The Week: Most Recent Business:U.S. Business

The 'unequivocally strong' January jobs report

The Week — Fri, 03 Feb 2012 11:19:00 -0600

Happy new year! The Labor Department announced on Friday that the economy gained an "incredible" 243,000 jobs in the first month of 2012, shocking many analysts who expected modest gains of about 150,000 jobs. The unexpected January hiring spree pushed the unemployment rate down from 8.5 percent to 8.3 percent. Not since the first days of the Obama presidency has the jobless rate been this low. (The unemployment rate was 7.8 percent in January 2009, 8.3 percent in February 2009, and then spent nearly three years bouncing between 8.5 and 10 percent.) The January job gains were broad — benefiting...

Is D.C.'s deficit obsession undermining the economic recovery?

The Week — Wed, 01 Feb 2012 10:51:00 -0600

The non-partisan Congressional Budget Office released some sobering figures on Tuesday, forecasting deficits hovering near $1 trillion a year until 2017 unless Congress makes good on vows to slash spending and raise new revenue. But the flip side of the prediction is also troubling: If Washington takes such prudent measures — allowing the Bush era tax cuts to expire and going through with spending cuts under last summer's deal to raise the debt ceiling — economic growth will be significantly slower next year. Will Congress' deficit-cutting fever slow down the recovery?

Yes, cutting...

Obama's rejection of the Keystone pipeline: Winners and losers

The Week — Thu, 19 Jan 2012 13:27:00 -0600

As part of last year's payroll-tax deal, congressional Republicans squeezed a seemingly unrelated promise out of President Obama: Instead of punting until after the 2012 election, he'd have to decide by Feb. 21 whether to allow TransCanada to build an oil pipeline from Alberta, Canada, to the Texas Gulf Coast. On Wednesday, Obama made his decision, denying TransCanada's permit request — at least for now. The State Department notes that TransCanada can still reapply for a permit, and the company says it will try again. But in the meantime, the political fallout was swift and immediate...

6 strange Disney-branded products: A slideshow

The Week — Wed, 18 Jan 2012 18:36:00 -0600

Disney has the kids' market covered, from blockbuster movies and radio stations to theme parks and an endless array of retail goods. But the entertainment conglomerate doesn't limit itself to child's play and has long had its white cartoon gloves all over a range of adult-focused ventures (bridal wear, anyone?). Here's a look at 6 surprising Disney-branded products.

Will Iran's oil threat lead to $5 gas?

The Week — Wed, 11 Jan 2012 15:32:00 -0600

Iran's increasingly provocative behavior is already having global consequences. Its threat to shut down the critical Strait of Hormuz has unnerved the oil market, pushing prices above $100 a barrel. Of course, the price hikes to date are nothing compared to what we'll see if armed conflict breaks out over Iran's refusal to rein in its nuclear program. Energy analysts warn that war could push prices above $150 a barrel, possibly pushing gasoline prices to $5 a gallon. Could it really get that bad?

In short, yes: For the time being, we're probably safe, says Michael Sivy at TIME. The U.S. could easily...

Did MSNBC fire Pat Buchanan?

The Week — Mon, 09 Jan 2012 11:38:00 -0600

The pairing of pundit Pat Buchanan, one of the nation's most recognizable paleoconservatives, and liberal-leaning MSNBC has always been odd. And now the cable news channel has put Buchanan on indefinite leave. The apparent trigger: Buchanan's rabble-rousing viewpoints in his new book Suicide of a Superpower, which has chapters titled "The End of White America" and "The Death of Christian America." Since the book's release, the former GOP presidential candidate has appeared on the network just once, a promotional spot on Sean Hannity's program. "Because of the content of the book, I didn't think...

The 'heartening' December jobs report: 5 takeaways

The Week — Fri, 06 Jan 2012 11:52:00 -0600

Last year went out with a bang. According to the U.S. Labor Department's monthly jobs report, 200,000 new jobs were added to the economy in December, exceeding expectations and suggesting for all but skeptical spoilsports that the economy is indeed recovering. Here, five takeaways from December's "heartening" report:

1. It's good news for Obama
The unemployment rate unexpectedly fell from 8.6 to 8.5 percent, says Jason Lange at Reuters. That proves that "job creation is shifting into higher gear, and may give President Barack Obama the boost he hoped for ahead of his re-election bid this...

The rise and fall of Kodak: A slideshow

The Week — Thu, 05 Jan 2012 18:12:00 -0600

After 131 years in the photography business, Eastman Kodak Co. is reportedly on the verge of bankruptcy. The iconic film and camera company invented the consumer photography craze more than a century ago and was once deeply ingrained in the American psyche. But, in recent years, it's struggled to adapt to the digital age. Here, a look back.

Is Keith Olbermann on the way out at Current TV?

The Week — Thu, 05 Jan 2012 18:12:00 -0600

It sounds all too familiar: Keith Olbermann, who left ESPN in a huff in the 1990s and bailed on MSNBC last year after publicly feuding with his cable bosses, is at odds with network executives again. The newsman, who hosts Countdown and is chief news executive at Current TV, has been off the air for several crucial days during the network's coverage of the Iowa caucuses. Current's president says Olbermann chose not to anchor the election night coverage, with the cable star pushing back, claiming he was "not given a legitimate opportunity to host under acceptable conditions....

Did Yahoo pick the wrong new CEO?

The Week — Thu, 05 Jan 2012 14:30:00 -0600

Four months after CEO Carol Bartz was brutally fired over the phone last fall, Yahoo has named a replacement. The company's board has tapped Scott Thompson, the chief of eBay's PayPal payment service, to lead the struggling internet portal out of troubled waters. Given that Thompson doesn't have a background in media and advertising, many are questioning whether he's really the right man for the job. Did Yahoo pick the wrong new CEO?

Absolutely. He doesn't know Yahoo's business: In 2011, Yahoo rebranded itself as a "premiere digital media company," says Nicholas Carlson at Business Insider. Funny...

Will ethanol survive without government subsidies?

The Week — Tue, 03 Jan 2012 09:52:00 -0600

A federal tax credit for ethanol quietly died as 2012 began, ending a controversial program that began more than 30 years ago. The 45-cent-per-gallon tax credit for corn-based ethanol and an accompanying 54-cent-per-gallon tariff on imported ethanol were intended to encourage the domestic production of greener fuel. The tax credit, which was worth $6 billion a year, once seemed untouchable, particularly because it was so popular with corn growers in Iowa. But in recent years, it lost supporters as Congress focused on reducing deficits. How badly will the loss of subsidies hurt the ethanol industry...

Rupert Murdoch's 'smashing start' on Twitter

The Week — Mon, 02 Jan 2012 17:26:00 -0600

The octogenarian behind Fox News has "thrown all caution to the wind and opened a personal Twitter account," says Steven Mostyn at The Tech Herald. Since Rupert Murdoch sent his first tweet on Saturday, the News Corp. boss has amassed more than 60,000 followers. And already, the scrutinizing glare of the Twittersphere has the controversial media executive, and his every 140-character dispatch, in its sights. Here, a brief guide to Murdoch's foray into social media:

Why is Murdoch tweeting?
The Australian-born billionaire has had a tumultuous year, fending off allegations that some of...

Oprah's Next Chapter: Will Winfrey's bid to save OWN work?

The Week — Mon, 02 Jan 2012 15:50:00 -0600

The Oprah Winfrey Network (OWN) turned a year old on Sunday, but there wasn't a whole lot to celebrate. Ratings for the fledgling network "have been a major disappointment," says Elizabeth Blair at NPR, and the media has seized on OWN's failure to fulfill its Oprah-sized expectations. Hoping to reverse the negative trend, the former talk show host is getting back in front of the camera. Oprah's Next Chapter, a reality series that follows Winfrey as she tours the world interviewing celebrities and trying out new experiences, debuted Sunday night. In the premiere, she visited Aerosmith star and ...

The rise of the drunken shopper

The Week — Wed, 28 Dec 2011 12:55:00 -0600

Are you guilty of Amazon-ing and iTunes-ing after imbibing? You're not alone. The New York Times reports that online merchants are cashing in on legions of drunken consumers. Here, a brief guide to "buying under the influence":

People are shopping drunk?
Yep. E-retailers say that traffic patterns and anecdotal evidence suggest that a growing number of consumers seem to be buying after having a couple of drinks. On eBay, 6:30 p.m. to 10:30 p.m. is the busiest time, and the company's Steve Yankovich says alcohol is "absolutely" a factor. "If you think about what most people do when they get home...

Are we at the beginning of a 25-year recession?

The Week — Thu, 15 Dec 2011 10:39:00 -0600

The current economic slump won't end any time soon, says Matthew Lynn in MarketWatch. The current crisis eerily resembles one that brought the financial world to its knees in the 1870s. A new industrial power — back then it was Germany, now it's China — had rocketed to the forefront, "blowing apart old industries." Financial markets had been deregulated. Cheap money was everywhere. The "almighty crash" that followed triggered what came to be known as the Long Depression, "a period of volatility, unemployment, and slumps that lasted an epic 23 years." If the aftermath of the crash of...

Should America ban cell phones for drivers?

The Week — Wed, 14 Dec 2011 14:17:00 -0600

Keep your eyes on the road and your phone in your pocket. That's the gist of the new guidelines proposed Tuesday by the federal National Transportation Safety Board. The NTSB wants states to ban drivers from any non-emergency use of cell phones and other electronic devices that aren't built into their automobile. "We're not here to win a popularity contest," said NTSB chairwoman Deborah Hersman. "No email, no text, no update, no call is worth a human life." Here's what you should know:

How dangerous is "distracted driving"?
Very. Commercial drivers are 163 times more...