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Latest Articles: Business
Consumer Sentiment in U.S. Unexpectedly Falls to One-Year Low, Index Shows
Post Date: 2010-09-17 11:30:36 by Brian S
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Sept. 17 (Bloomberg) -- Confidence among U.S. consumers unexpectedly fell in September to a one-year low, a sign Americans will be less inclined to ramp up spending. The Thomson Reuters/University of Michigan preliminary index of consumer sentiment dropped to 66.6 following a reading of 68.9 in August, the group said today. Economists forecast the measure would rise to 70, according to the median estimate in a Bloomberg News survey. Flagging optimism with unemployment close to a 26-year high of 10.1 percent may increase the risk consumers will cut back on their purchases, which account for 70 percent of the economy. Staff reductions at companies such as FedEx Corp. indicate it will ...
Claims, Inflation And More
Post Date: 2010-09-16 13:30:13 by Nebuchadnezzar
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Claims, Inflation And More And here we go! In the week ending Sept. 11, the advance figure for seasonally adjusted initial claims was 450,000, a decrease of 3,000 from the previous week's revised figure of 453,000. The 4-week moving average was 464,750, a decrease of 13,500 from the previous week's revised average of 478,250. No movement of materiality in the futures on this one. Blipped up, blipped down, settled back pretty much where it was. (But, the ~4 handle drop before leads one to wonder if certain "favored people" got it early.... cough-Goldman-cough) http://market-ticker.org/akcs-www?get_gallerynr=108 The market's knee-jerk "if it's not a ...
U.S. Home Seizures Reach Record for Third Time in Five Months
Post Date: 2010-09-16 13:15:30 by Brian S
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U.S. home seizures reached a record for the third time in five months in August as lenders completed the foreclosure process for thousands of delinquent owners, according to RealtyTrac Inc. Bank repossessions climbed 25 percent from a year earlier to 95,364, the most since the Irvine, California-based data provider began keeping records in 2005. Foreclosure filings, including default and auction notices, fell 5 percent to 338,836. One out of every 381 U.S. households received a filing, RealtyTrac said today in a statement. “We’re on track for a record year for homes in foreclosure and repossessions,” Rick Sharga, RealtyTrac’s senior vice president, said in a telephone ...
Rosenberg: Small Business Spending Plans Spell Doom In The Next Year
Post Date: 2010-09-16 13:07:11 by Nebuchadnezzar
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Rosenberg: Small Business Spending Plans Spell Doom In The Next Year Joe Weisenthal | Sep. 16, 2010, 11:33 AM | 621 | 3 We mentioned the ugly NFIB small business survey data yesterday. In his daily note, David Rosenberg warns: The National Federation of Independent Business’s (NFIB) capital spending intentions index dipped to 16 in August from 18 in July and is now down three straight months after peaking out at the beginning of the year. This index leads industrial production growth by six months, and at a time when there has been a record divergence between the two data series. In the name of Bob Farrell’s Rule #2, as it pertains to mean reversion, either NFIB surges from ...
Philly Fed Index shows contraction in September
Post Date: 2010-09-16 12:47:31 by Nebuchadnezzar
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Philly Fed Index shows contraction in September by CalculatedRisk on 9/16/2010 10:00:00 AM Here is the Philadelphia Fed Index: Business Outlook Survey The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of -7.7 in August to -0.7 in September. The index, which has been negative for two consecutive months, suggests that growth has stalled over the last two months (see Chart). Indexes for new orders and shipments continued to indicate weakness this month: The new orders index fell 1 point, remaining negative for the third consecutive month, and the shipments index decreased 3 points, remaining negative for the ...
FedEx Forecast Trails Estimates; 1,700 Jobs to Be Cut
Post Date: 2010-09-16 11:34:08 by Brian S
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Sept. 16 (Bloomberg) -- FedEx Corp., the second-largest U.S. package-shipping company, forecast earnings for the current quarter that fell short of analysts’ estimates, and said it will eliminate 1,700 jobs. Net income for the three months ending in November will be $1.15 to $1.35 a share, the Memphis, Tennessee-based company said today in a statement. Analysts projected $1.37 a share, the average of 19 forecasts compiled by Bloomberg. FedEx fell as much as 3.7 percent in New York trading as results indicate an uneven global recovery, with U.S. shipments trailing growth in more-profitable international express packages. FedEx and United Parcel Service Inc. are considered economic ...
Producer Prices in U.S. Climb for Second Month, Easing Deflation Concerns
Post Date: 2010-09-16 11:33:07 by Brian S
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Sept. 16 (Bloomberg) -- Wholesale costs in the U.S. rose in August for a second month, indicating demand is strong enough to prevent deflation, or a prolonged drop in prices. The producer price index increased 0.4 percent, the most in five months and twice the gain in July, Labor Department figures showed today in Washington. The median forecast was for a 0.3 percent rise, according to a Bloomberg News survey. A measure excluding volatile food and energy costs climbed 0.1 percent. With the recovery cooling from earlier this year, companies may have limited scope to pass along gains in commodity costs. The figures underscore Federal Reserve Chairman Ben S. Bernanke’s view that the ...
Philadelphia-Area Manufacturing Shrinks for Second Month as Orders Decline
Post Date: 2010-09-16 11:30:54 by Brian S
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Sept. 16 (Bloomberg) -- Manufacturing in the Philadelphia region unexpectedly contracted in September for a second month as orders and sales declined. The Federal Reserve Bank of Philadelphia’s general economic index rose to minus 0.7 this month from minus 7.7 in August. Readings less than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median estimate of economists surveyed by Bloomberg News projected the gauge would turn positive. Less inventory rebuilding and consumers constrained by unemployment hovering close to 10 percent may slow factories, which led the economy out of the worst recession in seven decades. At the same ...
Europe claims WTO ruling in Boeing case as victory
Post Date: 2010-09-15 19:26:52 by Brian S
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GENEVA (AP) -- European officials claimed Wednesday that a preliminary decision by the world's top trade court found that aid to U.S. aircraft maker Boeing violated international rules, leading to the prospect that the Chicago-based plane maker may have to forgo or even pay back billions in subsidies. France's transport and environment ministers said the confidential World Trade Organization ruling delivered to U.S. and EU officials in Geneva "condemns massive subsidies to Boeing that violate WTO rules." Details of the ruling weren't made public and a final judgment isn't expected to be released for several months. It comes three months after the WTO found that ...
UPS starts faster ocean freight service from Asia
Post Date: 2010-09-15 19:11:02 by Brian S
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NEW YORK (AP) -- UPS has launched a new faster ocean freight service from Japan to the U.S. in an effort to capture more of the booming international freight market it already serves by air. The new service will be extended to other parts of Asia over the next six months. The move announced Wednesday underscores the importance that the world's largest shipping company places on imports from Asia, which have been key to its sales growth while the U.S. business remains weak. UPS will not buy any ships, but rather is leasing space from major container shipping companies. The company already does business with nearly every major container shipping company, according to spokeswoman Donna ...
Stocks edge higher, keeping September rally alive
Post Date: 2010-09-15 19:10:49 by Brian S
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NEW YORK (AP) -- Stocks overcame an early slide Wednesday and closed higher as investors tried to keep a September rally alive. Major indexes had opened lower after a poor reading on factory activity in New York, but turned higher around midday after getting better news on U.S. industrial production. That report showed that the national industrial sector grew for the 12th time 14 months. Better news on manufacturing was the main trigger behind the rally that began in early September and has now propelled stocks higher on nine out of the past 11 days. The Dow Jones industrial average, which gained 46 points Wednesday, is up 5.6 percent over that time. In corporate news, MasterCard Inc. ...
Corn touches fresh 2-year high on supply worries
Post Date: 2010-09-15 19:05:32 by Brian S
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NEW YORK (AP) -- The price of corn touched a new two-year high Wednesday as questions remain about the available supply of the crop. Corn prices have been on a nearly unchecked climb since late July and are approaching the psychological $5 a bushel level. The price of corn for December delivery rose as high as $4.975 a bushel during trading Wednesday before falling back to settle at $4.9525 a bushel. Corn rices have jumped more than 25 percent since the end of July. Corn first began to rally over the summer, following wheat prices higher, which jumped on concerns about Russian production of the grain. Now, though, investors are worried about the domestic harvest season for corn, which ...
U.S. Home Prices Face Three-Year Drop as Supply Gains (Bloomberg Story)
Post Date: 2010-09-15 18:13:38 by Nebuchadnezzar
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U.S. Home Prices Face Three-Year Drop as Supply Gains (Update1) Share Business ExchangeTwitterFacebook| Email | Print | A A A By John Gittelsohn and Kathleen M. Howley Sept. 15 (Bloomberg) -- The slide in U.S. home prices may have another three years to go as sellers add as many as 12 million more properties to the market. Shadow inventory -- the supply of homes in default or foreclosure that may be offered for sale -- is preventing prices from bottoming after a 28 percent plunge from 2006, according to analysts from Moody’s Analytics Inc., Fannie Mae, Morgan Stanley and Barclays Plc. Those properties are in addition to houses that are vacant or that may soon be put on the market by ...
Gold Prices Surge to Record Highs
Post Date: 2010-09-14 23:42:36 by Brian S
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NEW YORK (TheStreet ) -- Gold prices popped Tuesday as investors turned to the metal as a safe-haven asset and momentum buying pushed prices to new all-time peaks. Gold for December delivery settled $24.60 higher at $1,271.70 an ounce -- a record closing high -- at the Comex division of the New York Mercantile Exchange. The gold price hit a record intra-day high of $1,276.50 an ounce, $10 higher than its previous high set in June. The U.S. dollar index was losing 0.91% to $81.11 while the euro was gaining 1.01% to $1.30 vs. the dollar. The spot gold price was rising more than $26, according to Kitco's gold index. Gold prices soared Tuesday on inflation worries out of the U.K. and a ...
Official: GM Recalling About 400 Workers In Tenn.
Post Date: 2010-09-14 13:18:34 by Brian S
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CHATTANOOGA, Tenn. (AP) -- An official says General Motors is recalling about 400 idled union workers to its Spring Hill plant in Tennessee to build a four-cylinder engine. An official briefed about the new jobs who declined to be identified because an announcement is pending provided the count to The Associated Press on Tuesday. GM spokeswoman Sherrie Childers Arb said a media advisory would be forthcoming about a Friday announcement about Spring Hill but she declined further comment. The Detroit Free Press first reported the decision citing an anonymous source. GM laid off about 2,000 workers at Spring Hill last year. About 800 of those workers have relocated to GM plants in other ...
U.S. Small-Business Index Increases for First Time Since May, Survey Shows
Post Date: 2010-09-14 12:17:59 by Brian S
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Sept. 14 (Bloomberg) -- Confidence among U.S. small businesses rose in August for the first time in three months as the outlook for sales and economic growth turned less gloomy, a private survey found. The National Federation of Independent Business’s optimism index increased to 88.8 from July’s 88.1 reading. Four of the index’s 10 components rose and one was unchanged. The measure averaged 100.6 in the five years before the economic slump began in December 2007. While expectations for the economy and sales improved, both measures were still in “recession territory,” the report said, which explains why the outlook for hiring and capital spending at small ...
AAR Reports Weekly Rail Carload Volume Sets New 2010 Record
Post Date: 2010-09-13 15:40:18 by Brian S
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AAR Reports Weekly Rail Carload Volume Sets New 2010 Record The Association of American Railroads (AAR) today reported weekly rail carload volume set a new 2010 record for the second consecutive week. U.S. railroads originated 305,000 carloads during the week ending Sept. 4, 2010, up 6.9 percent compared with the same week in 2009, and at comparable levels to the same week in 2008. The 2008 comparison week included the Labor Day holiday while the corresponding weeks in both 2010 and 2009 did not. In order to offer a complete picture of the progress in rail traffic, AAR reports 2010 weekly rail traffic with comparison weeks in both 2009 and 2008. Intermodal traffic totaled 237,006 trailers ...
Doomsday Warnings Of US Apocalypse Gain Ground
Post Date: 2010-09-12 13:32:39 by Brian S
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Economists peddling dire warnings that the world's number one economy is on the brink of collapse, amid high rates of unemployment and a spiraling public deficit, are flourishing here. The guru of this doomsday line of thinking may be economist Nouriel Roubini, thrust into the forefront after predicting the chaos wrought by the subprime mortgage crisis and the collapse of the housing bubble. "The US has run out of bullets," Roubini told an economic forum in Italy earlier this month. "Any shock at this point can tip you back into recession." But other economists, who have so far stayed out of the media limelight, are also proselytizing nightmarish visions of the ...
Wholesale Inventories in U.S. Rise the Most in Two Years on Demand Rebound
Post Date: 2010-09-10 11:10:06 by Brian S
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Sept. 10 (Bloomberg) -- Inventories at U.S. wholesalers rose in July by the most in two years as a rebound in demand prompted companies to add to stockpiles. The 1.3 percent increase in the value of inventories was three times the median estimate in a Bloomberg News survey and followed a 0.3 percent gain the prior month, Commerce Department figures showed today in Washington. Sales at distributors climbed 0.6 percent, the most since April, after falling 0.5 percent. The amount of goods on hand compared with sales suggests manufacturing gains will be sustained in coming months. Inventory rebuilding, after helping the economy recover from the worst recession since the 1930s, may cool ...
Claims of Recovery But Results Nowhere To Be Found
Post Date: 2010-09-09 16:39:32 by Capitalist Eric
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The American public is alarmed at what they see going on. Most of them do not understand what has been done to them. The propaganda fed to them daily has them completely confused and that is understandable. They know the financial sector has been bailed out and they somehow have to pay the bill. They have been deceived and few of them want to admit it. They have been told their economy is in recovery, but improvement is nowhere to be found. Government tells them inflation is 1.6% when they know it’s certainly higher than that and has been for some time. The only beacon of light, if they can discover it, is the truth of talk radio and the Internet. Through these methods of communication ...
Ford Said to Cancel Plan to Move Kuga Production to Kentucky From Germany
Post Date: 2010-09-09 13:25:43 by Brian S
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Sept. 9 (Bloomberg) -- Ford Motor Co. has canceled plans to move production of a small sport-utility vehicle from Europe to Kentucky as currency exchange rates no longer favor U.S. production, according to two people familiar with the decision. Ford had planned to shift the Kuga model next year to Louisville from Saarlouis, Germany, to take advantage of lower labor costs and the weaker dollar, according to the people, who asked not to be identified because the plan is private. With the euro falling, Ford plans to continue producing the Kuga in Germany, the people said. The reversal demonstrates the difficulty of lowering Ford’s U.S. labor costs to globally competitive levels. The ...
World Stocks Climb As Fears Of US Slowdown Recession Ease
Post Date: 2010-09-06 10:43:00 by Brian S
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By CARLO PIOVANO | Associated Press | 57 minutes ago in Business World stock markets advanced modestly Monday as investors rode momentum from Friday, when an upbeat U.S. jobs report eased fears that the global economy could slip back into recession. With Wall Street closed for a holiday, however, trading was expected to remain light. Markets took heart after official data last week showed private employers in the U.S. added 67,000 jobs in August, more than analysts expected. The figure bolstered optimism that the U.S. will maintain a slow but steady recovery from last year's recession and avoid another economic contraction later this year. By mid-afternoon in Europe, Britain's ...
So Where's The Budget Discipline?
Post Date: 2010-09-05 20:26:18 by Nebuchadnezzar
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So Where's The Budget Discipline? The August numbers are in, and they're not pretty.... $211 billion in deficits in August, nearly a record for the year, second only to March with $333 billion. Social Security taxes (which were stolen, of course) provided a $13 billion "help". Here's the updated graph: http://market-ticker.org/akcs-www?get_gallerynr=50 And now Obama is allegedly going to pop up with more insanity in the form of "making permanent" an R&D credit, which will force it "on-budget." This is being sold as a "new tax incentive", when in fact it is not. Every President since Clinton has had this credit, but due to it ...
Payrolls Report Eases Concern U.S. Economy Is Sliding Back Into Recession
Post Date: 2010-09-03 13:03:50 by Brian S
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Sept. 3 (Bloomberg) -- Companies in the U.S. added more jobs than forecast in August, easing concern the world’s largest economy is sliding back into a recession. Private payrolls climbed 67,000 after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures in Washington showed today. The unemployment rate rose to 9.6 percent as more people looked for work. A separate report showed service industries expanded more slowly than estimated. Stocks climbed around the world and U.S. Treasuries slumped as the employment report bolstered Federal Reserve Chairman Ben S. Bernanke’s view that the conditions are in place for a pickup in growth ...
Analyst: GM Plans To Sell Shares On Nov. 18
Post Date: 2010-09-02 19:35:47 by Brian S
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DETROIT (AP) -- General Motors plans to start trading shares again on Nov. 18, timing that allows the company one more quarter of earnings to build its case to investors, a firm that researches initial public offerings said Thursday. Scott Sweet, the managing partner of IPO Boutique, said GM plans to price the shares on Nov. 17 and begin selling them the next day. He said the automaker wants to start a two-week a road show to drum up investor interest on Nov. 3, the day after the midterm congressional elections. It's unclear if the IPO dates have been finalized. Two people with knowledge of the process say the automaker's board hasn't approved a date for the IPO but is ...
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