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Latest Articles: Business
Tax Receipts Rebound in U.S. as 15 Biggest States Forecast 4% Gain in 2011
Post Date: 2010-03-30 11:50:50 by Brian S
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March 30 (Bloomberg) -- The two-year slide in tax collections that opened a $196 billion gap in U.S. state budgets has stopped, easing pressure on credit ratings and giving leeway to lawmakers as they craft spending plans for next year. The 15 largest states by population forecast a 3.9 percent gain in tax revenue in fiscal 2011, budget documents show. The 50 states on average may increase collections by about 3.5 percent, the first time in two years the figure is expected to grow, said Mark Zandi, chief economist at Moody’s Economy.com, California took in 3.9 percent more since December than projected in January, Controller John Chiang said this month. New York got $129 million ...
U.S. Consumer Confidence Jumps as Americans Perceive Improved Job Market
Post Date: 2010-03-30 11:49:21 by Brian S
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March 30 (Bloomberg) -- Confidence among U.S. consumers climbed in March as Americans perceived employment was starting to improve. The Conference Board’s confidence index rose to 52.5, exceeding the median forecast of economists surveyed by Bloomberg News, from 46.4 in February, the private research group’s report showed today. Another report showed home prices rose in January. “With signs of improvement in the labor market, confidence is more likely to be up than down in the next few months,” said James O’Sullivan, chief economist at MF Global Ltd. in New York, who forecast sentiment would pick up. “It’s still a low level of confidence.” Gloom is ...
ObamaCare already hurting small businesses
Post Date: 2010-03-30 10:22:52 by dont eat that
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Of course you might say, "I don't own a tanning salon, nor do I work for one." But tanning salons are only the first victim of ObamaCare. But there's more to it: If tanning salons are forced out of business because of the 10 percent tanning tax--that only means tax revenue will have to come from other businesses. Or directly from you. More from the Senate Republican Communications Center: Health Bill Already Hammering Small Businesses "It's Going To Come Close To Shutting Me Down"; Tanning "Tax Could Cut Nearly 9,000 Jobs" WASHINGTON "'We Were Really Surprised To Find Out About It Just After Christmas,' Said Mark Willard, Desert ...
Ka-ching! Shoppers Keep Registers Humming
Post Date: 2010-03-29 15:18:05 by Brian S
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(03-29) 11:30 PDT WASHINGTON (AP) -- Confidence is growing that the economic recovery won't fizzle out. Consumers kept cash registers humming last month at a decent pace, pointing to modest and steady economic gains ahead. The Commerce Department reported Monday that consumers boosted their spending by 0.3 percent in February, marking the fifth straight monthly gain. Nigel Gault, chief U.S. economist at IHS Global Insight, called it "an encouraging sign of consumer revival." The pickup in spending was a tad slower than the 0.4 percent increase registered in January and marked the smallest increase since September. Nonetheless, the spending gain was considered decent, ...
Treasury Set to Sell Citigroup Shares, Could Net Significant Profit
Post Date: 2010-03-29 13:05:17 by Brian S
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The Treasury Department said Monday that it would begin selling the 7.7 billion shares of Citibank it obtained in exchange for giving the bank $25 billion in 2008, the Associated Press reports. The government is working to shed the investments it made in American banks and corporations under the Toxic Asset Relief Program, or TARP. Selling its holdings of Citi stock could net the U.S. a significant profit. Citi, one of the hardest hit banks during the 2008 financial crisis, received $45 billion in bailout money, $25 million of which was converted to the stake the government is now preparing to sell. Citi repaid the other $20 billion in December 2009. The government paid $3.25 a share for ...
Payrolls Probably Grew by Most in Three Years as U.S. Expansion Takes Hold
Post Date: 2010-03-28 15:54:49 by Brian S
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March 28 (Bloomberg) -- Employers in the U.S. added jobs in March for the second time in more than two years, setting the stage for a broadening of the expansion, economists said before a report this week. Payrolls probably rose by 190,000, the most in three years, after declining 36,000 in February, according to the median forecast of 62 economists surveyed by Bloomberg News before the Labor Department’s April 2 report. Other reports may show consumer spending and confidence increased, while factories expanded and home prices declined. Caterpillar Inc. is among companies expanding and hiring as manufacturers benefit most from a recovery fueled by business investment, exports and ...
Obama Retains More Support With Younger Americans Seeing Nation Improving
Post Date: 2010-03-27 13:26:24 by Brian S
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March 27 (Bloomberg) -- Young adults, who responded to Barack Obama’s 2008 campaign theme of hope and change, are more optimistic than older Americans about the country’s direction and continue to be more supportive of the president. The Bloomberg National Poll shows 41 percent of those younger than 35 believe the country is heading in the right direction, compared with just a quarter of those 65 and older. The upbeat attitude among younger Americans provides a boost to the president’s overall approval rating, with 56 percent of those under 35 saying they are happy with his job performance, compared with 41 percent among senior citizens. “His approval ratings among ...
Corporate Profit Surge in U.S. May Set Stage For Broader Economic Recovery
Post Date: 2010-03-27 13:19:58 by Brian S
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March 26 (Bloomberg) -- The fastest pace of economic growth in six years during the final three months of 2009 fueled a surge in corporate profits that may set the stage for job gains and a broadening of the U.S. recovery. Company earnings increased 8 percent in the fourth quarter, capping the biggest year-over-year gain in 25 years, figures from the Commerce Department showed today in Washington. The economy expanded at a 5.6 percent annual rate. “The fact that you see a sustained recovery in profits over the last four quarters, that’s a vote of confidence that the next phase of the recovery could be upon us,” said Jonathan Basile, an economist at Credit Suisse in New ...
U.S. Economy Expands the Most in Six Years, Setting Stage for Job Growth
Post Date: 2010-03-26 11:47:34 by Brian S
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March 26 (Bloomberg) -- The U.S. economy expanded at a 5.6 percent annual rate in the fourth quarter of 2009, and corporate profits climbed, setting the stage for gains in employment that may broaden and preserve the expansion. The rise in gross domestic product, while smaller than the government’s previous estimate issued last month, marked the best performance in six years, figures from the Commerce Department showed today in Washington. Company earnings increased 8 percent, capping the biggest year-over-year gain in a quarter century. “Profits are a leading indicator of the economy and suggest continued growth and likely job gains in the second quarter of this year,” ...
Confidence Among U.S. Consumers Is Unchanged This Month in Reuters/University of Michigan Index
Post Date: 2010-03-26 11:43:42 by Brian S
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March 26 (Bloomberg) -- Confidence among U.S. consumers was higher than anticipated in March as companies slowed the pace of job cuts and stocks advanced. The Reuters/University of Michigan final consumer sentiment index for this month held at 73.6. The preliminary reading for the measure, released March 12, was 72.5. Economists forecast the final gauge would fall to 73, according to the median estimate in a Bloomberg News survey. Gains in confidence and fewer job losses may help sustain consumer spending and fuel the economy in coming months. A pickup in Americans’ purchases, which account for about 70 percent of the economy, hinges on employment growth that has yet to materialize. ...
Senate Republicans Again Hold Up Jobless Benefits
Post Date: 2010-03-25 17:31:13 by Brian S
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(03-25) 13:09 PDT WASHINGTON, (AP) -- Senate Republicans are blocking speedy passage of a stopgap bill to extend jobless benefits, saying its $9 billion cost should not be added to the national debt. The clash comes less than a month after Republicans abandoned a similar battle that led to an interruption in unemployment benefits eligibility for some people and a two-day furlough for some Transportation Department employees. A stopgap bill that passed early this month extends unemployment insurance for people who have been out of a job for more than six months, provides health insurance subsidies for the jobless and protects doctors from a sharp cut in Medicare payments. The short-term ...
Wisconsin Added Jobs In February From January For The First Time Since 2006
Post Date: 2010-03-24 19:47:31 by Brian S
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Wisconsin added jobs in February from January for the first time since 2006, the state Department of Workforce Development announced Wednesday. Without any adjustments for seasonal factors, such as winter-related construction slowdowns or school holidays, the state added 4,800 jobs in the month, although it lost 95,000 from the same month a year earlier. After seasonal adjustments, the state added a net 5,200 jobs in February - making it the second consecutive month of seasonally adjusted job gains. The unemployment rate, after seasonal adjustments, held steady at 8.7% in February from January. Many economists prefer to look at seasonally adjusted figures because they give a clearer ...
J.M. Smucker To Close Plants, Cut 700 Jobs
Post Date: 2010-03-24 12:42:03 by Brian S
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(AP) – 29 minutes ago ORRVILLE, Ohio — Jam maker The J.M. Smucker Co. says it will close four plants and cut 700 jobs, about 15 percent of its workforce, and modernize other plants to cut costs. The maker of Smucker's jam and Folgers coffee said it will close its fruit-spread plants in Memphis, Tenn., and Ste. Marie, Quebec, and its coffee plants in Sherman, Texas, and Kansas City, Mo. Smucker will spent $220 million over three years on capital investment, including $70 million to consolidate all coffee production into the company's existing plant in New Orleans. It will also build a new plant in Orrville, Ohio, and upgrade equipment and technology at its Ripon, Wis., ...
Wall Street Despised by Americans in Poll Showing Majority Want Regulation
Post Date: 2010-03-24 11:29:27 by Brian S
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March 24 (Bloomberg) -- Americans are leery about creating a new federal agency to make consumer-protection rules for mortgages and credit cards and would prefer to enhance the existing powers of banking regulators. Most people interviewed in the Bloomberg National Poll say they don’t like Wall Street, banks or insurance companies and favor letting the government punish bankers who helped cause the worst financial crisis since the Great Depression. Almost seven out of 10 people surveyed support using current bank regulators for consumer protection, backing positions held by the financial industry and Republicans over President Barack Obama’s proposal to establish an independent ...
Dow, Nasdaq and S&P 500 Near 18-Months High
Post Date: 2010-03-23 15:31:13 by Brian S
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March 23, 2010: 2:05 PM ET NEW YORK (CNNMoney.com) -- Stocks rallied Tuesday, with the Dow, Nasdaq and S&P 500 hitting new 18-month highs following the release of a better-than-expected existing home sales report. The Dow Jones industrial average (INDU) rose 47 points, or 0.4%, with over two hours left in the session. The S&P 500 index (SPX) gained 2 points or 0.2%. The Nasdaq composite (COMP) rose 6 points or Stocks initially struggled out of the gate Tuesday but turned higher following the release of the housing report, which showed existing home sales fell in February from January levels, but still topped estimates. The report was consistent with other recent readings that ...
Auto Suppliers Rebounding After Brutal 2009; Optimism builds; companies add more employees...
Post Date: 2010-03-23 13:00:04 by Brian S
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n May 2008, the apocalypse appeared to loom over the country’s auto industry. With Chrysler Group LLC in bankruptcy and General Motors Co. about to follow suit, industry experts wondered whether the total collapse of either automaker would start a domino effect with the industry’s suppliers. Many suppliers — including those with area plants — were in the same dire financial straits. They also faced the prospect of no cash coming in as Detroit’s GM and Auburn Hills-based Chrysler planned to idle most of their plants for June and July. Industry consolidation and shutdowns were eliminating thousands of jobs. “We had our job cut out for us, to say the ...
Ford Leads Strong March Auto Sales
Post Date: 2010-03-22 19:09:27 by Brian S
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DETROIT (TheStreet) -- March is shaping up to be an unusually strong month for automobile sales, with catalysts including Toyota(TM) incentives and nice weather following a stormy February. Recently, an early look at March results by Edmonds.com indicated that North American vehicle sales are pacing at a seasonally adjusted annual rate of 13.2 million. According to Edmonds.com, sales are currently on pace to produce a seasonally adjusted annual sales rate for the industry of 13.2 million, the highest since the 13.7 million SAAR recorded in August 2009, reflecting buying inspired by the cash for clunkers program. Ford F 150 Ford F-50 Meanwhile, as of March 10, Ford(F) had a 19.2% share, ...
U.S. Stocks Rise as Drug Shares Rally [Broadbased] After House OKs Overhaul
Post Date: 2010-03-22 12:16:55 by war
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March 22 (Bloomberg) -- U.S. stocks gained, erasing an early decline, as drugmakers rallied after the House of Representatives passed an overhaul of the industry. Merck & Co. and Pfizer Inc. climbed more than 1.7 percent to help lead health-care companies to the biggest gain among 10 groups in the Standard & Poor’s 500 Index after the House approved legislation that will ensure tens of millions of uninsured Americans will get medical coverage. Boeing Co. advanced more than 2 percent to lead gains in the Dow Jones Industrial Average on analyst upgrades. “The health-care legislation approval removes the uncertainty,” said Richard Sichel, chief investment officer at ...
Stocks in U.S. Gain as Health-Care Shares Climb on Overhaul Bill's Passage
Post Date: 2010-03-22 12:10:16 by Brian S
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March 22 (Bloomberg) -- U.S. stocks gained, erasing an early decline, as drugmakers rallied after the House of Representatives passed an overhaul of the industry. Merck & Co. and Pfizer Inc. climbed more than 1.7 percent to help lead health-care companies to the biggest gain among 10 groups in the Standard & Poor’s 500 Index after the House approved legislation that will ensure tens of millions of uninsured Americans will get medical coverage. Boeing Co. advanced more than 2 percent to lead gains in the Dow Jones Industrial Average on analyst upgrades. “The health-care legislation approval removes the uncertainty,” said Richard Sichel, chief investment officer at ...
Toyota To Hand Off Pension Bill To U.S. ($131-million)
Post Date: 2010-03-18 12:25:16 by Brian S
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Toyota is leaving a $131-million pension shortfall to the Pension Benefit Guaranty Corp. as it closes the New United Motor Manufacturing Inc. plant in Fremont, Calif., April 1, said Sergio Santos, president of UAW Local 2244. But the PBGC, a federal corporation charged with protecting pension benefits of 44 million Americans, wants to discuss ways Toyota can reduce the gap. The agency has taken legal action to gain control of the NUMMI pension plan. PBGC spokesman Gary Pastorius said the agency wants to talk to Toyota about alternatives to a takeover, "but it just hasn't happened yet. We still have questions." NUMMI said it had met its obligations regarding the plan when ...
U.S. Carmakers Show Gains In Quality; Ford and Buick are edging out luxury brands in the latest rankings
Post Date: 2010-03-18 12:11:47 by Brian S
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Two new reports are pointing to a rapidly changing auto world where American and South Korean brands are equaling the quality of the top manufacturers and making large gains in market share. The data show that Ford Motor Co. is beginning to solidify its position as the top auto seller nationally and it, along with the Buick division of General Motors Co., are edging out luxury brands such as Lexus and Mercedes-Benz in the latest quality rankings. Ford's Lincoln brand trailed only Porsche in the J.D. Power and Associates 2010 Vehicle Dependability Study to be released Thursday. Lincoln owners reported problems at a rate of 114 per 100 vehicles during the first three years of ownership, ...
GM's Liddell Says Company May Be Profitable in '10 After Five-Year Drought
Post Date: 2010-03-17 12:26:32 by Brian S
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March 17 (Bloomberg) -- General Motors Co. Chief Financial Officer Chris Liddell said the biggest U.S. automaker may be profitable in 2010, ending five years of annual losses. The company needs to be profitable to undertake an initial public offering, which is still possible in the second half, said Liddell. A stock offering requires health in the company’s auto sales and in the financial market, Liddell said, adding that he’s “encouraged” about the IPO path. “There is a high sense of urgency and accountability at a high level,” Liddell said at a media roundtable at GM’s headquarters in Detroit. An IPO will pay back the U.S. government after a $50 ...
Tax Break for New Hires Cleared by U.S. Congress in $18 Billion Jobs Bill
Post Date: 2010-03-17 12:24:37 by Brian S
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March 17 (Bloomberg) -- The U.S. Congress gave final approval to an $18 billion jobs bill offering companies a tax break for hiring the unemployed in lawmakers’ first effort this year to boost the economy before the November elections. The Senate voted today 68-29 to send the legislation to President Barack Obama for his signature. It would also expand federal subsidies for municipal bonds, increase highway spending and offer small businesses more power to write off the cost of investments. “This is a good day for American workers,” said Senator Charles Schumer, a New York Democrat. “This is just the first, certainly not the last piece of legislation that we will put ...
Producer Prices in U.S. Fall More Than Forecast on Decline in Fuel Costs
Post Date: 2010-03-17 12:23:40 by Brian S
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March 17 (Bloomberg) -- Wholesale prices in the U.S. fell in February more than anticipated, led by a drop in fuel costs and signaling there are few inflation pressures building in the early stages of the economic recovery. The 0.6 percent decrease in prices paid to factories, farmers and other producers was the biggest since July and followed a 1.4 percent January increase, according to figures from the Labor Department in Washington. Excluding food and fuel, so-called core prices climbed 0.1 percent. Companies will probably continue to hold the line on prices as the expansion has yet to soak up enough excess capacity or create jobs. The report bears out forecasts by Federal Reserve ...
U.S. Stocks Erase Losses as Financials Reverse Drop on AIG Rally
Post Date: 2010-03-15 15:55:53 by war
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March 15 (Bloomberg) -- U.S. stocks erased losses in the final hour of trading as American International Group Inc. rallied after investor Bruce Berkowitz said he bought a stake in the bailed-out insurer. The Standard & Poor’s 500 Index increased 0.1 percent to 1,150.9 at 3:48 p.m. in New York after sliding as much as 0.7 percent earlier.
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