides acknowledge the challenge of convincing voters that his policies have fueled the economic recovery.

#UsEconomy #PresidentBiden #PublicSentiment #EconomicIndicators #Inflation #ConsumerSpending #Covid-19Pandemic

https://whdh.com/news/the-us-economy-is-doing-well-president-biden-wants-to-know-why-so-many-americans-are-still-feeling-bad/ 

 The US economy added 353,000 jobs in January, starting off 2024 with a bang
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The US economy added 353,000 jobs in January, according to Bureau of Labor Statistics data. The unemployment rate remained at 3.7%. Most industries added jobs, with health care and social assistance posting the largest gains. December's job gains were revised higher by 117,000 positions. Economists had expected a net gain of 176,500 jobs. Some economists had predicted an upside surprise for January's job report.

#UsEconomy #JobGrowth #UnemploymentRate #BureauOfLaborStatistics

https://whdh.com/news/the-us-economy-added-353000-jobs-in-january-starting-off-2024-with-a-bang/