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Title: Service Companies in U.S. Expand at Faster Pace Than Projected, ISM Says
Source:
Bloomberg
URL Source: http://noir.bloomberg.com/apps/news ... 0601087&sid=a372jTwc7uWY&pos=1
Published: Oct 5, 2010
Author: By Courtney Schlisserman
Post Date: 2010-10-05 11:12:40 by Brian S
Keywords: None
Views: 11434
Comments: 23
Oct. 5 (Bloomberg) -- Service companies in the U.S. expanded at a faster pace than projected in September, indicating the economic recovery is picking up heading into the fourth quarter. The Institute for Supply Management’s index of non- manufacturing businesses, which covers about 90 percent of the economy, rose to 53.2 from 51.5 in August. The gauge, in which readings greater than 50 signal growth, averaged 55.3 during the six-year expansion that ended in December 2007. Faster services growth would help boost the economy at a time that factory expansion, which helped lead the recovery, is cooling. Even so, with an unemployment rate projected to average above 9 percent through 2011, retailers may find it hard to grow sales and home buying could languish. “This paints a little bit more encouraging picture,” said Conrad DeQuadros, a senior economist at RDQ Economics LLC in New York. “The risks of sliding back into recession are very low. It’s consistent with a moderate rate of economic growth.” Stocks added to earlier gains after the report. The Standard & Poor’s 500 Index rose 1.6 percent to 1,155.19 at 10:53 a.m. in New York. Treasury securities were little changed. The median forecast of 76 economists surveyed by Bloomberg News projected the ISM index would rise to 52. Estimates ranged from 50 to 53.3. The services survey covers industries that range from utilities and retailing to health care, housing, finance and transportation. The group’s factory survey, released Oct. 1, showed manufacturing expanded last month at the slowest pace since November as orders and production cooled. Orders, Employment The ISM non-manufacturing employment gauge rose to 50.2 from 48.2 in August. The measure of new orders increased to 54.9 from 52.4. The group’s measure of business activity declined to 52.8 from 54.4. “This is slow and steady growth,” Anthony Nieves, chairman of the ISM’s non-manufacturing survey. “There’s still this cautiousness about whether or not things are turning the corner but people want to remain optimistic.” Some retailers plan to boost hiring in anticipation that sales during the holidays will be better than last year. Toys ‘R’ Us Inc., the world’s biggest toy retailer, said Sept. 28 it will add about 45,000 temporary employees to cope with demand at the end of this year, up from 35,000 in 2009. Chief Executive Officer Gerald Storch last month said he’s also adding more inventories than last year. New Promotions Best Buy Co., the world’s largest consumer-electronics retailer, said Sept. 28 it plans to offer a promotion on every Friday in October to spur sales of phones. The company also plans to keep holiday hiring even with last year, adding about 29,000 seasonal employees. “We know it is a tough environment out there,” Best Buy Co. Chief Executive Officer Brian Dunn told reporters Sept. 28. “It will be hard fought.” Charles “Wick” Moorman, chief executive officer of Norfolk Southern Corp., the second-largest U.S. railroad by market capitalization, is projecting the recovery from the worst recession since the 1930s, while muted, will continue. ‘Slow-Growth Economy’ “We saw a fairly sharp snap-back as 2009 went on and early in 2010 that seems now to have slowed,” Moorman said in a Sept. 29 interview on Bloomberg Television. We’re just going to continue to see a slow-growth economy for some time to come.” Moorman said his company is adding workers mainly to replace those leaving the railroad with “some slight hiring” to meet growing demand. The Norfolk, Virginia-based company’s payroll remains down about 2,000 from where it was when the recession began, he said. The Labor Department later this week may report unemployment rose to 9.7 percent in September from 9.6 percent the prior month, according to the median estimate of economists surveyed. Companies added 75,000 workers to payrolls, according to the survey median, not enough to keep up with a growing labor force. Economists surveyed last month projected the unemployment rate will average 9.6 percent this year and 9.2 percent in 2011, after averaging 9.3 percent in 2009. That would be the longest span of joblessness above 9 percent since 1941. Federal Reserve The labor market is also a reason why Federal Reserve policy makers may respond with more stimulus. The outlook for job growth and inflation is “unacceptable” and more monetary easing is probably needed to spur growth and avert deflation, Fed Bank of New York President William Dudley said in a speech Oct. 1. The economy is a top issue for voters in the November congressional elections and polls show the public is increasingly skeptical of President Barack Obama’s performance. Some retailers are more optimistic about the holiday shopping period. The International Council of Shopping Centers today projected sales for November and December will climb 2.5 percent to 3 percent. The New York-based trade group tracks sales at stores open at least a year at more than 30 chains.
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#1. To: Brian S (#0)
Grasping at straws...
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
"It was the ninth straight month of expansion." Grasping indeed! {{{chuckle}}}
Never swear "allegiance" to anything other than the 'right to change your mind'!
Given where Owe-bama drove us, thats a POSITIVE in your view? (laughing) Rationalizations aren't working, Brian S. See the polls.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
I've seen the polls, all the msm is talking about this AM, and can understand your distress especially since there is still 4 more weeks of teabagger nuttery to be exposed.
Never swear "allegiance" to anything other than the 'right to change your mind'!
No distress here, with each passing day a GOP takeover of the SENATE looks more and more feasible. The House is a done deal, as we both know. The only real question for the past two months is can the GOP take the Senate back. The other question thats interesting to consider is by how wide of a margin. Some say this might approach the 1898 (I think it was 1898) election. It will be a wider margin than 1994. Another question thats interesting to play around with is what will Owe-bama do? Adapt, as Clinton did in 1994? Or go as Baby Hugo is down in Venezuela?
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Not surprising given the forward indicators in August's F/A report.
The only real question for the past two months is can the GOP take the Senate back. The other question thats interesting to consider is by how wide of a margin. And that's why we are in agreement that things will get worse next year.
Given Obama is way more popular then the GOP leadership, his best course of action will be to oppose their idiocy at all costs. 9/30/10: The difference is my prediction is based on economics, and legislative efforts the past 22 months that have excerbated the core problems. Yours is based on partisan nonsense. Its amusing to see you are already setting up an excuse for Owe-bama's failures this early into a reelection effort, though.....lmao.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Thats what they told Carter in 1978...
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
C'mon...only online Fox News polls matter at this point, dude... whater ya thinkin'?
Carter had a Republican controlled Congress? Making stuff up again?
22 months? So everything was hunky-dory before then? Look, if you are correct, and things get worse after the GOP claims control of the Congress, then the GOP will be held accountable. Do you have a problem with that?
Making stuff up again? Did I say 'congress'? Nope. Making stuff up again? Yep. Channelling Alan Grayson again? Apparently. Its what Chris Mathews told him..although its possible Mathews was making things up again....(laughing) Maybe he got his tingles confused.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
The difference is my prediction is based on economics, and legislative efforts the past 22 months that have excerbated the core problems. 22 months? So everything was hunky-dory before then? Look, if you are correct, and things get worse after the GOP claims control of the Congress, then the GOP will be held accountable. Do you have a problem with that? '22 months? So everything was hunky-dory before then?' We all know it wasn't, so why waste time asking this? 'Look, if you are correct, and things get worse after the GOP claims control of the Congress, then the GOP will be held accountable. Do you have a problem with that?' The assumption you make is it will be as bad in 2012 as its going to be in 2011. The simple fact is POTUS is held accountable on the economy. Right or wrong, thats the way it is. Its why Bush was reelected in large part. Same with the guy your side (laughably in the context of history) cites right now, Reagan in 1984. The truth is Presidents can easily cripple the economy, but it takes well thought out legislation to improve the economy. Owe-bama and company blew off the economic collapse in pursuit of uber liberal dreams, like nationalized healthcare. They used 'stimulus package' as cover for political payoffs of various sorts. They ill advisedly followed Bush on bailing out failed business models - which you know I was against btw when Bush did it - resulting in the realization (right or wrong) in middle America Owe-bama either didn't give a damn about their financial plight, or equally bad, didn't know what the hell he was doing. This is Owe-bama, Pelosi and Reid's economy, GO65. Pelosi and Reid are going to pay the price for the lack of focus on whats most important, 'the economy, stupid' in 28 days. And I think Owe-bama will be a one term failure in 2012 as a result of his misguided decisions related to deficit spending, allowing the coming tax hike in January due to ideology alone, and his exceedingly obvious inability to admit an error. JMHO. I know its not what you want to hear...but this is my view as a small business owner, obviously biased somewhat due to my being a Conservative, and a devout Capitalist.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Chuckles...chyea, it was...didn't you get the memo?
We all know it wasn't, so why waste time asking this? because of your "this is all Obama's fault" mentality. So you aren't blaming Pelosi any more? So things were better when the U.S. economy was losing 700k, jobs per month before Obama became President? Seriously? And it will be the Tea Party's economy starting in January if present trends hold. And as you have said - "things will get worse next year" Obama is going to have as much fun with the GOP over the next two years as Clinton did after the 1994 elections.
I'm not sure YOU even know what you are saying anymore. Again, we do agree that "things will get worse next year"
I"m sure you are channelling Alan Grayson. The nice thing about threads is you can SCROLL UP...(laughing)
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Yep, and you can search too. Regardless, it's impossible to make sense of your posts.
Nobody else has this new problem you claim. Perhaps you just don't like the ugly truth, Owe-bama, Pelosi and Reid have engineered a political disaster that just might be 'one for the record books' when all the votes are counted? Elections have consequences, as I told you years ago at LP. We've seen the consequences of Owe-bama's election. We've all had time to pass judgement upon his Presidency, and Speaker Pelosi, and Senate Majority Leader Reid. Which is why the latter two will be fired from their positions in 28 days, and the former will be given a public rebuke that cannot be denied, nor can it be blamed on Bush. You've had your chance. And now you get to receive the the results of failing. Have a nice day! (laughing)
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
Elections have consequences, as I told you years ago at LP. We've seen the consequences of Owe- bama's election. We've all had time to pass judgement upon his Presidency, and Speaker Pelosi, and Senate Majority Leader Reid. Anytime you want to compare the respective approval ratings of Obama, Boehner and McConnell, please let me know. You continue to make the mistake in thinking that disgust with Obama will translate into support for Republican policies. It's the same mistake the GOP made after the 1994 elections. Here's how that worked out for you You continue to make the mistake in thinking that disgust with Obama will translate into support for Republican policies. It's the same mistake the GOP made after the 1994 elections. 'Anytime you want to compare the respective approval ratings of Obama, Boehner and McConnell, please let me know.' The future Speaker and Senate Majority Leader? Hell, Owe-bama CREATED THEM. (laughing) And you know I have no use for McConnell, stop with the Alan Grayson schtick. Its a waste of time and bandwidth. 'You continue to make the mistake in thinking that disgust with Obama will translate into support for Republican policies. It's the same mistake the GOP made after the 1994 elections. ' Please cut and past the post of mine that says THE ABOVE. I'll save you some time, it doesn't exist. I've never said such a thing. What I have said repeatedly is 'its the economy, stupid'. Thats what will decide Owe-bama's fate. If unemployment is over 8% he loses in a Mondale 1984 type landslide to a pig farmer from Iowa, let alone a GOP professional politican. Look it up. No President post WWII gets elected with that high of an unemployment number. Reagan couldn't have. Clinton couldn't have. Nobody can in this post WWII era. So as I just debunked completely, no 'mistake like 1994 here'. Fact is, the only mistake after 94 was nominated Bob 'Its my turn damnit! Dole. Clinton couldn't even get 50% of the total votes cast against a horrible, horrible candidate in opposition. Thanks for bringing that up btw. The problem you have is you follow an ideology based pissant thats never accomplished anything except his own personal advancement, in large part due to affirmative action. Now he's the CEO of America, and doing about as well as Bernie Madoff. Elections have consequences. The consequences of the 2008 election cycle are coming home to roost. You've lost the House because of it, and quite possibly the Senate. And the independents, and the moderates. and the Libertarians. Oh, and one more thing. 42% of the population identifies themselves as 'Conservatives'. Thank YOU. Couldn't have done it without you and Owe-bama, Pelosi and Reid.
Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.
#2. To: Badeye (#1)
Grasping at straws...
#3. To: Brian S (#2)
#4. To: Badeye (#3)
Rationalizations aren't working, Brian S. See the polls.
#5. To: Brian S (#4)
#6. To: Brian S (#0)
#7. To: Badeye (#5)
The House is a done deal, as we both know.
And the Conservative plan to create jobs is......?????
#8. To: Badeye (#5)
Another question thats interesting to play around with is what will Owe-bama do? Adapt, as Clinton did in 1994? Or go as Baby Hugo is down in Venezuela?
The WSJ/NBC poll found that Obama has a 47% positive rating ("very positive" or "somewhat positive"). This number dominates the Republican Party and its Congressional leaders: the Republican Party (31%), Senator Minority Leader Mitch McConnell (12%), and House Minority Leader John Boehner (14%). It also dominates all of the non-elected Republican politicos: Mike Huckabee (26%), Mitt Romney (21%), Newt Gingrich (24%), and Sarah Palin (30%). Even "the Tea Party Movement" garners only a 30% positive sentiment rating.
And the Conservative plan to create jobs is......?????
#9. To: go65 (#7)
And that's why we are in agreement that things will get worse next year.
#10. To: go65 (#8)
Given Obama is way more popular then the GOP leadership, his best course of action will be to oppose their idiocy at all costs.
#11. To: go65 (#8)
#12. To: Badeye (#10)
Thats what they told Carter in 1978...
Reality check - Obama is more popular than the tea party
#13. To: Badeye (#9)
The difference is my prediction is based on economics, and legislative efforts the past 22 months that have excerbated the core problems.
Reality check - Obama is more popular than the tea party
#14. To: go65 (#12)
Thats what they told Carter in 1978... Carter had a Republican controlled Congress?
#15. To: go65 (#13)
(Edited)
#16. To: go65 (#13)
22 months? So everything was hunky-dory before then?
#17. To: Badeye (#15)
'22 months? So everything was hunky-dory before then?'
The simple fact is POTUS is held accountable on the economy. Right or wrong, thats the way it is. Its why Bush was reelected in large part. Same with the guy your side (laughably in the context of history) cites right now, Reagan in 1984.
The truth is Presidents can easily cripple the economy, but it takes well thought out legislation to improve the economy. Owe-bama and company blew off the economic collapse in pursuit of uber liberal dreams, like nationalized healthcare. They used 'stimulus package' as cover for political payoffs of various sorts. They ill advisedly followed Bush on bailing out failed business models - which you know I was against btw when Bush did it - resulting in the realization (right or wrong) in middle America Owe-bama either didn't give a damn about their financial plight, or equally bad, didn't know what the hell he was doing.
This is Owe-bama, Pelosi and Reid's economy, GO65
Reality check - Obama is more popular than the tea party
#18. To: Badeye (#14)
Did I say 'congress'?
Reality check - Obama is more popular than the tea party
#19. To: go65 (#18)
#20. To: Badeye (#19)
I"m sure you are channelling Alan Grayson. The nice thing about threads is you can SCROLL UP...(laughing)
Reality check - Obama is more popular than the tea party
#21. To: go65 (#20)
#22. To: Badeye (#21)
(Edited)
erhaps you just don't like the ugly truth, Owe-bama, Pelosi and Reid have engineered a political disaster that just might be 'one for the record books' when all the votes are counted?
Reality check - Obama is more popular than the tea party
#23. To: go65 (#22)
Anytime you want to compare the respective approval ratings of Obama, Boehner and McConnell, please let me know.
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