Latest Articles: Business
Food-Stamp Spending Seen Dropping in 2013 on U.S. Jobs Outlook
Post Date: 2012-02-13 12:13:42 by Brian S
Spending on food-stamp benefits would fall 0.6 percent to $69.9 billion in the year starting 2013 as employment improves, according to projections contained in the budget President Barack Obama submitted to Congress today. Spending for the food-stamp component of the Supplemental Nutrition Assistance Program, or SNAP, still would be the second-highest on record and 17 percent above 2011, the government said in its proposal for U.S. Department of Agriculture spending. Overall budget authority for all related initiatives would fall 0.9 percent to $87.4 billion. SNAP is the cornerstone of our nations food-assistance safety net and touches the lives of more than 46 million ...
Market takes heart from Greek austerity deal
Post Date: 2012-02-13 11:53:57 by lucysmom
THE Australian share market closed strongly today, with investors delighted after the Greek parliament voted for an austerity package needed to obtain bailout funds. After a slow start, the benchmark S&P/ASX200 index closed up 39.8 points, or 0.94 per cent, to 4,285.1 points, while the broader All Ordinaries index firmed 36.8 points, or 0.85 per cent, to 4,359.4 points. On the ASX 24, the March share price index futures contract was 33 points higher at 4,251 at 1615 AEDT, with 29,777 contracts traded. The upward moves on the Australian stock exchange were all related to the austerity vote in debt-laden Greece, which has been rocked by street battles between police and protesters ...
Fox Business Network Cancels Entire Primetime Lineup
Post Date: 2012-02-10 14:45:21 by Brian S
Fox Business Network announced a drastic shakeup of its programming on Thursday, cancelling all of its primetime shows and replacing them with reruns. The network has long trailed its major business news rival, CNBC, in the ratings. On Wednesday, for instance, FBN drew just 64,000 total viewers. CNBC drew 187,000. For all of 2011, the gap was even wider: 54,000 versus 228,000. However, the suddenness of the moves was still surprising. "FreedomWatch with Judge Andrew Napolitano," "Power & Money with David Asman" and "Follow the Money with Eric Bolling" were all canceled. Napolitano and Bolling have become well-known faces outside of FBN, and Bolling is a ...
$26 billion Mortgage Settlement Plan Gives Homeowners Bulk of the Benefits
Post Date: 2012-02-09 11:37:30 by Brian S
After months of painstaking talks, government authorities and five of the nations biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said in Washington on Thursday. Enlarge This Image Left, Mario Anzuoni/Reuters; Fred R. Conrad/The New York Times The attorney general of California, Kamala Harris, left, and New York's attorney general, Eric Schneiderman. Multimedia Graphic Help for Some Homeowners It is part of a broad national settlement aimed at halting the housing markets downward slide and holding the banks ...
Unemployment Benefit Applications Drop To 358,000, Second-Lowest Level In Nearly 4 Years
Post Date: 2012-02-09 11:23:24 by Brian S
WASHINGTON The number of people seeking unemployment aid neared a four-year low last week, an encouraging sign that strong hiring could continue in the coming months. The Labor Department said Thursday that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. Thats the second-lowest level since April 2008. The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008. When applications fall consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate. A consistent decline in applications has coincided with the best job growth since last spring. Employers ...
Financial Crisis American Gridlock, Why The “Left” And The “Right” Are Both Wrong [Fascinating Read!]
Post Date: 2012-02-07 16:16:09 by Capitalist Eric
Today we dive into Part 2 of Woody Brocks notes from his new book, American Gridlock ( www.amazon.com/gridlock). He looks at what we can do in the future to prevent another crisis like we had in 2008, why we need to change, how we bargain with China (will be very controversial, in China at least!), what capitalism really is, and then he addresses the thorny issue of what it means to distribute wealth fairly. What can be said to those concerned with the top 1% of the population owning a grossly disproportionate share of the nations wealth? You can learn more about Woody and his economic services at www.SEDinc.com, as well as see some of his previous essays. You can also follow ...
Dow Approaches 13,000, And Maybe A Record To Come
Post Date: 2012-02-07 14:47:05 by Brian S
NEW YORK (AP) -- It was just last summer that the Dow Jones industrial average shed 2,000 points in three terrifying weeks. Investors had a host of things to worry about, including the possibility of another recession. Now the Dow is within reach of the rarefied 13,000 mark - a level it hasn't seen since May 2008, four months before the financial system almost came apart. A strong one-day rally - caused by a deal on bailout money for Greece, perhaps, or an unexpectedly positive economic report - could put it over the top. What's more, the average is just a 10 percent rally from an all-time high. And 10 percent rallies can happen fast these days. The stomach-turning summer is a ...
Bush Tells Dealers He Avoided ‘Gamble’ in Bailing Out Automakers
Post Date: 2012-02-07 12:33:21 by Brian S
Former U.S. President George W. Bush told car dealers gathered at a convention in Las Vegas he didnt want to gamble with a depression in defending the loans he gave to General Motors Corp. and Chrysler LLC. I didnt want there to be 21 percent unemployment, Bush said in a speech yesterday to cap the annual National Automobile Dealers Association convention, attended by more than 20,000 people. I didnt want to gamble. I didnt want history to look back and say, Bush could have done something but chose not to do it. And so I said, no depression. The Bush administration provided loans to GM and Chrysler ...
Farmers Plan Biggest U.S. Crop Boost Since 1984, Led by Corn: Commodities
Post Date: 2012-02-07 12:26:00 by Brian S
U.S. farmers will plant the most acres in a generation this year, led by the biggest corn crop since World War II, taking advantage of the highest agricultural prices in at least four decades. They will sow corn, soybeans and wheat on 226.9 million acres, the most since 1984, a Bloomberg survey of 36 farmers, bankers and analysts showed. The 2.5 percent gain means an expansion the size of New Jersey, as growers target fields left fallow last year and land freed up from conservation programs. Crop prices, some of which reached the highest averages ever in 2011, bolstered the economies of Midwest growing states, sent net farm income up 28 percent to $100.9 billion and pushed the value of ...
Smud Station Americans Gaining Energy Independence With U.S. Emerging as No. 1 Producer
Post Date: 2012-02-07 12:23:42 by Brian S
The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations. Domestic oil output is the highest in eight years. The U.S. is producing so much natural gas that, where the government warned four years ago of a critical need to boost imports, it now may approve an export terminal. Methanex Corp., the worlds biggest methanol maker, said it will dismantle a factory in Chile and reassemble it in Louisiana to take advantage of low natural gas prices. And higher mileage standards and federally mandated ethanol use, along with slow ...
U.S. Job Openings Rise by the Most in Almost a Year
Post Date: 2012-02-07 12:16:12 by Brian S
Job openings in the U.S. increased in December by the most in almost a year, showing employers are gaining confidence the economy will keep growing in 2012. The number of positions waiting to be filled climbed by 258,000, the biggest gain since February 2011, to 3.38 million, the Labor Department said today in Washington. Excluding government agencies, openings at private employers climbed to the highest level since August 2008. More openings mean companies may be looking beyond the European financial crisis and are making plans to expand this year as sales grow. Payrolls increased by 243,000 workers last month after a 203,000 gain in December, and the jobless rate fell to 8.3 percent, a ...
Essential Investor Preparations for The Big Crisis
Post Date: 2012-02-04 13:02:53 by Capitalist Eric
The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate. Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression. The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment. Outside timing on the hyperinflation remains 2014, but events of the last year have accelerated the movement towards this ultimate dollar catastrophe. Following Mr. Bernankes extraordinary efforts to ...
Factory Orders Up, Business Spending Rises
Post Date: 2012-02-03 19:11:08 by Brian S
WASHINGTON | Fri Feb 3, 2012 2:56pm EST (Reuters) - New orders for U.S. factory-made products posted a second straight monthly rise in December and business capital spending also picked up, a government report on Friday showed. The Commerce Department said orders for manufactured goods increased 1.1 percent, slightly below Wall Street economist's forecast for a 1.5 percent gain. But November's gain was revised up to 2.2 percent from a previously reported 1.8 percent and there were signs in the report of a firmer pace of overall factory activity. During the full year 2011, factory orders gained 12.1 percent after a 12.9 percent rise in 2010. Orders for non-defense capital goods ...
HAPPY DAYS ARE HERE AGAIN: Jobless Rate Falls to Lowest in Three Years... Nasdaq Hits 11-Year High as Stocks Roar...
Post Date: 2012-02-03 18:52:54 by Brian S
Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq to an 11-year high and pushing the Dow to its highest reading in almost four years. Brendan Conway has details on The News Hub. Photo: Getty Images Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq Composite to an 11-year high and pushing the Dow to its highest reading in almost four years. The Dow Jones Industrial Average advanced 154 points, or 1.2%, to 12859, its highest close since May 2008. The Standard & Poor's 500-stock index tacked on 19 points, or 1.5%, to 1345, for its fifth straight weekly gain. The technology-oriented Nasdaq ...
Wall St Journal: Real US Corporate Tax Rate Falls To 12.1%, The Lowest Level Since 1972
Post Date: 2012-02-03 11:46:20 by Brian S
BY DAMIAN PALETTA WASHINGTONU.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years. Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008. Corporate income-tax receipts typically fall during recessions,
US Service Industry Growth Surges In January
Post Date: 2012-02-03 11:37:07 by Brian S
(AP) WASHINGTON U.S. service companies grew at the fastest pace in 11 months in January as companies started hiring to keep up with rising demand. The Institute for Supply Management said Friday that its index of non-manufacturing activity jumped to 56.8 percent in January from 53 percent in December. The survey's employment index soared to its highest level since February 2006. Any reading above 50 indicates expansion. The trade group of purchasing managers surveys businesses including restaurants, hotels, retailers, financial services firms and construction companies. The service sector has been growing for two straight years. But hiring had stagnated, with the employment ...
Unemployment Drops to 8.3%; Payrolls in U.S. Jump 243,000
Post Date: 2012-02-03 09:13:12 by Brian S
Employment climbed more than forecast in January and the U.S. jobless rate unexpectedly fell to the lowest in three years, casting doubt on whether the Federal Reserve can wait until 2014 before raising interest rates. The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey, Labor Department figures showed in Washington. The unemployment rate dropped to 8.3 percent, the lowest since February 2009. The jump in hiring shows companies are gaining confidence the expansion will weather Europes slump and may boost President Barack Obamas re-election bid. The data come one week after Fed policy makers said the economy ...
Consumer Confidence in U.S. Increases for a Second Week in Bloomberg Index
Post Date: 2012-02-02 12:03:23 by Brian S
Consumer confidence in the U.S. climbed for a second week as Americans became less pessimistic about the prospects for the worlds largest economy. The Bloomberg Consumer Comfort Index (COMFCOMF) rose to minus 44.8 in the period to Jan. 29 from minus 46.4 the previous week. A measure of Americans view of the state of economy climbed to the highest since June. Gains in employment and post-holiday clearance sales at retailers also helped create a better buying climate for consumers, the report showed. At the same time, increasing gasoline costs threaten to hinder progress in household spending, which accounts for about 70 percent of the economy. Rising incomes and ...
Jobless Claims in U.S. Fell Last Week as Job Market Improved
Post Date: 2012-02-02 11:39:28 by Brian S
Feb. 2 (Bloomberg) -- Claims for U.S. jobless benefits fell last week, a sign the labor market is improving. Applications for unemployment insurance payments dropped by 12,000 to 367,000 in the week ended Jan. 28, Labor Department figures showed today in Washington. The median forecast of 46 economists in a Bloomberg News survey projected 371,000. Companies are slowing the pace of firing as the world's largest economy picks up, a necessary step toward bigger gains in employment. Economists forecast a Labor Department report tomorrow may show employers boosted payrolls in January and the jobless rate held at an almost three-year low. "The shift lower in claims looks to be ...
Auto Sales at Highest Levels Since Recession
Post Date: 2012-02-02 11:25:20 by Brian S
Automakers sold new cars and trucks in January at the fastest pace since the 2009 cash for clunkers program without resorting to profit-sapping discounts, signaling demand returned to pre-recession levels. U.S. light-vehicle sales accelerated to a 14.2 million seasonally adjusted annualized rate in January, the highest since the August 2009 government trade-in program. Honda Motor Co. reported its first increase since its inventory plunged after Japans tsunami in March that interrupted the auto markets recovery last year. General Motors Co. (GM) remained the sales leader even as its market share dropped by 3.4 percentage points, followed by Ford Motor Co. (F) and ...
Decline of U.S. Economy is the Logical Outcome of Keynesian Economics
Post Date: 2012-02-01 18:24:57 by Capitalist Eric
The Unholy Alliance of John Maynard Keyne Perhaps the greatest modern champion of central economic planning was the 20th century English economist John Maynard Keynes. Keynes, who was a political socialist and for a time a central banker, advocated the idea that the government should play a large, active role in the economy. Among the consequences of Keynes economic theories, whether intended or unintended, is the fact that Western economies today are characterized by large, central governments, central banks and massive debts. Leviathan the sea-monster, with Behemoth the land-monster and Ziz the air-monster According to Dr. Andrew Gelman, Professor of Statistics and ...
Guest post from OWS: Too Big to Fail is Too Big to Ignore
Post Date: 2012-02-01 12:48:15 by lucysmom
As a presidential candidate, Jon Huntsman proposed a six-point plan to address the critical and important problem of banks that are too big to fail. Now that he has left the race, there is no presidential candidate with a plan or even with an obvious interest in addressing this vital question. The Alternative Banking Working Group of Occupy Wall Street believes it is extremely problematic that this issue is being ignored, and urges every presidential candidate, including Barack Obama, to propose their too big-to-fail plans for review and for debate. In the weeks and months to come, presidential candidates on both sides of the aisle should make explicit plans to set up appropriate ...
Chrysler U.S. Sales Rise 44% on Jeep, Sedan
Post Date: 2012-02-01 11:43:47 by Brian S
Chrysler Group LLC, the automaker majority owned by Fiat SpA (F), said U.S. sales rose 44 percent last month, joining Nissan Motor Co. and General Motors Co. (GM) in beating analysts estimates for January. Chrysler surpassed eight analysts average estimate for a 32-percent sales gain. Nissans 10 percent rise in deliveries topped the 7.6 percent average estimate of six analysts. GMs 6.1 percent drop was better than the 7.3 percent decline that was the average estimate of eight analysts, while Ford Motor Co. (F)s 7.3 percent gain trailed analysts estimates. Light-vehicle sales in January may have run at a 13.4 million seasonally adjusted annual rate, the ...
Manufacturing in U.S. Grew at Fastest Pace in Seven Months
Post Date: 2012-02-01 11:42:15 by Brian S
Feb. 1 (Bloomberg) -- Manufacturing in the U.S. grew in January at the fastest pace in seven months, a sign the industry will lead the U.S. expansion early this year. The Institute for Supply Management's manufacturing index climbed to 54.1, less than projected, from 53.1 in December, the Tempe, Arizona-based group's report showed today. Figures greater than 50 signal expansion. The median forecast of economists surveyed by Bloomberg News was 54.5. Orders and export demand picked up last month. Factory production, led by inventory rebuilding at the end of 2011, is poised to keep expanding as the need to update equipment drives orders at companies like Caterpillar Inc. and demand ...
S&P, Dow Wrap Up Best January In 21st Century
Post Date: 2012-01-31 17:26:51 by Brian S
NEW YORK (CNNMoney) -- January offered up an apology to discouraged investors. Unlike 2011, when markets spiked and sunk several hundred points each day but ultimately closed out the year relatively flat, all three indexes mostly climbed higher throughout the month with occasional dips. The Nasdaq climbed 8% in January and the S&P 500 and Dow each added 3.4% and 4.4%. Absent, so far in 2012, are the heart wrenching daily drops and pops in stocks. Even with a choppy trading day Tuesday, it was the best January for the S&P and Dow since 1997 and since 2001 for the Nasdaq. U.S. stocks traded in a narrow range Tuesday, after worse-than-expected U.S. housing and manufacturing data ...
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