GET THE APP
Sunday, October 26, 2025

Category: Economy

bidenomics
December 1, 2023
Jack Montgomery
Economy
News

Bidenomics: Jobless Claims Rise, Unemployment Benefits Highest in Two Years.

Some 218,000 people filed for unemployment benefits in the week ending November 25th, n increase of 7,000 on the previous week.

The number of people collecting unemployment benefits rose by 86,000 in the week ending November 18th. All told, the number of people on unemployment benefits now stands at 1.93 million. This is the highest total recorded by the Labor Department in two years.

Claims have risen in nine of the last ten weeks, believed to reflect the fact it is becoming increasingly difficult to find work. Joe Biden enjoyed strong jobs growth early in his presidency as COVID-era restrictions lifted, but his economy has weakened significantly.

In September, 336,000 jobs appeared to have been created – but this was driven by an increase in part-time employment. Full-time jobs actually fell by 22,000. In October, new jobs came in 20,000 lower than expected. Government jobs increased by 51,000, but manufacturing jobs fell by 35,000.

Inflation, which hit a four-decade high in 2022, has slowed, but this in largely due to the Federal Reserve hammering the country with 11 increases in its benchmark interest rate since March 2022. This has driven mortgage costs to their highest in decades, pricing many Americans out of housing.

show less
Some 218,000 people filed for unemployment benefits in the week ending November 25th, n increase of 7,000 on the previous week. show more
November 30, 2023
Economy
World

Milei Taps Ex Central Bank Chief as Economy Minister.

Argentina’s incoming President Javier Milei confirmed the selection of Luis Caputo – the former chief of the nation’s Central Bank – as the future Economy Minister. The announcement, made by Milei during a radio interview, is said to affirm his commitment to instituting a more market-oriented economic team in the face of Argentina’s surging inflation, running at a yearly rate of 143 percent.

Caputo previously served as finance minister and Central Bank chief during the tenure of former conservative President Mauricio Macri, overseeing a significant debt restructuring. His appointment has met opposition from Milei’s libertarian base. Since Milei’s electoral victory, Argentina’s market has responded positively, and the nation has recorded a rise in stocks and bonds accompanied by a marginal strengthening of the peso.

In addition to revealing Caputo’s appointment ahead of his Dec. 10 inauguration, Milei praised Caputo’s ability to navigate the country’s critical economic issues, such as the short-term notes known as ‘Leliqs’. Milei has publically stated his goal to “dismantle the ‘Leliqs’ ball,” which he deems as potentially instigating hyperinflation.

show less
Argentina's incoming President Javier Milei confirmed the selection of Luis Caputo – the former chief of the nation's Central Bank – as the future Economy Minister. The announcement, made by Milei during a radio interview, is said to affirm his commitment to instituting a more market-oriented economic team in the face of Argentina's surging inflation, running at a yearly rate of 143 percent. show more
bidenomics
November 3, 2023
Jack Montgomery
Economy

Biden Economy Misses October Jobs Forecast, Labor Market Cools.

The U.S. added 20,000 fewer jobs than forecast to the economy in October, while unemployment rose and pay increases slowed to a near-two-and-a-half-year low.

Economists had expected October would see 170,000 new jobs created, but only 150,000 were produced. Of these, 51,000 were government jobs – the manufacturing sector actually lost 35,000, while transportation and warehousing lost 12,000 and information-related industries lost 9,000.

Unemployment rose to 3.9 percent – despite expectations it would remain at 3.8 percent – with the number of workers recorded in the household survey falling by 348,000 and the number of unemployed rising by 146,000.

Pay increases sank from 4.3 percent to 4.1 percent month-on-month; their lowest level in almost a two and a half years – but the Federal Reserve is reportedly pleased with this, as it believes holding down pay will help to bring inflation under control.

Last month, the U.S. added some 336,000 jobs – although this was driven entirely by a rise in part-time workers, with the number of people in full-time work actually falling by 22,000.

show less
The U.S. added 20,000 fewer jobs than forecast to the economy in October, while unemployment rose and pay increases slowed to a near-two-and-a-half-year low. show more
billion
November 2, 2023
Jake Welch
Culture
Economy
Politics

Anheuser-Busch to Hand Shareholders $1Bn To Restore Confidence.

Anheuser-Busch, the parent company of Bud Light, is implementing a share buyback clause for the first time in the company’s history, which will hand its shareholders $1 billion in a desperate attempt to restore confidence in the brand.

The buyback will take place over the next 12 months and begin “immediately,” according to the company’s CFO Fernando Tennenbaum, who announced the decision on a call with investors.

The move follows a financially poor third quarter for the company. Anheuser-Busch reported a collapse in U.S. revenue by 13 percent as well as drops in sales to wholesalers by 17.6 percent and to retailers by 16.6 percent. Beer volumes similarly dropped by four percent.

The company has made numerous revamp attempts following its decision to promote Bud Light using transgender woman Dylan Mulvaney earlier this year – a stunt that cost the brand upwards of $27 billion. The latest attempt came in October after it announced a partnership with UFC.

show less
Anheuser-Busch, the parent company of Bud Light, is implementing a share buyback clause for the first time in the company's history, which will hand its shareholders $1 billion in a desperate attempt to restore confidence in the brand. show more
November 1, 2023
Jack Montgomery
Economy
News
Politics

DATA: Americans Struggling to Pay for Food Approaches 2008 Financial Crisis Level.

The number of American households classed as “food insecure” – that is, unable to meet the cost of feeding themselves on a reliable basis – is soaring at its sharpest rate since the financial crash under Joe Biden, having reached its lowest level in decades under Donald Trump.

The U.S. Department of Agriculture (USDA) Economics Research Service has reported the number of food insecure households in 2022 at 12.8 percent – “significantly higher than the 10.2 percent in 2021 and the 10.5 percent in 2020” – including 5.1 percent with “very low food security.”

The figures are even worse for households with children under 18, with their food insecurity rate rising to 17.3 percent – around 6.4 million American families.

High inflation under Joe Biden is obviously playing a major role in the crisis, with Lisa Davis of poverty-focused nonprofit Share Our Strength observing: “If you don’t pay the rent or your mortgage, you don’t have a place to live. If you don’t put gas in the car, you can’t get to work. Food is the place that folks turn when they have to tighten the belt even more.”

Source: Axios.
show less
The number of American households classed as "food insecure" – that is, unable to meet the cost of feeding themselves on a reliable basis – is soaring at its sharpest rate since the financial crash under Joe Biden, having reached its lowest level in decades under Donald Trump. show more
Amazon
October 30, 2023
Jake Welch
Economy

Amazon Sees Profits Triple Over Last Quarter Amid Mass Redundancies.

Jeff Bezos’s Amazon, intent on slashing tens of thousands of jobs to maximize income, has announced the company’s profits have tripled over the latest financial quarter to a staggering $9.9 billion during the latest quarter, with even stronger figures expected in the next.

The world’s largest retailer said its revenue increased by 13 percent to $143.1 billion in the three months up to September 30, nearly $2 billion more than consensus analyst estimates. The company’s stock also rose four percent to $125 per share.

Amazon, however, says it expects its busiest fourth quarter to produce revenues between $160 and $167 billion, representing a 12 percent increase compared to 2022, and profits of up to $11 billion.

The company’s retail business “took another step forward,” according to Andy Jassy, who succeeded Jeff Bezos as President in 2021. He added that the company’s expansion into different sectors, including cloud computing and movie streaming, was “exceeding our optimistic expectations.”

At the beginning of 2022, Amazon employed 1.62 million people across the world, yet the figure now stands at 1.5 million following pressure from investors to cut the company’s operating costs.

Amazon is currently facing a lawsuit for supposedly “exploiting its monopoly power” by 17 federal states.

show less
Jeff Bezos's Amazon, intent on slashing tens of thousands of jobs to maximize income, has announced the company's profits have tripled over the latest financial quarter to a staggering $9.9 billion during the latest quarter, with even stronger figures expected in the next. show more
October 23, 2023
Jake Welch
Economy

Auto Worker Strike Expands to Giant Ram Assembly Plant of 6,800.

The United Auto Workers Union (UAW) announced it will expand its unprecedented strike action to incorporate a Stellantis plant in Michigan producing Ram 1500 pickup trucks on Monday morning.

The UAW has said that around 6,800 people at the Stellantis’ Sterling Heights Assembly Plant in suburban Detroit will participate in the action, joining the roughly 40,000 autoworkers who are already striking against Ford, General Motors, and Stellanits across the midwest.

“… Stellantis lags behind both Ford and General Motors in addressing the demands of their UAW workforce. Currently, Stellantis has the worst proposal on the table regarding wage progression, temporary worker pay and conversion to full-time, cost-of-living adjustments (COLA), and more,” stated the UAW in a press release.

UAW members began striking on September 15 on the grounds that the three automotive giants have failed to give workers a fair share of the $21 billion combined total profits they earned within the first six months of 2023. Over the past five weeks, the strike has grown from three assembly plants to seven plants and 38 parts distribution centers across 22 states.

The action has already begun impacting the U.S. economy, with predictions suggesting multi-billion dollar losses. Yet, the UAW’s President, Shawn Fain, threatens further walkouts unless the three companies improve their offers to end the strike.”We’re striking the Big Three like we’ve never struck before… These extremely profitable companies have more to give,” Fain recently argued.

show less
The United Auto Workers Union (UAW) announced it will expand its unprecedented strike action to incorporate a Stellantis plant in Michigan producing Ram 1500 pickup trucks on Monday morning. show more
October 19, 2023
Jake Welch
Economy

Bidenomics: Mortgage Demand Falls to Lowest Level Since 1995.

Applications for mortgages have fallen to the lowest rate since 1995 across the United States while mortgage rates increased for the sixth week running, according to the Mortgage Bankers Association’s seasonally adjusted index.

The total number of applications dropped 6.9 percent compared to last week, with that figure increasing to a whopping 21 percent drop if compared to this time last year. Similarly, applications to refinance homes fell ten percent over the past week and 12 percent compared to last year.

“Both purchase and refinance applications declined, driven by larger drops for conventional applications,” said the MBA’s Vice President and Deputy Chief Economist, Joel Kan in a statement.

“Purchase applications were 21 percent lower than the same week last year, as home buying activity continues to pull back given reduced purchasing power from higher rates and the ongoing lack of available inventory,” Kan added.

Homeownership has been in precipitous decline across the country, with Virginia witnessing the largest drop at 8.8 percent since 2000. Worse still, renting affordability is at an all-time low as the average American is forced to pay over $2,600 per month.

show less
Applications for mortgages have fallen to the lowest rate since 1995 across the United States while mortgage rates increased for the sixth week running, according to the Mortgage Bankers Association’s seasonally adjusted index. show more
October 12, 2023
William Upton
Economy
News

Inflation Up In September, Still 2X Higher Than Fed Target.

Inflation ticked up in September with the cost of goods up 0.4 percent over August according to the Consumer Price Index (CPI) report released by the Bureau of Labor Statistics (BLS). Overall prices were up 3.7 percent compared to this time last year, slightly higher than the 3.6 percent forecasted. The increase in inflation was driven primarily by increasing costs for food and housing.

Heritage Foundation economist E.J. Antoni says that because of high inflation, the typical American family is now $7,300 poorer than they were in January of 2021. Antoni also notes that the average American worker is now paying more in the hidden tax of inflation than they are federal income taxes.

September’s CPI report also suggests that the Federal Reserve is a long way off from its 2 percent inflation target. The annualized trend since June 2022 remains elevated at above 3 percent with no signs of decelerating.

Opinions remain mixed on whether the new CPI data will push the Federal Reserve to institute another interest rate hike before the end of the year. Antoni believes the Federal Reserve will raise rates by 25bps at their next meeting. Jason Furman, who served as the chair of the Council of Economic Advisors during the Obama administration, says the September inflation number “Doesn’t come close to the bar for a hike in November.”

show less
Inflation ticked up in September with the cost of goods up 0.4 percent over August according to the Consumer Price Index (CPI) report released by the Bureau of Labor Statistics (BLS). Overall prices were up 3.7 percent compared to this time last year, slightly higher than the 3.6 percent forecasted. The increase in inflation was driven primarily by increasing costs for food and housing. show more
October 11, 2023
Jack Montgomery
Economy
News
World

EU Split Over Palestinian Aid.

The European Union’s pledge to suspend €691 million ($728 million) worth of aid to Palestinian territories following the Hamas terror raid on Israel appears to have unravelled, with the governments of France and other EU member-states voicing public opposition.

Hungary’s Oliver Varhelyi, the European Commissioner for Neighbourhood and Enlargement, had said all payments to Palestinian territories, comprised of Hamas-controlled Gaza and the West Bank, were “immediately suspended” due to the “scale of terror and brutality against Israel and its people” over the weekend, which Varhelyi called a “turning point”.

France, which along with Germany is the European Union’s dominant power, appears to disagree, however, with Emmanuel Macron’s government announcing on Tuesday it is “not in favour of suspending aid which directly benefits the Palestinian populations” and has “made this known to the EU Commission.”

The Irish government, too, seemed surprised by Verhelyi’s announcement, saying: “Our understanding is that there is no legal basis for a unilateral decision of this kind by an individual Commissioner and we do not support a suspension of aid.”

They were backed up by Belgium, Luxembourg, and Spain.

Notably, Verhelyi put out his announcement through his own social media, not the European Commission’s central communications office. The European Commission now says “[t]here will be no suspension of payments” – though it claims a review of the aid portfolio will still be carried out.

show less
The European Union's pledge to suspend €691 million ($728 million) worth of aid to Palestinian territories following the Hamas terror raid on Israel appears to have unravelled, with the governments of France and other EU member-states voicing public opposition. show more

Editor’s Notes

Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.

RAHEEM J. KASSAM Editor-in-Chief
I said after the European Commission announced aid to Palestine was suspended after the terror attacks that it was “a big step for the Europeans, considering their ability to morally obfuscate in such situations
for exclusive members-only insights
I said after the European Commission announced aid to Palestine was suspended after the terror attacks that it was “a big step for the Europeans, considering their ability to morally obfuscate in such situations show more
for exclusive members-only insights