Newsweek, the struggling weekly magazine that ceased print publication last year, plans to turn the presses back on. The magazine will begin a 64-page, weekly edition in January or February, said Jim Impoco, Newsweek’s editor in chief. He said Newsweek would depend more heavily on subscribers than advertisers to pay its bills and that readers would pay more for Newsweek than in the past.
A private survey shows U.S. businesses last month added the most jobs in a year, powered by big gains in manufacturing and construction. Payroll processor ADP said Wednesday that companies and small businesses added 215,000 jobs in November. And ADP said private employers added 184,000 jobs in October, stronger than its initial estimate of 130,000. The ADP numbers cover only private businesses and often diverge from the government’s more comprehensive report. The Labor Department will report on November job growth Friday.Still, the figure suggests that hiring remained healthy in November after picking up in the prior three months.
Americans ramped up purchases of new homes in October after three months of soft sales, evidence that the housing recovery is improving fitfully. Sales of new homes grew 25.4 percent to a seasonally adjusted annual rate of 444,000, the Commerce Department said Wednesday. That was the largest monthly percentage increase since May 1980. But the increase came after sales had fallen 6.6 percent in September to a 354,000 annual rate, the weakest since April 2012. And sales in August and July were revised lower to 379,000 and 373,000, respectively.
U.S. service sector firms grew in November at the weakest pace since June, evidence that cautious spending by consumers and businesses may be slowing growth. The Institute for Supply Management said Wednesday its service-sector index fell to 53.9 in November, down from 55.4 in October. Any reading above 50 indicates expansion. The index hit an eight-year high of 58.6 in August.