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Latest Articles: Business
Disabled Americans Shrink Size of U.S. Labor Force
Post Date: 2012-05-03 11:32:52 by Brian S
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Michael White says he wishes he still could pluck the bass line to Hank Williams Jr.’s “Born to Boogie” and pay bills with money he earns himself. High unemployment -- along with ailments that he says render his fingers inoperative and make him cough up blood -- have dashed his hopes. White is among the 1.6 million Americans who’ve claimed Social Security Disability Insurance, or SSDI, since the 18- month recession began in 2007. When the slump reduced demand for tow-truck drivers, the 60-year-old Fort Myers, Florida, resident, who has also worked as a musician, lost the job he’d held for five years and started collecting unemployment benefits. Complications from ...
U.S. Job Creation Nears Four-Year High
Post Date: 2012-05-02 11:50:40 by Brian S
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PRINCETON, NJ -- Gallup's Job Creation Index increased to +20 in April from +18 in March. Net new hiring is now at its best level since July 2008 and is near +26 -- the highest score Gallup has recorded since tracking began in January 2008. The April Job Creation Index of +20 is based on 36% of workers nationwide saying their employers are hiring workers and expanding the size of their workforce, and 16% saying their employers are letting workers go and reducing the size of their workforce. This is similar to March, when 35% of workers reported workforce expansion at their place of work, while 17% reported workforce reduction. The current 36% "hiring" figure is the highest ...
Atlas Won’t Shrug: Higher Taxes Won’t Discourage Wealthy From Working Harder
Post Date: 2012-05-01 11:44:13 by Brian S
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Atlas won’t shrug. That’s the view of economists Emmanuel Saez and Thomas Picketty: They argue higher taxes will not discourage the wealthy from working harder or slow the economy, unlike in Ayn Rand’s 1957 novel, “Atlas Shrugged.” Its hero, John Galt, led a strike by industrialists and others against the government, partly because they thought they were too highly taxed. “Top 1 percent earners now make 20 times the average, while they made only 10 times the average in the 1970s,” Saez, winner of the John Bates Clark young economist award in 2009, said in an e-mail. “If they worked hard then, they should continue working hard today, even if they are ...
Chrysler Sales Rise 20 Percent in April 2012, Bolstered By Strong Chrysler Brand Volume
Post Date: 2012-05-01 11:41:54 by Brian S
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Chrysler Group today announced a 20-percent year-over-year sales gain for April 2012, and many of the company’s models reported record monthly sales volume. Chrysler Group reported total sales of 141,165 vehicles in April, compared to 117,225 a year prior. Chrysler – 31,879 sales, up 56 percent April represented the Chrysler brand’s tenth consecutive month of sales gains, and was the brand’s best April sales month since 2007. The biggest winner was the Chrysler 300 sedan, which saw sales leap 138 percent year-over-year to 7763 cars. The 200 sedan and convertible enjoyed a solid 61-percent sales increase to 13,343 units, and the Town & Country minivan reported 10,773 ...
Manufacturing Expanded In April At The Fastest Pace In 10 Months
Post Date: 2012-05-01 11:26:59 by Brian S
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Manufacturing unexpectedly expanded in April at the fastest pace in 10 months, driven by gains in orders and production that signal the U.S. remains a source of strength for the global economy. The Institute for Supply Management’s factory index climbed to 54.8 last month, exceeding the most optimistic forecast in a Bloomberg News survey, from 53.4 in March, the Tempe, Arizona- based group’s report showed today. Readings greater than 50 signal growth. The median forecast in the Bloomberg survey called for a drop to 53. Measures of production and orders were the highest in a year. Stronger demand for automobiles is bolstering American manufacturing at a time when factories in ...
No Shutdown This Summer For Jeep Grand Cherokee, Dodge Durango Factories
Post Date: 2012-04-30 16:08:18 by Brian S
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Sales of Jeep Grand Cherokee and Dodge Durango SUVs are so strong that their factory will stay open through the normal two-week summer shutdown. Automakers typically close plants around the July 4 holiday to update cars and trucks for the new model year and maintain the machinery. But the Jefferson North factory in Detroit that makes the SUVs will stay open all summer, Chrysler spokeswoman Jodi Tinson said Monday. Plant employees already are working overtime and the factory is staying open for two shifts on two out of every three Saturdays. Normally a plant is closed on weekends. Chrysler sold nearly 38,000 Grand Cherokees from January through March, up 44 percent from a year earlier. ...
Planetary Resources believes asteroid mining has come of age
Post Date: 2012-04-30 15:08:21 by jwpegler
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Planetary Resources, the Seattle-based 'asteroid mining' company set up by Google chiefs Larry Page and Eric Schmidt and filmmaker James Cameron is hiring. 'We are always looking for exceptional talent,' says the company. The company claims to be looking for experts in spacecraft guidance systems - but it seems SOME at least may have the opportunity to wield the hi-tech equivalent of pickaxes on rocks in space. 'You will get your hands dirty. If you prefer your hands clean, go somewhere else,' says the company's website. We're hiring! Two of Google's bosses and other technology luminaries in Seattle, USA, launched a company called Planetary Resources, ...
The Market's New Motto—'Made in the U.S.A.'
Post Date: 2012-04-30 12:36:21 by Brian S
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Who says America doesn't make anything anymore? Amid continuing debt problems in Europe, worries about China and middling growth in the U.S., many investors are overlooking a resurgence in the U.S. manufacturing sector. U.S. manufacturers are more competitive with global rivals than at any time in recent memory. Energy costs and other expenses are falling, manufacturers say. And U.S. workers' pay has become more competitive with foreign wages. It all means investors should spend more time focusing on shares of chemical companies, auto and steelmakers, and other manufacturers, analysts say. Rockwell Automation ROK -1.45% (ROK) and Dow Chemical DOW -2.22% (DOW) are among those ...
Consumer Spending in U.S. Rises as Incomes Climb the Most in Three Months
Post Date: 2012-04-30 11:44:00 by Brian S
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Consumer spending in the U.S. climbed in March after the biggest gain since August 2009, and incomes picked up, indicating the biggest part of the economy will help sustain the expansion. Household purchases, which account for about 70 percent of the economy, increased 0.3 percent, after a revised 0.9 percent gain the prior month that was stronger than first reported, Commerce Department figures showed today in Washington. The median estimate of 72 economists surveyed by Bloomberg News called for a 0.4 percent rise. Incomes advanced 0.4 percent, the most in three months, and the savings rate rose. A job market that’s on the mend and warmer weather underpinned household purchases, ...
Consumer Sentiment in U.S. Climbs to Highest Level in Year
Post Date: 2012-04-27 11:23:16 by Brian S
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Confidence among U.S. consumers climbed in April to the highest level in a year as Americans became more upbeat about the outlook for the economy. The Thomson Reuters/University of Michigan’s final index of sentiment increased to 76.4 from 76.2 last month. The gauge was projected to hold at the 75.7 level initially reported earlier this month, according to the median forecast in a Bloomberg News survey of economists. Gasoline costs that have declined since reaching an 11- month high earlier in the month are giving households some relief. Job gains may be help make American more comfortable stepping up purchases, which account for about 70 percent of the economy. “People have ...
Ford Rises as First-Quarter Profit Beats Estimates on North America Sales
Post Date: 2012-04-27 11:12:39 by Brian S
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Ford Motor Co. (F), seeking a second investment-grade credit rating, said first-quarter profit fell less than analysts had estimated as overseas losses ate into growing income from North America. Ford posted its 12th consecutive profitable quarter, with net income of $1.4 billion, or 35 cents a share, down from $2.55 billion, or 61 cents, a year earlier. Excluding one-time items, profit was 39 cents a share, beating the 35-cent average estimate of 17 analysts surveyed by Bloomberg. Ford rose 1 percent to $11.99 at 8:40 a.m. before regular New York trading. While fuel-efficient models championed by Chief Executive Officer Alan Mulally won over U.S. consumers, the automaker faced weak ...
Occupy boardroom: Shareholders revolt
Post Date: 2012-04-26 23:16:56 by lucysmom
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NEW YORK (CNNMoney) -- Shareholders across the United States are uniting, creating a movement that could be dubbed Occupy Boardroom. Long-term shareholders, including pension funds and mutual funds, are attempting to push out board members and fight back against executive pay packages. And unlike Occupy Wall Street, the police can't shut it down. "Shareholder rights are reaching a tipping point, and the balance of power is really shifting from companies to shareholders," said Mike Mayo, a banking analyst at investment firm CLSA. Three years after the financial crisis and the ensuing government bailouts, banks have been the primary targets of shareholders' wrath and ...
Michigan: Oakland County Adds More Than 23,000 Jobs To Local Workforce In 2011
Post Date: 2012-04-26 12:05:10 by Brian S
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Oakland County had a “sizzling” 2011, adding more than 23,000 jobs to the local workforce and beginning to make up the devastating losses in employment since 2005. That positive news came Thursday morning from George Fulton and Donald Grimes in their 27th annual economic outlook forecast for Oakland County. The economists from the University of Michigan’s Institute for Research on Labor, Employment and the Economy also predicted that the county will add another 33,727 over the next three years. “We see the continuation of a solid recovery through 2014, but with job growth moderating from the unsustainable pace of last year,” the pair said in their report. Their ...
Chrysler Posts Best Quarterly Profit In 13 Years
Post Date: 2012-04-26 11:58:50 by Brian S
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Chrysler had its best quarterly profit in 13 years. Not bad for a company that almost died three years ago. The company earned $473 million in the first quarter, mainly on the back of strong U.S. sales, which rose 39 percent from January through March. Customers snapped up Ram pickups, Jeep Grand Cherokee SUVs and Chrysler 200 sedans. The profit was more than four times what Chrysler made a year earlier. And it was the best performance since the third quarter of 1998 when Chrysler earned $682 million during the pickup truck and SUV boom. Another reason Chrysler made so much money is because it's generating more cash every time it sells a car or truck. It's getting an average of ...
Pending Sales of U.S. Existing Homes Increased 4.1% in March
Post Date: 2012-04-26 11:57:08 by Brian S
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Signed contracts to buy U.S. homes rose more than forecast in March as low interest rates drew buyers back into the market. The index of pending home purchases rose 4.1 percent to 101.4, the highest level since April 2010, after a 0.4 percent gain in February that was revised from a previously estimated 0.5 percent drop, the National Association of Realtors reported today in Washington. The median forecast of 43 economists surveyed by Bloomberg News called for a 1 percent rise in the measure, which tracks contracts on previously owned homes. An improved labor market and mortgage rates near historic lows are helping to stabilize housing. At the same time, the industry remains the ...
South Korean Retailers Suspend Sales Of U.S. Beef On ‘Mad Cow’ News
Post Date: 2012-04-25 11:53:24 by Brian S
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The United States scrambled on Wednesday to contain the fallout from the discovery of mad cow disease in California as the top beef exporter insisted the outbreak posed no threat to consumers. The US Department of Agriculture on Tuesday reported the country’s fourth-ever case of bovine spongiform encephalopathy (BSE), but stressed the outbreak was contained and no contaminated meat had entered the food chain. The infected dairy cow from central California, uncovered on Monday, “at no time presented a risk to the food supply or human health,” officials insisted. BSE cannot be transmitted through milk. “USDA remains confident in the health of the national herd and the ...
Housing Declared Bottoming in U.S. After Longest Slump Since World War II
Post Date: 2012-04-25 11:19:29 by Brian S
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The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom to the worst real estate collapse since the 1930s. “The crash is over,” Mark Zandi, chief economist for Moody’s Analytics Inc. in West Chester, Pennsylvania, said in a telephone interview yesterday. “Home sales -- both new and existing -- and housing starts are now off the bottom.” Data released yesterday showing better-than-estimated new- home sales and a slowdown in price declines are bolstering optimism that the market is poised for a sustainable recovery. Economists including Bank of Tokyo-Mitsubishi ...
Government''s War on Business
Post Date: 2012-04-24 19:17:02 by jwpegler
6 Comments
One of the big questions about the on-going lousy economy is why aren't people starting more businesses on their own, rather than relying on government? The short answer is that governments at all levels in the U.S., have systematically created rules that make it increasingly difficult to start a business in America. We've all heard about the police shutting down children's lemonade stands in several states because the kids don't have a license to conduct business on their front lawn. The problem is much deeper than that. My wife owns a home daycare business. Over the last three years, she has been very successful, by providing great service to her customers. Washington ...
Bank of America Tells Gun Manufacturer McMillan Firearms “We no Longer Want Your Business”
Post Date: 2012-04-24 16:42:09 by Capitalist Eric
5 Comments
The 2nd Amendment is becoming more and more under attack as not only Bank of America, but also Craigslist, EBay and PayPal as they give thumbs down to any transactions concerning guns or Ammo. Gun owners are more and more becoming isolated from being able to purchase or manufacture guns. It’s damn close if not full blown tyranny. For people who love guns, it’s another long line of BS that they have had to put up with. It’s good to see that Mr. McMillan no longer accepts Bank of America credit cards as payment for any of his products. We all in the gun community should disassociate ourselves from this corrupt bank ASAP. Kelly McMillan, CEO of McMillan Fiberglass Stocks, ...
Americans' Confidence In The Economy Held Steady In April
Post Date: 2012-04-24 12:36:10 by Brian S
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(04-24) 07:37 PDT New York (AP) -- Americans' confidence in the economy held steady in April from the previous month despite rising job cuts and falling home values. The Conference Board, a private research group, said on Tuesday that its Consumer Confidence Index is at 69.2, down slightly from a revised 69.5 in March. Economists were expecting a reading of 70, according to a FactSet poll of analysts. The current level is below February's 71.6, which is the highest level it's been in a year. Consumer confidence is widely watched because consumer spending accounts for 70 percent of economic activity. The current level is significantly below the 90 reading that indicates a ...
Purchases of New Homes in U.S. Exceed Forecasts in March
Post Date: 2012-04-24 11:49:22 by Brian S
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Sales of new U.S. homes were stronger than projected in March, indicating cheaper borrowing costs are helping stabilize the real estate market. Purchases ran at a 328,000 annual rate, a decline of 7.1 percent from a revised 353,000 pace in February that was faster than first projected, figures from the Commerce Department showed today in Washington. Economists forecast a March rate of 319,000, according to the median estimate in a Bloomberg News survey. Inventory fell to a record low and the median selling price rose from a year ago. Job gains, mortgage rates close to all-time lows and cheaper properties are underpinning an industry that’s been the economy’s weak spot. At the ...
Ford Back at Investment Grade After 6 Years in Junk
Post Date: 2012-04-24 11:40:00 by Brian S
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Ford Motor Co. (F)’s credit rating was raised to investment grade today by Fitch Ratings, ending six years of so-called junk status for the second-largest U.S. automaker. Fitch lifted Ford to BBB-, the first level of investment grade, from BB+, the ratings company said in a statement. Fitch first cut Ford’s rating below investment grade Dec. 19, 2005, as rising fuel prices began curtailing sales of sport-utility vehicles and pickups that accounted for most of the automaker’s profit. Returning to investment grade with Fitch and other ratings companies is one of Chief Executive Officer Alan Mulally’s goals. That would reduce Ford’s borrowing costs and permit it to ...
Wal-Mart Shaken By Bribery Probe, Shares Plunge
Post Date: 2012-04-23 19:20:17 by Brian S
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By Jessica Wohl and Elinor Comlay CHICAGO/MEXICO CITY (Reuters) - Wal-Mart Stores Inc lost $10 billion of its market value on Monday on concerns that a bribery investigation in Mexico could be very costly and hinder its plans to grow. In a sign that the problem was widening for the world's largest retailer, two U.S. lawmakers said they were launching their own investigation into allegations in a New York Times article that Wal-Mart de Mexico had engaged in a multi-year campaign of bribery to build its business. In Mexico, the front-running presidential candidate, Enrique Pena Nieto, and lawmakers also called on local authorities to investigate. If the allegations are true, Wal-Mart ...
Terrorist Says Bin Laden Spoke of Mission to Destroy U.S. Economy
Post Date: 2012-04-23 12:23:13 by Brian S
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Saajid Muhammad Badat, convicted in the U.K. in 2005 of plotting to explode an airplane, testified that Osama Bin Laden told him his mission would help bring down the U.S. economy. “He said the American economy is like a chain and if you break one link” you can destroy the whole economy, Badat said the now-deceased leader of the terrorist group al-Qaeda told him in a one-on-one meeting in Afghanistan shortly after the Sept. 11, 2001, attacks. Badat testified today at the trial of a New York man, Adis Medunjanin, accused of plotting to blow up New York’s subways in 2009 on behalf of al-Qaeda. Jurors are listening to Badat’s taped testimony in federal court in Brooklyn, ...
Lasting U.S. Recovery May Be at Hand as Drivers of Growth Shift: Economy
Post Date: 2012-04-23 12:21:15 by Brian S
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Almost three years after it began, the U.S. recovery may strengthen as autos and housing begin to reemerge as mainstays of growth. “The traditional engines that tend to give you a recovery are kicking in now,” Joseph Carson, director of global economic research at AllianceBernstein LP in New York, said in an interview. “We’re seeing confirmation of sustainability from all sides. That’s a real business cycle.” Over the past two quarters, measures normally associated with early stages of lasting rebounds, including hours worked, employment, consumer and business sentiment, household spending on durable goods and residential investment, have picked up in tandem, ...
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