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Latest Articles: Business
Industrial Production Rises on Autos, Machinery
Post Date: 2012-02-15 11:29:18 by Brian S
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Production at U.S. factories increased in January, reflecting gains in demand for automobiles and business equipment that may keep manufacturing at the forefront of the expansion. Output (IPMGCHNG) at factories rose 0.7 percent after a revised 1.5 percent gain in December that was the largest in five years, figures from the Federal Reserve showed today in Washington. A 2.5 percent decline in utility output prompted by the fourth- warmest January on record caused total industrial output to be little changed, less than forecast. Business investment in new equipment and the need to rebuild inventories will probably keep factory assembly lines rolling at the start in 2012. Nonetheless, ...
February NY Fed Manufacturing Growth Highest In 1-1/2 Years
Post Date: 2012-02-15 11:28:01 by Brian S
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(Reuters) - A gauge of manufacturing in New York State picked up in February to its highest level in more than 1-1/2 years, though the pace of new orders slowed, the New York Federal Reserve said in a report on Wednesday. The New York Fed's "Empire State" general business conditions index climbed to 19.53 from 13.48 in January, topping economists' expectations for 15.0. It was the highest level since June 2010. The index has bounced back strongly from a summer slump as the region contracted alongside a broader manufacturing slowdown. The survey of manufacturing plants in the state is one of the earliest monthly guideposts to U.S. factory conditions. U.S. stock index ...
January Retail Sales Gain Points To Modest Growth
Post Date: 2012-02-14 13:23:07 by Brian S
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(02-14) 07:50 PST WASHINGTON, (AP) -- Americans rebounded from a weak holiday season and stepped up spending on retail goods in January. The latest government report on retail sales pointed to a slowly improving economy. Retail sales rose at a seasonally adjusted 0.4 percent last month, the Commerce Department said Tuesday. Consumers spent more on electronics, home and garden supplies, sporting goods, at department and general merchandise stores and at restaurants and bars. They also paid higher prices for gas. Spending on autos fell in January, the report showed, even though automakers had previously reported higher sales last month. That could mean that dealers offered more discounts ...
Storm Warning: Financial Tsunami Heading This Way
Post Date: 2012-02-13 14:52:20 by jwpegler
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In today's global village, national coffers are more interconnected than ever before. And as the current economic crisis has proven, a downturn in one country can travel in a wave across the globe, like a financial tsunami. Now, researchers from Tel Aviv University, in collaboration with the Kiel Institute of World Economy in Germany, have developed a market "seismograph" -- a new methodology that measures the interconnections between stock markets across the globe. It has the potential to serve as an early warning system and provide measures to manage and mitigate the spread of financial crisis. The method sheds new light on the structure of the global financial village, ...
The Top 12 Reasons Why You Should Hate the Mortgage Settlement
Post Date: 2012-02-13 14:37:35 by Capitalist Eric
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As readers may know by now, 49 of 50 states have agreed to join the so-called mortgage settlement, with Oklahoma the lone refusenik. Although the fine points are still being hammered out, various news outlets (New York Times, Financial Times, Wall Street Journal) have details, with Dave Dayen’s overview at Firedoglake the best thus far. The Wall Street Journal is also reporting that the SEC is about to launch some securities litigation against major banks. Since the statue of limitations has already run out on securities filings more than five years old, this means they’ll clip the banks for some of the very last (and dreckiest) deals they shoved out the door before the subprime ...
Food-Stamp Spending Seen Dropping in 2013 on U.S. Jobs Outlook
Post Date: 2012-02-13 12:13:42 by Brian S
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Spending on food-stamp benefits would fall 0.6 percent to $69.9 billion in the year starting 2013 as employment improves, according to projections contained in the budget President Barack Obama submitted to Congress today. Spending for the food-stamp component of the Supplemental Nutrition Assistance Program, or SNAP, still would be the second-highest on record and 17 percent above 2011, the government said in its proposal for U.S. Department of Agriculture spending. Overall budget authority for all related initiatives would fall 0.9 percent to $87.4 billion. “SNAP is the cornerstone of our nation’s food-assistance safety net and touches the lives of more than 46 million ...
Market takes heart from Greek austerity deal
Post Date: 2012-02-13 11:53:57 by lucysmom
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THE Australian share market closed strongly today, with investors delighted after the Greek parliament voted for an austerity package needed to obtain bailout funds. After a slow start, the benchmark S&P/ASX200 index closed up 39.8 points, or 0.94 per cent, to 4,285.1 points, while the broader All Ordinaries index firmed 36.8 points, or 0.85 per cent, to 4,359.4 points. On the ASX 24, the March share price index futures contract was 33 points higher at 4,251 at 1615 AEDT, with 29,777 contracts traded. The upward moves on the Australian stock exchange were all related to the austerity vote in debt-laden Greece, which has been rocked by street battles between police and protesters ...
Fox Business Network Cancels Entire Primetime Lineup
Post Date: 2012-02-10 14:45:21 by Brian S
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Fox Business Network announced a drastic shakeup of its programming on Thursday, cancelling all of its primetime shows and replacing them with reruns. The network has long trailed its major business news rival, CNBC, in the ratings. On Wednesday, for instance, FBN drew just 64,000 total viewers. CNBC drew 187,000. For all of 2011, the gap was even wider: 54,000 versus 228,000. However, the suddenness of the moves was still surprising. "FreedomWatch with Judge Andrew Napolitano," "Power & Money with David Asman" and "Follow the Money with Eric Bolling" were all canceled. Napolitano and Bolling have become well-known faces outside of FBN, and Bolling is a ...
$26 billion Mortgage Settlement Plan Gives Homeowners Bulk of the Benefits
Post Date: 2012-02-09 11:37:30 by Brian S
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After months of painstaking talks, government authorities and five of the nation’s biggest banks have agreed to a $26 billion settlement that could provide relief to nearly two million current and former American homeowners harmed by the bursting of the housing bubble, state and federal officials said in Washington on Thursday. Enlarge This Image Left, Mario Anzuoni/Reuters; Fred R. Conrad/The New York Times The attorney general of California, Kamala Harris, left, and New York's attorney general, Eric Schneiderman. Multimedia Graphic Help for Some Homeowners It is part of a broad national settlement aimed at halting the housing market’s downward slide and holding the banks ...
Unemployment Benefit Applications Drop To 358,000, Second-Lowest Level In Nearly 4 Years
Post Date: 2012-02-09 11:23:24 by Brian S
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WASHINGTON — The number of people seeking unemployment aid neared a four-year low last week, an encouraging sign that strong hiring could continue in the coming months. The Labor Department said Thursday that weekly applications for unemployment benefits fell 15,000 to a seasonally adjusted 358,000. That’s the second-lowest level since April 2008. The four-week average, a less volatile measure, fell to 366,250, the lowest since late April 2008. When applications fall consistently below 375,000, it usually signals that hiring is strong enough to lower the unemployment rate. A consistent decline in applications has coincided with the best job growth since last spring. Employers ...
Financial Crisis American Gridlock, Why The “Left” And The “Right” Are Both Wrong [Fascinating Read!]
Post Date: 2012-02-07 16:16:09 by Capitalist Eric
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Today we dive into Part 2 of Woody Brock’s notes from his new book, American Gridlock ( www.amazon.com/gridlock). He looks at what we can do in the future to prevent another crisis like we had in 2008, why we need to change, how we bargain with China (will be very controversial, in China at least!), what capitalism really is, and then he addresses the thorny issue of what it means to distribute wealth fairly. What can be said to those concerned with the top 1% of the population owning a grossly disproportionate share of the nation’s wealth? You can learn more about Woody and his economic services at www.SEDinc.com, as well as see some of his previous essays. You can also follow ...
Dow Approaches 13,000, And Maybe A Record To Come
Post Date: 2012-02-07 14:47:05 by Brian S
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NEW YORK (AP) -- It was just last summer that the Dow Jones industrial average shed 2,000 points in three terrifying weeks. Investors had a host of things to worry about, including the possibility of another recession. Now the Dow is within reach of the rarefied 13,000 mark - a level it hasn't seen since May 2008, four months before the financial system almost came apart. A strong one-day rally - caused by a deal on bailout money for Greece, perhaps, or an unexpectedly positive economic report - could put it over the top. What's more, the average is just a 10 percent rally from an all-time high. And 10 percent rallies can happen fast these days. The stomach-turning summer is a ...
Bush Tells Dealers He Avoided ‘Gamble’ in Bailing Out Automakers
Post Date: 2012-02-07 12:33:21 by Brian S
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Former U.S. President George W. Bush told car dealers gathered at a convention in Las Vegas he “didn’t want to gamble” with a depression in defending the loans he gave to General Motors Corp. and Chrysler LLC. “I didn’t want there to be 21 percent unemployment,” Bush said in a speech yesterday to cap the annual National Automobile Dealers Association convention, attended by more than 20,000 people. “I didn’t want to gamble. I didn’t want history to look back and say, ‘Bush could have done something but chose not to do it.’ And so I said, ‘no depression.’” The Bush administration provided loans to GM and Chrysler ...
Farmers Plan Biggest U.S. Crop Boost Since 1984, Led by Corn: Commodities
Post Date: 2012-02-07 12:26:00 by Brian S
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U.S. farmers will plant the most acres in a generation this year, led by the biggest corn crop since World War II, taking advantage of the highest agricultural prices in at least four decades. They will sow corn, soybeans and wheat on 226.9 million acres, the most since 1984, a Bloomberg survey of 36 farmers, bankers and analysts showed. The 2.5 percent gain means an expansion the size of New Jersey, as growers target fields left fallow last year and land freed up from conservation programs. Crop prices, some of which reached the highest averages ever in 2011, bolstered the economies of Midwest growing states, sent net farm income up 28 percent to $100.9 billion and pushed the value of ...
Smud Station Americans Gaining Energy Independence With U.S. Emerging as No. 1 Producer
Post Date: 2012-02-07 12:23:42 by Brian S
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The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo triggered a recession and led to lines at gasoline stations. Domestic oil output is the highest in eight years. The U.S. is producing so much natural gas that, where the government warned four years ago of a critical need to boost imports, it now may approve an export terminal. Methanex Corp., the world’s biggest methanol maker, said it will dismantle a factory in Chile and reassemble it in Louisiana to take advantage of low natural gas prices. And higher mileage standards and federally mandated ethanol use, along with slow ...
U.S. Job Openings Rise by the Most in Almost a Year
Post Date: 2012-02-07 12:16:12 by Brian S
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Job openings in the U.S. increased in December by the most in almost a year, showing employers are gaining confidence the economy will keep growing in 2012. The number of positions waiting to be filled climbed by 258,000, the biggest gain since February 2011, to 3.38 million, the Labor Department said today in Washington. Excluding government agencies, openings at private employers climbed to the highest level since August 2008. More openings mean companies may be looking beyond the European financial crisis and are making plans to expand this year as sales grow. Payrolls increased by 243,000 workers last month after a 203,000 gain in December, and the jobless rate fell to 8.3 percent, a ...
Essential Investor Preparations for The Big Crisis
Post Date: 2012-02-04 13:02:53 by Capitalist Eric
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The U.S. economic and systemic-solvency crises of the last five years continue to deteriorate. Yet they remain just the precursors to the coming Great Collapse: a hyperinflationary great depression. The unfolding circumstance will encompass a complete loss in the purchasing power of the U.S. dollar; a collapse in the normal stream of U.S. commercial and economic activity; a collapse in the U.S. financial system, as we know it; and a likely realignment of the U.S. political environment. Outside timing on the hyperinflation remains 2014, but events of the last year have accelerated the movement towards this ultimate dollar catastrophe. Following Mr. Bernanke’s extraordinary efforts to ...
Factory Orders Up, Business Spending Rises
Post Date: 2012-02-03 19:11:08 by Brian S
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WASHINGTON | Fri Feb 3, 2012 2:56pm EST (Reuters) - New orders for U.S. factory-made products posted a second straight monthly rise in December and business capital spending also picked up, a government report on Friday showed. The Commerce Department said orders for manufactured goods increased 1.1 percent, slightly below Wall Street economist's forecast for a 1.5 percent gain. But November's gain was revised up to 2.2 percent from a previously reported 1.8 percent and there were signs in the report of a firmer pace of overall factory activity. During the full year 2011, factory orders gained 12.1 percent after a 12.9 percent rise in 2010. Orders for non-defense capital goods ...
HAPPY DAYS ARE HERE AGAIN: Jobless Rate Falls to Lowest in Three Years... Nasdaq Hits 11-Year High as Stocks Roar...
Post Date: 2012-02-03 18:52:54 by Brian S
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Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq to an 11-year high and pushing the Dow to its highest reading in almost four years. Brendan Conway has details on The News Hub. Photo: Getty Images Stocks rose after the U.S. economy added more jobs than expected last month, driving the Nasdaq Composite to an 11-year high and pushing the Dow to its highest reading in almost four years. The Dow Jones Industrial Average advanced 154 points, or 1.2%, to 12859, its highest close since May 2008. The Standard & Poor's 500-stock index tacked on 19 points, or 1.5%, to 1345, for its fifth straight weekly gain. The technology-oriented Nasdaq ...
Wall St Journal: Real US Corporate Tax Rate Falls To 12.1%, The Lowest Level Since 1972
Post Date: 2012-02-03 11:46:20 by Brian S
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BY DAMIAN PALETTA WASHINGTON—U.S. companies are booking higher profits than ever. But the number crunchers in Washington are puzzling over a phenomenon that has just come into view: Corporate tax receipts as a share of profits are at their lowest level in at least 40 years. Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011, which ended Sept. 30, according to the Congressional Budget Office. That's the lowest level since at least 1972. And well below the 25.6% companies paid on average from 1987 to 2008. Corporate income-tax receipts typically fall during recessions,
US Service Industry Growth Surges In January
Post Date: 2012-02-03 11:37:07 by Brian S
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(AP) WASHINGTON — U.S. service companies grew at the fastest pace in 11 months in January as companies started hiring to keep up with rising demand. The Institute for Supply Management said Friday that its index of non-manufacturing activity jumped to 56.8 percent in January from 53 percent in December. The survey's employment index soared to its highest level since February 2006. Any reading above 50 indicates expansion. The trade group of purchasing managers surveys businesses including restaurants, hotels, retailers, financial services firms and construction companies. The service sector has been growing for two straight years. But hiring had stagnated, with the employment ...
Unemployment Drops to 8.3%; Payrolls in U.S. Jump 243,000
Post Date: 2012-02-03 09:13:12 by Brian S
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Employment climbed more than forecast in January and the U.S. jobless rate unexpectedly fell to the lowest in three years, casting doubt on whether the Federal Reserve can wait until 2014 before raising interest rates. The 243,000 increase in payrolls was the most since April and exceeded all forecasts in a Bloomberg News survey, Labor Department figures showed in Washington. The unemployment rate dropped to 8.3 percent, the lowest since February 2009. The jump in hiring shows companies are gaining confidence the expansion will weather Europe’s slump and may boost President Barack Obama’s re-election bid. The data come one week after Fed policy makers said the economy ...
Consumer Confidence in U.S. Increases for a Second Week in Bloomberg Index
Post Date: 2012-02-02 12:03:23 by Brian S
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Consumer confidence in the U.S. climbed for a second week as Americans became less pessimistic about the prospects for the world’s largest economy. The Bloomberg Consumer Comfort Index (COMFCOMF) rose to minus 44.8 in the period to Jan. 29 from minus 46.4 the previous week. A measure of Americans’ view of the state of economy climbed to the highest since June. Gains in employment and post-holiday clearance sales at retailers also helped create a better buying climate for consumers, the report showed. At the same time, increasing gasoline costs threaten to hinder progress in household spending, which accounts for about 70 percent of the economy. “Rising incomes and ...
Jobless Claims in U.S. Fell Last Week as Job Market Improved
Post Date: 2012-02-02 11:39:28 by Brian S
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Feb. 2 (Bloomberg) -- Claims for U.S. jobless benefits fell last week, a sign the labor market is improving. Applications for unemployment insurance payments dropped by 12,000 to 367,000 in the week ended Jan. 28, Labor Department figures showed today in Washington. The median forecast of 46 economists in a Bloomberg News survey projected 371,000. Companies are slowing the pace of firing as the world's largest economy picks up, a necessary step toward bigger gains in employment. Economists forecast a Labor Department report tomorrow may show employers boosted payrolls in January and the jobless rate held at an almost three-year low. "The shift lower in claims looks to be ...
Auto Sales at Highest Levels Since Recession
Post Date: 2012-02-02 11:25:20 by Brian S
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Automakers sold new cars and trucks in January at the fastest pace since the 2009 “cash for clunkers” program without resorting to profit-sapping discounts, signaling demand returned to pre-recession levels. U.S. light-vehicle sales accelerated to a 14.2 million seasonally adjusted annualized rate in January, the highest since the August 2009 government trade-in program. Honda Motor Co. reported its first increase since its inventory plunged after Japan’s tsunami in March that interrupted the auto market’s recovery last year. General Motors Co. (GM) remained the sales leader even as its market share dropped by 3.4 percentage points, followed by Ford Motor Co. (F) and ...
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