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Latest Articles: Business
Home Depot To Hire 60,000 Seasonal Workers
Post Date: 2011-02-15 17:11:39 by Brian S
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NEW YORK (CNNMoney) -- Home Depot said Tuesday that it will hire more than 60,000 seasonal workers in anticipation of a springtime rush for home improvement supplies. "Spring is our Christmas and (customer) traffic is at its highest during this season," said Craig Menear, executive vice president for merchandising at Home Depot. The seller of home improvement tools and supplies refers to this period as its "spring Black Friday," a reference to the day after Thanksgiving that's the traditional kickoff to the year-end holiday season. Home Depot (HD, Fortune 500) said it will hire seasonal workers during the months of February and March. The retailer also said it is ...
Hoping For A Rebound In 2011, Homebuilders Outlook Grim And Worse In Midwest And West
Post Date: 2011-02-15 11:18:58 by Brian S
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Homebuilders have yet to see a turnaround in the housing market after the worst year for new-home sales in a half-century. The National Association of Home Builders said Tuesday that its index of builder sentiment for February remained unchanged for the fourth straight month at 16. Any reading below 50 indicates negative sentiment about the market. The index hasn't been above that level since April 2006. Homebuilders are struggling to compete with millions of foreclosures that are forcing home prices down. Last year was also the worst in more than a decade for sales of existing homes. Weak sales mean fewer jobs. Each new home built creates, on average, the equivalent of three jobs ...
Retail Sales Rose Modestly In Jan. As Harsh Winter Weather Keeps Many From Spending Extra Pay
Post Date: 2011-02-15 11:17:20 by Brian S
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Consumers bought more from retailers for a seventh straight month in January. But snowstorms limited the spending gains expected from workers with more money in their paychecks from a Social Security tax cut. Retail sales rose 0.3 percent last month to $318.6 billion, the Commerce Department said Tuesday. Demand rose at department stores, electronic stores and auto dealerships. Sales have risen more than 14 percent from the recession low in December 2008. Americans spent less at restaurants and on clothing while paying higher prices for gas. Stuart Hoffman, an economist at PNC Financial, said harsh weather played a role in limiting the sales gains. But he said he remained optimistic that ...
Deutsche Boerse Buys NYSE to Create Largest Owner of Exchanges
Post Date: 2011-02-15 11:13:09 by Brian S
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Feb. 15 (Bloomberg) -- Deutsche Boerse AG, operator of the Eurex futures platform and Frankfurt Stock Exchange, agreed to buy New York Stock Exchange parent NYSE Euronext in a $9.53 billion all-stock deal that creates the world’s largest owner of equities and derivatives markets. Deutsche Boerse will swap one share of its own stock for one share in the new company, while every NYSE Euronext share will be converted into 0.47 share, according to a statement today. Deutsche Boerse will control 60 percent of the new corporation. Reto Francioni, the chief executive officer of Frankfurt-based Deutsche Boerse, will serve as chairman. Duncan Niederauer, CEO of New York-based NYSE Euronext, ...
GM Says It'll Pay Hourly Workers Bonuses Topping $4,000
Post Date: 2011-02-14 17:00:22 by Brian S
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General Motors said it expects to pay its 45,000 U.S. hourly workers more than $4,000 each as a share of the company’s first annual profit since 2004. The average payout more than doubles the $1,775 record amount GM distributed after 1999. Another 3,000 hourly workers from former Delphi parts plants controlled by GM will receive more than $3,000 each, GM said today. The post-bankruptcy company plans to join Chrysler and Ford in awarding 2010 bonuses to both hourly and salaried workers, as the automakers start to reap rewards of years of restructuring. Ford, which made a profit of $6.6 billion in 2010, already said it is paying $5,000 to its UAW-represented workers. Chrysler is ...
Housing Market Looks Sickest in Cities That Once Seemed Immune
Post Date: 2011-02-14 15:56:06 by Brian S
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SEATTLE — Few believed the housing market here would ever collapse. Now they wonder if it will ever stop slumping. The rolling real estate crash that ravaged Florida and the Southwest is delivering a new wave of distress to communities once thought to be immune — economically diversified cities where the boom was relatively restrained. In the last year, home prices in Seattle had a bigger decline than in Las Vegas. Minneapolis dropped more than Miami, and Atlanta fared worse than Phoenix. The bubble markets, where builders, buyers and banks ran wild, began falling first, economists say, so they are close to the end of the cycle and in some cases on their way back up. Nearly ...
The Great Global Debt Prison
Post Date: 2011-02-11 16:58:00 by Capitalist Eric
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By Giordano Bruno Neithercorp Press 2/4/2011 Tense and terrible times inevitably summon an odd coupling of two very different and difficult human conditions; honesty, and brutality. Certain painful truths are revealed, and often, a palpable fury erupts. Being that times today are particularly tense, and on the verge of being spectacularly terrible, perhaps we should embrace both conditions in a constructive manner, and become brutally honest with ourselves. This begins by admitting to that which most ails us. It begins by admitting how far we have fallen... Our economy, our culture, our entire world, is built upon debt. No one ever asked us if that’s how we wanted it, it is simply ...
Oil Prices Drop As Mubarak Leaves Cairo
Post Date: 2011-02-11 15:07:09 by Brian S
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(02-11) 09:17 PST NEW YORK, (AP) -- Oil prices dropped on Friday after Egypt's President Hosni Mubarak handed over power to the military and left Cairo. Benchmark crude for March delivery fell $1.21 to $85.52 in midday trading on the New York Mercantile Exchange. Traders and investors have been concerned that anti-government protests in Egypt over the past 18 days could spread to other parts of the Middle East and disrupt oil supplies. Now that Mubarak has stepped down, the military says it will oversee a democratic transition to a new government. Closer to home, U.S gasoline prices are the highest ever for this time of year. Since Jan. 1, pump prices have averaged well above $3 per ...
German Firm To Buy NYSE [Full Thread]
Post Date: 2011-02-11 13:50:59 by Brian S
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Although the deal is still subject to regulatory approval, Deutsche Börse AG is near to closing a $25 billion buyout of the New York Stock Exchange, reports the Wall Street Journal. The product of the merger would be the world's largest stock exchange, and would diminish New York's role in world financial markets.
U.S. Consumer Confidence Hits Eight-Month High on Job Outlook, Stock Gains
Post Date: 2011-02-11 12:36:22 by Brian S
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Feb. 11 (Bloomberg) -- Confidence among U.S. consumers increased in February to the highest level in eight months, a sign falling unemployment and rising stock prices may be comforting households. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment for the month climbed to 75.1 from 74.2 in January. Economists projected the gauge would rise to 75, according to the median forecast in a Bloomberg News survey. As households, the largest part of the economy, grow more optimistic, consumer spending may keep contributing to the expansion. Federal Reserve Chairman Ben S. Bernanke’s testimony this week said that “the growth rate of economic activity ...
New Drilling Method Opens Vast Oil Fields In US
Post Date: 2011-02-10 14:44:49 by Brian S
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A new drilling technique is opening up vast fields of previously out-of-reach oil in the western United States, helping reverse a two-decade decline in domestic production of crude. Companies are investing billions of dollars to get at oil deposits scattered across North Dakota, Colorado, Texas and California. By 2015, oil executives and analysts say, the new fields could yield as much as 2 million barrels of oil a day — more than the entire Gulf of Mexico produces now. This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded ...
Report: Wal-Mart Actually Kills Jobs, Creates Taxpayer Burden
Post Date: 2011-02-10 14:09:57 by Brian S
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NEW YORK - Wal-Mart's lengthy struggle to open in New York City has hit fresh problems -- a controversial report that said America's biggest discounter does not just sell cheap, it makes neighborhoods poorer. The report concludes that Wal-Mart, the biggest U.S. private employer, kills jobs rather than creates them, drives down wages and is a tax burden because it does not give health and other benefits to many part-time employees, leaving a burden on Medicaid and other public programs. The New York City Council will hold a public hearing on Thursday on the impact a Wal-Mart would have but the retailer has declined to attend. Wal-Mart dismisses the critical report -- released in ...
US Corn Reserves Hit Lowest Level In 15 Years, Will Lead To Higher Food Prices In 2011
Post Date: 2011-02-09 13:41:26 by Brian S
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ST. LOUIS (AP) -- U.S. reserves of corn have hit their lowest level in more than 15 years, reflecting tighter supplies that will lead to higher food prices in 2011. Increasing demand for corn from the ethanol industry is a major reason for the decline. The U.S. Department of Agriculture reported Wednesday that the ethanol industry's projected orders this year rose 8.4 percent, to 13.01 billion bushels, after record-high production in December and January. That means the United States will have about 675 million bushels of corn left over at the end of year. That's roughly 5 percent of all corn that will be consumed, the lowest surplus level since 1996. The USDA report, which ...
Oil Prices Fall As Supplies Continue To Grow
Post Date: 2011-02-09 13:33:11 by Brian S
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NEW YORK (AP) -- Oil prices fell Wednesday after the government reported crude oil supplies rose last week, and new data showed OPEC production reached a two-year high. Supplies of oil and gasoline in the U.S. are rising, while demand for energy products remains weak. The economy is getting stronger, but businesses have been slow to increase hiring. The employment rate remains high which means fewer commuters on the road to buy gasoline. The price of oil has also been affected by signs that Saudi Arabia and other OPEC nations are raising production to keep the price from going too high and slowing the global economic recovery. According to a new report from Platts, the energy information ...
GM Said to Plan Bonuses of More Than $3,000 for Unionized Hourly Workers
Post Date: 2011-02-08 15:20:15 by Brian S
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Feb. 8 (Bloomberg) -- General Motors Co. may pay its 53,000 unionized hourly U.S. staff record profit-sharing checks of more than $3,000 per worker, two people familiar with the plan said. The company hasn’t determined a specific amount and may change its plans after completing accounting for 2010, said the people, who asked not to be named because the plans haven’t been publicly disclosed. GM’s previous highest payout was $1,775 in 1999, according to the Center for Automotive Research. Sharing the U.S. auto industry’s prosperity will be a focus of contract talks this year between the United Auto Workers and GM, Ford Motor Co. and Chrysler Group LLC. UAW President ...
Small Business Confidence At Three-Year High In Jan
Post Date: 2011-02-08 11:50:56 by Brian S
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Confidence among small U.S. business owners rose to a three year high in January, but concerns about sales saw owners remain cautious about hiring and spending plans, a survey showed on Tuesday. The National Federation of Independent Business' optimism index rose 1.5 points to 94.1, the highest reading since December 2007 when the recession started. Despite the increase, the index still remained near low levels. The downturn, which was the longest and deepest since the Great Depression of the 1930s, officially ended in June 2009. "The average reading before the recession started was 100," NFIB said in a statement. "Expectations improved, but not spending and hiring ...
Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels
Post Date: 2011-02-08 11:18:04 by Brian S
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Feb. 8 (Bloomberg) -- The landmark Blackstone Hotel in downtown Chicago, which has hosted 12 U.S. presidents, opened in 2008 after a two-year, $116 million renovation. Inside the Beaux Arts structure, built in 1910, buffed marble staircases greet guests spending up to $699 a night for rooms with views of Lake Michigan. What’s surprising isn’t the opulent makeover: It’s how the project was financed. The work was subsidized by a federal development program intended to help poor communities. The biggest beneficiary of taxpayer help for the Blackstone revamp was Prudential Financial Inc., the second-largest U.S. life insurer. The company got $15.6 million in tax credits from ...
Texas’ $27 Bln Budget Gap Could Mean Layoffs; ' Finances Not As Rosy As They Seemed For State That Prides Itself As A Model Of Conservative Spending And Responsible Budgeting.'
Post Date: 2011-02-07 18:25:30 by Brian S
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The state prides itself as a model of conservative spending and responsible budgeting. But a new $27-billion budget gap undercuts its image as a business-seducing, fiscally adaptive state.
Aging Baby Boomers Reduce Jobless Rate
Post Date: 2011-02-07 18:18:07 by Brian S
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Feb. 7 (Bloomberg) -- Unemployment in the U.S. may fall faster than expected as baby boomers enter retirement, reducing the portion of people in the workforce, according to Drew Matus, senior U.S. economist at UBS Securities LLC. Labor force participation has fallen to the lowest level since 1984, largely because older people are leaving the worker ranks, Matus said today in a radio interview on “Bloomberg Surveillance” with Tom Keene. If participation remains this low, employers need to create fewer jobs to reduce the unemployment rate, currently at 9 percent. “There’s a cyclical downturn in the labor force participation rate, but there’s also a structural one ...
*****What happens next: THE US CONSUMER SECTOR GETS CRUSHED*****
Post Date: 2011-02-07 16:00:17 by Capitalist Eric
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Now that the food crisis is in full swing, I want to write about what happens next. Before hyperinflation begins in America, the US consumer sector is going to experience economic disintegration, crushed out of existence by two competing forces: skyrocketing costs and weakening demand. This process has already begun!
1) The Inflationary force: SKYROCKETING COSTS
The inflationary force that has begun to devastate the US consumer sector is skyrocketing costs. The article below gives a good overview of process.
The Business Spectator reports about Nike's run-away China costs.
Nike's run-away China costs Karen Maley Published 8:00 AM, 23 Dec 2010 Last update 10:12 AM, 23 Dec 2010 ...
Ford To Boost Production Due To High Demand
Post Date: 2011-02-07 10:59:07 by Brian S
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FoMoCo’s vehicles are generating some nice demand – so much so that the Dearborn automaker said yesterday that it will increase first-quarter production for the U.S. market by 13 percent, to some 555,000 vehicles. To get that done, Ford may be adding some additional shifts at its plants. Ford officials told dealers attending the National Automobile Dealers Association convention in Detroit that the Dearborn automaker is turning up its assembly lines to get more popular vehicles on showroom floors. “You should expect continued increases as the year goes on,” Ken Czubay, Ford’s vice president for U.S. marketing, sales and services, said. “We are running flat ...
Huffington: AOL Merger Will Help HuffPo's 'Massive Expansion'
Post Date: 2011-02-07 10:43:14 by Brian S
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AOL's purchase of the Huffington Post will help the blog with plans for a "massive expansion" in 2011, and bring its content to a much wider audience, founder Arianna Huffington said Monday. HuffPo, however, was "not for sale," and the blog only agreed to the AOL acquisition because of how its existing properties will help the blog grow, Huffington said during a conference call with analysts. "Nobody was in a hurry to cash out; everybody believed we could do an IPO down the road, so there's really an opportunity that the [AOL] team provided us with that was so exciting and that really determined the timing." On Sunday night, AOL announced plans to ...
Find A Job? Good Luck In This Economy – 10 Reasons Why The Latest Unemployment Numbers Are No Reason To Cheer
Post Date: 2011-02-04 18:20:41 by Capitalist Eric
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The U.S. government is telling us that the unemployment rate fell all the way down to 9.0% in January. Should we all cheer? Is it now going to be a lot easier to find a job? Has the economy finally turned around? Are happy days here again? Well, it is a good thing to have a positive attitude, but the truth is that there is just not much to cheer about when you take a closer look at the recent unemployment numbers. First of all, the U.S. economy only added 36,000 jobs in January. Economists had been expecting an increase of about 145,000 jobs, and an increase of 150,000 jobs per month is necessary just to keep up with population growth. So why did the unemployment rate go down? Well, the ...
U.S. Jobless Rate Tumbles to 9% as Storms Limit Gain in Payrolls to 36,000
Post Date: 2011-02-04 11:38:15 by Brian S
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Feb. 4 (Bloomberg) -- The U.S. jobless rate unexpectedly fell in January to the lowest level since April 2009, while payrolls rose less than forecast, depressed by winter storms. Unemployment declined to 9 percent last month from 9.4 percent in December, the Labor Department said today in Washington. Employers added 36,000 workers, the smallest gain in four months, after a 121,000 rise in December that was larger than initially reported. Payrolls were projected to climb 146,000, according to the median forecast in a Bloomberg News survey. Stocks and the dollar climbed while Treasuries slid as the drop in unemployment pointed to a labor market that’s on the mend following the loss ...
ISM: Service Sector Activity Strongest Since August 2005
Post Date: 2011-02-03 16:35:26 by Brian S
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In another positive sign for the U.S. economy, service sector activity is the strongest in more than five years, according to the Institute for Supply Management. Its overall Non-manufacturing Activity Index (NMI) increased 2.3% to 59.4% -- the highest since ISM began calculating the index in 2008. Its components improved broadly, which is great news for the recovery. Here's the summary chart from ISM, with December's results added: NMI didn't just rise in January: its 2.3% increase the biggest in one month since August 2009. It has now grown faster five months straight. You can see why it did so well by looking at the direction of change column -- most positive ...
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