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Latest Articles: Economy
Wall Street Hammered as Rout Extends to Third Day; Dow Down 400, VIX Soars
Post Date: 2010-05-06 14:46:23 by Fred Mertz
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Mixed economic news fails to revive stock market Stocks tumble anew on concerns Greece bailout won't stem losses; jobless claims disappoint NEW YORK (AP) -- Stocks extended their slide into a third day Thursday after news on the U.S. job market failed to ease worries that Greece's debt woes would spread. The Dow Jones industrial average fell about 215 points in afternoon trading. The Dow and broader indexes dropped more than 2 percent. The Dow had already fallen 284 points in the prior two days. Treasury prices rose on increased demand for safe government debt. The euro fell further against the dollar, hitting a new 14-month low. The euro has tumbled against the dollar since ...
Fewer U.S. Workers Filed Jobless Benefits Claims for Third Week
Post Date: 2010-05-06 08:32:25 by war
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May 6 (Bloomberg) -- The number of Americans filing claims for jobless benefits last week dropped to the lowest level in a month, indicating improvement in the labor market will take time to develop. Initial jobless claims fell by 7,000 to 444,000 in the week ended May 1, the third consecutive decrease and in line with the median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance decreased and those getting extended payments rose. Companies from Berkshire Hathaway Inc. to Caterpillar Inc. are starting to add workers to meet rising demand, which may help lift incomes and consumer ...
Derby/Oaks Handle Increases Across the Board
Post Date: 2010-05-04 15:35:35 by Fred Mertz
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Despite inch upon inch of rain and a weather forecast that could have chased away patrons, the May 1 Derby more than held its own. Handle and reported attendance were up from 2009, providing a boost for Churchill, Kentucky racing, and the generally sour pari-mutuel industry. “It was incredible, just incredible,” Churchill Downs vice president of communications John Asher said in looking back on the Derby and record Kentucky Oaks (gr. I) program the previous day, when the weather was spectacular. All-sources handle on the 13-race Derby day program was $162,749,136, up 4.3% from $155,969,770 in 2009. All-sources handle for the Derby itself, with a 20-horse field, was $112,727,554, ...
Jobless? Unemployment is Dropping in Minneapolis and Buffalo
Post Date: 2010-05-02 02:35:59 by Ibluafartsky
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Jobless? Unemployment is Dropping in Minneapolis and Buffalo Experts Cite Lack of Migration, Less Reliance on Manufacturing for Drop By HUSNA HAQ May 1, 2010 Want to move to cities on the rebound? Eager to work in places that are adding jobs or seeing unemployment fall? Minneapolis is one of only two metropolitan areas in the U.S. that experienced a significant fall in its unemployment rate over the past year. The region generally enjoys a better-than-average climate for jobs. (Getty Images)Then pack your bags for Minneapolis. Or Buffalo, N.Y. Surprised? Don't be. Of the 49 large metro areas in the United States, these locales were the only places to see a year-over-year decline ...
Chicago Purchasing Managers Index Increased to 63.8 in April
Post Date: 2010-04-30 09:58:18 by war
5 Comments
April 30 (Bloomberg) -- Business activity in the U.S. expanded at a faster rate in April, a private report showed. The Institute for Supply Management-Chicago Inc. said today that its business barometer rose to 63.8 this month, the highest level in five years, from 58.8 in March. Figures greater than 50 signal expansion. Economists forecast the gauge would rise to 60, according to the median of 55 projections in a Bloomberg News survey. Estimates ranged from 57 to 63. ~~~~~~~~~~~~~~~ All indices up except inventories which is a positive for activity going forward...
Steelworkers Show How Manufacturing Boosts Consumers
Post Date: 2010-04-30 09:23:43 by war
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April 30 (Bloomberg) -- Steelworker James Borgan knows firsthand what’s driving the U.S. economic rebound. Business at his mill in Brackenridge, Pennsylvania, which makes specialty steel for electrical transformers, is the best it has been since at least the summer of 2008, before the wrenching effects of the credit crisis, he says. “When we get increased orders, we need more hands on deck, so that’s more people working,” says Borgan, 56, a union employee at the plant, which is owned by Allegheny Technologies Inc. Manufacturing is leading the U.S. out of this recession, and Borgan and his co-workers are part of it. Rising factory orders, the best monthly jobs creation ...
‘Strategic’ Mortgage Defaults Reach 12%, Morgan Stanley Says
Post Date: 2010-04-29 10:25:56 by war
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April 29 (Bloomberg) -- Decisions by homeowners to walk away from mortgages they can afford are accounting for more defaults, according to Morgan Stanley. About 12 percent of all mortgage defaults in February were “strategic,” up from about 4 percent in the middle of 2007, New York-based Morgan Stanley analysts led by Vishwanath Tirupattur wrote in a report today. Borrowers with higher credit scores and larger loans are more likely to stop paying their mortgages even while staying current on other consumer debt of at least $10,000, the analysts wrote, based on analysis of data from Transunion LLC. Strategic defaults also increase based on how much more borrowers owe in housing ...
GORDON DUFF: THE GOP AND GOLDMAN SACHS, ECONOMIC TERRORISM
Post Date: 2010-04-28 21:36:35 by mininggold
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GORDON DUFF: THE GOP AND GOLDMAN SACHS, ECONOMIC TERRORISM GOLDMAN SACHS TO AMERICA: “YES, WE DID IT, GO SCREW YOURSELF!” MASSIVE FINANCIAL FRAUD CONSIDERED NATIONAL SECURITY THREAT, ECONOMIC TERRORISM By Gordon Duff STAFF WRITER/Senior Editor How do I explain short selling? OK, you buy a new car. The salesman puts sugar in the gas tank and slashes the tires. Then you find your warranty is useless. “Short selling” is worse. If you thought your bonds and mutual funds became worthless because of something you did or the economy, you are wrong. When hundreds of billions in investment products were sold by Goldman Sachs, all misrepresented, all nearly worthless, Goldman ...
Confidence in U.S. Rises to Highest Level Since 2008
Post Date: 2010-04-27 10:41:01 by war
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April 27 (Bloomberg) -- Confidence among U.S. consumers increased in April to the highest level since September 2008 as Americans became more upbeat about the labor market. The Conference Board’s confidence index rose more than forecast, to 57.9 from 52.3 in March, according to the New York- based private research group. The median forecast of economists surveyed by Bloomberg News projected a rise to 53.5. A measure of expectations was the highest since 2007. Pessimism is starting to abate after employers added workers to payrolls in three of the last five months. More job growth will be needed to spark bigger gains in confidence, incomes and spending, which accounts for about 70 ...
Home Prices in U.S. Cities Rise Less Than Forecast
Post Date: 2010-04-27 09:41:21 by war
2 Comments
April 27 (Bloomberg) -- Home prices in 20 U.S. cities rose less than forecast in February from a year earlier, a sign a housing recovery will take time to develop. The S&P/Case-Shiller home-price index of property values in 20 cities increased 0.6 percent from February 2009, the first gain since December 2006, the group said today in New York. The median forecast of economists surveyed by Bloomberg News projected a 1.3 percent advance. Home prices in February were 30 percent below the peak reached in July 2006, indicating the industry that helped trigger the worst recession since the 1930s will take years to recover lost ground. A pickup in employment is needed to help stem the damage ...
Jobless Claims in U.S. Decreased 24,000 Last Week to 456,000
Post Date: 2010-04-22 08:38:26 by war
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April 22 (Bloomberg) -- The number of Americans filing claims for unemployment benefits fell last week as the rebounding economy prompted companies to make fewer job cuts. Initial jobless applications dropped by 24,000 to 456,000 in the week ended April 17, the Labor Department said today in Washington. The number of people receiving unemployment insurance and those getting extended benefits also fell. Employers enjoying improved sales and profits may be gaining confidence in the economy and retaining staff. A transition from less firing to consistent job growth will ensure the recovery from the deepest recession since the 1930s is sustained. “Labor markets are clearly healing, and ...
U.S. MBA Mortgage Applications Index Rose 13.6% Last Week
Post Date: 2010-04-21 08:30:07 by war
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April 21 (Bloomberg) -- Mortgage applications in the U.S. rose by the most in seven weeks as the looming end of the homebuyer tax credit helped spark the biggest rise in purchases since January. The Mortgage Bankers Association’s index increased 13.6 percent in the week ended April 16. The Washington-based group’s gauge of purchases climbed 10.1 percent and a drop in mortgage rates boosted the refinancing measure by 15.8 percent, the first gain since the end of February. The tax credit, which requires contracts to be signed by the end of the month, is bringing buyers back to the market. Reports this week on March sales of new and previously owned homes may add to evidence that ...
Morgan Stanley Profit Beats Estimates on Higher Trading Revenue
Post Date: 2010-04-21 08:20:23 by war
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April 21 (Bloomberg) -- Morgan Stanley, in its first profit report under Chief Executive Officer James Gorman, posted earnings that beat analysts’ estimates as fixed-income trading revenue more than doubled from a year earlier. First-quarter net income was $1.78 billion, or 99 cents a share, compared with a loss of $177 million, or 57 cents, in the first quarter of 2009, the New York-based company said today in a statement. Earnings from continuing operations, including a 21-cent tax benefit, were $1.03 a share, compared with the 57- cent average estimate of 24 analysts surveyed by Bloomberg. Gorman, who succeeded John Mack in January, said in a letter to shareholders last week he ...
Why Do So Many Americans Pay No Income Taxes?
Post Date: 2010-04-16 12:18:30 by Skip Intro
15 Comments
Today many are discussing how many Americans do not owe income taxes. The traditional debate splits along partisan lines. Many Republicans and conservatives argue it is both unfair and politically dangerous to have (almost half / more than one-third, depending on who’s measuring) of Americans not owing any income taxes. Many Democrats argue the rich should pay more, and that it’s good that low and even moderate-income people owe no income taxes. I wonder how many Republican Members of Congress remember that they are, in large part, responsible for this outcome? First, here’s a quick refresher on the difference between a tax deduction and a tax credit: * Suppose you make $60 ...
Baja California luxury developments go from boom to bust
Post Date: 2010-04-16 11:45:26 by Skip Intro
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Baja California luxury developments go from boom to bust The Americans who flocked to buy oceanfront condos south of the border have vanished. Prices have plummeted, and some cash-strapped developers have halted projects midway. The condo in the Palacio del Mar development just south of Mexico's Rosarito Beach spares no luxuries. Travertine tile. Stainless steel appliances. A customized wine rack. Then there's the view. On one side is the glittering Pacific. On another, just 30 feet away, is the half-completed shell of an adjacent condominium project. The building looks like an abandoned parking garage, with floors of concrete piled atop one another and steel spikes poking out ...
Housing Starts, Permits Rise as U.S. Builders Rebound
Post Date: 2010-04-16 08:52:13 by war
3 Comments
April 16 (Bloomberg) -- Builders broke ground on more U.S. homes in March than anticipated and took out permits at the fastest pace in more than a year, a sign of growing confidence that sales will stabilize. Housing starts climbed to an annual rate of 626,000 last month, up 1.6 percent from February’s revised 616,000 pace that was higher than initially estimated, Commerce Department figures showed today in Washington. Building permits, a sign of future construction climbed to the highest level since October 2008. The gains in part may be due to milder weather following the February blizzards, combined with a rush to have properties available for buyers seeking to qualify for a ...
Foreclosure rates surge, biggest jump in 5 years
Post Date: 2010-04-15 17:21:38 by WhiteSands
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LOS ANGELES – A record number of U.S. homes were lost to foreclosure in the first three months of this year, a sign banks are starting to wade through the backlog of troubled home loans at a faster pace, according to a new report. RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009. More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said. ...
Jobless Claims in U.S. Increased 24,000 Last Week to 484,000
Post Date: 2010-04-15 08:32:31 by war
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April 15 (Bloomberg) -- The number of Americans filing claims for jobless benefits unexpectedly increased last week, indicating the improvement in the labor market will take time to unfold. Initial jobless applications increased by 24,000 to 484,000 in the week ended April 10, the highest level since Feb. 20, Labor Department figures showed today in Washington. A Labor Department spokesman said the rise in claims was due more to administrative factors reflecting volatility around Easter than because of economic reasons. Reluctance among some companies to hire is one of the challenges facing the economy as it recovers from the worst recession since the 1930s. Employment gains are needed to ...
FED'S BEIGE BOOK SAYS ECONOMY IMPROVED IN 11 OF 12 DISTRICTS
Post Date: 2010-04-14 15:18:43 by war
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*FED'S BEIGE BOOK SAYS ECONOMY IMPROVED IN 11 OF 12 DISTRICTS *FED SAYS RESIDENTIAL REAL ESTATE IMPROVED IN MOST DISTRICTS *FED'S BEIGE BOOK SAYS CONSUMER SPENDING INCREASED*FED SAYS WAGE PRESSURES WERE `MINIMAL OR CONTAINED' *FED SAYS RETAIL PRICES `GENERALLY REMAINED LEVEL' *FED SAYS LOAN VOLUMES, CREDIT QUALITY HAVE DECREASED *FED SAYS LABOR MARKET `GENERALLY' WEAK, SOME HIRING EVIDENT *FED SAYS MANUFACTURING INCREASED EXCEPT IN ST. LOUIS *FED SAYS BANKING, FINANCE `MIXED IN A NUMBER OF DISTRICTS' *FED'S BEIGE BOOK BASED ON INFORMATION COLLECTED BEFORE APRIL 5 *FED SAYS COMMERCIAL REAL ESTATE `VERY WEAK' IN MOST DISTRICTS *FED SAYS ST. LOUIS ONLY ...
Business Inventories in U.S. Climb 0.5%, Most Since July 2008
Post Date: 2010-04-14 10:47:40 by war
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April 14 (Bloomberg) -- Inventories in the U.S. rose 0.5 percent in February, the most since July 2008, as companies boosted orders to try to keep up with sales. The gain in the value of stockpiles was larger than anticipated by the median forecast of economists surveyed by Bloomberg News and followed a revised 0.2 percent increase the prior month, data from Commerce Department showed today in Washington. Sales climbed 0.3 percent. Companies are set to begin boosting investment and output in coming months after the worst recession in seven decades forced a record drawdown in stockpiles last year. Efforts to stabilize inventories in the fourth quarter accounted for two- thirds of that ...
Retail Sales in U.S. Rise More Than Forecast as Economy Expands
Post Date: 2010-04-14 08:32:05 by war
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April 14 (Bloomberg) -- Sales at U.S. retailers climbed in March more than anticipated, signaling consumers will play a bigger role in a broadening economic recovery. Purchases increased 1.6 percent last month, the most in four months, and gains for February and January were revised up, Commerce Department figures showed today in Washington. Sales excluding autos rose 0.6 percent, also surpassing expectations. Companies from Target Corp. to Saks Inc. benefited last month from an early Easter, better weather and a pickup in hiring, indicating the expansion is no longer solely dependent on gains in manufacturing. A lack of inflation is one reason Chairman Ben S. Bernanke, who testifies ...
U.S. March Retail Sales Rose 9% vs Year Ago, ICSC Says
Post Date: 2010-04-08 11:02:31 by war
3 Comments
April 8 (Bloomberg) -- U.S. same store sales excluding Wal-Mart rose 9 percent in March from a year earlier, according to the International Council of Shopping Centers. Total store sales rose 11.4 percent from a year earlier. Same store sales are considered the best measure of a retailer’s results because they exclude the effect of store openings and closings in the past year. The report was based upon 31 retailers.
Jobless Claims in U.S. Increased Heading Into Easter
Post Date: 2010-04-08 09:33:41 by war
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April 8 (Bloomberg) -- More Americans unexpectedly filed claims for jobless benefits last week, a jump that may in part reflect difficulty in seasonally adjusting the data ahead of the Easter holiday. Initial jobless applications increased by 18,000 to 460,000 in the week ended April 3, Labor Department figures showed today in Washington. The week leading up to Easter and the two weeks that follow are traditionally a volatile time for claims, a Labor Department analyst said, making it difficult to discern the underlying trend in applications. “The trend is still down,” said Jonathan Basile, an economist at Credit Suisse in New York, who had the highest claims forecast among ...
Bulls Increase With Buyback Spending Signaled by Profits Surge
Post Date: 2010-04-05 09:43:02 by war
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April 5 (Bloomberg) -- U.S. companies are sitting on a record pile of cash after spending the lowest proportion of their profits on stock buybacks since 2003, a sign that repurchases may propel the equities rally as earnings recover. Buybacks by companies in the Standard & Poor’s 500 Index totaled $137.6 billion last year, or 28 percent of operating profit, according to S&P. The last time the ratio dropped to that level, the S&P 500 subsequently climbed for four years. U.S. firms will almost double their spending on stock repurchases to $235 billion in 2010 as earnings surge, according to Mizuho Financial Group Inc. S&P 500 companies, excluding financials, that bought ...
Stocks, Commodities Rise as U.S. Jobs Data Boost Recovery View
Post Date: 2010-04-05 09:38:58 by war
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April 5 (Bloomberg) -- Asian stocks, U.S. equity index futures and commodities rose as growth in American jobs boosted investor optimism that demand in the world’s largest economy is recovering. The MSCI Asia Pacific Index rose to the highest level in more than 19 months, driven by gains in Japan. Markets in Europe, Australia, Hong Kong, China, Taiwan and New Zealand were shut for holidays. Oil advanced, while copper moved to a 20- month high. Malaysia’s ringgit rose to the strongest since July 2008 against the dollar after the government said exports increased for a third-straight month. U.S. payrolls gained last month by the most in three years, a “solid report” ...
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