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McDonald’s Sales Jump 4.8%
“The McDonald’s Corporation, the fast-food chain, said Monday that sales at restaurants open at least a year climbed 4.8 percent in February on strong overseas growth and a small rise in United States sales.” [Link]
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Economy Batters Casino Revenue
“Gaming revenues in the 12 US states authorizing casinos fell 5.7 percent in 2009 to 30.7 billion dollars, according to a preliminary estimate by the American Gaming Association, a trade group. This followed a 4.6 percent drop in 2008 gross gaming receipts, the figures showed.” [Link]
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Store Brands See Jump In Sales With Bad Economy
“Unit sales of private label goods have jumped 8 percent since 2007, while brand names have declined roughly 4 percent, according to Nielsen Co. Many shoppers are finding that sugar, shredded cheddar, and milk peddled under store labels cost up to 40 percent less and often taste just as good as nationally known brands. Some items are even made by the same manufacturers.” [Link]
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EU To Bailout Greece
“European leaders have reached a deal to provide aid to Greece, EU president Herman Van Rompuy said on Thursday, in an unprecedented move to stave off a broader crisis in the 16-nation bloc that shares the euro. ‘There is an agreement on the Greek situation. We will communicate now the agreement to the other leaders,’ van Rompuy told reporters gathered at an EU leaders’ summit.” [Link]
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Food Stamps Get New Acceptance
“After a U-turn in the politics of poverty, food stamps, a program once scorned as ‘welfare,’ enjoys broad new support. Following deep cuts in the 1990s, Congress reversed course to expand eligibility, cut red tape and burnish the program’s image, with a special effort to enroll the working poor. These changes, combined with soaring unemployment, have pushed enrollment to record highs, with one in eight Americans now getting aid.” [Link]
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The Latte Factor: What Is It?
The Latte Factor® is based on the simple idea that all you need to do to finish rich is to look at the small things you spend your money on every day and see whether you could redirect that spending to yourself. Putting aside as little as a few dollars a day for your future rather than spending it on little purchases such as lattes, bottled water, fast food, cigarettes, magazines and so on, can really make a difference between accumulating wealth and living paycheck to paycheck.
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Home Prices Drop In November
“Home prices fell in November for the first time in seven months, according to a industry report released Tuesday. The S&P/Case-Shiller 20-city home price index recorded a decline of 0.2% from October. Prices were down 5.3% compared with 12 months ago.” Link
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Obama Pushes Tough New Rules Vs. Banks
“Calling it the ‘Volcker rule,’ after former Federal Reserve Chairman Paul Volcker who flanked the president as he spoke, Obama said that banks will no longer be allowed to own, invest in or sponsor hedge funds and private equity firms for their own benefit. Volcker is chairman of the president’s Economic Recovery Advisory Board and is widely respected on Wall Street.” Link
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Jobless Claims Increase
“The number of newly-laid off workers seeking jobless benefits unexpectedly rose last week, as the economy recovers at a slow and uneven pace. Layoffs have slowed and the economy began to grow in last year’s third quarter, but companies are reluctant to hire new workers. The unemployment rate is 10 percent and many economists expect it to increase in the coming months.” Link
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Great Recession Pushes People To Be Entrepeneurs
“With unemployment hovering at 10 percent and the economy still shedding jobs, many would-be employees have concluded that the best way forward is to go into business for themselves, whether they want to or not. Call them accidental entrepreneurs. Some find themselves surprised to discover they enjoy the freedom and fulfillment of being their own boss.” Link
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UK Inflation Report Sparks Rise In British Pound
British Pound picture
“The pound rose to a four-month high against the euro and two-year gilt yields jumped the most since November as a report showed the biggest increase on record in the U.K. inflation rate, stoking speculation borrowing costs may increase soon.” Link
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Report: Men Get Boost From Marriage
Bride picture
“The changes, summarized in a Pew Research Center report being released Tuesday, reflect the proliferation of working wives over the past 40 years — a period in which American women outpaced men in both education and earnings growth. A larger share of today’s men, compared with their 1970 counterparts, are married to women whose education and income exceed their own, and a larger share of women are married to men with less education and income.” Link
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Lawyers Not Making As Much Money As They Used To
“Lawyers who entered the field as recently as a few years ago could reasonably expect a life of comfort, security and social esteem. Many are now faced with a different landscape. Firms shed more than 4,600 lawyers last year, according to a blog that tracks the legal industry, Law Shucks. Bonuses for those who survive are shriveling, and an increasing number of firms now compensate associates based on grades for performance — shades of law school — rather than automatically advancing them on the salary scale.” Link
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VIDEO: 1/16/10 Weekly Presidential Address: Obama Vows To Get Money Back From Banks
“As the President continues to work on immediate job creation, he discusses his proposal for a new fee on the largest financial institutions to ensure that every cent of taxpayer assistance gets paid back. Saying that, “we’re not going to let Wall Street take the money and run,” he then to discusses the ongoing push to make sure banks can never put our economy at risk again.”
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Report: Obama Team Saved 1.5 Million – 2 Million Jobs
“The Obama administration, offering evidence that its much-maligned efforts to spur economic recovery have begun to take hold, said Tuesday night that the $787-billion stimulus program saved or created 1.5 million to 2 million jobs last year. These latest figures from the White House Council of Economic Advisors are certain to be challenged by Republicans, but the employment and economic effects of the stimulus cited in the report are generally in line with estimates from some leading private economists as well as the nonpartisan Congressional Budget Office.” Link
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Gas Prices Jump 14 Cents In Three Weeks
“The average price of regular gasoline in the United States is up 14 cents over a three-week period to $2.74. Analyst Trilby Lundberg says the average price for a gallon of mid-grade was $2.86. Premium was at $2.97.” Link
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White House: Stimulus Working
“White House economist Jared Bernstein, stimulus overseer Ed DeSeve and press secretary Robert Gibbs assembled reporters to tout the impact of the $787 billion stimulus, saying it had helped turn the economy around even though much of its force will only start to be felt in the coming months.” Link
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Bank Of America Repaying TARP
“The bank said in a statement it would use available cash and raise $18.8 billion in capital to repay the money, which it received during the height of the credit crisis last year and after its purchase of Merrill Lynch & Co. earlier this year. ” Link
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Pay Czar Cuts Pay For Bank Of America Execs
“Chief Financial Officer Joe. L. Price and mortgage unit President Barbara J. Desoer will earn less salary in 2009 than they did last year following approval by the officer of the special master for TARP Executive Compensation, Bank of America said in papers filing with the Securities and Exchange Commission.” Link
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Black Friday Sales Only Up 0.5%
“In a worrisome sign for retailers, data released on Saturday showed that sales rose a scant 0.5 percent on the traditional kickoff to the holiday shopping season despite early signs of a strong showing.” Link
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