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Latest Articles: Business
US To Work To Resolve Mexican Trucking Dispute
Post Date: 2011-01-06 17:44:15 by Brian S
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By Josh Mitchell, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- The Obama administration said Thursday it would enter talks with Mexico designed to lift a U.S. ban on Mexican truckers operating north of the border, a key shift that business groups saw as a move toward more open trade policies. U.S. Transportation Secretary Ray LaHood sent a blueprint to Congress outlining principles the White House would push in attempting to resolve the conflict. He said a formal proposal could emerge in coming months, and another U.S. official said the goal was to have the nearly two-year-old ban lifted "as soon as possible." A Mexican official said the country was "optimistic" a ...
Foreclosures May Be Undone by State Ruling on Mortgage Transfer
Post Date: 2011-01-06 11:51:08 by Brian S
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Jan. 6 (Bloomberg) -- Massachusetts’s highest court is poised to rule on whether foreclosures in the state should be undone because securitization-industry practices violate real- estate law governing how mortgages may be transferred. The fight between homeowners and banks before the Supreme Judicial Court in Boston turns on whether a mortgage can be transferred without naming the recipient, a common securitization practice. Also at issue is whether the right to a mortgage follows the promissory note it secures when the note is sold, as the industry argues. A victory for the homeowners may invalidate some foreclosures and force loan originators to buy back mortgages wrongly ...
Fewer Jobless Claims Filed in U.S. Over Past Month as Labor Market Revives
Post Date: 2011-01-06 11:46:50 by Brian S
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Jan. 6 (Bloomberg) -- Fewer Americans filed claims for unemployment insurance payments over the past month, indicating the labor market is improving. The average number of applications for jobless benefits over the past four weeks dropped to 410,750, the lowest level since July 2008, Labor Department figures showed today in Washington. Claims for the week ended Jan. 1 rose by 18,000 to 409,000, in line with the median forecast of economists surveyed by Bloomberg News. Firings have been waning in recent weeks, a necessary step toward gains in hiring that will help boost consumer spending, which accounts for 70 percent of the economy. A report tomorrow is projected to show employers added ...
Ford Staggers Toyota In 'Best-Loved Car' Fight
Post Date: 2011-01-05 15:29:09 by Brian S
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NEW YORK (CNNMoney) -- Ford is rising fast in a survey of consumers' feelings toward toward car brands. In fact, Ford is now virtually tied for first place with fast-falling Toyota in the most recent Consumer Reports Car Brand Perception Survey. Over the last two years, Ford's score in the survey has risen by 35 points while Toyota's score has fallen by 46 points. In 2010, Toyota was the only major automaker to suffer a decline in sales compared to 2009. Toyota's image has been battered by a spate of recalls and safety scares that started about 18 moths ago. The big drop in consumers' perceptions of Toyota happened during the past year, said Jeff Bartlett, an editor ...
U.S. Auto Recovery May Continue With 12.9 Million Sales in 2011
Post Date: 2011-01-05 11:55:03 by Brian S
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By Craig Trudell Jan. 5 (Bloomberg) -- U.S. automobile sales may rise to 12.9 million vehicles in 2011, the second straight year of gains, showing investors that the market’s recovery is legitimate. Total deliveries will rise 11 percent from 2010, according to the average of 17 analysts’ estimates compiled by Bloomberg. Sales rebounded to 11.6 million vehicles last year from a 27- year low in 2009, Autodata Corp. said yesterday. The gain would provide additional revenue for an industry that returned to profitability in 2010, led by Ford Motor Co.’s $6.37 billion of earnings through three quarters. Still, the analysts’ forecast is for the third-lowest annual ...
Service Industries in U.S. Expand at Fastest Pace Since May 2006, ISM Says
Post Date: 2011-01-05 11:51:14 by Brian S
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Jan. 5 (Bloomberg) -- Service industries expanded in December at the fastest pace since May 2006, showing the U.S. economic recovery is picking up and broadening beyond manufacturing. The Institute for Supply Management’s non-factory index, which covers about 90 percent of the economy, rose to 57.1, exceeding the median forecast of economists surveyed by Bloomberg News, from 55 in November. A reading greater than 50 signals growth. Another report today showed hiring accelerated. Improving demand at FedEx Corp. and Carnival Corp. shows the expansion is extending to areas like retailing and recreation, putting the rebound from the worst recession since the 1930s on firmer footing. ...
GM, Ford, Chrysler U.S. Auto Sales Top Estimates as Toyota Posts Declines
Post Date: 2011-01-04 16:47:23 by Brian S
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Jan. 4 (Bloomberg) -- General Motors Co., Ford Motor Co. and Chrysler Group LLC reported U.S. sales gains in December as demand for the automakers’ new models increased. Toyota Motor Corp. was the only major carmaker to post sales declines for the month and the year. GM’s deliveries in the month rose 7.5 percent from December 2009 to 224,185, the Detroit-based automaker said today in a statement. The largest U.S. automaker was expected to post a 4.3 percent sales increase, the average of four analysts’ estimates compiled by Bloomberg. Ford’s sales gained 3.5 percent, topping the 3.3 percent average estimate of five analysts. “This is a market that’s coming ...
General Motors 2010 Calendar Year Sales Up 21 Percent; December Sales Increase 16 Percent - Best Month of 2010
Post Date: 2011-01-04 11:25:41 by Brian S
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DETROIT, Jan. 4, 2011 /PRNewswire/ -- GM’s four brands sell 118,435 more vehicles in 2010 than eight brands did in 2009GM December retail sales up 27 percent, best month in 2010Chevrolet sales improve 16 percent in 2010Buick sales rose 52 percent in 2010 – the highest improvement of any major brandGMC increased sales 29 percent for the yearCadillac sales gain of 35 percent in 2010 is the highest for major luxury brands General Motors dealers reported 223,932 total sales in December, a 16-percent increase from a year ago for the company’s four brands. The gain was driven by solid retail sales which were 27 percent higher than a strong December a year ago. For the calendar ...
Factory Orders Post Solid Gain And Outside Transportation Jump By Largest Amount In 8 Months
Post Date: 2011-01-04 11:19:28 by Brian S
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WASHINGTON (AP) -- Businesses ordered more factory goods in November, responding to stronger consumer demand for household appliances, computers, and furniture. The Commerce Department says that total orders increased 0.7 percent in November. That follows a 0.7 percent drop in October. The overall figure was pulled down by a drop in volatile transportation orders. Excluding aircraft and autos, orders rose 2.4 percent - the largest jump for that category in eight months. The November increase left total orders at $424.5 billion. Economists consider that a healthy range for manufacturing activity. It's 20.4 percent above the recession low, hit in March 2009. Consumers are coming off ...
Underemployed at 17% Shows Small Business Gain With Part-Timers
Post Date: 2011-01-03 16:39:56 by Brian S
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Jan. 3 (Bloomberg) -- Lee and Kate Amon, owners of Internet retailer Kate’s Caring Gifts, say they’d need a 50 percent increase in sales before adding a full-time employee. The Fremont, California-based couple has two part-timers who handle orders for organic food baskets and natural soaps because “it gives us the flexibility to add or subtract their hours,” said Lee, 54. “It costs us about the same to hire one full-time person. But if that person gets sick, we’re toast.” As the U.S. economy gains momentum heading into 2011, small-business employment is lagging behind other drivers of the recovery. While past rebounds were led by companies with fewer ...
Gold Rises to Record Close, Silver Tops $31 on Haven Demand
Post Date: 2011-01-03 16:33:09 by Brian S
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Jan. 3 (Bloomberg) -- Gold futures rose to a record closing price and silver topped $31 an ounce, extending a rally to the highest since 1980, as Europe’s sovereign-debt woes spurred demand for precious metals as a haven. Gold rallied 30 percent in 2010, the 10th straight annual gain and the biggest yearly advance since 2007. Last month, Moody’s Investors Service put the credit ratings of Greece and Spain on review and slashed Ireland’s ranking by five levels. Gold priced in U.K. pounds climbed to a record today. “I’m bullish on gold this year because it is still mainly a haven play,” said Park Jong Beom, a trader at Tong Yang Futures Trading Co. in Seoul. ...
Construction Spending in U.S. Rose in November for Third Month
Post Date: 2011-01-03 12:10:45 by Brian S
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Jan. 3 (Bloomberg) -- Construction spending in the U.S. rose in November for a third straight month, boosted by funding for homebuilding and federal government projects. The 0.4 percent increase exceeded the median forecast of economists surveyed by Bloomberg News and followed a 0.7 percent gain the previous month, Commerce Department figures showed today in Washington. The median estimate called for a 0.2 percent rise. Stimulus funding spurred government spending on schools, office buildings and water supply plants in November, while tight credit and high vacancy rates restrained private investment in factories and communications facilities. Outlays on home improvements and ...
U.S. Manufacturing Grows at Fastest Pace in Seven Months, Leading Recovery
Post Date: 2011-01-03 12:03:51 by Brian S
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Jan. 3 (Bloomberg) -- Manufacturing in the U.S. expanded in December at the fastest pace in seven months, reinforcing signs the expansion is gaining momentum. The Institute for Supply Management’s index climbed to 57 last month from 56.6 in November, the Tempe, Arizona-based group said today. A reading greater than 50 points to expansion, and the figure matched the median forecast of economists surveyed by Bloomberg News. Stocks rallied and Treasury securities fell on speculation U.S. growth will keep strengthening in early 2011, raising prospects for more hiring. Increased spending by American consumers and business investment is helping drive production gains at factories that ...
Business Activity in U.S. Grows at Fastest Pace in Two Decades
Post Date: 2010-12-30 14:42:26 by Brian S
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Businesses in the U.S. expanded in December at the fastest pace in two decades, adding to evidence the world’s largest economy is accelerating heading into 2011. The Institute for Supply Management-Chicago Inc. said today its business barometer rose to 68.6 this month, exceeding the most optimistic forecast of economists surveyed by Bloomberg News and the highest level since July 1988. Figures greater than 50 signal expansion. Gains in business investment on new equipment and growing exports to emerging economies will keep factories churning out goods in the coming year, contributing to the recovery. Reports showing consumer spending is also picking up mean retailers will need to ...
Pending Sales of Existing Homes in U.S. Increase 3.5%, More Than Estimated
Post Date: 2010-12-30 12:01:53 by Brian S
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Dec. 30 (Bloomberg) -- The number of contracts to buy previously owned homes rose more than forecast in November, a sign sales are recovering following a post-tax credit plunge. The index of pending resales increased 3.5 percent after jumping a record 10 percent in October, the National Association of Realtors said today in Washington. The median forecast in a Bloomberg News survey called for a 0.8 percent rise in November, and the gain was the fourth in five months. The group’s data go back to 2001. Home demand is stabilizing after sales collapsed to a record low in July, as the effects of a tax incentive worth as much as $8,000 waned. A jobless rate hovering near 10 percent means ...
Jobless Claims in U.S. Fall to Fewest Since July 2008 as Recovery Quickens
Post Date: 2010-12-30 11:58:51 by Brian S
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Dec. 30 (Bloomberg) -- Claims for jobless benefits dropped last week to the lowest level in two years, showing the U.S. labor market is taking a turn for the better as the economy accelerates into 2011. Applications for unemployment assistance decreased by 34,000 to 388,000 in the week ended Dec. 25, breaking the 400,000 level for the first time since July 2008, according to Labor Department figures today in Washington. Other data showed businesses expanded this month at the fastest pace in two decades and pending home sales climbed in November for the fourth time in five months. Firings may keep easing as a pickup in consumer spending prompts employers to retain staff, a necessary step ...
GM Shares Rise After High Marks From Wall Street
Post Date: 2010-12-29 12:12:51 by Brian S
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General Motors shares rose Tuesday after banks restarted coverage of the automaker with high marks for its North American sales and position in emerging markets. The positive ratings by Wall Street come just six weeks after GM returned to the New York Stock Exchange in the largest initial public offering in history — about $23.1 billion. Its high was $35.99, reached on its first day of trading Nov. 18. JPMorgan started its coverage of GM with an "overweight" and set a price target for December 2011 at $44 per share. Barclays Capital also rated the company "overweight" and set a price target of $42 per share. Barclays said GM is "relatively attractive" ...
Roubini: 'Housing Prices Can Only Move Down'
Post Date: 2010-12-29 11:52:09 by Brian S
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According to economist Nouriel Roubini, the housing market is in a double dip. And negative Case-Shiller Home Price numbers out today only confirm that unpleasant truth. "It's pretty clear the housing market has already double dipped," says Roubini. "And the rate of decline is stronger than in previous months," he said of the new housing data. Aside from below trend economic growth, there are two factors specific to the housing market that are putting downward pressure on home prices. The first factor is the expiration of federal home buyer tax credits for first time home buyers. "If you look at the data, Case Shiller has been falling every month since the ...
U.S. Consumer Confidence Falls on Concern Jobs to Remain Scarce Next Year
Post Date: 2010-12-28 20:18:28 by Brian S
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Dec. 28 (Bloomberg) -- Confidence among U.S. consumers unexpectedly fell in December, restrained by concern that jobs will remain scarce in 2011. The Conference Board’s confidence index unexpectedly fell to 52.5, lower than the most pessimistic forecast of economists surveyed by Bloomberg News, figures from the New York-based research group showed today. Another report showed home values dropped more than economists projected. The loss of confidence is at odds with a report from the University of Michigan that showed sentiment improved to a six- month high in December, and with data showing holiday spending posted the biggest gain in five years. Federal Reserve policy makers this ...
Ex-Shell President Sees $5 Gas In 2012
Post Date: 2010-12-28 20:08:45 by Brian S
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By Laurie Segall, staff reporter December 27, 2010: 6:25 PM ET NEW YORK (CNNMoney.com) -- The former president of Shell Oil, John Hofmeister, says Americans could be paying $5 for a gallon of gasoline by 2012. In an interview with Platt's Energy Week television, Hofmeister predicted gasoline prices will spike as the global demand for oil increases. "I'm predicting actually the worst outcome over the next two years which takes us to 2012 with higher gasoline prices," he said. Tom Kloza, chief oil analyst with Oil Price Information Service says Americans will see gasoline prices hit the $5 a gallon mark in the next decade, but not by 2012. "That wolf is out ...
U.S. Consumer Spending, Capital Investment Gain in Sign Recovery Hastening
Post Date: 2010-12-23 15:37:07 by Brian S
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Dec. 23 (Bloomberg) -- Americans increased spending in November for a fifth straight month and companies stepped up orders for equipment, more evidence the U.S. economy is gaining momentum heading into 2011. Household purchases rose 0.4 percent after a 0.7 percent increase in October that was almost twice as large as previously estimated, figures from the Commerce Department showed today in Washington. The agency also reported a 2.6 percent gain in bookings for capital goods like computers and electronics. Rising incomes and stock prices are giving consumers the wherewithal to boost the purchases that account for 70 percent of the world’s largest economy, improving earnings ...
Demand for Capital Goods in U.S. Rebounds as Business Spending Holds Up
Post Date: 2010-12-23 11:44:46 by Brian S
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Dec. 23 (Bloomberg) -- Orders for U.S. capital equipment rebounded in November, signaling a slowdown in business investment may be less pronounced than some economists projected. Bookings for goods like computers and communications gear climbed 2.6 percent after a 3.6 percent decline in October that was smaller than previously estimated, figures from the Commerce Department showed today in Washington. Total orders dropped 1.3 percent, depressed by volatile demand for aircraft, and bookings excluding transportation equipment rose more than forecast. Capital spending has been a source of strength for the world’s largest economy at the same time that household purchases are starting ...
Jobless Claims in U.S. Declined 3,000 Last Week in Sign Labor Market Heals
Post Date: 2010-12-23 11:44:00 by Brian S
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Dec. 23 (Bloomberg) -- Initial U.S. jobless claims fell last week and the number of people on unemployment benefit rolls dropped to a two-year low, reinforcing evidence the labor market is improving. First-time filings for jobless insurance declined by 3,000 to 420,000 in the week ended Dec. 18, matching the median forecast in a Bloomberg News survey, Labor Department figures showed today in Washington. Those already collecting benefits fell in the previous week to 4.06 million. Fewer firings may be an initial step toward the increased hiring that’s needed to spur consumer spending, which accounts for 70 percent of the economy. At the same time, Federal Reserve officials said ...
Consumer Confidence in U.S. Climbs to Six-Month High Amid Fewer Job Cuts B
Post Date: 2010-12-23 11:42:21 by Brian S
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Dec. 23 (Bloomberg) -- Confidence among U.S. consumers climbed to a six-month high in December, coinciding with a pickup in holiday sales and fewer job cuts. The Thomson Reuters/University of Michigan final index of consumer sentiment for the month rose to 74.5, matching the median estimate in a Bloomberg News survey, from 71.6 in November. The preliminary December reading was 74.2. Americans have been willing to snap up holiday gifts from retailers like Wal-Mart Stores Inc. and Saks Inc. that have limited discounts. An improving job market, rising stock prices and the extension of Bush-era tax cuts may keep propelling consumer spending, which accounts for about 70 percent of the ...
Sales of Previously Occupied Homes Edge up 5.6 Percent in November, Third Rise in 4 Months
Post Date: 2010-12-22 11:55:55 by Brian S
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WASHINGTON (AP) - Sales of previously owned homes edged up in November, the third increase in four months after a dismal summer for home-buying. The National Association of Realtors says people bought previously owned homes at a seasonally adjusted annual rate of 4.68 million units last month, a gain of 5.6 percent from October. The increases follow the worst summer for home sales in more than a decade. Even with the gains, sales were about 10 percent below the 5.2 million sales pace that analysts consider a healthy pace for housing. The national median price for a home sold in November was $170,600.
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