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Latest Articles: Business
Consumer Spending in U.S. Fell in June
Post Date: 2011-08-02 11:03:58 by Brian S
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U.S. consumer spending unexpectedly dropped in June for the first time in almost two years and savings climbed, adding to evidence that the slump in hiring is hurting household confidence. Purchases declined 0.2 percent after a 0.1 percent gain the prior month, Commerce Department figures showed today in Washington. The median estimate of 77 economists surveyed by Bloomberg News called for a 0.1 percent increase. Incomes grew at the slowest pace since November. The lack of jobs combined with wage gains that have failed to keep pace with inflation raise the risk of further cuts in consumer spending, which accounts for 70 percent of the world’s largest economy. Companies like Newell ...
U.S. Auto Sales Stall, Casting Doubt on Rebound
Post Date: 2011-08-01 11:02:27 by Brian S
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U.S. auto sales have stalled, casting doubt on a rebound this year as persistent unemployment and tighter lending deter buyers. Light-vehicle deliveries in July, to be released tomorrow, may have run at an 11.8 million seasonally adjusted annual rate, the average estimate of 12 analysts surveyed by Bloomberg. That would trail the 12.5 million rate in the first half. The auto industry may lose 1.5 million in projected sales in 2011, according to consultant AlixPartners LLP. The economy isn’t picking up as fast as anticipated, and the drag may continue beyond this year, AlixPartners said. That may put a return to average annual sales of 16.8 million vehicles from 2000 to 2007 out of ...
U.S. Manufacturing Index Falls to Two-Year Low
Post Date: 2011-08-01 10:59:38 by Brian S
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U.S. manufacturing expanded in July at the slowest pace in two years, indicating the industry that’s been driving the economic expansion is starting to weaken. The Institute for Supply Management’s factory index fell to 50.9 last month from 55.3 in June, the Tempe, Arizona-based group said today. Economists projected the index would drop to 54.5, according to the median forecast in a Bloomberg News survey. Figures greater than 50 signal expansion. Manufacturers are facing stagnant consumer spending, raising the risk that production will be tempered further even as parts shortages from Japan’s earthquake dissipate and commodity costs ease. Orders to factories shrank for the ...
Mandated Mischief: Obama’s 54.5 MPG Standard
Post Date: 2011-08-01 07:32:14 by CZ82
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Mandated Mischief: Obama’s 54.5 MPG Standard More deaths, less choice, pricier cars. And of course, no upside. July 29, 2011, Marlo Lewis President Obama today announced a deal with 13 automakers to boost new-car fuel economy standards from 35.5 mpg in 2016 to 54.5 mpg in 2025. Obama claimed the new standards will save Americans $1.7 trillion over the lifetime of vehicles and $8,000 per vehicle by 2025. But you’ve got to wonder, if the fuel-saving technologies requisite to meet the new standards are such a great bargain, why do we need a law forcing automakers to adopt them? After all, auto companies are in business to make money, they compete for customers, and there’s ...
Sunday Reflection: Is EPA's true purpose protecting the environment or shutting down industry?
Post Date: 2011-07-30 08:31:56 by CZ82
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Sunday Reflection: Is EPA's true purpose protecting the environment or shutting down industry? By:Bryan W. Shaw | OpEd Contributor | 07/23/11 8:05 PM. On July 7, the U.S. Environmental Protection Agency released the Cross-State Air Pollution Rule -- another in an endless line of new federal environmental regulations with the stated purpose of improving air quality. Like the others, this new rule will have little impact on the environment. Rather, its chief effect will be to kill jobs, put the brakes on economic growth, increase energy costs and impair our energy security. And in keeping with an emerging pattern of EPA behavior, the new rule was adopted in flagrant violation of ...
Your Guide Through the Washington Debt Speak
Post Date: 2011-07-29 16:10:31 by Capitalist Eric
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Brian Wilson writes: Another "Al" once wrote: "A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by dictatorship. The average age of the world's greatest civilizations has been 200 years." ~ Alexis de Tocqueville Sans the olives and goose from my last TV Endurance Run (The Jack Ass Show) I flipped on the shadow box and was treated to Obama's latest attack on the Republicans. During his delightful abuse of the English language and rape of the Truth, it ...
Revisions Show 2007-2009 Recession Deeper Than Thought [Full Thread]
Post Date: 2011-07-29 11:12:15 by Brian S
67 Comments
(07-29) 05:36 PDT WASHINGTON, (AP) -- The 2007-2009 recession, already in the record books as the worst in the 66 years since the end of World War II, was even worse than previously thought. From the start of the recession at the end of 2007 to the end in June of 2009, the U.S. economy shrank 5.1 percent. That is 1 percentage point worse than the previous estimate that the recession reduced total output during that period by 4.1 percent. The new estimates emerged from the annual revision of economic data prepared by the Commerce Department's Bureau of Economic Analysis and released Friday. Among the previous 10 postwar recessions, output in only two dropped by more 3 percent. In the ...
U.S. Contingency Plan Gives Bondholders Priority
Post Date: 2011-07-29 10:15:45 by Brian S
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The U.S. Treasury will give priority to making interest payments to holders of government bonds when due if lawmakers fail to reach an agreement to raise the debt ceiling, according to an administration official. The official requested anonymity because no announcement has been made. The Treasury has said about $90 billion in debt matures on Aug. 4 and more than $30 billion in interest comes due Aug. 15. Overall, more than $500 billion matures in August. The $90 billion in six-month Treasury bills maturing Aug. 4 pared losses after the comments. Obama administration officials will brief the public no earlier than after financial markets close tomorrow on priorities for paying the ...
Merck to Cut Up to 13,000 Jobs, Deepen Savings
Post Date: 2011-07-29 10:13:24 by Brian S
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Merck & Co., the second-largest U.S. drugmaker, plans to eliminate an additional 12,000 to 13,000 jobs by 2015, expanding a restructuring program to save as much as $4.6 billion a year. As much as 14 percent of the company’s 91,000 employees will lose their jobs, based on the size of the workforce at the end of last month. The Whitehouse Station, New Jersey-based drugmaker also reported today that second-quarter earnings excluding one-time items were 95 cents a share, matching the average estimate of 17 analysts surveyed by Bloomberg. “I think bold strategic initiatives resonate well with investors right now,” said Trevor Polischuk, an analyst with OrbiMed Advisors LLC ...
Consumer-Sentiment Index Fell to 63.7 in July From 71.5 in June
Post Date: 2011-07-29 10:11:51 by Brian S
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Confidence among U.S. consumers dropped more than forecast in July to the lowest level in two years, which may hold back the biggest part of the economy. The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 63.7, the weakest since March 2009, from 71.5 in June. The gauge was projected to decline to 64, according to the median forecast of economists surveyed by Bloomberg News. The preliminary June reading was 63.8. Limited payroll gains, reduced home values and higher gas prices may dissuade Americans from stepping up spending, which expanded in the second quarter at the slowest pace since 2009 when the economy was in recession. Partisan wrangling over ...
Economy in U.S. Grows Less Than Forecast Economy in U.S. Grows Less Than Forecast
Post Date: 2011-07-29 10:10:47 by Brian S
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The U.S. economy grew less than forecast in the second quarter, after almost coming to a halt at the start of the year, as consumers retrenched. Gross domestic product climbed at a 1.3 percent annual rate following a 0.4 percent gain in the prior quarter that was less than earlier estimated, Commerce Department figures showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 1.8 percent increase. Household purchases, about 70 percent of the economy, rose 0.1 percent. Slower job and income gains raise the risk that a pickup in purchases during the remainder of 2011 will fail to materialize. The faltering economy may get another blow from ...
Container-Ship Plunge Signals U.S. Slowdown
Post Date: 2011-07-28 11:51:05 by Brian S
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Plunging rates for chartering container vessels that carry sneakers, furniture and flat-screen TVs may signal a U.S. consumer slowdown and losses for shipping lines in what is traditionally their busiest time of the year. Fees for hiring vessels have fallen 9.3 percent since the end of April, according to the Howe Robinson Container Index, which tracks charter rates for a range of vessels. Last year, the index surged 56 percent in the period, as lines added ships on demand from U.S. and European retailers restocking for the back-to-school and holiday shopping periods. “The troubling part is that charter rates are falling in the peak season,” said Johnson Leung, head of regional ...
Existing Home Sales in U.S. Rose 2.4% in June
Post Date: 2011-07-28 11:48:08 by Brian S
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The number of contracts to purchase previously owned U.S. homes unexpectedly rose in June as buyers tried to take advantage of lower prices and borrowing costs. The 2.4 percent rise in the index of pending home resales followed an 8.2 percent May gain, the National Association of Realtors said today in Washington. Economists forecast a 2 percent drop, according to the median estimate in a Bloomberg News survey. Unemployment above 9 percent and an expanding pipeline of foreclosures mean it may take years to clear the overhang of housing inventory, a sign the market is far from recovery. The prospect of contract cancellations due to stricter underwriting standards and low appraisals means ...
Jobless Claims Hit 3-Month Low Of 398,000
Post Date: 2011-07-28 11:47:22 by Brian S
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WASHINGTON (MarketWatch) — The number of people who filed for jobless benefits fell below 400,000 last week for the first time since early April, a decline likely aided by workers returning to manufacturing jobs after plants were retooled. Still, the decline was welcomed by economists and investors. U.S. stocks rose in recent trading, helped by the claims data and several strong corporate earnings reports. New applications for U.S. unemployment compensation dropped by 24,000 to 398,000, the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 422,000 from an original reading of 418,000. Economists surveyed by MarketWatch had expected new requests for ...
Orwell Watch: Banks Put a Happy Face on Demolishing Foreclosed Homes
Post Date: 2011-07-28 09:32:22 by lucysmom
31 Comments
In the through the looking glass world of reality according to banks, tearing down foreclosed houses is a good thing. Really. The spin that Bank of America is using to justify the notion of bulldozing buildings is that the houses in question are worth bupkis, say $10,000 or less. There’s a wee omission in their discussion. Many if not most of the houses in question have fallen in value because the bank failed to maintain them on behalf of investors. They were stripped for copper and appliances, or got moldy, or had squatters move in and make a mess of the place. I’ve heard numerous stories from not only foreclosure attorneys, but also from readers bidding on properties out of ...
Obama Jobs Tzar moving X-ray business to China
Post Date: 2011-07-26 21:56:20 by jwpegler
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General Electric Co.’s health care unit, the world’s biggest maker of medical imaging machines, is moving the headquarters of its 115-year-old X-ray business to Beijing. “A handful’’ of top managers will move to the Chinese capital and there won’t be any job cuts, said Anne LeGrand, general manager of X-ray for GE Healthcare. The headquarters will move from Wisconsin amid a broader plan to invest about $2 billion across China, including opening six “customer innovation’’ and development centers. The division should have “double-digit’’ growth rates as the country converts from film and analog to digital X-ray technology, LeGrand ...
Home Prices in 20 U.S. Cities Fell 4.5% in Year
Post Date: 2011-07-26 11:11:24 by Brian S
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Home prices in 20 U.S. cities dropped in the year ended May by the most in 18 months, adding to evidence the housing market is struggling. The S&P/Case-Shiller index of property values in 20 cities fell 4.5 percent from May 2010, the group said today in New York. The decline matched the median forecast of 32 economists surveyed by Bloomberg News. A pipeline of foreclosures and uneven demand will keep prices from rising this year, discouraging new-home construction and delaying a rebound in housing. Shrinking home equity and an unemployment rate at 9.2 percent are weighing on consumer spending, which accounts for about 70 percent of the economy. “Home prices have yet to find a ...
U.S. Consumer Confidence Unexpectedly Rises
Post Date: 2011-07-26 11:09:17 by Brian S
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Confidence among U.S. consumers unexpectedly rose in July from an eight-month low, led by a rebound in the outlook for jobs over the next six months. The Conference Board’s index climbed to 59.5 from a revised 57.6 reading in June that was lower than previously estimated, figures from the New York-based private research group showed today. Economists predicted the July gauge would fall to 56, according to the median forecast in a Bloomberg News survey. Easing fuel prices may make households more comfortable opening their wallets in the second half of the year. At the same time, Federal Reserve Chairman Ben S. Bernanke told Congress earlier this month that unemployment above 9 ...
Fiat Currency Is The Bubble, Not Gold
Post Date: 2011-07-25 14:33:03 by Capitalist Eric
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Fiat Currency Is The Bubble, Not Gold Commodities / Gold and Silver 2011 Jul 25, 2011 - 05:58 AM By: Jeff_Berwick There are countless reasons, which we've shown in our public and subscription-based writings over time, why gold is not in a bubble. Aside from all the empirical data, however, probably the most obvious sign that gold is not in a bubble is the fact that the media and the government keep proclaiming it to be in a bubble. The media and the government never see bubbles coming. Just look at Mike Norman, the Chief Economist for John Thomas Financial in 2006, nearly choke on his own tongue laughing at the thought the US housing market was going to collapse on Fox News (fast ...
Companies churn out profits but not jobs
Post Date: 2011-07-24 20:25:03 by Sebastian
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The sluggish pace of hiring may be hobbling the U.S. economy, but it's not been holding back big U.S. companies' profits thanks to growth overseas and cost controls at home. And that's bad news for the more than 14 million Americans without jobs. Big businesses would normally be desperate for surging job growth as it would feed into domestic demand but these aren't normal times. Massive growth opportunities overseas, especially in China and other buoyant Asian economies, have some of the largest American companies on track for record profits, even if they're businesses are mostly treading water in the U.S. The message last week from the chief financial officer of one ...
Bending The Hiring Curve Down
Post Date: 2011-07-24 07:21:13 by CZ82
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Bending The Hiring Curve Down Posted 07/22/2011 06:32 PM ET Employment: The latest jobless claims report was more of the same bad news. So what's the root of this seemingly intractable problem? There's a compelling argument that the trouble is being caused by ObamaCare. New claims for unemployment benefits rose by 10,000 to 418,000 — the 15th straight period that the total has exceeded 400,000. If that figure seems familiar for some other reason, recall that it was part of the promise then-Speaker Nancy Pelosi made during the ObamaCare debate. "It's about jobs," Pelosi said in February 2010 of ObamaCare. "In its life, it will create 4 million jobs — ...
Some flyers may not see savings from expired taxes
Post Date: 2011-07-23 21:02:05 by lucysmom
4 Comments
DALLAS (AP) - Some airline customers won't see savings this weekend even though several federal taxes on tickets have expired. snip The expired taxes can total $25 or more on a typical $300 round-trip ticket. For a September trip between Dallas and San Francisco, the cheapest American flight on Travelocity.com was $24 higher than offerings from United, Continental, Delta and Virgin America, which did not raise fares. The taxes expired after midnight Friday night when Congress failed to pass legislation to keep the Federal Aviation Administration running. That gave airlines a choice: They could do nothing - and pass the savings to customers - or they could grab some of the money ...
June U.S. Jobs Picture Gloomy in Many States
Post Date: 2011-07-22 11:29:31 by Brian S
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Payrolls dropped in 24 U.S. states in June and climbed in 26, indicating the labor market is struggling across much of the world’s largest economy. Tennessee led the nation with a 16,900 decrease in payrolls, followed by Missouri with a 15,700 drop, figures from the Labor Department showed today in Washington. Texas and California had the biggest employment gains. The jobless rate rose in 28 states. The report is consistent with nationwide figures released July 8 that showed employers added 18,000 workers in June, the fewest in nine months, and unemployment rose to 9.2 percent, the third straight monthly gain. Hiring needs to accelerate to ensure consumers keep spending, which ...
Hidden Poison Of The Gold Standard
Post Date: 2011-07-22 07:17:32 by Coral Snake
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Hidden Poison Of The Gold Standard By Dick Eastman 7-21-11 All statements bracketed by quotation marks were made by Ron Paul. Libertarians say the government causes inflation because it prints too much money. A populist says that the government prints no money at all. It is the private banks in a system regulated by the private mostly foreign-owned Federal Reserve that controls the purchasing power -- mostly loan-created checking deposits. These bankers have the power to determine whether money will increase or decrease. Libertarians say that the Federal Reserve "buys debt, keeps interest rates low, and sticks it to the people who want to save and make money." A populist ...
Wisconsin’s New Jobs Account for More than Half of Nation’s Net Gain for June
Post Date: 2011-07-21 18:49:06 by CZ82
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Wisconsin’s New Jobs Account for More than Half of Nation’s Net Gain for June While Nation Sputters on Jobs, Wisconsin Economy Begins to Hum [Madison, Wisc…] Earlier this month, analysts were dismayed by the nation’s anemic job creation numbers. On Thursday, state officials were pleased as they released data that showed more than half of the net new jobs added in the US in June came from Wisconsin. “We have made difficult decisions in our state, but they are beginning to payoff,” said Wisconsin Governor Scott Walker (R). “The national job figures remind us that we can not rest after one month of good news; while there will be ups and downs along the ...
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