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Latest Articles: Economy
Payrolls in U.S. Rose 162,000 in March; Unemployment at 9.7%
Post Date: 2010-04-02 08:34:05 by war
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April 2 (Bloomberg) -- Employment in the U.S. increased in March by the most in three years and the unemployment rate held at 9.7 percent as companies gained confidence the economic recovery will be sustained. Payrolls rose by 162,000 last month, less than anticipated, after a revised 14,000 decrease in February that was smaller than initially estimated, figures from the Labor Department in Washington showed today. The increase included 48,000 temporary workers hired by the government to help conduct the 2010 census. Average hourly earnings fell and hours worked rose. Caterpillar Inc. is among companies adding staff, indicating the recovery that began in the second half of 2009 is ...
Payrolls in U.S. Rose 162,000 in March; Unemployment at 9.7%
Post Date: 2010-04-02 08:33:36 by war
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April 2 (Bloomberg) -- Employment in the U.S. increased in March by the most in three years and the unemployment rate held at 9.7 percent as companies gained confidence the economic recovery will be sustained. Payrolls rose by 162,000 last month, less than anticipated, after a revised 14,000 decrease in February that was smaller than initially estimated, figures from the Labor Department in Washington showed today. The increase included 48,000 temporary workers hired by the government to help conduct the 2010 census. Average hourly earnings fell and hours worked rose. Caterpillar Inc. is among companies adding staff, indicating the recovery that began in the second half of 2009 is starting ...
Wrightson On Payrolls
Post Date: 2010-04-02 08:12:36 by war
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Expectations for this morning’s employment report have gotten steadily less buoyant all week. Payroll growth still seems likely to be positive, but hopes for a breakout report have dimmed. We look for an increase of 125K in nonfarm payrolls, more than half of which would come from the public sector. We have also revised our projection for the unemployment rate up, and now share the median market forecast of an unchanged rate of 9.7%. Nonfarm Payrolls. Like many analysts, we lowered our payroll forecast after Wednesday’s ADP report. We now look for a 50K increase in private payrolls, a Census-driven 100K increase in federal payrolls, and a 25K decline in state and local government ...
Stocks, Metals Rally on Manufacturing Growth
Post Date: 2010-04-01 13:13:17 by war
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April 1 (Bloomberg) -- Stocks rallied, driving the MSCI World Index to an 18-month high, commodities jumped and Treasuries fell as reports showed global manufacturing is strengthening. The MSCI gauge of stocks in 23 developed nations climbed 1 percent at 11:49 a.m. in New York and the Standard & Poor’s 500 Index advanced 0.8 percent, with both surpassing their highest closing levels since September 2008. Copper, platinum and oil climbed to at least 17-month highs. The Swiss franc strengthened to a record against the euro and currencies of commodity producing nations rallied, with the Canadian dollar and Brazilian real gaining at least 0.7 percent versus the dollar. The Institute ...
Geithner: Unemployment to stay high
Post Date: 2010-04-01 09:23:39 by no gnu taxes
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Treasury Secretary Tim Geithner annonced that the nation's 9.7% unemployment is something we might look forward to seeing for a while. That's unfortunate. After about a trillion in "stimulus" and jobs bills, one would think things would improve more rapidly. Hmm...maybe there's something to what others have been saying about the fact that pumping money into the state is not the best way to create jobs.
U.S. March Monster Employment Index Improves In March
Post Date: 2010-04-01 08:54:21 by war
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April 1 (Bloomberg) -- The outlook on U.S. employment conditions improved in March, according to the Monster Employment Index. The U.S. employment outlook index rose to 125 from 124 in February. The index measures overall employee demand from online recruitment activity. Monster reviews more than 1,500 web sites, including corporate career sites, job boards and Monster.com to obtain a comprehensive overview of jobs available and advertised online.
Jobless Claims in U.S. Decreased by 6,000 Last Week to 439,000
Post Date: 2010-04-01 08:32:21 by war
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April 1 (Bloomberg) -- Fewer Americans filed claims for jobless benefits last week, bringing the average over the past month to the lowest level since 2008, as the economic recovery prompted companies to retain staff. Initial jobless applications declined by 6,000 to 439,000 in the week ended March 27, 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 was little changed, while those getting extended benefits rose. Employers are slowing job cuts, a sign of confidence, as the U.S. emerges from the worst recession since the 1930s. Sustained employment gains are ...
*U.S. CHALLENGER MARCH JOB CUTS FALL 55% FROM A YEAR EARLIER
Post Date: 2010-04-01 07:50:17 by war
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April 1 (Bloomberg) -- Employers in the U.S. announced fewer job cuts in March than a year earlier, a sign the labor market is stabilizing. Planned firings fell 55 percent last month to 67,611 from 150,411 a year earlier, according to data collected by the job placement firm Challenger, Gray & Christmas Inc. Announcements increased from February’s three-year low of 42,090. Employers are retaining workers as the economy recovers from the worst recession since the 1930s. Sustained economic growth will depend on job creation, and a report from the Labor Department tomorrow may show that process in that area started to unfold in March. “Most industries have seen sharp declines ...
Factory Orders in the U.S. Climb for 10th Time in 11 Months
Post Date: 2010-03-31 10:02:08 by war
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March 31 (Bloomberg) -- Orders placed with U.S. factories rose in February for the 10th time in the past 11 months, while inventories and backlogs climbed by the most in more than a year, a sign that factories will keep leading the economic expansion. Bookings increased 0.6 percent after a revised 2.5 percent gain in January that was larger than previously estimated, the Commerce Department said today in Washington. Excluding demand for transportation equipment such as cars and airplanes, which tends to be volatile, orders rose 0.7 percent, the seventh consecutive advance. Companies including Texas Instruments Inc. are benefiting as businesses work to stabilize stockpiles and prepare for ...
ADP Says U.S. Companies Unexpectedly Cut Payrolls
Post Date: 2010-03-31 09:58:07 by war
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March 31 (Bloomberg) -- Companies in the U.S. unexpectedly cut payrolls in March, according to data from a private report based on payrolls. The 23,000 decline was the smallest in two years and followed a revised 24,000 drop the prior month, data from ADP Employer Services showed today. Over the previous six months, ADP’s initial figures have overstated the Labor Department’s first estimate of private payroll losses by as little as 2,000 in February to as much as 151,000 in November. Companies are still hesitant to add workers until they see sustained sales gains and are convinced the economic recovery has taken hold. Economists surveyed by Bloomberg News anticipate the ...
U.S. MBA Mortgage Applications Index Rose 1.3% Last Week
Post Date: 2010-03-31 09:56:00 by war
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March 31 (Bloomberg) -- Mortgage applications in the U.S. rose last week as purchases increased to the highest level since October, indicating buyers may be re-emerging to take advantage of the extended federal tax credit. The Mortgage Bankers Association’s index climbed 1.3 percent in the week ended March 26. The Washington-based group’s purchase gauge rose 6.8 percent, the fourth gain in five weeks, while its refinancing measure dropped 1.3 percent. The report signals housing may get a lift through the end of April, the deadline for Americans to sign a contract on a home and qualify for the tax incentive. At the same time, a lasting rebound in the real estate market will ...
Chicago Purchasing Managers Index Decreased to 58.8 in March
Post Date: 2010-03-31 09:53:18 by war
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March 31 (Bloomberg) -- The Institute for Supply Management-Chicago Inc. said today its business barometer fell to 58.8 from 62.6 in February. Readings greater than 50 signal expansion. Economists projected the index would fall to 61, according to the median of 54 projections in a Bloomberg News survey. Estimates ranged from 58 to 64.4. Most of the drop appears to be associative to order backlog which is understandable as the employment index ticked up...and prices paid...every other components appears steady to stroig...production still over 60...new orders still over 60... A positive contributor but what could be a negative going forward was a HUGE jump in inventories. All in all it ...
Toyota Says Discounts May Boost March U.S. Sales 35%
Post Date: 2010-03-30 13:27:41 by war
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March 30 (Bloomberg) -- Toyota Motor Corp. said U.S. sales rose as much as 35 percent this month as incentives such as no- interest financing overcame the drag from global recalls of more than 8 million vehicles. “Our loyal customers are starting to come back; the challenge is going to be attracting conquest buyers” from rivals, Jim Lentz, Toyota’s U.S. sales chief, told reporters today in New York. “It’s not weeks, it’s going to be measured in months, hopefully not years.” Lentz predicted a March gain in a range of 30 percent to 35 percent from a year earlier, without giving a figure before an April 1 report on monthly results. He said Toyota City, ...
U.S. Economy: Consumer Confidence Improves, Home Prices Rise
Post Date: 2010-03-30 13:26:07 by war
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March 30 (Bloomberg) -- Consumers in the U.S. gained confidence in March as the gloom over job prospects began to lift, indicating employment will be central to preserving the recent acceleration in spending. The Conference Board’s confidence index rose to 52.5, exceeding the median forecast of economists surveyed by Bloomberg News, from 46.4 in February, according to figures today from the New York research group. Home prices unexpectedly rose in January for an eighth month, data also showed. “With signs of improvement in the labor market, confidence is more likely to be up than down in the next few months,” said James O’Sullivan, chief economist at MF Global Ltd. in ...
Record weekly outflow from money market funds
Post Date: 2010-03-30 11:36:06 by war
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NEW YORK, March 18 (Reuters) - Investors pulled a record $61.1 billion from money market mutual funds in the week ended March 17, according to fund tracker EPFR Global. The firm said on Thursday the net outflow of cash from these funds, which are typically viewed as places where investors can stash money for safe-keeping, is more than $256 billion year-to-date. "Overall, EPFR Global-tracked equity funds took in a net $5.7 billion while collective flows into bond funds again exceeded $6 billion," the statement said. In addition to the EPFR Data, the Investment Company Institute, a trade group, earlier reported its own money market mutual fund flow data, showing a decrease of ...
Consumer Spending in U.S. Increases for Fifth Straight Month
Post Date: 2010-03-29 08:39:35 by war
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March 29 (Bloomberg) -- Consumer spending in the U.S. rose in February for a fifth consecutive month, pointing to a recovery that may accelerate when the economy starts creating jobs. The 0.3 percent increase in purchases matched the median forecast of economists surveyed by Bloomberg News and followed a 0.4 percent gain in January, Commerce Department figures showed today in Washington. Incomes were unchanged, short of expectations and reflecting mounting job losses. Growing demand means retailers such as Best Buy Co. may be able to sustain gains in profits even as Americans face rising foreclosures and a jobless rate that economists anticipate will be slow to retreat from the 26-year ...
Loan Market Shrinks 13% as Bonds Beat Bank Debt in ‘Tug of War’
Post Date: 2010-03-26 09:48:17 by war
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March 26 (Bloomberg) -- Record junk-bond sales sent leveraged-loan prices to an almost two-year high, causing the market to shrink by the most in its history as companies use their new issuance to repay bank debt. U.S. firms issued $58.3 billion of high-yield, high-risk bonds this year, more than a fourfold increase from the same period last year when sales totaled $11.3 billion, according to data compiled by Bloomberg. The S&P/LSTA US Leveraged Loan 100 Index rose 0.29 cent to 90.79 cents on the dollar as of yesterday, the highest since June 30, 2008. While bank lending to speculative-grade companies plummeted to its lowest point last year since the 2001 recession, companies are ...
Bernanke Says Economy Needs ‘Accommodative’ Policies
Post Date: 2010-03-25 11:08:36 by war
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March 25 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the U.S. economy still needs low interest rates and that the central bank will be ready to tighten credit “at the appropriate time.” “The economy continues to require the support of accommodative monetary policies,” Bernanke said today in prepared testimony to the House Financial Services Committee, repeating parts of a statement to the panel from last month. “However, we have been working to ensure that we have the tools to reverse, at the appropriate time, the currently very high degree of monetary stimulus.” The central bank chief and his colleagues have been outlining their strategy for ...
Jobless Claims in U.S. Decreased 14,000 Last Week to 442,000
Post Date: 2010-03-25 08:32:41 by war
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March 25 (Bloomberg) -- Initial jobless claims fell to the lowest level in six weeks as the rebound in the economy encourages companies to make fewer cuts in payrolls. First-time jobless applications declined by 14,000 to 442,000 in the week ended March 20, lower than anticipated, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance decreased, and those getting extended benefits also fell. Employers are slowing the pace of payroll reductions, indicating budding confidence in an economy that’s been lifted by a pickup in manufacturing and expansion overseas. Companies need to move beyond jobs cuts and start hiring to ensure the ...
Sales of New U.S. Homes Dropped in February to Lowest on Record
Post Date: 2010-03-24 10:02:28 by war
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By Bob Willis March 24 (Bloomberg) -- Sales of new homes in the U.S. unexpectedly fell in February to a record low as blizzards, unemployment and foreclosures depressed the market. Purchases decreased 2.2 percent to an annual pace of 308.000, figures from the Commerce Department showed today in Washington. The median sales price climbed by the most in more than two years. The new-home market is vying with foreclosure-induced declines in prices for existing homes in an economy where unemployment is forecast to average 9.6 percent this year, close to a 26-year high. Treasury Secretary Timothy F. Geithner yesterday said it would take a “long time” to repair the housing market as ...
Durable Goods Orders in U.S. Climb for Third Month
Post Date: 2010-03-24 08:48:34 by war
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March 24 (Bloomberg) -- Orders for long-lasting goods rose in February for a third month, while inventories and backlogs climbed by the most in more than a year, indicating the manufacturing rebound will keep propelling the U.S. recovery. The 0.5 percent increase in bookings for durable goods was in line with the median forecast of economists surveyed by Bloomberg News and followed a 3.9 percent gain the prior month, the Commerce Department said today in Washington. Excluding transportation equipment, orders advanced 0.9 percent, more than anticipated. Business spending on new equipment, inventory restocking and a pickup in global demand mean companies from Boeing Co. to Owens-Illinois ...
U.S. MBA Mortgage Applications Index Declined 4.2% Last Week
Post Date: 2010-03-24 08:46:29 by war
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March 24 (Bloomberg) -- Mortgage applications in the U.S. fell for a second time last week as demand for refinancing dropped by the most in a month. The Mortgage Bankers Association’s index decreased 4.2 percent in the week ended March 19. The Washington-based group’s refinancing measure declined 7.1 percent, while its purchase gauge rose 2.7 percent. Applications to buy a home increased for the third time in four weeks, indicating sales may be stabilizing. While the extension and expansion of a homebuyer tax credit may help prop up the real estate market in coming months, job growth is required to provide a sustained boost. “Right now housing is in a transition,” ...
Existing U.S. Home Sales Fall for Third Month
Post Date: 2010-03-23 11:05:31 by war
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March 23 (Bloomberg) -- Sales of existing U.S. homes fell in February for a third month, indicating a lack of jobs is hindering government efforts to revive demand. Purchases dropped 0.6 percent to a 5.02 million annual rate, the lowest level in eight months and in line with the median forecast of economists surveyed by Bloomberg News, figures from the National Association of Realtors showed today in Washington. The median price decreased 1.8 percent from February 2009. The extension and expansion of a federal tax credit that helped stabilize housing in 2009 has yet to spark sales this year as hiring hasn’t materialized. Home Depot Inc. is among companies cutting prices to stimulate ...
Jobless Claims in U.S. Decreased by 5,000 to 457,000 Last Week
Post Date: 2010-03-18 08:33:08 by war
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March 18 (Bloomberg) -- Fewer Americans filed first-time claims for jobless benefits last week for third consecutive time, a sign the labor market is gradually improving along with the economy. First-time jobless applications dropped by 5,000 to 457,000 in the week ended March 13, in line with forecasts, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance increased, and those getting extended benefits also rose. Companies are cutting fewer jobs as sales rise and the economy recovers from the deepest recession since the 1930s. A sustained increase in payrolls is needed for consumer spending, which accounts for about 70 percent of the ...
U.S. MBA Mortgage Applications Index Fell 1.9% Last Week
Post Date: 2010-03-17 08:18:52 by war
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March 17 (Bloomberg) -- Mortgage applications in the U.S. fell last week, led by a slump in purchases, a sign an extension of a tax credit for homebuyers has yet to spur demand. The Mortgage Bankers Association’s index decreased 1.9 percent in the week ended March 12. The Washington-based group’s purchase gauge fell 2.3 percent, while its refinancing measure declined 1.7 percent. The lack of demand even as borrowing costs dropped signals a sustained housing recovery will be slow to develop this year. Federal Reserve policy makers yesterday cited stagnant home construction, declines in commercial real estate and a lack of jobs as risks that continue to face the world’s ...
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