U.S. fourth quarter growth slows to 1.9 percent
The Commerce Department reports the economy expanded 1.9 percent in Q4, the weakest yearly growth since 2011. Exports fell 4.3 percent after a prior rise, while consumer spending slowed and inventories and private investment helped. Analysts see Trump 4 percent goal as unlikely this year.
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Scott Anderson
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Won Sohn
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Cleveland pension plan cuts benefits ahead of shortage
The Iron Workers Local 17 Pension fund in Cleveland approved 20 percent average cuts for about half of its 2,000 participants to avoid insolvency. Some retirees are exempt by age or disability. others face major reductions as the plan uses a 2014 law to shrink retiree payments before funds run dry.
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Pension Rights Center
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Energy stocks lead losses as markets pause after all time highs
U S stocks drifted lower with energy shares under pressure as crude prices fell while health care led gains. Major indexes fluctuated with the Dow around 20 000 after all time highs this week and a government report showing slower Q4 growth.
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Standard & Poor
Chevron Posts Its First Loss in Decades
Chevron reports a 2016 net loss of 497 million dollars as it failed to replace all drilled reserves. Fourth quarter earnings fell short of expectations amid weaker refinery margins and downtime at a California plant. The company added 900 million barrels to reserves in Kazakhstan, Australia, and the Permian Basin.
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