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Supply Shock Spreads To US: What It Means For You Supply Shock Spreads To US: What It Means For You
Supply Shock Spreads To US: What It Means For You The supply shock caused by the ongoing standoff in the Strait of Hormuz is spreading to the United States, driving up energy prices, increasing shipping costs, and creating shortages in key goods and materials.  The crisis, which began after the US-Israel attack on Iran started at the end of February, has brought shipping through the critical waterway to a near standstill. The Strait of Hormuz, a vital chokepoint for global energy and petrochemical shipments, typically handles 20 percent of the world’s oil supply. Its effective closure has triggered what analysts are calling one of the…

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by Joe Lombardi
Business
Job Growth Stalls In August As Trump Tariffs Strain Labor Market Job Growth Stalls In August As Trump Tariffs Strain Labor Market
Job Growth Stalls In August As Trump Tariffs Strain Labor Market The US labor market slowed sharply in August, as President Donald Trump's tariffs, inflation, and lower consumer confidence grip the nation's economy. There were 22,000 jobs added nationwide in August, the Bureau of Labor Statistics said in a news release on Friday, Sept. 5. The weak numbers mark one of the softest hiring months in recent years, falling well below the Dow Jones estimate of 75,000 new jobs, CNBC reported. Unemployment also ticked up to 4.3%, its highest level since July 2024. A broader metric, which includes discouraged workers and those with part-time jobs fo…

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by Chris Spiker
Business
'Buy American' Movement Fades Despite Trump's Tariff-Fueled US Manufacturing Push: Survey 'Buy American' Movement Fades Despite Trump's Tariff-Fueled US Manufacturing Push: Survey
'Buy American' Movement Fades Despite Trump's Tariff-Fueled US Manufacturing Push: Survey The "Buy American" movement has lost popularity as President Donald Trump's sweeping tariffs raise prices on many goods while claiming to boost domestic manufacturing, according to a new survey. Half of Americans said in June that they'd be more likely to buy a product they liked after learning it was made in the US, according to the report from The Conference Board. That's down from 60% in May 2022. The appeal of "Made in USA" labels has also fallen 18% since 2022, with shoppers' fears about rising costs as the main factor in the decline. "Given US consumers' persisten…

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by Chris Spiker
Business
Trump Tariffs Hit Ford Harder Than Foreign Rivals, US Automaker Says Trump Tariffs Hit Ford Harder Than Foreign Rivals, US Automaker Says
Trump Tariffs Hit Ford Harder Than Foreign Rivals, US Automaker Says The automaker that builds more cars in the US than any other company says it may actually be hurt more by President Donald Trump's tariffs than foreign manufacturers. Ford said it's at a disadvantage compared to companies based in the European Union, Japan, and South Korea, The Wall Street Journal reported. Trump has set the tariff rate for those nations at 15%, significantly lower than the broad 25% duty on autos and light trucks that began in the spring. The 15% duties are the newest in Trump's rapidly changing tariff policies, with the latest rates going into effect on Friday, Aug. 1. Be…

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by Chris Spiker
Business
Merck Stock Drops, Layoffs Begin In $3B Restructuring Plan Merck Stock Drops, Layoffs Begin In $3B Restructuring Plan
Merck Stock Drops, Layoffs Begin In $3B Restructuring Plan Merck, a pharmaceutical company headquartered in Rahway, announced it will be undergoing layoffs after a disappointing second quarter.  In its earnings report, Merck said it aims to save more than $3 billion in cost savings as part of a "multiyear optimization initiative."  The restructuring program includes eliminating certain administrative, sales and research and development positions. Merck did not say how many people would be laid off, but said they aim to achieve the cost savings by 2027.  To save money, the company plans to reduce office space and optimize its manufac…

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by Sam Barron
Business
Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP
Private Sector Loses Jobs For First Time Since 2023 Amid Trump Tariffs, Inflation: ADP Private employers lost more jobs than they added for the first time in more than two years, as new data shows Americans pulling back on spending under the weight of inflation and President Donald Trump's sweeping tariffs. Businesses lost 33,000 jobs in June, according to the ADP National Employment Report released on Wednesday, July 2. That was the first monthly drop since March 2023 and behind May's downwardly revised figure of 29,000. June's numbers came in far below Wall Street's expectations, with Dow Jones economists forecasting a gain of 100,000 jobs, CNBC reported. "Though…

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by Chris Spiker
Business
Retailers Bet On Trump Backing Down From His Tariffs, New Survey Shows Retailers Bet On Trump Backing Down From His Tariffs, New Survey Shows
Retailers Bet On Trump Backing Down From His Tariffs, New Survey Shows Many retail executives are starting to follow Wall Street's "TACO trade" philosophy, according to a new survey. A growing number of retail leaders believe President Donald Trump will retreat on his sweeping tariffs against many countries, according to a survey from consulting firm AlixPartners. The survey released on Sunday, June 1, was first reported by CNBC. Executives from major brands and retailers were asked about how they were planning for the July expiration of Trump's 90-day pause on his so-called "liberation day" tariffs. A majority said they expect the president to settl…

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by Chris Spiker
Business
Major Household Product Maker With PA Plants Cutting 7,000 Jobs As Trump Tariffs Roil Economy Major Household Product Maker With PA Plants Cutting 7,000 Jobs As Trump Tariffs Roil Economy
Major Household Product Maker With PA Plants Cutting 7,000 Jobs As Trump Tariffs Roil Economy Procter & Gamble, which operates eight plants across the Northeast, plans to cut up to 7,000 jobs over the next two years as President Donald Trump's trade policies shake businesses and consumer confidence, according to reports. Andre Schulten, P&G's chief financial officer, announced the layoffs during the Deutsche Bank Consumer Conference in Paris on Thursday, June 5. The cuts amount to about 6% of the company's global workforce and roughly 15% of its non-manufacturing positions, the Associated Press reported. P&G had about 108,000 employees worldwide as of June…

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by Chris Spiker
Business
Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law
Federal Court Strikes Down Trump's Global Tariffs, Citing Abuse Of Emergency Powers Law A federal court has blocked President Donald Trump's sweeping tariffs, ruling that he improperly used emergency powers to launch trade wars that badly hurt businesses and rocked global markets. The ruling was handed down by a three-judge panel at the US Court of International Trade on Wednesday, May 28. The judges' decision came amid several lawsuits accusing Trump of abusing his power as President to slap arbitrary tariffs on other countries. The court determined that Trump doesn't have the authority to use the International Emergency Economic Powers Act to impose the sweeping duties …

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by Chris Spiker
Business
Company Selling Toilet Paper, Napkins At Major Retailers Files For Bankruptcy Company Selling Toilet Paper, Napkins At Major Retailers Files For Bankruptcy
Company Selling Toilet Paper, Napkins At Major Retailers Files For Bankruptcy A large supplier of paper goods sold at nationwide chains has declared bankruptcy. Royal Paper has filed for Chapter 11 bankruptcy to help sell its business to Sofidel America, the company announced in a news release on Tuesday, April 8. Royal offers products at many retailers, including Aldi, Trader Joe's, and Whole Foods. The Phoenix-based company has signed an asset purchase agreement with Sofidel, a global paper manufacturer, which would take over most of Royal's assets through a court-supervised auction process.  "Our team has been working diligently to strengthen …

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by Chris Spiker
Business
Most CEOs Expect Recession Within Six Months, Call Trump's Tariffs 'A Train Wreck': Survey Most CEOs Expect Recession Within Six Months, Call Trump's Tariffs 'A Train Wreck': Survey
Most CEOs Expect Recession Within Six Months, Call Trump's Tariffs 'A Train Wreck': Survey A majority of CEOs across the country are now bracing for a recession within six months as confidence in the US economy tumbles to its lowest level in years due to President Donald Trump's tariffs, according to a new survey. The industry group Chief Executive released the findings from a poll of 329 CEOs and business owners on Monday, Apr. 14. The survey showed growing alarm over Trump's escalating tariffs, which many fear will push the country into a downturn. According to the survey, 62% of CEOs expect a recession over the next six months – the highest level in recent years and up fr…

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by Chris Spiker
Business
Trump Imposes Sweeping Tariffs Amid Economic Fears, Says US Was 'Raped' By Trade Partners Trump Imposes Sweeping Tariffs Amid Economic Fears, Says US Was 'Raped' By Trade Partners
Trump Imposes Sweeping Tariffs Amid Economic Fears, Says US Was 'Raped' By Trade Partners President Donald Trump has announced sweeping new tariffs, accusing allies and adversaries of looting the US economy, despite consumer confidence sinking domestically and growing recession fears. Trump revealed the tariffs during a news conference in the Rose Garden at the White House on Wednesday, April 2. The President called the day "liberation day," alluding to what he claims is a trade imbalance caused by his predecessors. The new measures impose a baseline 10% tariff on all imports. Those will begin on Saturday, April 5, according to the White House. Sharply higher rates for dozens o…

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by Chris Spiker
Politics
Trump Calls For End To Income Tax, Offers Buyouts To 2 Million Federal Employees Trump Calls For End To Income Tax, Offers Buyouts To 2 Million Federal Employees
Trump Calls For End To Income Tax, Offers Buyouts To 2 Million Federal Employees President Donald Trump is calling for the elimination of federal income tax, advocating for a shift to a tariff-based revenue system.  He argues that this approach, which he says previously made the US “richer” and a more “powerful” economy, would mark a pivotal turning point for the nation. "America is going to be very rich again, and it's going to happen very quickly," Trump said during a speech in Florida on Monday, Jan. 27 at the 2025 Republican Issues Conference at the Trump National Doral Miami. "Instead of taxing our citizens to enrich foreign nations, we should be tariffing an…

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by Joe Lombardi
Business
Chemical Release Hospitalizes 12 Chambersburg Workers, Feds Say Chemical Release Hospitalizes 12 Chambersburg Workers, Feds Say
Chemical Release Hospitalizes 12 Chambersburg Workers, Feds Say A hazardous chemical gas release at a Chambersburg-based soap and detergent manufacturing facility has resulted in $161,310 in federal penalties, according to a U.S. Department of Labor announcement on Tuesday, Jan. 14, 2025. The investigation, led by the Occupational Safety and Health Administration (OSHA) in its Philadelphia regional office, followed the July 2024 incident at AFCO, a manufacturing subsidiary of Zep Inc. based in Atlanta. The Chambersburg facility, which specializes in cleaning and sanitation products, experienced a nitrogen dioxide gas release during chemical processing. …

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by Jillian Pikora
Business
AI Workforce Shake-Up: Nearly Half Of Companies Plan Job Cuts Within Years AI Workforce Shake-Up: Nearly Half Of Companies Plan Job Cuts Within Years
AI Workforce Shake-Up: Nearly Half Of Companies Plan Job Cuts Within Years Nearly half of companies worldwide are planning to cut jobs within the next few years as artificial intelligence (AI) reshapes industries and automates millions of positions, according to a new global report. The World Economic Forum’s "Future of Jobs Report 2025" outlines the seismic shifts AI will bring to the global workforce, revealing both challenges and opportunities: Job Displacement: The report says 41 percent of companies intent to downsize their workforce globally between 2025 and 2030, particularly in industries reliant on routine and manual tasks such as manufacturing, customer …

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by Joe Lombardi