Latest Articles: Business
U.S. Stocks Open After Longest Storm Outage Since 1888
Post Date: 2012-10-31 10:45:47 by Brian S
U.S. equity markets will open today after the longest weather-related shutdown in more than a century, resuming after the New York Stock Exchange was spared by Hurricane Sandy as it swept through New York Oct. 29. The decision was announced in statements by NYSE Euronext, Nasdaq OMX Group Inc. (NDAQ) and Bats Global Markets Inc. The NYSEs headquarters are running on backup power and will keep using it if necessary all week, Larry Leibowitz, the chief operating officer, said in a phone interview. Fixed-income trading, halted at noon Oct. 29, will also reopen, under a recommendation by the Securities Industry and Financial Markets Association. Trading was canceled for four straight ...
Chrysler Repeats Not Moving Jeep Work To China From U.S.
Post Date: 2012-10-30 13:45:21 by Brian S
DETROIT | Tue Oct 30, 2012 1:41pm EDT (Reuters) - Chrysler Group LLC Chief Executive Sergio Marchionne reaffirmed on Tuesday that the company is not moving Jeep vehicle production out of the United States to China after it became an issue in the U.S. presidential campaign. Chrysler in an October 25 blog post had already rejected a statement made that day to a crowd in Ohio by Republican presidential candidate Mitt Romney, that Chrysler was thinking of moving all Jeep production from Ohio to China. Marchionne told employees by email on Tuesday, "I feel obliged to unambiguously restate our position: Jeep production will not be moved from the United States to China." Romney, ...
Ford Profit Beats Forecasts On Record North America Margins
Post Date: 2012-10-30 11:14:40 by Brian S
DETROIT | Tue Oct 30, 2012 9:49am EDT (Reuters) - Ford Motor Co on Tuesday posted a third-quarter profit that trounced Wall Street forecasts due to higher vehicle prices and record-high profit margins of 12 percent in North America. The No. 2 U.S. automaker posted an operating profit of $2.2 billion, or 40 cents per share, beating the average estimate of 30 cents per share, according to Thomson Reuters I/B/E/S. Worldwide, Ford earned $800 million more in pricing than it did last year. Half of the pricing increase came from North America, where Ford earned more than $2 billion and posted margins over 10 percent for the third quarter in a row. "To me, the story isn't just the ...
Home Prices in 20 U.S. Cities Rise by Most in Two Years
Post Date: 2012-10-30 11:05:50 by Brian S
Residential real-estate prices increased in the year ended August by the most in two years, a sign housing will continue to boost U.S. economic growth. The S&P/Case-Shiller index of property values in 20 cities rose 2 percent from August 2011, the biggest year-to-year gain since July 2010, after climbing 1.2 percent the prior month, the group said today in New York. The median forecast of 25 economists in a Bloomberg survey projected a 1.9 percent gain. The stabilization in values is rippling through the economy after the housing slump helped trigger the recession, supporting gains in consumer confidence and spending that are benefitting companies such as Lowes Cos. Inc. (LOW) ...
Consumer Spending in U.S. Increases 0.8% as Incomes Climb
Post Date: 2012-10-29 11:03:31 by Brian S
Consumer spending in the U.S. climbed more than forecast in September as incomes grew, a sign the biggest part of the economy was picking up as the quarter drew to a close. Household purchases, which account for about 70 percent of the economy, rose 0.8 percent, the most since February, after a 0.5 percent gain the prior month, a Commerce Department report showed today in Washington. The median estimate in a Bloomberg survey of 71 economists called for a 0.6 percent rise. Incomes rose 0.4 percent, the most since March. The economy expanded at a 2 percent annual pace in the third quarter, helped by a pickup in household purchases as an improving housing market boosted confidence. ...
Sales of New U.S. Homes Rose in September to Two-Year High
Post Date: 2012-10-24 10:39:56 by Brian S
Purchases of new U.S. homes rose in September to the highest level in more than two years as the industry that helped bring on the recession forged its way toward recovery. Sales climbed 5.7 percent to a 389,000 annual pace, the most since April 2010, following a revised 368,000 rate in August, figures from the Commerce Department showed today in Washington. The median estimate of 75 economists surveyed by Bloomberg called for sales to rise to 385,000. Demand for new homes is being driven by record-low mortgage rates and population growth, which will help generate business for builders like Hovnanian Enterprises Inc. (HOV) A lack of jobs and strict lending conditions still pose hurdles to ...
US May Soon Become World's Top Oil Producer
Post Date: 2012-10-23 17:05:59 by Brian S
NEW YORK (AP) -- U.S. oil output is surging so fast that the United States could soon overtake Saudi Arabia as the world's biggest producer. Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. This will be the fourth straight year of crude increases and the biggest single-year gain since 1951. The boom has surprised even the experts. "Five years ago, if I or anyone had predicted today's production growth, people would have thought we were crazy," says Jim Burkhard, head of oil markets research at IHS CERA, an energy consulting firm. ...
Fedex To Add 20,000 Seasonal Workers, Sees Shipping Up 13 Pct
Post Date: 2012-10-22 11:51:26 by Brian S
(Reuters) - FedEx Corp said on Monday it plans to hire 20,000 seasonal workers, the same as last year, to handle holiday shipping volume that it expects will be up more than 13 percent. An ongoing increase in e-commerce and last-minute orders amid a slow-growing economy will mean more deliveries for companies like FedEx that can handle fast shipments. FedEx, which is closely watched as an indicator of consumer demand and economic health, anticipates handling more than 280 million shipments during the holiday season between Thanksgiving and Christmas. The company said the impact of an increase in holiday shipments was included in its fiscal 2013 earnings outlook. For the second time this ...
Gas Prices Could Soon Drop 50 Cents A Gallon
Post Date: 2012-10-21 13:21:36 by Brian S
USA TODAY - Autumn gasoline prices are about to drop faster than fall foliage. With inventories rising and demand waning, gasoline prices could plunge 50 cents a gallon from October's $3.86 peak average over the next few weeks, providing a lift for the economy and possibly becoming a factor in next month's presidential election. Gasoline, now averaging $3.69 a gallon, is expected to fall to $3.35 or lower by late November. In some regions, prices have already sunk below $3. "Most of the country is heading appreciably lower the next few weeks,'' says Tom Kloza of the Oil Price Information Service, who notes wholesale prices in some key markets have dropped from as high ...
A Ponzi Scheme Called America
Post Date: 2012-10-21 11:41:26 by Hondo68
As we all know, the eurozone credit crisis has taken away any chance of economic growth in the global economy.Spainthe current epicenter of the credit crisis in the eurozonehas seen its credit rating downgraded to a credit rating of BBB- from BBB+ by the Standard and Poors (S&P) credit rating agency. A credit rating of BBB- is the lowest investment grade credit rating issued by S&P and just one notch above junk status. (Source: Standard & Poors, October 10, 2012.)In 2007, eurozone member Spain saw its national debt equate to 36% of its gross domestic product (GDP) that year. Now, with the governments plan to borrow more than 207 billion ...
In U.S., Unadjusted Unemployment At 7.3% In Mid-October; Unemployment, Underemployment Lowest Since Gallup Began Tracking
Post Date: 2012-10-19 14:59:26 by Brian S
WASHINGTON, D.C. -- U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October, down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010. Gallup's seasonally adjusted unemployment rate is 7.7%, also down from September. October's adjusted mid-month measure is also more than a percentage point lower than October 2011. These results are based on Gallup Daily tracking surveys conducted by landline and cell phone with more than 30,000 U.S. adults from Sept. 16-Oct. 15. Gallup's seasonally adjusted unemployment rate incorporates the .04 upward adjustment used by the U.S. ...
GM to hire 3,000 workers from Hewlett-Packard
Post Date: 2012-10-18 13:36:58 by Brian S
DETROIT (AP) -- General Motors will hire 3,000 workers from Hewlett-Packard as the carmaker moves more computer functions in-house. The move is part of a larger GM strategy to have more control over the technology it uses in cars and to run its business. The H-P employees already work on GM projects. GM says that making them full-time employees will hold costs steady and speed up the transformation of the company's computer-related work. GM is hiring more software developers, opening technology centers and taking on work from outside firms like H-P. GM says the move includes several multi-year services and software contracts with H-P. GM Chief Information Officer Randy Mott worked ...
State's Jobless Rate Dropped By 1 Point Over Past 12 Months
Post Date: 2012-10-18 12:11:19 by Brian S
Michigans unemployment rate dropped in September for the first time in six months. The decline was a very slight one-tenth of a percentage point to 9.3%. It was good news, even if job growth remains slow. The states unemployment rate is a full percentage point below where it was at this time last year due to hiring in business and temp services, the finance sector, and manufacturing. Bruce Weaver is an analyst at the state bureau of labor information. He says those gains were only partially offset by job losses in a couple of sectors. The two areas of the economy that have lost a decent number of jobs over that period would be retail sector and ...
New-Home Construction Permits Last Month Revved To The Highest In Four Years
Post Date: 2012-10-18 11:33:16 by Brian S
New-home construction in the U.S. surged in September to the highest level in four years, a sign the industry is on the road to recovery. Starts jumped 15 percent to an 872,000 annual rate last month, the most since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. The median estimate of 81 economists surveyed by Bloomberg called for 770,000. An increase in building permits may mean the gains will be sustained. A pickup in sales stoked by record-low mortgage rates and population growth combined with dwindling supply indicates construction can continue strengthening, contributing more to economic growth. At ...
Consumer Comfort in U.S. Climbs to Highest Level in Six Months
Post Date: 2012-10-18 11:02:05 by Brian S
Consumer confidence in the U.S. reached a six-month high last week as more Americans said it was a good time to shop. The Bloomberg Consumer Comfort Index rose to minus 34.8 in the week ended Oct. 14, the highest level since April, from minus 38.5 the previous week. The monthly expectations gauge improved to minus 7 in October, the best reading since May. Signs the housing recovery is gaining momentum, rising stock prices and a falling jobless rate may be making consumers feel better about their financial situation. The boost in optimism may help sustain recent gains in household spending, which makes up about 70 percent of the economy. Consumer sentiment is possibly emerging from ...
Index of U.S. Leading Indicators Rose 0.6%, Most In Seven Months In September
Post Date: 2012-10-18 11:01:00 by Brian S
The index of U.S. leading economic indicators rose in September by the most in seven months, boosted in part by a jump in permits for home construction thats helping underpin the expansion. The Conference Boards gauge of the outlook for the next three to six months increased 0.6 percent after a revised 0.4 percent drop in August that was bigger than initially reported, the New York-based group said today. Economists projected the gauge would climb 0.2 percent, according to the median estimate in a Bloomberg survey. A recovery in the housing market and a surge in stock prices may also be fueling optimism among consumers, whose spending accounts for about 70 percent of the ...
Housing Starts in U.S. Surged in September to Four-Year High
Post Date: 2012-10-17 12:15:48 by Brian S
Housing starts in the U.S. surged 15 percent in September to the highest level in four years, adding to signs the industry at the heart of the financial crisis is on the road to recovery. Starts jumped to a 872,000 annual rate last month, the most since July 2008 and exceeding all forecasts in a Bloomberg survey of economists, Commerce Department figures showed today in Washington. The median estimate of 81 economists surveyed by Bloomberg called for 770,000. An increase in building permits may mean the gains will be sustained. A pickup in sales stoked by record-low mortgage rates and population growth combined with dwindling supply indicates construction can continue strengthening, ...
U.S. Stocks Gain as Industrial Output, Earnings Top Forecasts (editors note: Romney Victory Speculation)
Post Date: 2012-10-16 10:46:52 by Brian S
Oct. 16 (Bloomberg) -- U.S. stocks advanced, sending the Standard & Poor’s 500 Index higher for a second day, as industrial production rose more than forecast and corporate earnings topped estimates.
Johnson & Johnson rallied 1.5 percent after raising its 2012 profit forecasts. Sprint Nextel Corp. gained 0.9 percent after people with direct knowledge of the situation said the company isn’t planning to take over Clearwire Corp. Citigroup Inc. added 0.2 percent after Chief Executive Officer Vikram Pandit stepped down.
The S&P 500 climbed 0.6 percent to 1,448.38 at 9:49 a.m. in New York. Stocks rallied yesterday as U.S. retail sales and Citigroup Inc.’s earnings beat estimates. The Dow ...
Confidence Among U.S. Homebuilders Climbs for a Sixth Month
Post Date: 2012-10-16 10:38:17 by Brian S
Confidence among U.S. homebuilders climbed for a sixth straight month in October, adding to signs the real-estate market is healing. The National Association of Home Builders/Wells Fargo builder sentiment index increased to 41 this month, the highest since June 2006, from 40 in September, according to figures from the Washington-based group released today. The median forecast in a Bloomberg survey of economists called for an increase to 41. Readings below 50 mean more respondents said conditions were poor. Record-low borrowing costs are helping sustain sales for homebuilders such as Hovnanian Enterprises Inc. (HOV) Strict credit standards and slowing payroll growth remain obstacles for ...
Romney’S Plan To Dump Bernanke Sparking Anxiety On Wall Street
Post Date: 2012-10-15 13:58:20 by Brian S
Mitt Romneys promise to replace Federal Reserve Chairman Ben Bernanke if elected president is stirring anxiety among some financial analysts who fear such a move could send the nations markets tumbling. Romney, throughout his White House campaign, has argued he knows what needs to be done to get the economy running at full steam. But the concern among market watchers is that if Romney dumps Bernanke, whose term expires at the beginning of 2014, he would remove the person who some believe is the weak economy's primary lifeline. "There's a view that the economy cannot sustain itself, that it's really the Fed that is fueling economic growth, and that a ...
Retail Sales Make Largest Gains In Two Years
Post Date: 2012-10-15 12:56:21 by Brian S
Retail sales picked up again in September as consumers increased their spending on clothing, electronics and autos, bolstering hopes for a solid holiday season. Spending increased 1.1 percent last month to a seasonally adjusted $412.9 billion, the Commerce Department reported on Monday. Sales were revised higher to 1.2 percent in August, the best showing in both months since October 2010. "In spite of the uncertainty and unease surrounding our nations high unemployment and long-term fiscal challenges, consumers continue to spend and shop," said Matthew Shay, president and chief executive of the National Retail Federation. "Robust back-to-school spending combined ...
Consumers Paying Down Debt Helps Boost U.S. Expansion
Post Date: 2012-10-15 12:52:57 by Brian S
Anita Bullock-Morley was $57,000 in debt on 27 credit cards and close to filing for bankruptcy in 2007. With help from an Atlanta counseling service, the 37-year- old says she paid about $1,400 a month and cleared her balances. Now shes used cash to buy an $800 iPad and upgrade her iPhone. Three-plus years into a recovery from the worst financial crisis since the Great Depression, Americans finally are getting their finances back into shape, Federal Reserve figures show. Household debt as a share of disposable income sank to 113 percent in the second quarter from a record high of 134 percent in 2007 before the recession hit. Debt payments on that basis are the smallest in almost 18 ...
Food Tent Displaying Obama Signs Erected Outside Ohio Poll (free Obamy Burgers for qualified voters)
Post Date: 2012-10-14 21:25:41 by Hondo68
On Wednesday, a food tent peppered with Obama campaign signs was seen in Cleveland directly across from the Board of Elections where early voting is taking place. A citizen journalist has provided Breitbart News with photos of the tent: This is possibly a violation of Ohio statute 3599, which has a section that reads: 3599.01 Bribery. (A) No person shall before, during, or after any primary, convention, or election: (1) Give, lend, offer, or procure or promise to give, lend, offer, or procure any money, office, position, place or employment, influence, or any other valuable consideration to or for a delegate, elector, or other person; (2) Attempt by intimidation, coercion, or other ...
Surprise Jack Welch Missed Shows Better U.S. Growth: Economy
Post Date: 2012-10-12 13:28:30 by Brian S
It isnt only the federal governments Bureau of Labor Statistics that is issuing surprisingly good news about the U.S. economy these days. If former General Electric Co. Chief Executive Officer Jack Welchs charges of a political fix to manipulate economic data ahead of the presidential election are true, there must be a vast econometric conspiracy embracing auto dealers, real estate agents, the Federal Reserve and corporate Americas 96-year-old Conference Board. The economy is improving more than professional forecasters anticipated, particularly in data on employment and housing, according to the Bloomberg Economic Surprise Index, which compares 38 indicators with ...
Consumer Sentiment in U.S. Rises to Pre-Recession High
Post Date: 2012-10-12 10:43:35 by Brian S
Confidence among U.S. consumers unexpectedly jumped in October to the highest level since before the recession began five years ago, raising the odds that retailers will see sales improve. The Thomson Reuters/University of Michigan preliminary October consumer sentiment index increased to 83.1, the highest level since September 2007, from 78.3 the prior month. The gauge was projected to fall to 78, according to the median forecast of 71 economists surveyed by Bloomberg News. Rising stock and property values along with falling joblessness may keep giving Americans a psychological boost, brightening the household-spending outlook during the year-end holidays. Improving confidence may play a ...
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