Tag: decline

New business licenses decline in Horry County; SC small biz chamber says it’s a ‘crisis’ | Myrtle Beach Area News

A new study from the S.C. Small Business Chamber of Commerce shows new business licenses for Horry County are down 31 percent from April to July of this year compared to the same time last year.

The state is equally down 31 percent during the same period.

The S.C. Small Business Chamber of Commerce President and CEO Frank Knapp Jr. told The Post and Courier that more financial help is needed on the federal level to help rebound from this crisis.

In Horry County, from April 2019 to July 2019, there were 1,003 new business licenses, according to the study. In 2020 between the same months, there were 692 — a difference of 311 and the second-largest decline among South Carolina’s largest counties behind Richland.

Locally, Karen Riordan, president and CEO of the Myrtle Beach Area Chamber of Commerce, said the COVID-19 pandemic has naturally impacted new and existing businesses

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Sharp decline in new business development across SC highlights impact of COVID-19 Recession

COLUMBIA, SC (WBTW) — The South Carolina Small Business Chamber of Commerce (SCSBCC) has complied data showing a decline in new business license applications in numerous municipalities and counties in South Carolina.

The data shows a worrisome trend in the health of the economy, namely that new business development has declined significantly in many parts of the state if not state-wide. New business licenses declined by 946 in the same months in 2020 as compared to 2019.  If these results reflect similar experience in other states, the implication for economic recovery from the recession is severe.

“Today the United States is at a 40-year low in new business startups—a statistic that has many concerned since economists tell us that most net new jobs come from businesses less than 5 years old with four or fewer employees,” said Frank Knapp Jr., President and CEO of the SCSBCC.  “Since small businesses led

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Markets Decline as Pandemic’s Grip Tightens: Live Business Briefing

Mnuchin and Pelosi inch toward resuming stimulus talks as economy continues to struggle.

Top Democrats on Thursday were crafting a $2.4 trillion package — about $1 trillion less than the measure the House approved in May — that could either serve as a new basis for the Democratic position in negotiations or be voted on as a stand-alone package in the coming days, according to a senior Democratic aide.

A rise in new claims for state jobless benefits signals continuing layoffs.

About 825,000 Americans filed for state unemployment benefits last week. That is up from 796,000 a week earlier, though it is far below the more than six million people a week who were filing for benefits during the peak period of layoffs in the spring. By any measure, however, hundreds of thousands of Americans are losing their jobs each week, and millions more laid off earlier

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U.S. crude inventories decline for 2nd week

U.S. crude inventories declined again last week, boosting U.S. oil prices in the hours after the report’s release. Domestic commercial crude inventories fell by 1.6 million barrels during the week ended Sept. 18, according to a report from the Energy Information Administration.



a large long train on a steel track: Crude oil storage tanks sit along Highway 225, Friday, May 15, 2020, between Houston and Pasadena.


© Mark Mulligan | Houston Chronicle
Crude oil storage tanks sit along Highway 225, Friday, May 15, 2020, between Houston and Pasadena.

The draw on stockpiles helped push U.S. oil prices past $40 per barrel, a threshold that oil prices have struggled to maintain in recent months. In early September, oil prices were as low as $36.76.

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But with two consecutive weeks of draws on U.S. crude supplies, demand for U.S. crude oil and fuel products appeared to be trending up, and with it, prices. At 9:50 a.m. central, West Texas Intermediate, the U.S. benchmark, was trading at $40.47.

On HoustonChronicle.com: Energy transition could spur $111

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Oil scores partial rebound as traders bet on a second weekly decline in U.S. crude supplies

Oil settled higher on Tuesday, finding support from expectations for a second weekly decline in U.S. crude supplies.

Prices scored a partial rebound from the sharp decline in oil seen a day earlier, when the rise of COVID-19 cases and potential for renewed activity restrictions in Europe fed a global equity selloff.

Tuesday’s oil-price rise was modest. Energy traders struggled “to assess the uncertainty with U.S. production as we approach the last two months of hurricane season [and] how bad the demand outlook will get following the winter wave of the coronavirus,” as Libyan oil production slowly bounces back, said Edward Moya, senior market analyst at Oanda.

West Texas Intermediate crude for October delivery
CLV20,
+0.61%

 
CL.1,
+0.61%

on the New York Mercantile Exchange edged up by 29 cents, or 0.7%, to settle at $39.60 a barrel after a decline of 4.3% on Monday. The contract expired at the day’s

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US stocks fall as market decline extends for third week

Updated

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US Stocks Fall as Market Decline Extends for Third Week | Business News

By STAN CHOE, DAMIAN J. TROISE and ALEX VEIGA, AP Business Writers

Wall Street capped another turbulent week of trading Friday with a broad slide in stocks that left the S&P 500 with its third-straight weekly loss.

The S&P 500 fell 1.1%, led once again by a sell-off in technology companies, with Apple, Amazon and Alphabet weighing particularly on the market. Technology stocks and other companies that powered the market’s strong comeback this year have suddenly lost momentum this month amid worries that they have become too expensive.

The sell-off wiped out the last of the solid gains the market saw to start the week. The S&P 500 is on track for its first monthly loss since March. September is historically the worst month for stocks.

“The market has been poised to just pull back, take a breather,” said Quincy Krosby, chief market strategist at Prudential Financial. “Raising capital is

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US Weekly Jobless Claims Decline Slightly To 860,000

New claims for US jobless benefits continued inching down last week, the Labor Department said Thursday, though at 860,000 the applications were higher than expected.

The United States saw a surge in workers filing new benefit claims amid the widespread business shutdowns in March to stop the spread of Covid-19, and though that wave is well past its peak, weekly filings remain at levels far above the worst of the 2008-2010 global financial crisis.

However, the latest data show the insured unemployment rate among people eligible for benefits fell 0.7 points to 8.6 percent in the week ended September 12, and the number of people claiming under the Pandemic Unemployment Assistance (PUA) program for those not normally eligible for benefits declined by more than 200,000.

But nearly 29.8 million people continued to receive some form of government aid through the week ended August 29, the latest for which data was

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US weekly jobless claims 860,000, more than expected but still decline

  • New US jobless claims for the week that ended Saturday totaled 860,000, the Labor Department said Thursday. That came in slightly above the consensus economist estimate of 850,000 but marked an encouraging decline from the prior week.
  • Continuing claims, the aggregate total of people receiving unemployment benefits, amounted to 12.6 million for the week that ended September 5. That was lower than economist forecasts and also slid from the week before.
  • Visit Business Insider’s homepage for more stories.

The number of Americans filing for unemployment benefits decreased last week, offering an encouraging sign for the ongoing US economic recovery.

New US weekly jobless claims totaled an unadjusted 860,000 for the week that ended Saturday, the Labor Department reported Thursday. That reading slightly exceeded the median economist estimate of 850,000 compiled by Bloomberg, though it did reflect a decline from the prior period.

Continuing claims, which represent the aggregate total of

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OPEC+ panel to meet online amid oil price decline

OPEC and allies, led by Russia, are scheduled to hold an online meet on Thursday to discuss compliance with their agreed output cuts and demand trends amid falling oil prices and a faltering economic recovery outlook.

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A panel of key producers including Saudi Arabia and Russia from the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, is expected to keep their current output reduction target of 7.7 million barrels per day (bpd), or around 8 percent of global demand.

They will also likely press laggards such as Iraq, Nigeria and the United Arab Emirates to cut more barrels to compensate for overproduction.

The meeting, known as the Joint Ministerial Monitoring Committee (JMMC), is expected to start at 1200 GMT, OPEC+ sources said.

OPEC+ producers have been reducing production since

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