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Latest Articles: Business
New Home Sales at Highest Level in 5 Years
Post Date: 2013-07-24 10:56:06 by Brian S
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Americans snapped up new homes in June at the fastest pace in five years, a sign the housing recovery is strengthening. The Commerce Department said Wednesday that sales rose 8.3 percent last month to a seasonally adjusted annual pace of 497,000. That's up from an annual pace of 459,000 in May, which was revised lower. While sales are still below the 700,000 pace consistent with healthy markets, they have risen 38 percent in the past 12 months. That's the biggest annual gain since January 1992. Home sales and prices have climbed since early last year, buoyed by solid hiring and low mortgage rates. Housing has helped drive economic growth this year at a time when other parts of ...
Malcom X on Entrepreneurship
Post Date: 2013-07-21 20:13:51 by jwpegler
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Gold Sheds 3% as US Employment Data Beats Forecast
Post Date: 2013-07-05 14:04:55 by Brian S
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Gold fell 3 percent on Friday, extending earlier losses as the dollar climbed after stronger-than-expected U.S. jobs data, which could tempt the Federal Reserve to start scaling back its monetary stimulus later this year. The U.S. non-farm payrolls report showed employers added 195,000 new jobs to their payrolls last month, while the unemployment rate held steady at 7.6 percent as more people entered the workforce. Economists had forecast new jobs of 165,000. The data could affect the timing of the U.S. central bank's expected scaling down of its $85 billion monthly bond purchases, the prospects of which has already triggered turbulence across major asset classes worldwide. Spot gold ...
Economy Adds 175,000 Jobs In May; Unemployment Rate Rises To 7.6%
Post Date: 2013-06-07 11:19:25 by Brian S
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WASHINGTON -- The nation kept up its moderate but steady job growth in May as employers added 175,000 net new positions, slightly higher than the prior month, the government reported Friday. The unemployment rate edged up to 7.6% from 7.5% in April. That was the first increase since the year began with a jobless figure of 7.9%, but the rise was partly because more people reentered the job market last month -- a sign that workers may be feeling more hopeful about their hiring prospects. In general, recent surveys have suggested improved public confidence about the economy as stocks and home prices have moved higher and the recovery seems to be weathering setbacks from federal spending cuts ...
The Dismal (But Necessary) Science
Post Date: 2013-05-12 10:32:12 by CZ82
4 Comments
The Dismal (But Necessary) Science Written on Thursday, May 9, 2013 by Robert Owen One of the first things my economics professor told our class was that economics has been referred to as “the dismal science”. The second thing he told us was that the economics textbook could cure insomnia. I found that in his second thought he was absolutely correct. The book was deadly boring. But economics as a dismal science is totally wrong. While the book was useful for looking up individual facts, it was unreadable. In class, however, with human interaction in the form of questions and debate, economics became vibrant and exciting. So much of human interaction is based on economics, I ...
The Stupid Party
Post Date: 2012-12-28 21:45:16 by jwpegler
2 Comments
The stupid party... My wife and I are both small business owners. We bust our ass every day to serve our customers. We both work 60 to 80 hours every week. Because we are modestly successful, we pay the top tax rate. Obama and the Democrats want to screw us and make us pay more because we are so "rich". But the super rich like Warren Buffet, Opra, Loyld Blankfien (Goldman Sacs), and Steven Speilberg pay much less than we do as a percentage of their income because of the special interest deductions they get and also because a lot of their income is so-called "investment" income rather than "earned" income. The GOP are idiots. They COULD take their basic ...
We Are Witnessing The Death Of Small Business In America
Post Date: 2012-12-14 10:46:40 by Hondo68
2 Comments
Historically, small businesses have been the primary engine of new job creation in the United States. If the economy was getting healthy, we would expect to see the number of jobs at new businesses rise. Instead, we are witnessing just the opposite. We are told that the economy is supposed to be "recovering", but the number of "startup jobs" at new businesses has fallen for five years in a row. According to an analysis of U.S. Department of Labor data performed by economist Tim Kane, there were almost 12 startup jobs per 1000 Americans back in the year 2006. By 2011, that figure had fallen to less than 8 startup jobs per 1000 Americans. According to Kane, the number of ...
No King, No Queen, No Lords, No Ladies
Post Date: 2012-12-12 16:33:33 by Capitalist Eric
1 Comments
The end-result of any powerful bureaucracy with tons of rules and regulations is a neo-feudal state. But, Sarah, you say, what if the rules and regulations are designed to protect the little guy from the big guys? What if they’re designed to keep free competition and make the individual competitive? Well, then the bureaucrats have got better at disguising their intent, but for the result, refer to the first line. Let me explain – regardless of what the supposed intent of the rules and regulations: clean air, clean water, competitiveness, honesty, what all rules and regulations imposed by a government do is a) create a bureaucracy. b) add to the cost of doing business/existing ...
Sorry Protesters: Your Jobs Are Being Sent To China And They Aren't Coming Back
Post Date: 2012-12-12 15:03:23 by Hondo68
3 Comments
Did you see the huge crowds of protesters that flooded the Michigan Capitol on Tuesday? They were there to protest two bills there were being considered by the state legislature that would limit the power of unions in the state. Michigan lawmakers approved the bills and this absolutely infuriated the protesters. There is a lot of passion on both sides of this debate, but I am afraid that both sides in this debate are missing the bigger picture. If we keep shipping millions of our jobs to China, there isn't going to be work for anyone no matter how much power unions have or don't have. During the month of October, the U.S. trade deficit increased to 42.2 billion dollars. Our trade ...
U.S. Adds 146,000 Jobs; Jobless Rate Falls to 7.7%
Post Date: 2012-12-07 09:20:17 by Brian S
1 Comments
The government said Friday that employment growth was much better than expected in November, with the United States economy adding 146,000 jobs and the unemployment rate falling to 7.7 percent. The jobless rate was the lowest since December 2008. Economists had estimated the Labor Department would report that only 86,000 jobs were created in November and that the rate of unemployment would remain flat at 7.9 percent. The strength of the numbers was all the more notable because many experts expected a muted jobs performance because of the impact of Hurricane Sandy, which hit the East Coast on Oct. 31. The Labor Department revised its job growth figures for October and September downward. ...
CEO: Apple Plans To Bring Manufacturing Of Computers Back To U.S. Next Year
Post Date: 2012-12-06 10:42:03 by Brian S
1 Comments
NEW YORK — Apple plans to bring some manufacturing of its computers from China to the United States next year, chief executive Tim Cook said, in a move which may help spark more domestic high-tech production. Cook, in two interviews released Thursday, said one line of Mac computers will be made exclusively in the United States, but did not say which one, nor did he say where the manufacturing would be done. The interviews with NBC News, to air later Thursday, and with Bloomberg Businessweek, were the first since Cook took the reins at Apple from Steve Jobs, who died last year from cancer. “Next year we’re going to bring some production to the US,” Cook told ...
Jobless Claims in U.S. Decline as Sandy Effect Wanes
Post Date: 2012-12-06 10:34:03 by Brian S
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Fewer Americans than projected filed applications for unemployment benefits last week as disruptions caused by superstorm Sandy waned. Jobless claims decreased by 25,000 to 370,000 in the week ended Dec. 1, Labor Department figures showed today in Washington. The median forecast of 52 economists surveyed by Bloomberg called for a drop to 380,000. A Labor Department spokesman said there was nothing unusual in last week’s data. The mid-Atlantic region, which employs about 14 percent of U.S. workers, is recovering after Sandy. Apart from the storm- related damage -- which may also be reflected in the November payrolls report tomorrow -- employers will probably curb hiring until the ...
US Factory Orders up 0.8 Percent in October
Post Date: 2012-12-05 10:40:49 by Brian S
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Orders to U.S. factories rose modestly in October, helped by a big gain in demand for equipment that reflects business investment plans. Factory orders edged up 0.8 percent in October, the Commerce Department said Wednesday. That compared to September when orders had jumped 4.5 percent. Orders for core capital goods, a category viewed as a good proxy for business investment plans, increased 2.9 percent in October, the biggest increase in eight months. That represented an upward revision from an initial estimate of 1.7 percent. The increase came after big declines in the investment category this summer. Orders for durable goods rose 0.5 percent in October, up from a preliminary estimate ...
Growth of US Service Firms Accelerated Last Month
Post Date: 2012-12-05 10:39:20 by Brian S
1 Comments
U.S. service companies grew at a slightly faster pace in November because sales and new orders rose, a good sign for the economy. The Institute for Supply Management says its index of non-manufacturing activity rose to 54.7 from 54.2 in October. Any reading above 50 indicates expansion. That's above the 12-month average of 54.4. The report measures growth in a broad range of businesses from retail and construction companies to health care and financial services firms. The industries covered employ about 90 percent of the work force. A measure of employment fell sharply but still showed companies added workers last month.
US Home Prices Rise in October by Most in 6 Years
Post Date: 2012-12-05 10:21:14 by Brian S
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A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market. Core Logic also said Tuesday that prices declined 0.2 percent in October from September, the second drop after six straight monthly increases. The monthly figures are not seasonally adjusted. The real estate data provider says the decline reflects the end of the summer home-buying season. Steady price increases are helping fuel a housing recovery. They encourage more homeowners to sell their homes. And they entice would-be buyers to purchase homes before prices rise further. Home values are ...
Construction Spending Climbs On Housing Rebound
Post Date: 2012-12-03 11:17:18 by Brian S
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(Reuters) - Construction spending rose in October by the most in five months, with stronger spending on homes outpacing tepid gains in business and government projects. Construction spending climbed 1.4 percent to an annual rate of $872.1 billion, the highest level in over three years, the Commerce Department said on Monday. Analysts polled by Reuters had expected a 0.5 percent gain. The department also said superstorm Sandy, which hit the East Coast at the end of October, likely had a minimal effect on the data. Home building is expected to add to economic growth this year for the first time since 2005, although the housing sector remains a shadow of what it was before the 2007-09 ...
Chrysler, Ford, GM And Toyota Post Strong November Auto Sales
Post Date: 2012-12-03 10:44:34 by Brian S
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With the presidential election and Hurricane Sandy behind them, car shoppers headed for dealer lots last month in what looked to be the biggest numbers since early 2008. Chrysler, Ford, General Motors, Nissan, Hyundai and Volkswagen on Monday all reported rising November auto sales. Analysts estimated that automakers sold more than 1.1 million vehicles last month for a seasonally adjusted annual rate of about 15 million. It appeared to be the highest annual sales rate since February 2008, said Jesse Toprak, an analyst for auto information company TrueCar.com. Toprak said import brands increased their spending on incentives and discounts last month and probably outpaced the domestic ...
U.S. Manufacturing Unexpectedly Shrank as Orders Slowed
Post Date: 2012-12-03 10:40:27 by Brian S
8 Comments
Manufacturing in the U.S. unexpectedly contracted in November as orders dropped to a three-month low and exports slowed. The Institute for Supply Management’s factory index decreased to 49.5, the lowest since July 2009, from 51.7 a month earlier, the Tempe, Arizona-based group said today. Economists projected the index would ease to 51.4, according to the median forecast in a Bloomberg survey. A reading of 50 marks the dividing line between expansion and contraction. Less corporate investment in equipment as U.S. lawmakers debate the nation’s budget, weaker orders from overseas and disturbances related to the biggest Atlantic storm in history are converging to slow ...
World Economy in Best Shape for 18 Months
Post Date: 2012-11-29 10:37:27 by Brian S
10 Comments
The world economy is in its best shape in 18 months as China’s prospects improve and the U.S. looks likely to avoid the so-called fiscal cliff, according to the latest Bloomberg Global Poll of investors. Two-thirds of the 862 surveyed described the global economy as either stable or improving. That’s up from just over half who said that in September and is the most since May 2011. The U.S. came out on top for the eighth straight quarter when investors were asked which markets will offer the best opportunities over the next year. China ranked second, reversing a decline to fourth in the September poll of investors, analysts and traders who are Bloomberg subscribers. The European ...
Foreclosure Wave Averted as Doomsayers Defied
Post Date: 2012-11-29 10:36:18 by Brian S
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Stockton, California, has the highest U.S. foreclosure rate. It also has a housing shortage. The number of homes for sale in the city fell 42 percent in October from a year earlier. Listings routinely attract multiple offers. Prices are on the rise. When banks pulled back on foreclosures two years ago following a government investigation into allegations of faulty practices, market researchers, academics and Wall Street analysts said that a surge of delinquent homes would deluge the U.S. market once lenders resolved the claims and worked through backlog, driving down prices for years to come. RealtyTrac Inc., a seller of property data, warned a year ago of a “new set of incoming ...
Pending Sales of Existing U.S. Homes Rose 5.2% in October
Post Date: 2012-11-29 10:30:35 by Brian S
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Americans signed more contracts in October to purchase previously owned homes, another sign the recovery in the housing market is being sustained. The index of pending home resales climbed 5.2 percent, exceeding the highest estimate in a Bloomberg survey of economists, to 104.8 after a revised 0.4 percent gain in September, figures from the National Association of Realtors showed today in Washington. The median forecast in the Bloomberg survey called for a 1 percent gain. The lowest mortgage rates on record, stable prices and waning foreclosures are helping underpin sales three years after the last recession ended. Federal Reserve policy makers have targeted the industry with purchases of ...
U.S. Economy Grew at 2.7% Rate, More Than First Estimated
Post Date: 2012-11-29 10:29:15 by Brian S
5 Comments
The economy in the U.S. expanded more than previously estimated in the third quarter as a narrower trade deficit and gains in inventory overshadowed a smaller gain in consumer spending. Gross domestic product grew at a 2.7 percent annual rate, up from a 2 percent prior estimate, revised figures from the Commerce Department showed today in Washington. The median forecast of 82 economists surveyed by Bloomberg called for a 2.8 percent gain. Household purchases climbed at a 1.4 percent rate, the least in more than a year and down from a previously reported 2 percent rate, and income gains were also cut. “We’re just muddling through,” said Brian Jones, a senior U.S. economist ...
Sales of New U.S. Homes Fell 0.3% in October
Post Date: 2012-11-28 10:30:36 by Brian S
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Purchases of new U.S. homes unexpectedly declined in October, showing limited progress in the housing market recovery. Sales dropped 0.3 percent to a 368,000 annual pace following a revised 369,000 rate in September that was weaker than initially reported, figures from the Commerce Department showed today in Washington. The median estimate of 74 economists surveyed by Bloomberg called for a 390,000 sales pace. Purchases in the last six months have climbed 2.8 percent, showing limited job growth and access to credit are still restraining the residential real estate market. The figures help explain why Federal Reserve Chairman Ben S. Bernanke has singled out housing as one of the industries ...
Grayson: Walmart Is ‘The Largest Recipient Of Public Aid In The Country’
Post Date: 2012-11-27 18:20:24 by Brian S
3 Comments
Representative-elect Alan Grayson (D-FL) said Monday that he will put mega-retailer Walmart squarely in his sights during the next Congress for the company’s liberal use of public assistance programs to supplement their workers’ wages. Speaking to Current TV host Cenk Uygur on Monday’s episode of “The Young Turks,” Grayson called Walmart “the largest recipient of public aid in the country,” saying their low wages force workers to take food stamps, housing assistance and Medicaid just to get by. “The taxpayer pays for the earned income credit,” he said. “The taxpayer pays for Medicaid. The taxpayer pays for unemployment insurance when they ...
RV Industry Recovery Picks Up Speed In 2012 Amid Rising Shipments To Dealers
Post Date: 2012-11-27 16:02:09 by Brian S
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BRUCE SCHREINER Associated Press 12:41 p.m. EST, November 27, 2012 LOUISVILLE, Ky. (AP) — The RV industry's recovery from the Great Recession has picked up speed. Recreational Vehicle makers are churning out higher numbers of travel trailers bound for dealers' lots and, ultimately, campgrounds. Overall shipments from manufacturers to dealers — a key measure of consumer demand — are expected to rise 10 percent in 2012 and could gain another 4.5 percent next year, the Recreation Vehicle Industry Association said Tuesday. Through September, shipments were up nearly 11 percent from the same period last year, the group said. The higher-than-expected number had dealers, ...
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