From Our Two Cents Monthly Newsletter – October 2017 Edition.
The Market In Action
- In one of the biggest data breaches of all time, Equifax, one of the three major credit reporting agencies in the United States, announced that more than 143 million individuals had their information compromised. The hack reportedly occurred from May through July of this year.
- The devastating hurricanes that impacted much of the Americas in August and September continue to impact millions of people. Estimates indicate that, between Hurricanes Irma and Harvey, total combined damage could exceed $400 billion.
- Controlling stake in the storied music publication company Rolling Stone has been made available by Wenner Media LLC. Acccording to Kreisky Media Consultancy, the stake could go for as much as $80 million.
- Amazon is looking to expand its operations to a second headquarters office. Amazon estimates that, from 2010 through 2016, their main headquarters impacted Seattle’s economy to the tune of roughly $38 billion. Amazon expects to announce their decision sometime in 2018.
- Nordstrom is set to implement a line of stores that will have no merchandise for sale. Starting in early October at locations in California, these “Nordstrom Local” stores will have items that can be tried on, but not purchased. Instead, inventory will be gathered from other stores and from its own website. These stores will also have “bars” that offer juice and wine.
- In a promising sign for working-class families in the United States, middle-class income for Americans in 2016 rose to the highest it has ever been. In relation to this news, the poverty rate dropped to 12.7 percent, roughly returning to pre-recession levels.
