Category: Economy

No Americans Need Apply: U.S. Government Twice as Open to Foreign Business as Five Top Trading Partners Put Together

America’s trading partners have walls keeping out U.S. businesses, while the U.S. government has an open door for foreign businesses. American businesses can run up against these walls when trying to sell goods and services to foreign governments, which often prevent businesses from outside their own countries from taking part in government contracts, according to a new report from the Government Accountability Office. By contrast, the U.S. government is far more open to allowing foreign businesses to receive government contracts, the GAO report said. The U.S. government has opened about $837 billion in procurement contracts to foreign competition, more...

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Small Business Optimism Remains Near Record High

Small business optimism, which soared following Donald Trump’s election day victory, remains near the highest levels recorded in nearly half a century. The Index of Small Business Optimism declined slightly in February to hit 105.3, sustaining the surge in optimism that began November 9, 2016, the day after the election, the National Federation of Independent Businesses said Tuesday. “The Index fell 0.6 points in February to 105.3 yet remains a very high reading. The slight decline follows the largest month-over-month increase in the survey’s history in December and another uptick in January,” the NFIB said in a statement. It...

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February Jobs Gains Rocket to 235,000 as Unemployment Ticked Down

The jobs market is sizzling. Domestic employers added a jaw-dropping 235,000 new jobs last month, while the unemployment rate ticked down to 4.7 percent, the Bureau of Labor Statistics reported Friday. Both construction and manufacturing saw strong jobs gains. Economists expected nonfarm payrolls to grow by 190,000, compared with 227,000 in January. Unofficially, however, expectations have been rising this week following a blowout jobs figure from ADP on Wednesday. Wage pressure remains muted. Average hourly earnings rose 6 cents and 2.8 percent on an annualized basis. The average work week in the private sector was unchanged at 34.4 hours. January’s employment...

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Crude prices continue to crash on growing US stockpiles

Oil prices continued to fall on Thursday after substantial losses the previous day, dragged down by a surge in US inventories. The major benchmarks were down over a dollar with Brent crude trading at $51.87 per barrel. US West Texas Intermediate was at $49.05 during afternoon trading, falling below $50 per barrel for the first time since December. This is despite efforts by global oil producers to prop up prices by cutting production. The Organization of the Petroleum Exporting Countries (OPEC) and other major global oil producers led by Russia agreed to cut output by 1.8 million barrels per...

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Major Company Considering Shift From Mexico to United States

 Samsung Electronics Co. is planning a major investment to expand its U.S. production facilities, according to people familiar with the matter, with at least five states in discussions. The initial capital investment is expected to be around $300 million, several of the people said, with Samsung shifting some production of oven ranges to the U.S. from Mexico. The move could generate around 500 jobs, those people said. Talks are continuing and no final decisions have been made, with a start date for oven-range production still undetermined, the people said, so the details may change. In subsequent years, Samsung could eventually ramp...

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