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Latest Articles: Business
Service Industries in U.S. Expand at a Faster Pace Amid Increase in Orders
Post Date: 2012-08-03 10:45:07 by Brian S
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Service industries in the U.S. expanded in July at a faster pace than a month earlier, helped by a pickup in orders. The Institute for Supply Management’s non-manufacturing index rose to 52.6, from 52.1 in June, the Tempe, Arizona-based group said today. The median forecast of 73 economists surveyed by Bloomberg called for no change from June. A reading above 50 signals expansion. The measure is below the 54.2 average over the last six months, indicating services that make up almost 90 percent of the economy are hindered by slower global growth and concerns about the so-called U.S. fiscal cliff. The group’s gauge of employment fell to the lowest level since September, a sign ...
Signs make a statement (Obama can Kiss my ass)
Post Date: 2012-08-02 13:49:03 by Hondo68
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VIDEO When the President spoke his mind on business earlier this month, saying all U.S. businesses have been helped in some way by the Federal Government, he also started a war of words with one local businessman. "We've been insulted,'' said Ray Gaster, owner of Gaster Lumber. "He's picked on big business and now he's come down to my level and I'm not going to stand around and take it. I'm not going to go quietly.'' So, Gaster's reaction has been screaming outside all three Gaster Lumber locations since Friday, coming from a sign that is as defiant as it is suggestive. The red, white and blue signs suggest the 28-year-old business was ...
Gas Liquids ‘Bloodbath’ Brings Shale Pain to Oil Market
Post Date: 2012-08-02 11:31:44 by Brian S
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The shale boom that sent natural-gas prices to a 10-year low is being felt for the first time in the oil markets. Williams Partners LP (WPZ) joined Marathon Oil Corp. (MRO) and Devon Energy Corp. (DVN) yesterday in blaming a glut of propane and related products for lower profits in the second quarter. Next week more companies are expected to show the effects of falling prices for so-called natural-gas liquids used in backyard barbecues and motor fuels as producer Chesapeake Energy Corp. (CHK) and Targa Resources Partners LP (NGLS), a pipeline and storage company whose trading symbol is NGLS, release earnings. The “NGL bloodbath,” as it was dubbed by Tudor, Pickering, Holt & ...
Jobless Claims in U.S. Climbed Less Than Forecast Last Week
Post Date: 2012-08-02 11:25:15 by Brian S
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The number of Americans filing applications for unemployment benefits rose less than forecast last week as annual auto shutdowns continued to influence the number. Jobless claims climbed by 8,000 to 365,000 in the week ended July 28, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for an increase to 370,000. Starting next week, the data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations, a Labor Department spokesman said as the report was released to the press. Apart from the statistical noise, the job market may take ...
ADP Says U.S. Companies Added 163,000 Workers in July
Post Date: 2012-08-01 11:07:33 by Brian S
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Companies in the U.S. added more workers than projected in July, indicating the job market was holding up entering the second half of the year, a private report based on payrolls showed. The 163,000 increase in employment followed a revised 172,000 gain the prior month, Roseland, New Jersey-based ADP Employer Services said today. The median estimate of 38 economists surveyed by Bloomberg News called for an advance of 120,000. A pickup in hiring is needed to generate the wage gains that would spur consumer spending, which accounts for about 70 percent of the world’s largest economy. A Labor Department report due in two days may show private payrolls rose by 110,000 in July, and ...
Home Prices in U.S. Fell Less Than Forecast in Year to May
Post Date: 2012-07-31 11:41:44 by Brian S
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Residential real estate prices declined less than forecast in the year ended May, another sign that the housing market is on the mend. The S&P/Case-Shiller index of property values in 20 cities decreased 0.7 percent from May 2011, the smallest 12-month fall since September 2010, after dropping 1.8 percent in the year ended April, the group said today in New York. The median forecast of 29 economists in a Bloomberg News survey projected a 1.4 percent fall. Stabilizing prices could help drive a housing market that’s starting to recover three years after the end of the recession. Federal Reserve policy makers have said residential construction is a bright spot in the recovery even as ...
U.S. Consumer Confidence Unexpectedly Gains for First Time in Five Months
Post Date: 2012-07-31 11:34:30 by Brian S
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Confidence among U.S. consumers unexpectedly rose for the first time in five months as Americans became more upbeat about job prospects later this year. The Conference Board’s index increased to 65.9 this month from 62.7 in June, figures from the New York-based private research group showed today. Economists projected a reading of 61.5, according to the median estimate in a Bloomberg News survey. The report showed a gain in the share of consumers anticipating better labor and economic conditions in six months. A pickup in the housing market and decreases in fuel prices may also be helping sustain consumer sentiment. At the same time, faster job gains are needed to spur consumer ...
Stocks Soar After ECB Vows To Protect The Euro
Post Date: 2012-07-26 14:45:12 by Brian S
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Stocks soared in the U.S. and Europe Thursday after the European Central Bank president vowed to “do whatever it takes” to preserve the continent’s monetary union. The Dow Jones industrial average soared 234 points to 12,913 in the first hour of trading, following European markets sharply higher. Benchmark indexes in Spain and Italy each jumped 5 percent. France’s stock market surged 3 percent. The comments from Mario Draghi at an investor conference at the Olympics raised hopes that Europe’s central bank might intervene in markets to bring down the cripplingly high borrowing costs for struggling European countries like Spain and Italy. After insisting for months ...
Durable Goods Orders Rise in U.S., Unemployment Claims Decline
Post Date: 2012-07-26 12:04:05 by Brian S
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Orders for U.S. durable goods climbed more than projected in June as a surge in demand for aircraft and military hardware overshadowed a slump in business equipment spending. Bookings for goods meant to last at least three years rose 1.6 percent for a second month, a Commerce Department report showed today in Washington. The median forecast of economists surveyed by Bloomberg News called for a 0.3 percent gain. A separate report today showed first-time claims for unemployment benefits declined more than forecast last week. Orders for durable goods excluding the volatile transportation category unexpectedly dropped 1.1 percent in June, the most in five months. Corporate spending is ...
J.C. Penney Floundering After Endorsing Gay Marriage
Post Date: 2012-07-21 21:09:17 by CZ82
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J.C. Penney Floundering After Endorsing Gay Marriage posted on July 20, 2012 by Giacomo Have you ever heard of Kemmerer, Wyoming? It is the county seat of Lincoln County and according to the 2010 Census has a population of 2,656. On April 14, 1902, three businessmen partnered and opened a retail store called The Golden Rule. In the next few years, they opened two more stores in the area, but in 1907, two of the partners, Thomas Callahan and Guy Johnson dissolved their partnership. The remaining partner, James Cash Penney managed to purchase full interest in all three stores and took control from there. In 1909, he moved his headquarters to Salt Lake City, Utah and by 1912 he had a ...
The Remarkable Story of Chile's Economic Renaissance
Post Date: 2012-07-19 16:01:28 by jwpegler
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Thirty years ago, Chile was a basket case. A socialist government in the 1970s had crippled the economy and destabilized society, leading to civil unrest and a military coup. Given the dismal situation, it's no surprise that Chile's economy was moribund and other Latin American countries, such as Mexico, Venezuela, and Argentina, had about twice as much per-capita economic output. Today, by contrast, Chile has passed Argentina to become the richest nation in all of Latin America. For three decades, it has been the fastest-growing economy in the region. Poverty has fallen dramatically, and living standards have soared. Let's look at how Chile became the Latin Tiger. Pension ...
Housing Starts in U.S. Rose in June to Highest Level Since 2008
Post Date: 2012-07-18 12:05:26 by Brian S
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By Michelle Jamrisko - Jul 18, 2012 New U.S. home construction rose in June to the highest level in almost four years, indicating the residential real estate market is strengthening even as other parts of the economy cool. Housing starts rose 6.9 percent to a 760,000 annual pace after a revised 711,000 rate in May that was faster than initially estimated, the Commerce Department reported today in Washington. The median forecast of 79 economists surveyed by Bloomberg News called for a 745,000 rate. Record-low mortgage rates and cheaper properties are luring buyers, prompting builders such as Ryland Group Inc. (RYL) to boost construction. The gain underscores comments by Federal ...
Homebuilder Confidence in U.S. Rises Most Since September 2002
Post Date: 2012-07-17 12:44:30 by Brian S
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Confidence among U.S. homebuilders increased in July by the most in almost a decade, indicating further improvement in residential real estate. The National Association of Home Builders/Wells Fargo confidence index climbed 6 points, the biggest gain since September 2002, to 35 this month, a report from the Washington- based group showed today. The gauge exceeded the most-optimistic projection in a Bloomberg News survey of 46 economists. Readings below 50 mean more respondents said conditions were poor. Builders said they were more upbeat about sales prospects as both current purchases and buyer traffic improved, showing the industry is being fueled by record-low mortgage rates and cheaper ...
Factories in U.S. Show Resilience as Production Rises
Post Date: 2012-07-17 12:41:59 by Brian S
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Industrial production increased in June, paced by gains among auto and machinery makers that may ease concern some of the drivers of the U.S. economic expansion were floundering. Output at factories, mines and utilities rose 0.4 percent last month after a revised 0.2 percent drop in May that was larger than previously reported, according to Federal Reserve data issued today in Washington. Other figures showed consumer prices were unchanged and homebuilder confidence jumped. Fed Chairman Ben S. Bernanke today acknowledged the recovery had lost momentum in the first half of the year as a result of the European crisis and the prospect of fiscal tightening. Factories still face challenges of ...
Worst-in-Generation Drought Dims U.S. Farm Economy Hopes
Post Date: 2012-07-16 12:01:31 by Brian S
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Cloudless skies seldom look so ominous. A worst-in-a-generation drought from Indiana to Arkansas to California is damaging crops, rural economies, and threatening to drive food prices to record levels. Agriculture, though a small part of the $15.5 trillion U.S. economy, had been one of the most resilient industries in the past three years as the country struggled to recover from the recession. “It might be a $50 billion event for the economy as it blends into everything over the next four quarters,” said Michael Swanson, agricultural economist at Wells Fargo & Co. (WFC) in Minneapolis, the largest commercial agriculture lender. “Instead of retreating from record highs, ...
Obama Can Eat Steak in Belvidere, Illinois as Dodge Dart Brings 6,000 Jobs
Post Date: 2012-07-13 11:26:58 by Brian S
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Chrysler Group LLC’s factory in Belvidere, Illinois, is bustling, shipping about 300 Dodge Darts a day. A mile east on U.S. Route 20, a new restaurant has added an assembly line of its own: one that makes steak sandwiches. Business is looking up at Fiesta Market, a grocery that had struggled during the recession, said owner Mike Bolis. In May, he added an adjoining restaurant, Fiesta Tortillas, and he has hired 15 more people to make and sell fast-food items such as Mike’s Famous Steak Sandwich, a seven-ounce rib-eye served on a bun with lettuce, tomatoes and grilled onions. “Hopefully, the people from Chrysler will come visit us more often,” Bolis said in a telephone ...
Crops Surge as U.S. Cuts Harvest Outlooks Amid Parching Drought
Post Date: 2012-07-11 11:47:07 by Brian S
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Corn surged to the highest price since September and soybeans reached a four-year high after the U.S. cut its production forecasts because of the worst drought since 1988. Wheat extended this year’s rally. The U.S. Department of Agriculture reduced its forecast of this year’s domestic corn crop, the world’s largest, by 12 percent just a month after predicting a record harvest. The domestic soybean estimate was cut 4.8 percent, and global wheat production will be less than expected in June as a dry spell hurts yields in Russia, the USDA said today in a report. Areas of moderate to extreme drought have expanded to 53 percent of the Midwest, the main growing region, fueling ...
85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period
Post Date: 2012-07-08 17:56:22 by CZ82
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85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period... By Snejana Farberov PUBLISHED:00:02 EST, 7 July 2012 | UPDATED:00:14 EST, 7 July 2012 The Obama administration has been touting the economy’s recovery, but the numbers are painting a different picture, namely that more workers joined the federal government's disability program in June than got new jobs, according to two new government reports. The economy created 80,000 jobs in June, the Bureau of Labor Statistics reported on Friday. In contrast, 85,000 workers left the workforce to enroll in the Social Security Disability Insurance program that same month, according to ...
U.S. Jobs U.S. Payrolls Rise Less-Than-Expected 80,000 as Jobless Rate Holds at 8.2% Q
Post Date: 2012-07-06 10:49:21 by Brian S
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Employers in the U.S. hired fewer workers than forecast in June, showing the labor market is making scant progress toward reducing joblessness. Payrolls rose 80,000 last month after a 77,000 increase in May, Labor Department figures showed today in Washington. Economists projected a 100,000 gain, according to the median estimate in a Bloomberg News survey. The unemployment rate held at 8.2 percent. Private employment, which excludes government agencies, increased 84,000 in June, the weakest in 10 months. Stocks fell on concern hiring has shifted into a lower gear, restricting consumer spending and leaving the economy more vulnerable to a global slowdown. The figures underscore concern ...
Private Hiring Rebounded To Add 176,000 Jobs In June: ADP
Post Date: 2012-07-05 12:23:40 by Brian S
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Hiring by private companies unexpectedly accelerated in June, with the 176,000 new jobs surpassing economists’ expectations, new data from payroll giant ADP shows. June’s gains follow a upwardly revised figure of 136,000 for the month earlier. Economists had expected companies to add 95,000 workers last month. The job growth was confined mostly to small- and medium-sized companies, which contributed 94%. Growth was greatest in the service sector, where employers added 16,000 jobs. Financial services expanded payrolls by 11,000. Manufacturing managed only 4,000 jobs. Stocks opened down this morning, despite the upbeat reading on the labor market. The Dow Jones industrial average ...
U.S. Auto Sales Top Estimates as GM, Ford Beat Projections
Post Date: 2012-07-03 16:40:59 by Brian S
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July 3 (Bloomberg) -- General Motors Co., Ford Motor Co. and Chrysler Group LLC reported U.S. auto sales for June that topped analysts’ estimates, helping the industry surpass projections and stay on pace for the best year since 2007. U.S. auto sales may have accelerated to faster than a 14 million seasonally adjusted annualized rate, GM and Chrysler said in e-mailed statements. The forecasts top the 13.8 million light-vehicle pace that was the average estimate of 15 analysts surveyed by Bloomberg. The auto-industry sales provide a bright spot in the U.S. economy that has been hindered by persistent unemployment and weakening consumer confidence. Analysts under-estimated demand for ...
Gasoline’s Drop Toward $3 Provides Obama a Lift
Post Date: 2012-07-03 11:13:26 by Brian S
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U.S. gasoline prices at the pump, headed to $4 a gallon in April, are dropping toward $3 as the July Fourth holiday approaches, giving consumers relief and a boost to President Barack Obama’s re-election campaign. Retail prices have fallen 15 percent to $3.329 from a peak of $3.936 on April 4, according to Heathrow, Florida-based AAA, the largest U.S. motoring group. They’re also 6.6 percent lower than a year ago, underscoring how slowing economies are sapping demand even as an embargo on Iranian oil starts. Republican criticism of Obama’s energy policies has faded as oil fell as much as 29 percent from this year’s high in February and stockpiles ballooned to the most ...
Factory output shrinks in US
Post Date: 2012-07-03 10:59:18 by jwpegler
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U.S. manufacturing shrank in June for the first time in nearly three years, adding to signs that economic growth is weakening. Production declined, and the number of new orders plunged, according to a monthly report released Monday by the Institute for Supply Management. The slowdown comes as U.S. employers have scaled back hiring, consumers have turned more cautious, Europe faces a recession and manufacturing has slowed in big countries such as China. “This is not good,” said Dan Greenhaus, chief economic strategist at BTIG, an institutional brokerage. Though the report “does not mean recession for the broader economy, it is still a terribly weak number.” The trade ...
Orders to U.S. Factories Rise for First Time in Three Months
Post Date: 2012-07-03 10:49:05 by Brian S
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Orders placed with U.S. factories rose in May for the first time in three months, easing concern that manufacturing is faltering. The 0.7 percent increase in bookings followed a revised 0.7 percent drop in the prior month, the Commerce Department said today in Washington. The median forecast of economists in a Bloomberg News survey called for a rise to 0.1 percent. Europe’s debt crisis and a slowdown in Asian markets including China is restraining exports, weighing on the outlook for manufacturers like Joy Global Inc. (JOY) and DuPont Co. (CAT) Business investment, a mainstay of growth, will provide less of a boost to the economy as a weakening labor market holds back American ...
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