Markets

US companies added 749,000 jobs in August, beating economist forecasts, ADP says

The US added 749,000 private payrolls in August, according to ADP’s monthly employment report. The total beat the median economist estimate of 649,000 payrolls, according to estimates compiled by Bloomberg. The report precedes the US government’s nonfarm payrolls report slated for Friday release. Visit Business Insider’s homepage for more stories. […]
US companies added 749,000 jobs in August, beating economist forecasts, ADP says
Markets

The strategist who called stocks ‘too big to fail’ says US wealth and income is dangerously tied to a market that’s at record valuations

Michael Kantrowitz, Cornerstone Macro chief investment strategist, told Bloomberg on Monday that the stock market is becoming a larger portion of the economy, and consumer wealth and income are “more leveraged than ever to the stock market.” The strategist also said because interest rates are so low, there’s few effective […]
The strategist who called stocks ‘too big to fail’ says US wealth and income is dangerously tied to a market that’s at record valuations
Markets

An audit of Wirecard’s key business in Europe and the US reportedly shows its internal financial numbers are far worse than previously thought

Wirecard’s primary business operations in Europe and the US have been unprofitable for years, according to a Financial Times investigation, bringing into question official financial reports which showed significant profits. An internal audit conducted by KPMG shows that Wirecard’s outsourced activities in Asia made up for the “lion’s share” of […]
An audit of Wirecard’s key business in Europe and the US reportedly shows its internal financial numbers are far worse than previously thought
Markets

Dow falls 270 points as investors mull spiking virus cases

US stocks fell Friday amid spiking coronavirus cases that are threatening to slow economic reopenings nationwide. Bank stocks slumped after the Federal Reserve said on Thursday that it will limit stock buybacks and cap dividends. The decline comes amid data showing that US consumer spending jumped a record in May […]
Dow falls 270 points as investors mull spiking virus cases
Strategy

Harvard economist warns the coronavirus has exposed massive inequality in the US — and if business leaders don’t step up it could put capitalism in crisis

Rebecca Henderson, a Harvard economist and author of “Reimagining Capitalism,” said the coronavirus pandemic is a turning point in the conversation surrounding capitalism. More leaders are talking about inequality and climate change than ever before. The coronavirus pandemic presents a “silver lining” because it’s an opportunity to completely reimagine capitalism. […]
Harvard economist warns the coronavirus has exposed massive inequality in the US — and if business leaders don’t step up it could put capitalism in crisis
Markets

Dow, S&P 500 post best month since 1987

US stocks slipped on Thursday after data showed that another 3.8 million Americans filed for unemployment last week. Still, both the Dow Jones industrial average and S&P 500 completed their best months since 1987. Shares of Tesla and Facebook surged in early trading after the companies reported earnings. Tesla later […]
Dow, S&P 500 post best month since 1987
Strategy

A Stanford economist says the US needs a ‘New New Deal.’ Here’s his plan for getting people back to work and spending on businesses.

More than 17.8 million Americans are receiving unemployment benefits right now. To help unemployed Americans, Stanford economist Matthew Jackson said the US needs a “New New Deal.” His proposal references President Franklin D. Roosevelt’s New Deal after the Great Depression. Visit the Business section of Insider for more stories. This […]
A Stanford economist says the US needs a ‘New New Deal.’ Here’s his plan for getting people back to work and spending on businesses.
Markets

More than 64,000 infected, GDP cuts, and SARS parallels: Here’s how bad the global economy could get as the coronavirus outbreak rages

Coronavirus has infected 64,000 and killed 1,380 so far. And as the health crisis worsens, it’s become increasingly clear that the outbreak will have wide-reaching economic consequences. China’s economy is forecast to grow by the smallest margin since the Great Recession – news that will hit its embattled and vulernable […]
More than 64,000 infected, GDP cuts, and SARS parallels: Here’s how bad the global economy could get as the coronavirus outbreak rages
Markets

A new PwC survey unveiled at Davos found CEOs are the most pessimistic they have ever been about the economy. The firm’s global chairman breaks down 4 big reasons why.

The opening day of the World Economic Forum Annual Meeting in Davos, Switzerland featured the release of PwC’s latest CEO survey. It found that CEO pessimism about global growth is currently at a record high. The lack of confidence in the world economy is jarring, especially considering the strength of […]
A new PwC survey unveiled at Davos found CEOs are the most pessimistic they have ever been about the economy. The firm’s global chairman breaks down 4 big reasons why.
Markets

Trump’s latest tariffs could drag China’s growth to its lowest level in almost 30 years — but there’s still ‘no chance’ it will cave to US demands

China has consistently grown by more than 6% for almost 30 years, but Trump’s latest tariffs could break that trend. The duties could slow growth by up to 0.5 percentage points this year, according to a Bloomberg survey of 14 economists. Tariffs “pose some challenges to China’s exports and economy,” […]
Trump’s latest tariffs could drag China’s growth to its lowest level in almost 30 years — but there’s still ‘no chance’ it will cave to US demands
Markets

Europe has a 70% chance of falling into recession, top economist warns

Allianz’s chief economic advisor puts the odds of Europe falling into recession at 70%. Mohamed El-Erian told Financial News that due to Brexit and a shrinking German economy, there’s a good chance that Europe will suffer its second crisis in a decade. Germany’s central bank warned of a potential recession […]
Europe has a 70% chance of falling into recession, top economist warns
Markets

The UK, German and Italian economies are all tanking at the same time

Three of Europe’s largest economies are under threat of recession, which could spell a currency crisis across Europe. Dozens of companies in Germany have turned to “short-time” work – cutting employee hours – a canary in the coal mine of industrial weakness Britain could also already be in a recession […]
The UK, German and Italian economies are all tanking at the same time
Markets

The US economic expansion is now the longest in history

The US economic expansion, at 121 months and counting, became the longest on record on July 1. The record-breaking expansion has also been one of the slowest, with job and GDP growth lagging other post-war recoveries. Now, economists are watching how much longer the expansion will run. There have been […]
The US economic expansion is now the longest in history