Financial 411: A Look at the Week Ahead
Monday, June 13, 2011
Economic Concerns Continue
What's the cure for an ailing economy? Time. That's the overwhelming response from several leading economists polled by the Associated Press. The survey found that many of them are now lowering their expectations for job growth and economic expansion for the rest of the year.
But, it's not all bad news — at least gas prices continue to fall. The energy department says the average gallon of gasoline now costs $3.71, down seven cents from last week. In New York City, it's $3.88 a gallon.
Stocks were mixed on Monday, after six straight weeks of losses. The Dow Jones and the S&P 500 both gained a point, to close at 11,953 and 1,272, respectively. The NASDAQ lost four points, ending the day at 2,640.
Macy's Workers Vote to Strike
Union workers at Macy's flagship store in Herald Square and three other locations in the city voted to strike if a new contract is not reached by Wednesday night. The union says that the retailer is doing well financially, but wants to eliminate pensions for new employees and charge more for health care. Macy's says it remains open to negotiations.
The Week Ahead
The stock market has been slowly losing value from week to week, and economists are gloomy. There are several other factors influencing economists this week, including continued worries about economic and job growth. There's also the fact that the Federal Reserves bond-buying program is ending and the end of this month, and the unresolved question of whether to raise the debt ceiling. We'll see the latest figures on inflation and retail sales later this week.
New York Works: Triathlon Coach Scott Willett
This Wednesday, registration begins for the first-ever New York City/New Jersey Ironman triathlon. The event, to be held next year in August, includes a 2.4-mile swim in the Hudson River, a 112-mile bike ride on the Palisades Parkway, and a 26.2-mile run beginning in Fort Lee and finishing in Riverside Park. An event of this magnitude takes serious training, and that's where coach Scott Willet comes in.
WNYC's Brigid Bergin caught up with him for this week's New York Works — a look at how New Yorkers are carving out their own slice of the big Apple. Read and listen to her report here by clicking the link below.