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Latest Articles: Economy
TWO YEARS AFTER THE FINANCIAL MELTDOWN, MOST AMERICANS REMAIN ANXIOUS ABOUT PERSONAL FINANCES, SETTLE IN FOR A SLOW RECOVERY
Post Date: 2010-07-14 15:59:27 by war
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Washington DC, July 13, 2010 — The survey of 1,002 Americans was conducted to mark the 25th anniversary of CFP Board, which grants the CFP® certification and upholds it as the recognized standard of excellence for personal financial planning. The new CFP Board survey shows that: Nearly two out of three Americans (65 percent) are more concerned about their finances today than they were at the beginning of the financial crisis two years ago. A bit more than a third of Americans (37 percent) expect to see their personal finances improve in the next six months, versus less than half (46 percent) who expect to hold onto what they currently have, and 16 percent who expect to lose ...
Jobless Claims in U.S. Decreased 21,000 Last Week to 454,000
Post Date: 2010-07-08 08:39:40 by war
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July 8 (Bloomberg) -- The number of Americans applying for jobless benefits last week fell to 454,000, a level that indicates improvement in the labor market is taking time to develop. Initial jobless claims decreased by 21,000 in the week ended July 3, Labor Department figures showed today in Washington. Filings were lower than the median forecast in a Bloomberg News survey. The number of people receiving unemployment insurance dropped to the lowest point since 2008, while those getting emergency benefits also declined after Congress failed to pass legislation extending the assistance. The claims data are consistent with other figures pointing to limited strength in the job market. Labor ...
Why good jobs are going unfilled
Post Date: 2010-07-07 09:33:33 by go65
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Washington (CNN) -- We're getting to the point where even good news comes wrapped in bad news. Good news: Despite the terrible June job numbers (125,000 jobs lost as the Census finished its work), one sector continues to gain -- manufacturing. Factories added 9,000 workers in June, for a total of 136,000 hires since December 2009. So that's something, yes? Maybe not. Despite millions of unemployed, despite 2 million job losses in manufacturing between the end of 2007 and the end of 2009, factory employers apparently cannot find the workers they need. Here's what the New York Times reported Friday: "The problem, the companies say, is a mismatch between the kind of ...
Orders to U.S. Factories Declined in May More Than Forecast
Post Date: 2010-07-02 10:01:55 by war
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July 2 (Bloomberg) -- Orders placed with U.S. factories declined in May more than forecast, a sign that manufacturing may be starting to cool. The 1.4 percent decrease in bookings was the biggest since March 2009 and followed a revised 1 percent gain in April, the Commerce Department said today in Washington. Economists forecast orders would drop 0.5 percent, according to the median projection in a Bloomberg News survey. Manufacturers are seeing a pause in demand after the industry helped the world’s largest economy emerge from the worst recession since the 1930s. Today’s figures underscore the Federal Reserve’s concerns that the European debt crisis poses a risk to a ...
Jobless Rate Falls To 9.5%
Post Date: 2010-07-02 08:36:34 by war
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July 2 (Bloomberg) -- Employment fell in June for the first time this year, reflecting a drop in federal census workers and a smaller-than-forecast gain in private hiring. Payrolls declined by 125,000 last month as the government cut 225,000 temporary workers conducting the 2010 census, Labor Department figures in Washington showed today. Economists projected a decline of 130,000 payrolls, according to the median forecast in a Bloomberg News survey. Employment at companies rose 83,000. The jobless rate fell to 9.5 percent from 9.7 percent as the labor force shrank. The pace of hiring signals it will take years for the world’s largest economy to recover the more than 8 million jobs ...
Chicago Business Barometer Decreased to 59.1 in June From 59.7
Post Date: 2010-06-30 09:46:08 by war
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June 30 (Bloomberg) -- Business activity in the U.S. expanded in June for a ninth straight month, showing manufacturing is overcoming the turmoil in the financial markets. The Institute for Supply Management-Chicago Inc. said today its business barometer fell to 59.1 this month from 59.7 in May. Figures greater than 50 signal expansion. Economists forecast the gauge would fall to 59, according to the median of 54 projections in a Bloomberg News survey. Estimates ranged from 55 to 62.9. Another report today showed companies added fewer workers in June than forecast, according to data from a private report based on payrolls. The 13,000 gain was the smallest since February and followed a ...
Case Says U.S. Housing Starts ‘Dead Flat in the Mud’
Post Date: 2010-06-29 13:57:07 by war
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June 29 (Bloomberg) -- The U.S. housing market “is still bouncing along the bottom” as vacancy rates outpace historically low construction, said economist Karl Case, co- creator of the S&P/Case-Shiller home-price index. The S&P/Case-Shiller index showed today that home prices in 20 U.S. cities rose 3.8 percent in April from a year earlier, the biggest year-over-year gain since September 2006. Sales got a boost from a tax credit aimed at reviving the industry that triggered the worst recession since the 1930s. While the report was “fairly positive,” Case said, home building, which has driven the economy during past economic expansions, “is dead flat in the ...
Consumer Confidence in U.S. Falls More Than Forecast
Post Date: 2010-06-29 10:27:51 by war
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June 29 (Bloomberg) -- Confidence among U.S. consumers declined in June more than forecast as Americans became pessimistic about the outlook for the labor market and the economy. The Conference Board’s confidence index slumped to 52.9 this month from a revised 62.7 in May, figures from the New York-based private research group showed today. The median forecast called for a drop to 62.5, and the gauge was lower than all projections in a Bloomberg News survey of 71 economists. Job growth that may be slow in bringing down the unemployment rate and declining stock prices tied to Europe’s debt crisis threaten to restrain consumer spending. The lack of stronger gains in the biggest ...
U.S. Economy: Rising Incomes Lead to Gains in Spending, Savings
Post Date: 2010-06-28 14:51:46 by war
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By Bob Willis June 28 (Bloomberg) -- Incomes grew faster than spending in May, making it possible for American households to simultaneously increase savings and support the economic recovery. Consumer purchases rose 0.2 percent, exceeding the median forecast of economists surveyed by Bloomberg News, after little change the prior month, Commerce Department figures showed today. Incomes climbed 0.4 percent, and the savings rate increased to the highest level in eight months. Gains in payrolls, longer workweeks and rising pay give Americans more confidence and the means to maintain spending in coming months. The Federal Reserve’s decision last week to keep interest rates unchanged may ...
Judge Faces Death Threats After BP Gulf Oil Drilling Moratorium Ruling
Post Date: 2010-06-25 02:13:11 by Murron
9 Comments
Judge Faces Death Threats After BP Gulf Oil Drilling Moratorium Ruling New Orleans--While many Americans undoubtedly agree with the decision of U.S. District Court Judge Martin Feldman to overturn the Obama administration’s moratorium on deep water drilling, not everyone is happy. In fact, the Judge is now receiving death threats in the aftermath of his bold ruling. Last night, Feldman served as a celebrity judge at a cooking contest at a school gymnasium in Uptown New Orleans. Due to the threats, Feldman was accompanied by a federal marshal security team. It is a sad indictment of our society today that a judge with such a sterling record of integrity and service to his country ...
Sales of U.S. New Houses Plunge to Lowest Level on Record
Post Date: 2010-06-23 10:02:04 by war
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June 23 (Bloomberg) -- Purchases of new homes in the U.S. fell in May to a record low as a tax credit expired, showing the market remains dependent on government support. Sales collapsed a record 33 percent to an annual pace of 300,000 last month from April, less than the median estimate of economists surveyed by Bloomberg News and the fewest in data going back to 1963, figures from the Commerce Department showed today in Washington. Demand in prior months was revised down. The end of a tax incentive worth as much as $8,000 means the market will now be dependent on gains in employment, which are needed to lift incomes, brace confidence and contain foreclosures. A lack of inflation and ...
Housing Market Threatens U.S. Recovery as Sales Slide Resumes
Post Date: 2010-06-23 07:32:36 by war
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June 23 (Bloomberg) -- The U.S. real estate market threatens to undercut the Obama administration’s stimulus-driven economic recovery as home sales resume their record slide following the end of the federal homebuyer tax credit. Sales of previously owned homes unexpectedly fell 2.2 percent in May, the National Association of Realtors said yesterday, even as mortgage rates remained near an all-time low. New-home sales tumbled 19 percent last month, the biggest drop in 16 years, according to the median forecast of 76 economists in a Bloomberg News survey before the report later today. The end of the tax credit in April is putting a strain on a market still hurting from the worst ...
Purchases of U.S. Existing Homes Unexpectedly Dropped in May
Post Date: 2010-06-22 10:06:14 by war
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June 22 (Bloomberg) -- Sales of U.S. previously owned homes unexpectedly fell in May, a sign demand was probably pulled into prior months before a June tax-credit deadline. Purchases of existing houses, which are tabulated when a contract closes, decreased 2.2 percent to a 5.66 million annual rate, figures from the National Association of Realtors showed today in Washington. To receive a government incentive worth as much as $8,000, buyers must have signed contracts by the end of April and need to complete deals by the end of this month. The decline raises the risk the retrenchment following the expiration of the tax credit will be deeper than anticipated. A slump in builder shares since ...
'World News' Political Insights -- Sticker Shock Jeopardizes President Obama's Agenda Congressional Democrats Put Brakes on New Spending, Despite Press to Focus on Jobs
Post Date: 2010-06-21 18:50:52 by WhiteSands
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President Obama has had two major messages for Congress in recent months: Keep the focus on jobs and the economy, and get serious about runaway spending. His problem now is that they're starting to listen to him on the second point -- at the expense of the first. In a major shift in congressional politics, Democrats have developed a severe case of sticker shock, just as many of their colleagues press to prime the pump of the economy in time for the mid-term congressional elections. Now, even popular initiatives with widespread support -- notably an extension in unemployment benefits for those who have been out of work for more than a year, plus $50 billion the White House is asking ...
Experts: Lumber Prices Fall, and Economy May Follow
Post Date: 2010-06-17 07:09:51 by reaganisright
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Prices of lumber and other raw materials are slumping, and that puts the economy at risk of a double-dip recession, experts say. Until recently, many economists were concerned about an outbreak of inflation. But in the wake of Europe’s debt crisis, many are now worried about deflation. Prices for framing lumber have dropped 21 percent just in the last five weeks, according to the National Association of Home Builders, CNNMoney.com reports. Other industrial material prices are slipping in synch. That doesn’t bode well for the global economy, says Lakshman Achuthan, managing director of ECRI (the Economic Cycle Research Institute). "The way to read this is that a slowing ...
Housing Starts in U.S. Declined to 593,000 Annual Pace in May
Post Date: 2010-06-16 08:34:20 by war
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June 16 (Bloomberg) -- Builders broke ground on fewer U.S. homes in May than anticipated after the expiration of a government incentive boosted construction and sales in preceding months. Housing starts fell 10 percent to a 593,000 annual rate last month, the lowest level this year, from a revised 659,000 pace in April that was less than previously estimated, Commerce Department figures showed today in Washington. Building permits, a sign of future construction, unexpectedly declined to a one- year low. Single-family home starts suffered the biggest drop since 1991. Builders focused less on starting new projects and more on completing houses for those seeking to qualify for the tax ...
Jobless Claims in U.S. Decreased 3,000 Last Week to 456,000
Post Date: 2010-06-10 08:32:35 by war
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June 10 (Bloomberg) -- More Americans than anticipated filed applications for unemployment benefits last week, a sign firings remain elevated even as the economy is expanding. Initial jobless claims dropped by 3,000 to 456,000 in the week ended June 5, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected 450,000 claims, according to the median forecast. The number of people receiving unemployment insurance fell to the lowest level since 2008, while those getting extended payments climbed. While payrolls rose for a fifth month in May, hiring by companies was less than forecast, underscoring Federal Reserve Chairman Ben S. Bernanke’s ...
FED'S BEIGE BOOK SAYS ECONOMY IMPROVED IN ALL 12 DISTRICTS
Post Date: 2010-06-09 14:02:24 by war
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June 9 (Bloomberg) -- Following is a summary of U.S. economic conditions as reported by the 12 Federal Reserve district banks in the central bank’s latest regional survey, also known as the beige book. The Federal Reserve Bank of Chicago prepared the latest report. Information was collected on or before May 28. Boston: “Business contacts in the First District report stable to increasing activity in recent months compared with a year earlier, with most citing increases. Retail contacts note some potholes in the recovery path, but generally positive sales results; most responding manufacturers, staffing firms, and software and information technology services providers are also ...
Markets Tanking
Post Date: 2010-06-04 15:11:34 by Fred Mertz
4 Comments
Dow 9,953.74 -301.54 -2.94% I've got to run and get a haircut. See you later.
Worse than a Depression
Post Date: 2010-06-04 13:45:28 by Badeye
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Worse than a Depression By Monty Pelerin As the economic crisis approaches the two-year point, it is apparent that "this time is different." Few analysts believe that we are going to recover from this Great Recession in a fashion that resembles prior recoveries. Most argue about how long it might run (Japan's recovery is now two decades old), and whether inflation or deflation results. Two years into the problem, these issues are still unclear. It is understandable why the duration of the recovery might be moot. Less clear is why economists cannot agree as to whether there will be deflation or inflation. After all, these outcomes are polar opposites of one another and ...
Payrolls in U.S. Increase 431,000 in May, Jobless Rate at 9.7%
Post Date: 2010-06-04 08:33:26 by war
3 Comments
June 4 (Bloomberg) -- Employers in the U.S. hired fewer workers in May than forecast, showing a lack of confidence in the recovery that may lead to slower economic growth. Payrolls rose by 431,000 last month after a 290,000 increase in April, figures from the Labor Department in Washington showed today. The gain was smaller than the 536,000 median forecast in a Bloomberg News survey and reflected a 411,000 jump in government hiring of temporary help for the 2010 census. Private payrolls rose a less-than-forecast 41,000. The unemployment rate fell to 9.7 percent as Americans dropped out of the labor force. Staff reductions at companies such as Hewlett-Packard Co. and Citigroup Inc. ...
Jobless Claims in U.S. Decreased by 10,000 to 453,000 Last Week
Post Date: 2010-06-03 08:41:09 by war
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June 3 (Bloomberg) -- The number of Americans seeking jobless benefits last week fell to 453,000, a level that signals firings remain elevated even as the economy expands. Initial jobless claims dropped by 10,000 in the week ended May 29, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected claims would drop to 455,000, according to the median forecast. The number of people receiving unemployment insurance and those getting extended payments increased. The jobless rate may hover around 10 percent as companies from Hewlett-Packard Co. to Hershey Co. keep trimming staff to reduce costs. The claims data contrast with other figures that indicate ...
ADP EMPLOYER SERVICES SAYS U.S. ADDED 55,000 JOBS IN MAY
Post Date: 2010-06-03 08:38:20 by war
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ROSELAND, NJ -- (Marketwire) -- 06/03/10 -- According to today's ADP National Employment Report(R), private sector employment increased by 55,000 from April to May on a seasonally adjusted basis. The ADP National Employment Report, created by Automatic Data Processing, Inc. (ADP(R)), in partnership with Macroeconomic Advisers, LLC, is derived from actual payroll data and measures the change in total nonfarm private employment eachmonth.
Announced U.S. Job Cuts Fell From Year Ago, Challenger Says
Post Date: 2010-06-02 08:30:16 by war
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June 2 (Bloomberg) -- Job cuts announced by U.S. employers declined in May, indicating the labor market is improving. Planned firings dropped 65 percent to 38,810 from 111,182 in May 2009, according to figures released today by Chicago- based Challenger, Gray & Christmas Inc. Companies are retaining workers and starting to hire as they boost production and spending to meet improved demand in the U.S. and abroad. An improving labor market will help the economy withstand challenges posed by the European debt crisis and growing U.S. state and local budget deficits. “Announced job cuts have, for all intents and purposes, returned to pre-recession levels,” John Challenger, chief ...
Manufacturing Expands For 10th Month
Post Date: 2010-06-01 10:06:34 by war
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June 1 (Bloomberg) -- Manufacturing in the U.S. expanded in May for a 10th month as factories continued to help propel the economic recovery. The Institute for Supply Management’s manufacturing gauge fell to 59.7, higher than forecast, from 60.4 in April, which was the highest level in almost six years. Readings greater than 50 point to expansion. Economists forecast the gauge would fall to 59, according to the median of 76 projections in a Bloomberg News survey. Estimates ranged from 56 to 62. Other reports today showed manufacturing growth from China to the euro region weakened in May. The Purchasing Managers’ Index for China fell to 53.9 in May from 55.7 in the previous ...
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