It is the Thursday Edition of the business news headlines. Our host, Michael Libbie, has the day off so you're getting Chap Ramsey and the written version of the headlines. Here is what's been going on:
- August Retail Surprise - It was a complete surprise as data showed retail sales grew by .7% in August. Economists had projected retail sales would fall by .8%. Meanwhile if auto sales are excluded sales jumped by 1.8%. It was a solid report.
- Wall Street - You would think that those kinds of numbers would boost Wall Street and while they did for a bit the markets ended the day mixed. Those numbers in just a bit.
- New Jobless Numbers - This is what may have muted the markets. New jobless numbers came in 20,000 higher than the week before. Ending September 11. 332,000 Americans filed new unemployment claims.
- Just Inhale - Despite opposition from health groups Phillip Morris (think cigarettes) announced that it had taken control of the U.K. inhaler company Vectura. Phillip Morris is hoping to see over half of it's revenue come from non-smoking products by 2025.
- Guaranteed Income Test - What was non-existent just just six years ago is now catching on in 20 U.S. cities test the idea of guaranteed income. Most of the programs are paid for by using donations. But they all have one thing in common: they give some of society’s poorest and most marginalized people cold-hard cash, and then let them spend it however they want. And, it's catching on with some 45% of Americans favoring some type of guaranteed income program.
- Rents - Rents nationwide are rising at a fast pace, according to a new analysis from Realtor.com. The median rent for all sizes of rentals nationwide was $1,607 as of August, representing an increase of 11.5% from a year ago.
- Wall Street - Stocks ended the day mixed with the Dow falling by 63 points the close at 34,751. The S&P 500 was down by nearly 7 points closing at 4,473. The Nasdaq outperformed getting 20 points above the flat-line to end the trade at 15,181.
- Bye Bye - And, finally there is this: HBO abruptly lost 5 million subscribers this week, after its agreement with Amazon to sell digital subscriptions through its Prime service ended. Prime members have long been able to subscribe to HBO for $15 per month. HBO says they are willing to lose customers, in the short term, as they attempt to build their own relationship with consumers.
That's a wrap. Thanks for reading! Michael will be back in tomorrow.
The award winning Insight on Business the News Hour with Michael Libbie is the only weekday business news podcast in the Midwest. The national, regional and some local business news along with long-form business interviews can be heard Monday - Friday. You can subscribe on PlayerFM, Podbean, iTunes, Spotify, Stitcher or TuneIn Radio. And you can catch The Business News Hour Week in Review each Sunday Noon on News/Talk 1540 KXEL. The Business News Hour is a production of Insight Advertising, Marketing & Communications. You can follow us on Twitter @IoB_NewsHour.
September 16, 2021