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Latest Articles: Economy
Construction Spending in U.S. Rose in April by Most Since 2000
Post Date: 2010-06-01 10:02:25 by war
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June 1 (Bloomberg) -- Construction spending in the U.S. rose in April by the most since 2000 as demand related to the end of a tax credit spurred builders to break ground on more houses. The 2.7 percent increase brought spending to $869 billion, after a revised 0.4 percent gain in March that was more than previously estimated, Commerce Department figures showed today in Washington. Economists projected no change for April, according to the median forecast in a Bloomberg News survey. Sales boosted by a government incentive of as much as $8,000 helped reduce the number of unsold new houses in April to the lowest level in more than three decades, spurring housing starts. While government ...
Clinton: 'The rich are not paying their fair share'
Post Date: 2010-05-28 13:31:17 by Badeye
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Clinton: 'The rich are not paying their fair share' - Ben Smith: Clinton: 'The rich are not paying their fair share'May 27, 2010 Secretary of State Hillary Clinton made a rare foray into domestic politics today, offering her view that — given America's high unemployment — wealthy Americans don't pay enough taxes. "The rich are not paying their fair share in any nation that is facing the kind of employment issues [America currently does] — whether it's individual, corporate or whatever [form of] taxation forms," Clinton told an audience at the Brookings Institution, where she was discussing the Administration's new National ...
Chicago Index Shows Expansion for Eighth Month
Post Date: 2010-05-28 09:57:43 by war
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May 28 (Bloomberg) -- Business activity in the U.S. expanded in May for an eighth straight month, a sign manufacturing has yet to be affected by the turmoil in financial markets. The Institute for Supply Management-Chicago Inc. said today its business barometer fell to 59.7 this month from 63.8 in April, which was the highest level in five years. Figures greater than 50 signal expansion. Rising sales and lean inventories are prompting companies to boost production and hiring, helping to broaden the economic recovery. Companies such as General Electric Co. and Deere & Co. are among those saying the global economic rebound is strong enough to weather the effects of the European debt ...
U.S. CONSUMER SPENDING UNCHANGED IN APRIL; INCOMES UP 0.4%
Post Date: 2010-05-28 08:33:12 by war
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May 28 (Bloomberg) -- Consumer spending in the U.S. unexpectedly stalled in April as Americans used growing wages to rebuild savings. The pause in purchases compared with a 0.3 percent increase projected by the median forecast of economists surveyed by Bloomberg News and followed a 0.6 percent gain in March, Commerce Department figures showed today in Washington. Incomes climbed 0.4 percent for a second month, and the savings rate rose for the first time in four months. Increasing wages will probably help mitigate the damage from the financial turmoil caused by the European debt crisis, sustaining the U.S. economic recovery. Profits at retailers from Target Corp. to Gap Inc. are beating ...
Traders Rev Up Luxury Car Sales as Taboo Fades - The Obama Depression
Post Date: 2010-05-27 13:23:47 by Skip Intro
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Traders Rev Up Luxury Car Sales as Taboo Fades Trader Craig Poler couldn’t hold out any longer. Browsing at the Miller Motorcars dealership in Greenwich, Connecticut, he spotted the $130,000 Aston Martin Vantage Coupe he had been dreaming about for months. “The second I saw it I knew I was going to buy it,” said Poler, 48, who trades oil and petroleum products. “I’ve wanted one for a long time, since I started seeing them in London when I went on business.” Super-luxury cars, whose sales plunged after Lehman Brothers Inc.’s collapse and the ensuing financial crisis, are making a comeback. Fiat SpA’s Maserati and Ferrari brands, Bayerische Motoren ...
U.S. Economic Rebound Slowed Last Quarter
Post Date: 2010-05-27 09:51:39 by Badeye
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U.S. Economic Rebound Slowed Last Quarter Published May 27, 2010 | Associated Press Print Email Share Comments (2) Text Size WASHINGTON -- The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay stubbornly high this year. The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent growth a month ago. The new reading, based on more complete information, also fell short of economists' forecast for stronger growth of 3.4 percent. The reasons for the small downgrade: consumers spent less than first ...
Initial Jobless Claims in U.S. Fell 14,000 Last Week to 460,000
Post Date: 2010-05-27 08:38:16 by war
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May 27 (Bloomberg) -- More Americans than forecast filed applications for unemployment benefits last week, indicating firings persist even as the economy rebounds and employment picks up. Initial jobless claims fell by 14,000 to 460,000 in the week ended May 22, Labor Department figures showed today in Washington. Economists forecast claims would drop to 455,000, according to the median estimate in a Bloomberg News survey. The number of people receiving unemployment insurance and those getting extended payments declined. Some companies such as Pfizer Inc. are shedding workers and closing plants to cut costs, even as the economy has added jobs each month this year. The unemployment rate, ...
Economy in U.S. Expands Less Than First Estimated, Profits Grow
Post Date: 2010-05-27 08:33:40 by war
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May 27 (Bloomberg) -- The U.S. economy grew in the first quarter at a slower pace than previously calculated, reflecting smaller gains in consumer and business spending and highlighting the risks to the recovery posed by the European debt crisis. The 3 percent increase at an annual rate in gross domestic product was less than the median estimate of economists surveyed by Bloomberg News and compares with an advance estimate of 3.2 percent issued last month, figures from the Commerce Department showed today in Washington. Corporate profits grew and incomes were revised down. Households are gaining confidence this quarter as employment improves, and manufacturing is powering ahead as ...
Stocks, U.S. Futures Rally on China Comments; Euro Strengthens
Post Date: 2010-05-27 08:13:49 by war
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May 27 (Bloomberg) -- Stocks and U.S. futures surged and the euro snapped a three-day decline against the dollar as China said it remains a long-term investor in Europe, damping concerns that the region’s debt crisis will worsen. Commodities rallied. The MSCI World Index, a gauge of equities in 24 developed nations, climbed 1.1 percent at 12:03 p.m. in London. Futures on the Standard & Poor’s 500 Index jumped 2.5 percent. The euro strengthened 1.1 percent against the dollar, paring a decline that drove it 1.6 percent lower in the three days through yesterday, and appreciated 1.6 percent compared with the yen. Oil and copper advanced for a second day. More than ten shares ...
Dow ends below 10,000
Post Date: 2010-05-26 16:42:43 by Badeye
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Dow ends below 10,000 By Alexandra Twin, senior writerMay 26, 2010: 4:13 PM ET NEW YORK (CNNMoney.com) -- Stocks erased gains by the close Wednesday, with the Dow ending below 10,000 for the first time in three months, as worries about global growth and a slide in the euro overshadowed upbeat economic news. The Dow Jones industrial average (INDU) lost 70 points, or 0.7%, the S&P 500 (SPX) index lost 6 points, or 0.6%, and the Nasdaq (COMP) lost 15 points, or 0.7%. Facebook Digg Twitter Buzz Up! Email Print Comment on this story A global market rally and a strong housing market report gave stocks a boost in the morning, but trading was choppy through the rest of the session as the ...
Sales of New Homes in U.S. Jump to Two-Year High on Tax Credit
Post Date: 2010-05-26 10:02:07 by war
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May 26 (Bloomberg) -- Purchases of new homes in the U.S. jumped in April to the highest level in two years as buyers rushed to qualify for a government tax credit before it expired at the end of the month. Sales climbed 15 percent to an annual pace of 504,000, the most since May 2008, after surging a revised 30 percent the prior month, figures from the Commerce Department showed today in Washington. The median sales price dropped 9.5 percent from the same month last year, which may reflect increased demand from first-time buyers seeking the government incentive. To receive a tax credit worth as much as $8,000, contracts had to be signed by the end of April, meaning demand will probably ...
Durables Orders in U.S. Increased More Than Forecast in April
Post Date: 2010-05-26 08:41:21 by war
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May 26 (Bloomberg) -- Orders for durable goods rose in April for the fourth time in five months, pointing to strength in U.S. manufacturing at the start of the second quarter. The 2.9 percent increase in bookings for goods meant to last at least three years was the biggest in three months and followed little change in March, figures from the Commerce Department showed today in Washington. Orders excluding transportation unexpectedly fell after revisions showed even bigger increases in prior months. Rising exports and lean inventories are prompting companies to place more orders with factories, keeping factories at the forefront of the recovery from the worst recession since the 1930s. ...
New York State home sales on the rise as buyers take advantage of federal tax credit
Post Date: 2010-05-26 08:22:59 by war
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, NY - May 24, 2010 - (RealEstateRama) — The New York state housing market continued to improve as April 2010 sales jumped nearly 20 percent compared to April 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price also rose by more than 8 percent compared to April 2009. “The April data indicate two positive sales trends for the Empire State’s housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer, noting that sales have increased from year-ago totals for four consecutive months, and from prior-month sales for the past two months. “The federal tax credit, ...
U.S. MBA Mortgage Applications Index Rose 11.3% Last Week
Post Date: 2010-05-26 08:08:05 by war
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May 26 (Bloomberg) -- The number of mortgage applications in the U.S. rose last week by the most in a month as homeowners took advantage of borrowing costs close to a record low to refinance. The 11.3 percent increase in the Mortgage Bankers Association’s applications index for the week ended May 21 followed a 1.5 percent drop the previous week, the Washington- based group said today. Refinancing surged 17 percent, the most since February. Purchase applications fell to the lowest level since 1997. The figures show declining mortgage rates alone may not be enough to sustain the housing market following the expiration of a government homebuyer tax credit. An improving job market will ...
OBAMA REDISTRIBUTION VICTORY: PRIVATE PAY PLUMMETS, GOVT HANDOUTS SOAR
Post Date: 2010-05-25 16:29:37 by WhiteSands
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Private pay shrinks to historic lows as gov't payouts rise. Paychecks from private business shrank to their smallest share of personal income in U.S. history during the first quarter of this year, a USA TODAY analysis of government data finds. At the same time, government-provided benefits — from Social Security, unemployment insurance, food stamps and other programs — rose to a record high during the first three months of 2010. Those records reflect a long-term trend accelerated by the recession and the federal stimulus program to counteract the downturn. The result is a major shift in the source of personal income from private wages to government programs. The trend is ...
U.S. MARCH S&P/CASE-SHILLER HOME PRICES RISE 2.35% VS YR AGO
Post Date: 2010-05-25 10:02:47 by war
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*GAIN IN 20-CITY CASE-SHILLER YOY INDEX BIGGEST SINCE OCT. 2006 *U.S. 1Q S&P/CASE-SHILLER HOME PRICES RISE 2% VS YR AGO
Speculators Grab Gold Faster Than Mines Can Produce It
Post Date: 2010-05-24 19:53:24 by Skip Intro
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Speculators Grab Gold Faster Than Mines Can Produce It Speculators are buying gold faster than the world’s biggest producers can mine it as analysts forecast a 27 percent rally that may extend the longest run of annual gains since at least 1920. Exchange-traded products backed by bullion added 41.7 metric tons in the week to May 14, the most in 14 months, data from UBS AG show. China, Australia and the 15 other largest mining nations averaged weekly output of 41.6 tons last year, researcher GFMS Ltd. estimates. Even though prices have fallen 4.6 percent to $1,191.65 from a record $1,249.40 an ounce May 14, the median in a Bloomberg survey of 23 traders, analysts and investors ...
More Americans Unexpectedly File Claims for Jobless Benefits
Post Date: 2010-05-20 08:32:20 by war
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May 20 (Bloomberg) -- More Americans unexpectedly filed applications for unemployment benefits last week, showing firings remain elevated even as employment climbs. Initial jobless claims rose by 25,000 to 471,000 in the week ended May 15, exceeding the median forecast of economists surveyed by Bloomberg News and the highest level in a month, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance and those getting extended payments fell. Some companies are trimming payrolls to boost or maintain profits, even as employers have added jobs each month this year. Unemployment may take time to recede as more jobseekers enter the workforce and ...
Producer Costs in U.S. Unexpectedly Dropped in April
Post Date: 2010-05-18 10:28:02 by war
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May 18 (Bloomberg) -- Wholesale prices in the U.S. unexpectedly dropped in April, the second decrease in three months, signaling the global recovery from the worst recession in the post-World War II era has yet to stoke inflation. The 0.1 percent decline in prices paid to factories, farmers and other producers followed a 0.7 percent increase in March, the Labor Department said today in Washington. Excluding food and fuel, so-called core prices climbed 0.2 percent, compared with 0.1 percent gains in the previous two months. Cost pressures are diminishing as goods make their way up production lines to consumers, showing companies have enough idle capacity to prevent bottlenecks even as ...
Housing Starts in U.S. Rose in April to Highest Since 2008
Post Date: 2010-05-18 08:32:27 by war
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May 18 (Bloomberg) -- Builders in April broke ground on more U.S. homes than anticipated as buyers took advantage of a tax credit before its expiration. Housing starts rose to a 672,000 annual rate last month, the highest since October 2008 and up 5.8 percent from March, Commerce Department figures showed today in Washington. Building permits, a sign of future construction, dropped to the lowest level in six months. Demand that was bolstered by a government incentive of as much as $8,000 helped reduce the number of unsold new houses to the lowest level since 1971 and encouraged builders to take on more projects. The slump in permits indicates that sustained gains in the weakest part of ...
Foreclosures Drop 2 Percent from Last Year [9% MoM]
Post Date: 2010-05-13 09:55:04 by war
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The number of homes facing foreclosure last month fell two percent from a year ago. It is the first annual decline in foreclosures in five years. RealtyTrac said one in every 387 homes received a foreclosure notice last month. That number was down nine percent from March. However, while the new delinquency rate is dropping, the number of borrowers losing their homes is still rising. Banks seized a record 92,000 homes last month. Unemployment is one of the main reasons. Initially, lax spending standards were to blame, but homeowners with good credit who took out normal, fixed-rate loans are now the fastest growing group of foreclosures. As the economy turns around, "you will see an ...
Jobless Claims in U.S. Declined by 4,000 to 444,000 Last Week
Post Date: 2010-05-13 08:32:01 by war
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May 13 (Bloomberg) -- The number of Americans filing claims for jobless benefits dropped for a fourth straight week, a sign that employers are retaining more workers as the economy expands. Initial jobless claims fell by 4,000 to 444,000 in the week ended May 8, higher than the median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance increased and those getting extended payments fell. Employers seeing improved sales and profits have added workers to payrolls in each of the last four months, signaling greater confidence in the recovery. Unemployment may take time to retreat as the ...
Small Business Confidence Index in U.S. Rises to 19-Month High
Post Date: 2010-05-11 08:36:36 by war
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May 11 (Bloomberg) -- Confidence among U.S. small businesses owners rose in April to the highest level since September 2008 as projections for profits, sales and the economy improved. The National Federation of Independent Business’s optimism index rose to 90.6 from 86.8 in March, the Washington-based group said today. Its measure of sales climbed to the highest level since the recession began in December 2007. The index remains below levels associated with past economic recoveries, indicating the rebound in growth will take time to develop. The report showed the employment outlook was negative in April for the 17th time in the past 18 months. “The recovery is going to be ...
America has good reason to worry about Greece
Post Date: 2010-05-09 20:32:59 by Skip Intro
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America has good reason to worry about Greece At the end of last week, the US looked hard at Greece and was scared. So tiny an economy should not be bringing all of Europe low and even threatening to explode the euro, but it is. What started as a US financial crisis plunged Europe into recession; was Europe about to return the compliment? What, Americans began to wonder, did Europe’s problems tell them about their own? The cause of the present turmoil, Greek public debt, has aroused fears of a wider sovereign-debt crisis and heightened concern about US government borrowing. More immediately, investors are asking, what if the European Union keeps making a hash of the problem? Will ...
Payrolls in U.S. Rise 290,000 in April; Unemployment at 9.9%
Post Date: 2010-05-07 08:33:27 by war
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May 7 (Bloomberg) -- Employment in the U.S. increased in April by the most in four years and the unemployment rate unexpectedly rose as thousands of people entered the labor force, indicating the recovery is becoming self-sustaining. Payrolls jumped 290,000 last month, more than the median estimate of economists surveyed by Bloomberg News, after a revised 230,000 increase in March that was larger than initially estimated, figures from the Labor Department in Washington showed today. The April gain included 66,000 temporary workers hired by the government to help conduct the 2010 census and a 231,000 rise in private payrolls. Companies such as General Electric Co. are boosting staff as ...
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