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Latest Articles: Business
Rising Gas Prices: Just What Detroit's Revival Doesn't Need Now
Post Date: 2011-02-27 13:55:49 by Brian S
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The rising cost of gasoline threatens to stall an already anemic economic recovery, leaving many Americans to wonder whether another recession might be just around the corner. Among industries that could be deeply affected by the rising cost of fuel is the domestic automotive sector, which has only just begun to return to prosperity. Both Ford Motor (F) and General Motors (GM) recorded stellar profits last year as both consumers and businesses resumed new-car purchases. On Thursday, GM reported its first profit in six years -- totaling $4.7 billion for all of 2010. That's the best performance the Detroit-based company has seen since 1999, when sales of gas-guzzling sports-utility ...
Health-related leave for Jobs results in slight drop in Apple stock
Post Date: 2011-02-26 01:36:10 by gianH
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Apple share has taken a slight tumble in trading recently. The moderate decline in stock price had everything to do with Jobs taking another medical leave of absence. Apple recently disclosed it at a press conference. Jobs has been appearing gaunt lately, and seems to have encountered health issues again. Jobs was treated for cancer in 2003, and lots of people have feared he would relapse. This isn't good news for Apple’s share but is good news for individuals wanted to purchase into Apple at a lower cost without the need of a payday cash advance loan. The health-related leave that Jobs has to take The Guardian accounts that Apple stock went down just just a little bit after ...
U.S. Economy Grows Less Than Earlier Estimated as State Budget Cuts Deepen
Post Date: 2011-02-25 11:31:13 by Brian S
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Feb. 25 (Bloomberg) -- The U.S. economy grew at a 2.8 percent annual rate in the fourth quarter, slower than previously calculated and less than forecast as state and local governments made deeper cuts in spending. The revised increase in gross domestic product compares with a 3.2 percent estimate issued last month and a 2.6 percent gain in the third quarter, figures from the Commerce Department showed today in Washington. The economy, excluding inventories, grew at a 6.7 percent pace, the most since 1998. Americans may be in a better position to keep spending after tax cuts put more money in their pockets, while companies such as Caterpillar Inc. benefit from faster economies overseas ...
U.S. Consumer Confidence Climbs More Than Estimated to a Three-Year High
Post Date: 2011-02-25 11:27:58 by Brian S
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Feb. 25 (Bloomberg) -- Confidence among U.S. consumers increased more than forecast in February to the highest level in three years a drop in unemployment helped overcome concern over increasing food and fuel costs. The Thomson Reuters/University of Michigan final sentiment index for the month climbed to 77.5 from 74.2 the prior month, a report today showed. Economists projected the gauge would rise to 75.5, according to the median forecast in a Bloomberg News survey. As households grow more optimistic, consumer spending, the biggest part of the economy, may keep contributing to the expansion. At the same time, a jobless rate at 9 percent, mounting foreclosures and a jump in fuel costs ...
GM Posts First Full-Year Profit Since 2004
Post Date: 2011-02-24 12:07:24 by Brian S
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DETROIT, Feb 24 (Reuters) - General Motors Co (GM.N) posted fourth-quarter results that topped Wall Street expectations, but its shares dipped below its IPO price as investor concerns shifted to the pressure ahead from rising oil prices and other costs. GM posted a profit of $4.7 billion for all of 2010, its first full year after a landmark bankruptcy that scoured costs and debt from its balance sheet. That marked the automaker's first full-year profit since 2004 and its largest profit since 1999, when it earned $6 billion on booming sales of trucks and SUVs. Analysts said the results showed GM's success in completing a turnaround funded by the U.S. government even as investor ...
U.S. Consumer Confidence Climbs to Highest Since 2008 in Bloomberg Index
Post Date: 2011-02-24 12:04:00 by Brian S
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Feb. 24 (Bloomberg) -- Consumer confidence climbed last week to the highest level since April 2008 as Americans grew less pessimistic about their finances. The Bloomberg Consumer Comfort Index, formerly the ABC News U.S. Weekly Consumer Comfort Index, was minus 39.2 in the period to Feb. 20, compared with minus 43.4 the prior week, a report today showed. Forty-nine percent of those polled held positive views on their financial situation, the most in a year. The biggest two-month drop in the jobless rate since 1958 may be helping lift households’ spirits, boosting the odds that spending, which accounts for about 70 percent of the economy, will keep growing. Higher gasoline prices ...
Truck Stocks Signal Recovery in U.S. Entering New Growth Phase
Post Date: 2011-02-24 11:18:19 by Brian S
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Feb. 24 (Bloomberg) -- Companies that act as brokers for trucking services are gaining favor with investors as the 20- month-old rebound shifts into a new phase that’s less dependent on inventory restocking. The so-called asset-lite truckers such as Roadrunner Transportation Systems Inc. and C.H. Robinson Worldwide Inc. lease vehicles for businesses that need to ship goods, so they have more cost flexibility than companies that own and operate most of their trucks. Shares of these brokers have risen 6.9 percent since July 30, 2010, compared with a 1.5 percent decline for operators including Celadon Group Inc. and Werner Enterprises Inc., according to two new Bloomberg indexes. ...
Initial Unemployment Claims in U.S. Decline More Than Estimated to 391,000
Post Date: 2011-02-24 11:16:51 by Brian S
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Feb. 24 (Bloomberg) -- The number of Americans filing first-time claims for unemployment insurance fell more than forecast last week, indicating an improving labor market. Applications for jobless benefits decreased by 22,000 to 391,000 in the week ended Feb. 19, Labor Department figures showed today. Economists forecast claims would drop to 405,000, according to the median estimate in a Bloomberg News survey. Claims have fallen in three of the past four weeks, pushing down the monthly average to the lowest level since July 2008. Companies may begin to ratchet up hiring after reducing firings, which will bring unemployment down further. That would help allay concerns from Federal ...
Sales of New U.S. Homes Fell More Than Forecast in January
Post Date: 2011-02-24 11:14:09 by Brian S
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Feb. 24 (Bloomberg) -- Purchases of new houses in the U.S. fell more than forecast in January, reflecting declines in the West and South that indicate a California tax credit and bad weather may have played a role. Sales declined 13 percent to a 284,000 annual pace, figures from the Commerce Department showed today in Washington. The median estimate of economists surveyed by Bloomberg News projected a decrease to a 305,000 rate. Demand dropped 37 percent in the West and 13 percent in the South. Foreclosures will keep depressing prices, making distressed, previously owned properties more attractive to prospective buyers than new houses. Combined with unemployment at 9 percent and tight ...
Unsustainable and Simply Unpayayable Global Sovereign Public Debt
Post Date: 2011-02-23 17:03:08 by Capitalist Eric
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Public debt has become a problem worldwide. What is becoming more and more evident is that it is unsustainable and simply unpayable. It could be compared to a giant Ponzi scheme. We see no meaningful debt reductions thus, government will have to raise taxes, which will further suppress the economy, or people and companies will be forced to buy such bonds, or perhaps pension and retirement funds will be seized to continue the game for a while longer. The whole concept of government debt in the US, whether it’s federal, state, municipal, corporate or personal stands on very shaky ground. Debt is serviced with revenues and income and when both are falling it is difficult to service. We ...
U.S. Crude Oil Supply Rose a Sixth Week, Bloomberg Survey Shows
Post Date: 2011-02-23 13:05:41 by Brian S
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U.S. crude stockpiles probably rose for a sixth week, the longest series of gains since May, as a glut forms at Cushing, Oklahoma, the country’s biggest oil- trading hub, a Bloomberg News survey showed. Inventories climbed 1.13 million barrels in the seven days ended Feb. 18 from 345.9 million a week earlier, according to the median of 12 analyst estimates before an Energy Department report tomorrow. Ten respondents forecast an increase and two projected no change. Supplies at Cushing, the delivery point for New York-traded West Texas Intermediate, rose to the highest level since at least 2004 last month, according to the Energy Department. TransCanada started deliveries from Alberta ...
Oil At 2-Year High Raises Concern About Economy
Post Date: 2011-02-23 11:24:59 by Brian S
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Crude oil prices rose to fresh two-year highs around $96 a barrel Wednesday, fanning concern about the impact of rising energy prices on the fragile global economic recovery. Oil prices jumped Tuesday on political unrest in the Mideast, hitting a 28-month high and spreading worries that pricier gasoline could crimp consumer spending and derail an accelerating recovery. "I would view this as a very serious threat to the expansion, just when the economy is hitting its groove," says economist Mark Zandi of Moody's Analytics. Oil prices Crude oil futures, dollars per barrel, today. Oil prices In morning trading on the New York Mercantile Exchange Wednesday, U.S. light, sweet ...
Sales of Existing U.S. Homes Rise to an Eight-Month High as Prices Decline
Post Date: 2011-02-23 11:11:50 by Brian S
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Feb. 23 (Bloomberg) -- Sales of U.S. previously owned homes unexpectedly rose in January to the highest level in eight months, led by rising demand for distressed properties as investors took advantage of lower prices. Purchases increased 2.7 percent to a 5.36 million annual rate, exceeding the 5.22 million median forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. The median price dropped to the lowest level in almost nine years and the share of sales represented by foreclosures and other distressed properties climbed to a 12-month high. Home demand has gained ground since July 2010, when sales reached the ...
Dow Notches Third Straight Week Of Gains
Post Date: 2011-02-18 16:51:50 by Brian S
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(02-18) 13:43 PST NEW YORK, (AP) -- The Dow Jones industrial average is ending the day higher, marking its third straight week of gains. The Dow has lost ground only three days in February. The average of 30 large companies rose 1 percent this week and 4.2 percent for the month. The broader S&P 500 index also gained 1 percent this week and 4.4 percent this month. Caterpillar Inc. rose 2.4 percent to lead the Dow. The Dow gained 73 points, or 0.6 percent, to close at 12,391. The S&P 500 rose 2 points, or 0.2 percent, to 1,343. The Nasdaq composite rose 2, or less than 0.1 percent, to 2,834. Rising shares outpaced falling ones by a nearly three to two margin on the New York ...
J.D. Power Sees U.S. February Auto Sales Up 17 Pct; Auto Sales Per Dealer May Reach Pre-Recession Levels
Post Date: 2011-02-17 16:43:57 by Brian S
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DETROIT, Feb 17 (Reuters) - J.D. Power and Associates forecast February U.S. light vehicle sales will rise 17 percent from a year earlier. U.S. retail sales are seen up 28 percent at 10.3 million vehicles, the research and consulting firm said on Thursday. J.D. Power said retail selling rates signal the continuing U.S. auto industry recovery from 2008 and 2009, when much of the industry was restructured, including bankruptcies at General Motors Co (GM.N) and Chrysler. Retail selling rates are a better indicator of consumer demand than overall selling rates, which include bulk fleet sales, it said. The firm did not change its forecast for 2011 sales of 13 million light vehicles, up 12 ...
CEOs See Business Conditions Improving: Survey
Post Date: 2011-02-17 16:31:46 by Brian S
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BOSTON (Reuters) – Chief executives of major U.S. companies have a brightening view of business and economic conditions and look for the Federal Reserve to raise interest rates modestly this year, a survey by the Business Council found. A strong majority -- 70.4 percent -- of CEOs expect business conditions in their industry to improve over the next six months, the group said in a study conducted with The Conference Board and released on Thursday. That represents a marked change from the last edition of the survey, in October, when just 34.2 percent expected business conditions to improve. The improvement reflected a surge in confidence about the U.S. economy, and a brightening of ...
Mortgage Delinquencies ‘Turn a Corner’
Post Date: 2011-02-17 16:29:22 by Brian S
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Fewer Americans are falling behind on their mortgage payments; in fact, the fewest in two years. Mortgages just one payment past due (30 days) fell to their lowest level since just before the recession began. Is it delays in paperwork from the so called "robo-signing" (faulty paperwork) foreclosure servicing scandal? No. It's actual fundamentals in the economy and the mortgage market. Go figure. "As we got toward the end of 2010 we began to see another drop in weekly claims for unemployment insurance. I think that's a key driver of the short term delinquencies," notes Jay Brinkmann, chief economist at the Mortgage Bankers Association. But even more significant ...
Philadelphia Area Manufacturing Expands at the Fastest Pace in Seven Years
Post Date: 2011-02-17 11:41:49 by Brian S
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Feb. 17 (Bloomberg) -- Manufacturing in the Philadelphia region expanded in February at the fastest pace in seven years, underscoring factories’ contribution to the economic expansion. The Federal Reserve Bank of Philadelphia’s general economic index rose to 35.9, the highest level since January 2004 and exceeding the median forecast of 21 in a Bloomberg News survey of economists. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. Demand for new equipment and more exports is supporting manufacturers like Dell Inc. and Parker Hannifin Corp. Increased consumer spending, the largest part of the economy, could ...
Consumer Prices in U.S. Climb More Than Forecast
Post Date: 2011-02-17 11:40:03 by Brian S
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Feb. 17 (Bloomberg) -- The cost of living in the U.S. climbed more than forecast in January, led by higher prices for food and fuel that may be starting to filter through to other goods and services. The consumer-price index increased 0.4 percent for a second month, exceeding the 0.3 percent median estimate of economists surveyed by Bloomberg News, figures from the Labor Department showed today in Washington. The so-called core rate, which excludes volatile food and fuel costs, rose 0.2 percent, the biggest gain since October 2009. Growing economies in Asia and Latin America are boosting global demand for oil and other commodities, raising costs for American factories. Accelerating ...
Leading Economic Indicators in U.S. Climb for the Seventh Straight Month
Post Date: 2011-02-17 11:37:45 by Brian S
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Feb. 17 (Bloomberg) -- The index of U.S. leading indicators rose in January for the seventh straight month, signaling the expansion will extend into this year. The Conference Board’s gauge of the outlook for the next three to six months increased 0.1 percent after rising 0.8 percent in December, the New York-based group said today. The median forecast of economists surveyed by Bloomberg News was a 0.2 percent gain. Rising consumer spending, business investment and exports are ensuring the economy continues to grow even as housing remains depressed. Today’s report is in line with the view of Federal Reserve policy makers, according to minutes of their meeting released ...
U.S. Initial Jobless Claims Rose 25,000 to 410,000 Last Week
Post Date: 2011-02-17 11:36:48 by Brian S
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More Americans than projected filed first-time claims for unemployment insurance last week, a sign the improvement in the labor market will take time to develop. Applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today. The total number of people receiving unemployment insurance was little changed, while those collecting extended payments decreased. A reduction in firings by U.S. firms is needed to keep unemployment going down. Bigger job gains are needed to boost consumer spending, which accounts for 70 percent of the world’s ...
Fed Raises Projection On Economic Growth To 3.9% In 2011
Post Date: 2011-02-16 15:19:03 by Brian S
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Federal Reserve policymakers expect the U.S. economy to grow as much as 3.9 percent this year, slightly higher than earlier projections, according to minutes of the central bank's last policy meeting. The officials are feeling more confident the recovery will stay on course, the minutes say, but they remain concerned that the pace of growth isn't enough to put a serious dent in the country's 9 percent jobless rate. They expect high unemployment to persist at least through the end of 2013. The minutes of the Jan. 25 meeting, released Wednesday, also show that Federal Reserve members unanimously support continuing its ambitious program, launched in November, to boost the economy ...
Farmland Boom Provides Boost to Slumping U.S. Midwest Real Estate Market
Post Date: 2011-02-16 11:05:20 by Brian S
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Feb. 16 (Bloomberg) -- The bidders drove over snow- and ice-covered highways for a chance to own one of the most lucrative properties in the U.S. Midwest: 120 acres of farmland in Greene County, Iowa. The winner of last month’s auction at St. Joseph’s Parish Center in Jefferson offered $8,200 an acre -- almost $1 million -- for the plot in Scranton Township. That’s 44 percent higher than the $5,701 per-acre estimate for average values in the county as of Nov. 1, according to Iowa State University data. “It’s reflective of what we’re seeing,” Mike Duffy, an Iowa State economist in Ames, said of the auction outcome. “There’s just not a lot of ...
January U.S. Housing Starts Rise More Than Forecast
Post Date: 2011-02-16 11:04:32 by Brian S
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Feb. 16 (Bloomberg) -- Builders began work on more homes than forecast in January, reflecting a surge in multifamily units. Housing starts climbed 15 percent to a 596,000 annual rate, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey called for a 539,000 rate. Work started on 78 percent more dwellings with two or more units, overshadowing a drop in single-family houses that indicates the housing market continues to struggle. As unemployment hovers around 9 percent and lenders continue to foreclose on delinquent owners, homebuilders must compete with a surfeit of unsold properties. Companies like Hovnanian Enterprises Inc. anticipate ...
Oil Prices Fall On Economy, Supply Concerns
Post Date: 2011-02-15 17:15:31 by Brian S
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Oil prices retreated Tuesday on concerns about growing supplies of crude in the U.S. and weak retail sales numbers that suggested consumers were spending less because of high energy prices. Benchmark West Texas Intermediate crude fell 49 cents to settle at $84.32 a barrel on the New York Mercantile Exchange. In London, Brent crude fell $1.44 to settle at $102.29 a barrel on the ICE Futures exchange. The Commerce Department said retail sales rose in January, but it was the smallest increase since June and only half what analysts expected. Some experts think consumers may be pulling back on spending as they pay more for essentials like gasoline. The SpendingPulse U.S. Gasoline Demand ...
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