Latest Articles: Business
Home Prices in U.S. Fell Less Than Forecast in Year to May
Post Date: 2012-07-31 11:41:44 by Brian S
Residential real estate prices declined less than forecast in the year ended May, another sign that the housing market is on the mend. The S&P/Case-Shiller index of property values in 20 cities decreased 0.7 percent from May 2011, the smallest 12-month fall since September 2010, after dropping 1.8 percent in the year ended April, the group said today in New York. The median forecast of 29 economists in a Bloomberg News survey projected a 1.4 percent fall. Stabilizing prices could help drive a housing market thats starting to recover three years after the end of the recession. Federal Reserve policy makers have said residential construction is a bright spot in the recovery even as ...
U.S. Consumer Confidence Unexpectedly Gains for First Time in Five Months
Post Date: 2012-07-31 11:34:30 by Brian S
Confidence among U.S. consumers unexpectedly rose for the first time in five months as Americans became more upbeat about job prospects later this year. The Conference Boards index increased to 65.9 this month from 62.7 in June, figures from the New York-based private research group showed today. Economists projected a reading of 61.5, according to the median estimate in a Bloomberg News survey. The report showed a gain in the share of consumers anticipating better labor and economic conditions in six months. A pickup in the housing market and decreases in fuel prices may also be helping sustain consumer sentiment. At the same time, faster job gains are needed to spur consumer ...
Stocks Soar After ECB Vows To Protect The Euro
Post Date: 2012-07-26 14:45:12 by Brian S
Stocks soared in the U.S. and Europe Thursday after the European Central Bank president vowed to do whatever it takes to preserve the continents monetary union. The Dow Jones industrial average soared 234 points to 12,913 in the first hour of trading, following European markets sharply higher. Benchmark indexes in Spain and Italy each jumped 5 percent. Frances stock market surged 3 percent. The comments from Mario Draghi at an investor conference at the Olympics raised hopes that Europes central bank might intervene in markets to bring down the cripplingly high borrowing costs for struggling European countries like Spain and Italy. After insisting for months ...
Durable Goods Orders Rise in U.S., Unemployment Claims Decline
Post Date: 2012-07-26 12:04:05 by Brian S
Orders for U.S. durable goods climbed more than projected in June as a surge in demand for aircraft and military hardware overshadowed a slump in business equipment spending. Bookings for goods meant to last at least three years rose 1.6 percent for a second month, a Commerce Department report showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 0.3 percent gain. A separate report today showed first-time claims for unemployment benefits declined more than forecast last week. Orders for durable goods excluding the volatile transportation category unexpectedly dropped 1.1 percent in June, the most in five months. Corporate spending is ...
J.C. Penney Floundering After Endorsing Gay Marriage
Post Date: 2012-07-21 21:09:17 by CZ82
J.C. Penney Floundering After Endorsing Gay Marriage posted on July 20, 2012 by Giacomo Have you ever heard of Kemmerer, Wyoming? It is the county seat of Lincoln County and according to the 2010 Census has a population of 2,656. On April 14, 1902, three businessmen partnered and opened a retail store called The Golden Rule. In the next few years, they opened two more stores in the area, but in 1907, two of the partners, Thomas Callahan and Guy Johnson dissolved their partnership. The remaining partner, James Cash Penney managed to purchase full interest in all three stores and took control from there. In 1909, he moved his headquarters to Salt Lake City, Utah and by 1912 he had a ...
The Remarkable Story of Chile's Economic Renaissance
Post Date: 2012-07-19 16:01:28 by jwpegler
Thirty years ago, Chile was a basket case. A socialist government in the 1970s had crippled the economy and destabilized society, leading to civil unrest and a military coup. Given the dismal situation, it's no surprise that Chile's economy was moribund and other Latin American countries, such as Mexico, Venezuela, and Argentina, had about twice as much per-capita economic output. Today, by contrast, Chile has passed Argentina to become the richest nation in all of Latin America. For three decades, it has been the fastest-growing economy in the region. Poverty has fallen dramatically, and living standards have soared. Let's look at how Chile became the Latin Tiger. Pension ...
Housing Starts in U.S. Rose in June to Highest Level Since 2008
Post Date: 2012-07-18 12:05:26 by Brian S
By Michelle Jamrisko - Jul 18, 2012 New U.S. home construction rose in June to the highest level in almost four years, indicating the residential real estate market is strengthening even as other parts of the economy cool. Housing starts rose 6.9 percent to a 760,000 annual pace after a revised 711,000 rate in May that was faster than initially estimated, the Commerce Department reported today in Washington. The median forecast of 79 economists surveyed by Bloomberg News called for a 745,000 rate. Record-low mortgage rates and cheaper properties are luring buyers, prompting builders such as Ryland Group Inc. (RYL) to boost construction. The gain underscores comments by Federal ...
Homebuilder Confidence in U.S. Rises Most Since September 2002
Post Date: 2012-07-17 12:44:30 by Brian S
Confidence among U.S. homebuilders increased in July by the most in almost a decade, indicating further improvement in residential real estate. The National Association of Home Builders/Wells Fargo confidence index climbed 6 points, the biggest gain since September 2002, to 35 this month, a report from the Washington- based group showed today. The gauge exceeded the most-optimistic projection in a Bloomberg News survey of 46 economists. Readings below 50 mean more respondents said conditions were poor. Builders said they were more upbeat about sales prospects as both current purchases and buyer traffic improved, showing the industry is being fueled by record-low mortgage rates and cheaper ...
Factories in U.S. Show Resilience as Production Rises
Post Date: 2012-07-17 12:41:59 by Brian S
Industrial production increased in June, paced by gains among auto and machinery makers that may ease concern some of the drivers of the U.S. economic expansion were floundering. Output at factories, mines and utilities rose 0.4 percent last month after a revised 0.2 percent drop in May that was larger than previously reported, according to Federal Reserve data issued today in Washington. Other figures showed consumer prices were unchanged and homebuilder confidence jumped. Fed Chairman Ben S. Bernanke today acknowledged the recovery had lost momentum in the first half of the year as a result of the European crisis and the prospect of fiscal tightening. Factories still face challenges of ...
Worst-in-Generation Drought Dims U.S. Farm Economy Hopes
Post Date: 2012-07-16 12:01:31 by Brian S
Cloudless skies seldom look so ominous. A worst-in-a-generation drought from Indiana to Arkansas to California is damaging crops, rural economies, and threatening to drive food prices to record levels. Agriculture, though a small part of the $15.5 trillion U.S. economy, had been one of the most resilient industries in the past three years as the country struggled to recover from the recession. It might be a $50 billion event for the economy as it blends into everything over the next four quarters, said Michael Swanson, agricultural economist at Wells Fargo & Co. (WFC) in Minneapolis, the largest commercial agriculture lender. Instead of retreating from record highs, ...
Obama Can Eat Steak in Belvidere, Illinois as Dodge Dart Brings 6,000 Jobs
Post Date: 2012-07-13 11:26:58 by Brian S
Chrysler Group LLCs factory in Belvidere, Illinois, is bustling, shipping about 300 Dodge Darts a day. A mile east on U.S. Route 20, a new restaurant has added an assembly line of its own: one that makes steak sandwiches. Business is looking up at Fiesta Market, a grocery that had struggled during the recession, said owner Mike Bolis. In May, he added an adjoining restaurant, Fiesta Tortillas, and he has hired 15 more people to make and sell fast-food items such as Mikes Famous Steak Sandwich, a seven-ounce rib-eye served on a bun with lettuce, tomatoes and grilled onions. Hopefully, the people from Chrysler will come visit us more often, Bolis said in a telephone ...
Crops Surge as U.S. Cuts Harvest Outlooks Amid Parching Drought
Post Date: 2012-07-11 11:47:07 by Brian S
Corn surged to the highest price since September and soybeans reached a four-year high after the U.S. cut its production forecasts because of the worst drought since 1988. Wheat extended this years rally. The U.S. Department of Agriculture reduced its forecast of this years domestic corn crop, the worlds largest, by 12 percent just a month after predicting a record harvest. The domestic soybean estimate was cut 4.8 percent, and global wheat production will be less than expected in June as a dry spell hurts yields in Russia, the USDA said today in a report. Areas of moderate to extreme drought have expanded to 53 percent of the Midwest, the main growing region, fueling ...
85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period
Post Date: 2012-07-08 17:56:22 by CZ82
85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period... By Snejana Farberov PUBLISHED:00:02 EST, 7 July 2012 | UPDATED:00:14 EST, 7 July 2012 The Obama administration has been touting the economys recovery, but the numbers are painting a different picture, namely that more workers joined the federal government's disability program in June than got new jobs, according to two new government reports. The economy created 80,000 jobs in June, the Bureau of Labor Statistics reported on Friday. In contrast, 85,000 workers left the workforce to enroll in the Social Security Disability Insurance program that same month, according to ...
U.S. Jobs U.S. Payrolls Rise Less-Than-Expected 80,000 as Jobless Rate Holds at 8.2% Q
Post Date: 2012-07-06 10:49:21 by Brian S
Employers in the U.S. hired fewer workers than forecast in June, showing the labor market is making scant progress toward reducing joblessness. Payrolls rose 80,000 last month after a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 gain, according to the median estimate in a Bloomberg News survey. The unemployment rate held at 8.2 percent. Private employment, which excludes government agencies, increased 84,000 in June, the weakest in 10 months. Stocks fell on concern hiring has shifted into a lower gear, restricting consumer spending and leaving the economy more vulnerable to a global slowdown. The figures underscore concern ...
Private Hiring Rebounded To Add 176,000 Jobs In June: ADP
Post Date: 2012-07-05 12:23:40 by Brian S
Hiring by private companies unexpectedly accelerated in June, with the 176,000 new jobs surpassing economists expectations, new data from payroll giant ADP shows. Junes gains follow a upwardly revised figure of 136,000 for the month earlier. Economists had expected companies to add 95,000 workers last month. The job growth was confined mostly to small- and medium-sized companies, which contributed 94%. Growth was greatest in the service sector, where employers added 16,000 jobs. Financial services expanded payrolls by 11,000. Manufacturing managed only 4,000 jobs. Stocks opened down this morning, despite the upbeat reading on the labor market. The Dow Jones industrial average ...
U.S. Auto Sales Top Estimates as GM, Ford Beat Projections
Post Date: 2012-07-03 16:40:59 by Brian S
July 3 (Bloomberg) -- General Motors Co., Ford Motor Co. and Chrysler Group LLC reported U.S. auto sales for June that topped analysts estimates, helping the industry surpass projections and stay on pace for the best year since 2007. U.S. auto sales may have accelerated to faster than a 14 million seasonally adjusted annualized rate, GM and Chrysler said in e-mailed statements. The forecasts top the 13.8 million light-vehicle pace that was the average estimate of 15 analysts surveyed by Bloomberg. The auto-industry sales provide a bright spot in the U.S. economy that has been hindered by persistent unemployment and weakening consumer confidence. Analysts under-estimated demand for ...
Gasoline’s Drop Toward $3 Provides Obama a Lift
Post Date: 2012-07-03 11:13:26 by Brian S
U.S. gasoline prices at the pump, headed to $4 a gallon in April, are dropping toward $3 as the July Fourth holiday approaches, giving consumers relief and a boost to President Barack Obamas re-election campaign. Retail prices have fallen 15 percent to $3.329 from a peak of $3.936 on April 4, according to Heathrow, Florida-based AAA, the largest U.S. motoring group. Theyre also 6.6 percent lower than a year ago, underscoring how slowing economies are sapping demand even as an embargo on Iranian oil starts. Republican criticism of Obamas energy policies has faded as oil fell as much as 29 percent from this years high in February and stockpiles ballooned to the most ...
Factory output shrinks in US
Post Date: 2012-07-03 10:59:18 by jwpegler
U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening. Production declined, and the number of new orders plunged, according to a monthly report released Monday by the Institute for Supply Management. The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries such as China. This is not good, said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage. Though the report does not mean recession for the broader economy, it is still a terribly weak number. The trade ...
Orders to U.S. Factories Rise for First Time in Three Months
Post Date: 2012-07-03 10:49:05 by Brian S
Orders placed with U.S. factories rose in May for the first time in three months, easing concern that manufacturing is faltering. The 0.7 percent increase in bookings followed a revised 0.7 percent drop in the prior month, the Commerce Department said today in Washington. The median forecast of economists in a Bloomberg News survey called for a rise to 0.1 percent. Europes debt crisis and a slowdown in Asian markets including China is restraining exports, weighing on the outlook for manufacturers like Joy Global Inc. (JOY) and DuPont Co. (CAT) Business investment, a mainstay of growth, will provide less of a boost to the economy as a weakening labor market holds back American ...
Crude Oil Rises Most in More Than 3 Years
Post Date: 2012-06-29 21:03:07 by Brian S
The Standard & Poors GSCI gauge of 24 commodities jumped 5.4 percent to 598.39 at 3:30 p.m. New York time as oil rose the most in three years after European leaders reached an agreement to ease repayment rules for Spanish banks and relax conditions on help for Italy. The UBS Bloomberg CMCI index of 26 raw materials rose 4.1 percent to 1,486.717. CRUDE OIL Oil gained the most in more than three years on the European agreement. Futures rose 9.4 percent, trimming the biggest quarterly decline since the final three months of 2008, as leaders of the 17 euro countries dropped requirements that taxpayers get preferred creditor status on aid to Spains banks. Prices also increased ...
Business Activity in U.S. Unexpectedly Grew at a Faster Pace
Post Date: 2012-06-29 12:42:27 by Brian S
Business activity in the U.S. unexpectedly expanded in June at a faster pace as production and employment rebounded. The Institute for Supply Management-Chicago Inc. said today its business activity barometer increased to 52.9 from 52.7 in May. A reading of 50 is the dividing line between growth and contraction. Economists projected the purchasing managers gauge would decline to 52.3, according to the median of 51 estimates in a Bloomberg News survey. The report contrasts with other regional figures this month that showed manufacturing was cooling. The industry is holding steady even as the fallout of the European debt crisis limits orders and anxiety over the so-called fiscal cliff ...
Drought Seen Rivaling 1980s U.S. Scorcher That Cost $78 Billion
Post Date: 2012-06-27 11:50:17 by Brian S
The drought in the U.S. Midwest that has pushed up corn prices 23 percent since June 15 may eventually rival a dry period in 1988 that cost agriculture $78 billion, a government meteorologist said. This years weather pattern, which settled into the Great Plains and the Southwest last year and has spread into the Corn Belt, resembles those of a quarter century ago and several earlier eras, Matthew Rosencrans, a drought specialist with the National Weather Service, said today at a forum in Washington. We already have the dry conditions, said Rosencrans, a contributor to the governments weekly drought monitor. The drought that ran through 1987 and 1988 will come ...
Durable Goods Orders Rebound, Led By Cars And Planes
Post Date: 2012-06-27 11:40:53 by Brian S
By msnbc.com staff and news wires New orders for products ranging from refrigerators to airplanes rose in May, bouncing back from two consecutive monthly decreases, government data showed Wednesday. The Commerce Department reported that orders for goods meant to last more than three years increased 1.1 percent last month, after a revised 0.2 percent decrease in April. The rise in orders last month raises hopes that the recovery still has some strength left, but concerns remain that a slowing global economy will stifle orders in future months. "It was better than expected, which is surprising to see since recent economic reports have been less positive. I'm still concerned ...
U.S. Pending Home Sales Up in May, Highest Levels in Two Years
Post Date: 2012-06-27 11:39:14 by Brian S
According to the National Association of Realtors (NAR), pending home sales bounced back in May, matching the highest level in the past two years, and are well above year-ago levels. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.9 percent to 101.1 in May from 95.5 in April and is 13.3 percent above May 2011 when it was 89.2. The data reflect contracts but not closings. The index also reached 101.1 in March, which is the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit. Lawrence Yun, NAR chief economist, said longer term comparisons are more relevant. "The housing market is ...
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