USA Today - 31.10.2019

USA TODAY z THURSDAY, OCTOBER 31, 2019 z SECTION B

INDEX CLOSE CHG

Dow Jones Industrial Avg. 27,186.69 x 115.

S&P 500 3,046.77 x 9.

Nasdaq composite 8,303.98 x 27.

T-note, 10-year yield 1.777 y 0.

SOURCESUSA TODAY RESEARCH, BLOOMBERG

Dow Jones Industrial Avg.

24,

26,

27,

28,

APRIL OCT.

AP

27,

25,

115.

WEDNESDAY’S MARKETS

MILLERCOORS PARENT

CHANGES NAME, CUTS JOBS

The parent of MillerCoors LLCwill be

moving hundreds of corporate office

jobs to Milwaukee, a restructuring that

will result in the loss of 400 to 500

employees throughout the company.

The number of jobs coming to Mil-

waukee isn't known, a company repre-

sentative said Wednesday. But Mil-

waukee Mayor Tom Barrett said it will

be hundreds of good-paying white-

collar jobs. MillerCoors will now be

known as Molson Coors Beverage Co.

BUSINESSES ADD ONLY
125,000 JOBS IN OCTOBER

U.S. businesses added a mere 125,

jobs in October, a slowdown in hiring

driven in part by job cuts in manu-

facturing and construction. Payroll

processor ADP said Wednesday that

hiring in September was also revised

down sharply to 93,000 jobs from the

initial report of 135,000. The October

figure did not account for the strike by

General Motors’ workers, which likely

led to the loss of an additional 60,

jobs, according to Mark Zandi, chief

economist at Moody’s Analytics.

GENERAL ELECTRIC RAISES

CASH FLOW PROJECTIONS

General Electric’s plans to transform

itself is paying off. The company

raised its projections for industrial

free cash flow Wednesday despite a

trade fight and ongoing problems with

Boeing’s 737 Max. GE reported a loss

of $9.42 billion, or $1.08 per share, for

the period ended Sept. 30.

STEVEN SENNE/AP

High-tech glass no longer a luxury

Better fuel efficiency is the goal. 5B

Spotify Kids app aims for young ears

For ages 3 to preteens, content is on its way. 4B

Across the nation

News from every state. 6B

IN AUTOS

STATES

IN TECH

RESEARCH FRONTIERS

MONEYLINE

National averages on deposits as of

Oct. 30.

This Last Year

week week ago

6-month 0.55% 0.55% 0.45%

1-year 0.78% 0.79% 0.81%

2 1 ⁄ 2 -year 0.84% 0.85% 1.04%

5-year 1.13% 1.15% 1.41%

BANKRATE.COM

CD yields

USA TODAY SNAPSHOTS ©

WASHINGTON – The Fed is in a

groove, and that means more juice for

the economy – at least for now.

For the third time in three months,

the Federal Reserve lowered its key in-

terest rate by a quarter percentage

point, to a range of 1.5% to 1.75%, in a

bid to head off a possible recession.

But the central bank signaled it may

be done trimming rates, at least in the

short term, modifying its previous vow

to “act as appropriate to sustain the ex-

pansion.”

Instead, in a statement after a two-

day meeting, the Fed said it “will con-

tinue to monitor the implications of in-

coming information for the economic

outlook as it assesses the appropriate

path of the target range for the federal

funds rate.”

That means another rate cut in De-

cember isn’t likely unless the economy

worsens, analysts have said. The Fed re-

iterated that “uncertainties” about its

generally positive outlook remain, indi-

cating the central bank still could act in

response to a further slowdown.

“We see the current stance of mone-

tary policy as likely to remain appropri-

ate” as long as the economy and infla-

tion are consistent with the Fed’s out-

look, Fed Chair Jerome Powell said at a

news conference.

But he added that if developments

emerge “that cause a material reassess-

ment of our outlook, we would respond

accordingly.”

Wednesday’s rate decrease is expect-

ed to ripple through the economy, fur-

ther pushing down borrowing costs for

Fed cuts rates again,

hints it will pause

Quarter percentage point a bid to stall possible recession

Paul Davidson

USA TODAY

SeeFED CUTS, Page 2B

Neither trade wars nor stock jitters

are deterring American consumers,

who continue to prop up the economy.

The economy slowed but still grew

solidly in the third quarter as steady

consumer spending and a rebound in

housing offset another pullback in

business investment sparked by trade

and global troubles.

The nation’s gross domestic prod-

uct – the value of all goods and ser-

vices produced in the U.S. – increased

at a seasonally adjusted annual rate of

1.9% in the July-September period, fol-

lowing 2% growth in the second quar-

ter, the Commerce Department said

Friday. Economists forecast a 1.6%

gain.

The report came out just hours be-

fore the Federal Reserve cut interest

rates on Wednesday, the third de-

crease in three months in a campaign

to ward off a possible recession. The

risk of a downturn has eased some-

what in recent weeks after the U.S. and

China agreed to a tentative truce in

their trade war that likely suspends fu-

ture tariffs on Chinese imports but

leaves existing duties in place.

Also, the risk of a “hard Brexit” that

doesn’t include trade agreements be-

tween Britain and Europe has ebbed.

And long-term Treasury bond yields

have edged back above short-term

rates, reversing a so-called “inverted

yield curve” that had signaled a bleak

outlook.

But the trade fight is still dampen-

ing business confidence and invest-

Economy

in Q

grew 1.9%

pre cuts

Housing rebound,

consumer spending key

Paul Davidson

USA TODAY

Steady consumer spending was a key

to third-quarter growth.GETTY IMAGES

See ECONOMY, Page 2B

Worried about your kids getting

poisoned with bad candy from trick-

or-treating?

That fear is overblown.

Be worried, instead, about the mun-

dane act of crossing the street.

As parents and caregivers plan for

Halloween activities, it’s a good time

to emphasize the importance of basic

safety practices for pedestrians, driv-

ers and even property owners.

Pedestrian deathsin vehicle crash-

es hit a 28-year high in 2018 despite

advancements in automotive safety,

according to the National Highway

Traffic Safety Administration. Experts

say a mix of factors is likely to blame,

including distracted driving, speeding

and urbanization.

A Detroit Free Press/USA TODAY

Network investigation last year con-

cluded that the nation’s boom in SUVs

is also a leading factor because they’re

deadlier for pedestrians than passen-

ger cars. (After that investigation was

published, the Governors Highway

Safety Association published a report

coming to the same conclusion.)

“We have increased distractions,

people on their phones or their devices

and not paying attention, whether

they’re a pedestrian or a driver,” said

Tammy Franks, senior program man-

ager in advocacy for the National Safe-

ty Council.

Kids are three times more likely to

be killed in a pedestrian collision on

Halloween than any other day of the

year, the Washington Post reported.

Here’s some advice from the Nation-

al Safety Council and other sources:

CHOREOGRAPH VIA GETTY IMAGES

Halloween walkers:

Be wary, not scary

Nathan Bomey

USA TODAY

See HALLOWEEN, Page 2B