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Latest Articles: Economy
Production in U.S. Cooled in August as Automakers Scaled Back
Post Date: 2010-09-15 09:18:53 by war
1 Comments
Sept. 15 (Bloomberg) -- -- Production in the U.S. cooled in August as automakers scaled back following a surge in output the prior month. Industrial production increased 0.2 percent last month after rising 0.6 percent in July, figures from the Federal Reserve showed today. Factory output climbed 0.5 percent excluding autos, the most since May. Ford Motor Co. is among companies not looking to boost U.S. output on concern a lack of jobs will hold back consumer spending, which accounts for about 70 percent of the world’s largest economy. Orders from overseas and the need for some companies to replace outdated equipment are supporting other manufacturers including Caterpillar Inc. ...
Mortgage Applications Index in U.S. Declines for a Second Week
Post Date: 2010-09-15 09:02:32 by war
2 Comments
Sept. 15 (Bloomberg) -- Applications for mortgages fell for a second week, led by a drop in requests to refinance loans. The Mortgage Bankers Association’s index fell 8.9 percent in the week ended Sept. 10, the Washington-based group said today. Refinancing declined by 11 percent, while applications for purchases dropped 0.4 percent. Demand for homes is being hampered by unemployment near a 26-year high. At the same time, lending rates near record lows may support refinance applications among homeowners who still have equity in their homes and can qualify for loans. “Housing remains in the doldrums, and recovery there will be slower than for the rest of the economy,” Chris ...
Budget Deficit in U.S. Narrows 13% to $90.5 Billion on Rising Tax Receipts
Post Date: 2010-09-14 22:42:13 by lucysmom
8 Comments
The U.S. government posted a smaller budget deficit in August compared with the same month last year, helped by rising tax receipts. The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time. The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach ...
Diamond Nominated Again for Fed After Bid Rebuffed
Post Date: 2010-09-14 09:12:29 by war
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Sept. 13 (Bloomberg) -- President Barack Obama sent his nomination of Massachusetts Institute of Technology economist Peter Diamond to the Federal Reserve Board back to the Senate after formal consideration of the appointment was rebuffed last month. The original nomination from April failed to carry over through the Senate’s summer recess to September because of objections from at least one lawmaker. The former teacher of Fed Chairman Ben S. Bernanke rejoins Obama’s two other nominees pending confirmation in the chamber - - San Francisco Fed President Janet Yellen for vice chairman and Sarah Bloom Raskin for a governor slot. The central bank has been operating with four ...
Retail Sales in U.S. Increase for a Second Month
Post Date: 2010-09-14 08:41:52 by war
1 Comments
Sept. 14 (Bloomberg) -- Sales at U.S. retailers rose in August for a second consecutive month, easing concern the economy will stumble in the second half of the year. Purchases increased 0.4 percent following a 0.3 percent gain in July that was smaller than previously estimated, Commerce Department figures showed today in Washington. Sales excluding automobiles advanced twice as much as forecast. Demand at chains like Kohl’s Corp. and Ross Stores Inc. climbed as more states had tax-free holidays and some merchants offered bigger discounts to lure back-to-school shoppers. A lack of jobs and the need to repair household finances will probably restrain consumer spending, which accounts ...
Homebuyer tax credit: 950,000 must repay (Suckers! Another Obama Scam Screws A Million)
Post Date: 2010-09-11 12:08:23 by Nebuchadnezzar
20 Comments
Homebuyer tax credit: 950,000 must repay By Les Christie, staff writerSeptember 9, 2010: 2:40 PM ET NEW YORK (CNNMoney.com) -- Nearly half of all Americans who claimed the first-time homebuyer tax credit on their 2009 tax returns will have to repay the government. According to a report from the Inspector General for Tax Administration, released to the public Thursday, about 950,000 of the nearly 1.8 million Americans who claimed the tax credit on their 2009 tax returns will have to return the money. The confusion comes because homebuyers were eligible for two different credits, depending on when their homes were purchased. Those who bought properties during 2008 were to deduct, dollar ...
The Great Divergence In Pictures: A visual guide to income inequality.
Post Date: 2010-09-10 21:36:13 by lucysmom
3 Comments
Did the United States grow more unequal while Republicans were in power? It sounds crude, but Princeton political scientist Larry Bartels has gone a long way toward proving it. Bartels looked up income growth rates for families at various income percentiles for the years 1948 to 2005, then cross-checked these with whether the president was a Republican or a Democrat. He found two distinct and opposite trends. Click for Full Text!
Households’ Balance Sheets and the Recovery
Post Date: 2010-09-10 13:51:47 by war
8 Comments
Since the Second World War, real GDP in the United States has grown, on average, at a yearly rate of 3.2 percent. This is what economists call “trend growth.” Whenever the U.S. economy is faced with a recession and grows below trend for a while, a recovery period typically follows in which growth is above trend. In a previous Trends article I pointed out that the current recovery and the previous one are weak in the context of past recessions. As the figure below illustrates, in these two instances, unlike in previous recoveries, GDP grew either at or below trend for the year following the trough. The latest numbers from the National Income and Product Accounts suggest that the ...
Democratic Congress led nation to financial ruin (Damn Straight) [Full Thread]
Post Date: 2010-09-10 00:38:41 by Nebuchadnezzar
81 Comments
OPINION: Democratic Congress led nation to financial ruin BY THOMAS SOWELL • September 9, 2010 President Barack Obama boldly proclaims, “The buck stops here!” But, whenever his policies are criticized, he acts as if the buck stopped with George W. Bush. The party line that we are likely to be hearing from now until the November elections is that Obama “inherited” the big federal budget deficits and that he has to “clean up the mess” left in the economy by the Republicans. This may convince those who want to be convinced, but it will not stand up under scrutiny. No president of the United States can create either a budget deficit or a budget surplus. ...
Not Your Father’s Recovery?
Post Date: 2010-09-09 10:42:17 by war
21 Comments
There has been much talk about a disappointing recovery in the wake of the Great Recession—that this time it is much slower. Comparing features of this recovery to past recoveries casts some doubt on that view. The comparison is made using a scaled-down version of the sophisticated and powerful models that real forecasters actually use. Applying it to real GDP growth, unemployment, inflation, and the federal funds rate suggests that the recovery looks consistent with past recoveries—at least so far. Everything should be made as simple as possible, but not simpler. —Albert Einstein If all goes according to the usual business-cycle dating procedures, a committee at the ...
In Mott’s Strike, More Than Pay at Stake
Post Date: 2010-09-09 09:25:06 by lucysmom
4 Comments
“It’s disgusting, honestly, that they want to take things away from the people who made them profitable,” said Ms. Muoio (pronounced MOY-oh), a $19-an-hour machine operator who has worked at the plant 15 years. The company that owns Mott’s, the beverage conglomerate Dr Pepper Snapple Group, counters that the Mott’s workers are overpaid compared with other production workers in the Rochester area, where blue-collar unemployment is high after years of layoffs at employers like Xerox and Kodak. Chris Barnes, a company spokesman, said Dr Pepper Snapple was seeking a $1.50-an-hour wage cut, a pension freeze and other concessions to bring the plant’s costs in line ...
Jobless Claims in U.S. Decreased 27,000 to 451,000 Last Week
Post Date: 2010-09-09 08:32:23 by war
2 Comments
Sept. 9 (Bloomberg) -- Applications for U.S. unemployment benefits declined more than forecast last week, easing concern that employers will accelerate firings as the world’s largest economy cools. Initial jobless claims dropped by 27,000 to 451,000 in the week ended Sept. 4, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance was little changed, while those getting extended payments rose. Job creation needs to pick up to prevent a slide in consumer spending, which accounts for 70 percent of the economy, and reduce the risk of a relapse into recession. The Federal Reserve said yesterday in its latest regional survey that ...
Fed Banks Saw ‘Widespread Signs of a Deceleration’ in Economy
Post Date: 2010-09-08 14:05:47 by war
4 Comments
Sept. 8 (Bloomberg) -- The Federal Reserve said the U.S. economy maintained its expansion while showing “widespread signs of a deceleration” in mid-July through the end of August, according to a survey by 12 regional Fed banks. Five regional banks reported “economic growth at a moderate pace” and two pointed to “positive developments or net improvements.” The remaining five banks said conditions were mixed or decelerating. The report underscores the Fed’s view that while the recovery from the worst recession in seven decades has cooled, the economy isn’t relapsing into a contraction. In a speech last month in Jackson Hole, Wyoming, Fed chairman Ben ...
Job Openings in U.S. Rose in July by 178,000 to 3.04 Million
Post Date: 2010-09-08 13:38:12 by war
17 Comments
Sept. 8 (Bloomberg) -- Job openings in the U.S. rose in July, a sign some employers are getting ready to expand as the world’s largest economy recovers, a government report showed. Openings increased by 178,000 to 3.04 million, the Labor Department said today in Washington. The number of people hired fell from the prior month and separations decreased. Companies added 67,000 jobs in August, more than forecast, after a 107,000 gain in July that was more than initially estimated, the Labor Department said last week. The jobless rate, which rose to 9.6 percent last month, will still take time to decline, restraining consumer spending and the economy. “We’ll see a very gradual ...
81% rate U.S. economy as 'poor' - CNN poll
Post Date: 2010-09-05 22:11:39 by Nebuchadnezzar
4 Comments
81% rate U.S. economy as 'poor' - CNN poll CNN Money ^ | 09/05/2010 | CNN Money WASHINGTON (CNN) -- A new national poll released Sunday indicates that eight in 10 Americans say that the economy is in poor shape, and the number that say conditions are very poor is on the upswing after steady declines through the spring. And according to a CNN/Opinion Research Corporation survey, more people blame the Republicans over the Democrats for the country's economic problems. Eighty-one percent of the public rates the county's economic conditions as poor, with 18% describing the economy as good. Forty-four percent of people questioned describe economic conditions as very poor, up ...
Record 7.5 Million Jobs Deficit (No Bullshit Assesment)
Post Date: 2010-09-04 13:35:49 by Nebuchadnezzar
1 Comments
Record 7.5 Million Jobs Deficit Posted by Jim Hoft on Friday, September 3, 2010, 7:13 PM Worst. President. Ever. We can now safely say that Obama is the worst jobs president since the Great Depression. We can also safely say that the Obama-Pelosi Keynsian Economic Plan is one of the worst economic disasters in US history. BB sent the latest jobs chart showing the actual jobs lost in the US compared to the predicted losses by Team Obama after the Trillion dollar stimulus was passed. By every objective measure the democrat’s Trillion dollar stimulus bomb was a complete disaster. This radical far left plan resulted in a cumulative 7.5 million jobs deficit. The Foundry reported: By ...
It's official: Analysis says bailouts saved economy [Full Thread]
Post Date: 2010-09-04 04:03:22 by lucysmom
163 Comments
Using econometric models, Alan Blinder and Mark Zandi argue that the bailouts, the stimulus and other extraordinary actions saved America from nothing less than another Great Depression. Blinder was vice chairman of the Federal Reserve. Zandi is chief economist at Moody's Analytics and advised Republican presidential candidate John McCain. Had Washington not taken any aggressive steps starting in 2008, the results would have been horrific, their study says. Real gross domestic product would have fallen a "stunning" 12 percent, rather than the actual decline of 4 percent. Nearly 17 million jobs would have vanished, twice as many as the real count. And the unemployment rate ...
Members of Oregon’s State Employee Unions Get 5% Pay Raises… as Taxpayers Lose Jobs! (Union thugs win, taxpayers lose!)
Post Date: 2010-09-03 13:06:35 by Nebuchadnezzar
8 Comments
Members of Oregon’s State Employee Unions Get 5% Pay Raises… as Taxpayers Lose Jobs! September 3, 2010 | Filed Under Budget, Democrats/Leftists, Economy/Finances, Elections, Government, Government, Corruption, Jobs, Liberals, Oregon, Pensions, Public Employees Unions, Taxes, Unions, Warner Todd Huston | -By Warner Todd Huston Unbelievable. In Oregon the reg’lar folks are losing their jobs right and left. And the bad luck for those actually paying the bills, the taxpayers, gets even worse because Oregon’s politicians have made sure that the state’s public employees unions get an automatic 5% pay raise starting this Wednesday! 5 percent pay increase for state ...
Oh, A Worse-Than-Expected Surprise (Non-Manuf ISM)
Post Date: 2010-09-03 11:02:50 by Nebuchadnezzar
11 Comments
Oh, A Worse-Than-Expected Surprise (Non-Manuf ISM) Now this isn't good... "The NMI (Non-Manufacturing Index) registered 51.5 percent in August, 2.8 percentage points lower than the 54.3 percent registered in July, indicating continued growth in the non-manufacturing sector but at a slower rate. Still growth, so good, right? Uh, there's a problem, and it's internal. the Employment Index decreased 2.7 percentage points to 48.2 percent, reflecting contraction after one month of growth. The Prices Index increased 7.6 percentage points to 60.3 percent in August, indicating that prices increased significantly in July. Prices up and employment down. Note that services are 60 ...
PRIVATE PAYROLLS RISE 67,000
Post Date: 2010-09-03 08:35:11 by war
13 Comments
Sept. 3 (Bloomberg) -- Companies in the U.S. added more jobs than forecast in August, easing concern the economy was falling back into recession. Private payrolls that exclude government agencies climbed 67,000, after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a gain of 40,000. Overall employment fell 54,000 for a second month and the unemployment rate rose to 9.6 percent as more people entered the labor force. The report bolters Federal Reserve Chairman Ben S. Bernanke’s view that the conditions are in place for a pickup in ...
Outgoing Obama Aide Admits: Stimulus Failed Because We Didn't Understand The Recession (Retard alert! Retard alert! Man the lifeboats, retards running the government...)
Post Date: 2010-09-01 21:17:37 by Nebuchadnezzar
7 Comments
Outgoing Obama Aide Admits: Stimulus Failed Because We Didn't Understand The Recession Joe Weisenthal | Sep. 1, 2010, 8:29 PM | 646 | comment 17 romerAs she prepares to leave The White House, outgoing economic advisor Christina Romer has delivered something of a valedictory speech to the National Press Club. The title: Not My Father's Recession. For Romer, her Father's recession was the one in the early 80s, when unemployment surged above 10%, and Romer's own father got laid off. But the title basically tells you what you need to know: It's different this time -- this recession was not anything like the Fed-induced recession of her father -- and the old recovery ...
Lack of sales spurs developer to lease
Post Date: 2010-09-01 21:06:02 by Nebuchadnezzar
0 Comments
Lack of sales spurs developer to lease Download story podcast 12:16 PM PDT on Wednesday, September 1, 2010 By LESLIE BERKMAN The Press-Enterprise After two months of marketing his 141 luxury condos with not one sale, Mark Rubin said he has given up wooing buyers to the Raincross Promenade project in downtown Riverside that cost him $40 million to build. Although late last week the sign fronting Market Street said the homes were for sale, Rubin said the truth is they now are for lease and the sign soon would be changed. Lots of people admired the tony project with its lush landscaping and fountains and the upscale appointments of the condos, including granite counters and ...
SM Index of Manufacturing in U.S. Increased to 56.3 in August [GOP Puts Election Prospect Flags At Half Staff]
Post Date: 2010-09-01 10:11:23 by war
13 Comments
Sept. 1 (Bloomberg) -- The Institute for Supply Management’s gauge of manufacturing unexpectedly rose to 56.3 in August from 55.5 a month earlier, the Tempe, Arizona-based group said today. Readings greater than 50 signal growth. Economists forecast the ISM factory index would decline to 52.8, according to the median of 78 projections in a Bloomberg News survey. Estimates ranged from 49.9 to 56. Separate figures today showed manufacturing in other parts of the world was mixed in August. China’s purchasing managers’ index rose to 51.7 last month from 51.2, a government-backed report showed. A measure released by HSBC Holdings Plc and Markit Economics also increased. Growth ...
U.S. Auto Sales May Hit 28-Year Low as Discounts Flop
Post Date: 2010-08-31 22:38:19 by Nebuchadnezzar
28 Comments
U.S. Auto Sales May Hit 28-Year Low as Discounts Flop By Keith Naughton and Tim Higgins - Aug 31, 2010 9:39 AM CT U.S. Auto Sales May Hit 28-Year Low in August Chrysler was the only U.S. automaker to reduce sales discounts from last year. Photographer: Jim R. Bounds/Bloomberg U.S. Auto Sales May Hit 28-Year Low in August Ford Motor Co. may have posted a smaller sales decline from last August than the overall industry. Photographer: Jonathan Alcorn/Bloomberg U.S. auto sales in August probably were the slowest for the month in 28 years as model-year closeout deals failed to entice consumers concerned the economy is worsening and they may lose their jobs. Industrywide deliveries, to be ...
Waiting for Mr. Obama (NYT throws the labia under the train)
Post Date: 2010-08-29 23:53:41 by Nebuchadnezzar
1 Comments
Waiting for Mr. Obama Published: August 28, 2010 * Sign In to E-Mail * Print * Reprints If President Obama has a big economic initiative up his sleeve, as he hinted recently, now would be a good time to let the rest of us in on it. Editorial Series * Financial Regulation News on Friday confirmed that the economy was far weaker in the second quarter than originally believed, growing at 1.6 percent versus an initial reading of 2.4 percent. Grim reports on housing sales indicate that the slowdown has continued. In a normal recession, housing would lead the way up from the depths. Today, it appears to be leading the way back down. Which brings us back to Mr. Obama. The fiscal stimulus of 20 ...
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