September 21, 201212 yr Author You can't legislate away numbers, Wind energy is ridiculously expensive per kWh and has not been coming down the way, say, solar has. Many other energy sources have additional cost to them. Including environmental cost and with oil the cost of keeping it flowing throughout the world. So does wind, in addition to its higher direct costs, especially when you're talking about massive wind farms. I guess I was talking more about the cost of securing oil from overseas (wars, military installations, etc.) I don't think wind has those cost attached.
September 22, 201212 yr The oil industry and their anti-science Tea-Party lackeys in Congress have prevailed. Congratulations /sarcasm Anti science? What does the oil industry have to do with a wind energy tax credit? We don't use (much) oil to produce electricity. Man, what an awful take.
September 25, 201212 yr Author Consumer-confidence gauge at 7-month high "WASHINGTON (MarketWatch) — Led by expectations, a gauge of consumer confidence jumped in September to its highest level in seven months yet remained relatively low, the Conference Board reported Tuesday." http://www.marketwatch.com/story/consumer-confidence-gauge-at-7-month-high-2012-09-25 The US and Japan has had the luxury of the world being mostly focused on Europe, its debts and problems. One day this attention will turn to us and Japan and our debt stories are not very pretty either. Debt crisis: as it happened, September 25, 2012 "The eurozone will not start to grow until at least 2014, according to forecasts by Standard & Poor's, as the rating agency said it now expected Spain's economy to contract by 1.4pc next year." http://www.telegraph.co.uk/finance/debt-crisis-live/9564009/Debt-crisis-as-it-happened-September-25-2012.html Recovery will be 'painful', IMF's Christine Lagarde warns "Heavily indebted countries like the UK face years more “painful” austerity to get their economies back on an even keel, International Monetary Fund managing director Christine Lagarde has warned." http://www.telegraph.co.uk/finance/economics/9563445/Recovery-will-be-painful-IMFs-Christine-Lagarde-warns.html Spain risks break-up as Mariano Rajoy stirs Catalan fury "The ruling parties of Catalonia have sought guidance from Brussels on the legality of secession from Spain, requesting a “route map” for membership of the European Union and the euro as an independent state." http://www.telegraph.co.uk/finance/financialcrisis/9556803/Spain-risks-break-up-as-Mariano-Rajoy-stirs-Catalan-fury.html
September 25, 201212 yr Author Bank reform has stalled, warns IMF "Financial regulators need to consider breaking up big banks to make the global economy safer, the International Monetary Fund said as it blasted the authorities for letting the reform programme stall and warned that the system remains “vulnerable and overly complex”. Banks are as risky as they were before the financial crisis and are devising new ways of gaming the rules, the IMF warned in an analytical chapter of its Global Financial Stability Report. To build a safer system, regulators need to “refine” policy further, including “a global-level discussion on the pros and cons for direct restrictions on certain business activities for banks, rather than just requiring them to hold more capital”, the IMF said." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9565290/Bank-reform-has-stalled-warns-IMF.html
September 25, 201212 yr Some international tax rankings Dunno if you can get this without a sub..... The numbers don't count VAT. http://www.bizjournals.com/cincinnati/news/2012/09/25/cincinnati-the-most-tax-friendly-city.html http://assets.bizjournals.com/cincinnati/KPMG_2012_Tax_Study.pdf
September 26, 201212 yr Home prices climb for fourth month in row Case-Shiller index rises in July to highest level in almost 2 years Sept. 25, 2012, 11:13 a.m. EDT By Jeffry Bartash, MarketWatch WASHINGTON (MarketWatch) — U.S. home prices rose in July for the fourth straight month to reach their highest level in nearly two years, according to an index released Tuesday. The S&P/Case-Shiller 20-city composite posted a 1.6% increase in July, following 2.3% advance in June. For the third month in a row, all 20 cities in the index recorded prices gains. The rise in prices reflect growing demand for new and pre-owned homes following the real-estate market’s worse slump in modern times. Ultra-low interest rates make owning a home more affordable and a mildly improved economy is drawing in buyers who previously were reluctant to make such a big financial commitment. Although home prices have risen 1.2% over the past 12 months, they are still about 30% lower compared to the market’s peak in 2006, the Case-Shiller index found. FULL ARTICLE http://www.marketwatch.com/story/home-prices-climb-for-fourth-month-in-row-2012-09-25?link=MW_story_insert
September 26, 201212 yr Other indicators need to make big strides before this one goes anywhere but down. Instead, these numbers suggest we're going right back the way we came, blowing bubbles in the wind.
September 26, 201212 yr Some international tax rankings Dunno if you can get this without a sub..... The numbers don't count VAT. http://www.bizjournals.com/cincinnati/news/2012/09/25/cincinnati-the-most-tax-friendly-city.html http://assets.bizjournals.com/cincinnati/KPMG_2012_Tax_Study.pdf If that PDF isn't accessible, here it is somewhere else http://www.CompetitiveAlternatives.com/reports/2012_compalt_report_tax_en.pdf
September 26, 201212 yr Author Other indicators need to make big strides before this one goes anywhere but down. Instead, these numbers suggest we're going right back the way we came, blowing bubbles in the wind. Bingo. We are just trying to blow another unsustainable housing bubble. Job growth is not even keeping up with new people entering the job market, incomes are still down, more people than every are on food stamps and government support. Yet, we are still trying with all our might (QE and low interest rates) to blow another housing bubble and stock market/commodities bubble. It actually sad to see this is the main focus of our attempt at an 'economic recovery'. If the world ever turns their attention to US and are artifical bubbles from Europe and their artifical bubbles, housing and the stock market are going to get wiped out.
September 26, 201212 yr Author New home sales dip in August, prices soar Increased demand pushes up cost by record 11.2% "WASHINGTON (MarketWatch) — Sales of newly built homes in the U.S. fell slightly in August as prices rose a record 11.2%, but demand remained at a two-year high." http://www.marketwatch.com/story/new-home-sales-dip-in-august-prices-soar-2012-09-26 QE done by US, Japan and Europe do have ramifications for other parts of the world and its usually not good. Another note on housing, usually a strong economy is needed first for housing to increase in value and demand. We are trying it in reverse, if we can create a strong housing market than some how we will end up with a strong economy. The emerging headache of QE3: Andy Xie QE3 should prompt China to press ahead with economic reforms "Its own analysis doesn’t expect the unemployment rate to fall below 7% in two years. That suggests that QE3 will last for over two years, and the total amount of MBS purchases will exceed $1 trillion, more than QE1’s $1 trillion. Through its purchases of MBS, the Fed provides direct support to the housing market and banks. The housing market is still wobbly. No economic recovery can be strong without a strong housing market. The Fed’s purchases will narrow the spread between the treasury yield and housing financing cost." http://www.marketwatch.com/story/the-emerging-headache-of-qe3-andy-xie-2012-09-26 And to think most of America's major banks are part of this investigation. RBS traders boasted of Libor 'cartel' "Royal Bank of Scotland traders boasted about operating a “cartel” to rig Libor just weeks before the bank was rescued at a cost of more than £40bn by the taxpayer. In one exchange in April 2008, Tan Chi Min, a former Singapore-based trader at RBS, messaged traders saying “Our six-month fixing moved the entire fixing, hahahah”." "Libor is the world’s main benchmark borrowing rate and is used to price hundreds of trillions of dollars of loans and derivatives across the globe. The court documents purport to show that even as late as August 2008, less than six weeks before RBS collapsed, some of the bank's traders were attempting to manipulate borrowing rates to make money." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9568087/RBS-traders-boasted-of-Libor-cartel.html FTSE 100 loses £23.2bn as Spain fears rock European markets "The FTSE 100 lost £23.2bn on Wednesday as mounting concerns over Spain and fresh strike action in Greece sent European investors heading for the exit." "Uncertainty over whether Spain will accept the terms of a bail-out sparked the latest sell-off, following violent riots in the country and as strikers again took to the streets in Greece to protest against austerity measures. Investors were also spooked by a member of the US Federal Reserve casting doubt on the effectiveness of its economy-boosting efforts, which sent the Dow Jones Industrial Average on Wall Street more than 100 points lower overnight." http://www.telegraph.co.uk/finance/markets/9568698/FTSE-100-loses-23.2bn-as-Spain-fears-rock-European-markets.html
September 27, 201212 yr Author This is a real problem. Durable-goods orders sink 13.2% in August "Largest drop in three years tied to lower airplane bookings Even after subtracting the volatile transportation sector, however, orders were weak. Bookings also fell for machinery, computers and primary metals in another sign the U.S. manufacturing sector has softened considerably after a more than two-year hot streak. Orders for durable goods, or items expected to last at least three years, provide a good idea of how fast the economy is growing. Orders surge when growth accelerates and drop when the economy falters." http://www.marketwatch.com/story/durable-goods-orders-sink-132-in-august-2012-09-27?dist=lcountdown Pending home sales retreat after hitting 2-yr high "WASHINGTON (MarketWatch) -Pending home sales retreated in August after hitting a two-year high in the previous month, a trade group reported Thursday." http://www.marketwatch.com/story/pending-home-sales-retreat-after-hitting-2-yr-high-2012-09-27?dist=lcountdown Last 3 GDPs. Q4 2011: 4.1% Q1 2012: 2.0% Q2 2012: 1.3% (1.25% was round up) Second-quarter U.S. growth cut to 1.3% Slower increases in consumer spending, business investment cited WASHINGTON (MarketWatch) — The government chopped its estimate of U.S. growth in the second quarter, as consumers and businesses spent and invested less than initially believed." http://www.marketwatch.com/story/second-quarter-us-growth-cut-to-13-2012-09-27
September 28, 201212 yr Author Another major economic gauge is in negative territory. Chicago PMI drops into negative territory in Sept. "WASHINGTON (MarketWatch) — Manufacturing activity in the Chicago region contracted for the first time in three years in September, according to the MNI Chicago Report released Friday." http://www.marketwatch.com/story/chicago-pmi-drops-into-negative-territory-in-sept-2012-09-28?dist=lcountdown Consumer-sentiment index rises in September "WASHINGTON (MarketWatch) -- A gauge of consumer sentiment rose to 78.3 for a final September reading from 74.3 in August, according to reports on the University of Michigan-Thomson Reuters consumer-sentiment gauge released Friday. A preliminary September reading pegged the level at 79.2, and economists polled by MarketWatch expected the final reading to rise to 79.5." http://www.marketwatch.com/story/consumer-sentiment-index-rises-in-september-2012-09-28?dist=lcountdown Spain's rising debt costs eat up austerity gains "Spain has pushed through €40bn of fresh austerity measures in the teeth of recession, despite violent protests across the country and separatist crises in Catalonia and the Basque region that threaten to break the country apart." http://www.telegraph.co.uk/finance/financialcrisis/9572501/Spains-rising-debt-costs-eat-up-austerity-gains.html
October 1, 201212 yr Author Interesting, Philly Index negative, NY Empire Index negative, Chicago PMI negative, yet the FED data comes out with a surprise growth. The 3 biggest indexes fall yet the overall ISM grows?! U.S. manufacturers expand in September ISM index rises to 51.5 from 49.6 "WASHINGTON (MarketWatch) — American manufacturers resumed growing in September after a three-month contraction, outperforming most of the rest of the world, according to a closely followed survey." “While 51.5 is still pretty low, consistent with very weak growth in manufacturing output, the improvement from a month ago is significant,” said Jim O’Sullivan, chief economist at High Frequency Economics." http://www.marketwatch.com/story/us-manufacturers-expand-in-september-2012-10-01?dist=lcountdown U.S. August construction spending down 0.6% "WASHINGTON (MarketWatch) - Outlays for U.S. construction projects fell for the second month in August, the Commerce Department reported Monday." http://www.marketwatch.com/story/us-august-construction-spending-down-06-2012-10-01?dist=lcountdown China manufacturing contracts for second month "HONG KONG (MarketWatch)—Chinese manufacturing activity contracted for a second straight month in September, though indicators also pointed to stabilizing conditions from lows reached in August, according to a government survey released Monday." http://www.marketwatch.com/story/china-official-pmi-shows-2nd-monthly-contraction-2012-10-01?dist=lcountdown
October 4, 201212 yr Author No recovery until 2018, IMF warns "Fund's chief economist Olivier Blanchard says global economy will take a decade to recover from the financial crisis" "Olivier Blanchard said he feared the eurozone crisis, debt problems in Japan and the US, and a slowdown in China meant that the world economy would not be in good shape until at least 2018. "It's not yet a lost decade," he said. "But it will surely take at least a decade from the beginning of the crisis for the world economy to get back to decent shape." http://m.guardiannews.com/ms/p/gnm/us/syvPP4KEFNU9_ev4Q2pP53Q/view.m?id=15&gid=business/2012/oct/03/imf-global-economy-warning&cat=top-stories
October 4, 201212 yr Author July's number was also revised lower than previously reported. From July to August we saw a 7.8 percent drop in factory orders. Orders to U.S. Factories Plunge on Airplanes, Computers "Orders placed with U.S. factories fell in August by the most in more than three years, signaling that slowdowns in business investment and exports restrained the economic expansion. The 5.2 percent decrease in bookings was the biggest since January 2009 and followed a revised 2.6 percent increase in July, the Commerce Department said today in Washington." http://www.bloomberg.com/news/2012-10-04/orders-to-u-s-factories-plunged-in-august-on-planes-computers.html
October 5, 201212 yr Author We shall see what the revisions show in the future. One of the main reasons for the drop was the data showed 582,000 part time jobs were created last month. Maybe the holiday hiring season is coming early? US jobless rate falls to 7.8 pct., 44-month low US unemployment rate falls to 7.8 pct., lowest since 2009, giving Obama a potential boost "The rate declined from 8.1 percent because the number of people who said they were employed soared by 873,000 — an encouraging sign for an economy that's been struggling to create enough jobs." http://finance.yahoo.com/news/us-jobless-rate-falls-7-123110106.html Payroll numbers were terrible again. Not enough jobs to even take care of the incoming workforce. Jobless rate falls to 7.8%, lowest since 2009 Unemployment drops to 7.8% from 8.1%; 114,000 jobs added “If you look at the payroll number, it’s not a good number,” said Steve Blitz, chief economist of ITG Investment Research. “When you look inside the report you see bits and pieces of good things.” “If you look at the payroll number, it’s not a good number,” said Steve Blitz, chief economist of ITG Investment Research. “When you look inside the report you see bits and pieces of good things.” http://www.marketwatch.com/story/jobless-rate-falls-to-78-lowest-since-2009-2012-10-05
October 5, 201212 yr ^Yeah... I wouldn't get too worried about these numbers until the revisions are released. That said, the revisions for July and August, both showing better employment numbers than originally reported, were highly disconcerting.
October 5, 201212 yr Author ^Yeah... I wouldn't get too worried about these numbers until the revisions are released. That said, the revisions for July and August, both showing better employment numbers than originally reported, were highly disconcerting. I think the revisions are a positive news. I hope more jobs are being created. The real issue is even those two revisions only took care of the incoming workforce needs.
October 9, 201212 yr Author For those that felt the boomers were retiring and that why the number of employed in the US was falling. More People Over 65 Are Still Working "U.S. labor market participation rates have been running at 30-year lows, but for one group — 65 years old and over — participation in the labor force continues to ramp up. In September, the number of those 65 and over who were employed was up 21% from the same month in 2008, while broad workforce employment was down almost 1.4%." http://blogs.wsj.com/economics/2012/10/08/more-people-over-65-are-still-working/ This kind of data helps strengthen the argument that the actual number of unemployed is much higher than what is being presented. It also shows that the data showing employed workers is more accurate and reliable than other unemployed data.
October 9, 201212 yr Author IMF Sees ‘Alarmingly High’ Risk of Deeper Global Slump "The International Monetary Fund cut its global growth forecasts as the euro area’s debt crisis intensifies and warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies." http://www.bloomberg.com/news/2012-10-08/imf-sees-alarmingly-high-risk-of-deeper-global-slump.html Say it isn't so. :-o U.S. Files Civil Mortgage Fraud Suit Against Wells Fargo "The government seeks damages and civil penalties under the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 for alleged misconduct spanning more than a decade related to the San Francisco-based bank’s participation in a Federal Housing Administration program, U.S. Attorney Preet Bharara in Manhattan said in a statement. “As the complaint alleges, yet another major bank has engaged in a longstanding and reckless trifecta of deficient training, deficient underwriting and deficient disclosure, all while relying on the convenient backstop of government insurance,” Bharara said in the statement." http://www.bloomberg.com/news/2012-10-09/u-s-files-civil-mortgage-fraud-suit-against-wells-fargo.html Alcoa posts third-quarter loss on low metal price "Oct 9 (Reuters) - Aluminum producer Alcoa Inc reported a third-quarter net loss as the price of the metal slumped and demand remained weak." http://in.reuters.com/article/2012/10/09/alcoa-earnings-idINL1E8L8CAT20121009
October 10, 201212 yr Author IMF: Europe banks may have to shed $4.5T of assets "TEL AVIV (MarketWatch) -- If European governments fail to solve the euro-area crisis -- implementing policies including tighter fiscal management, growth promotion, resolution of problem banks and unified bank supervision -- the region's banks could be forced to sell as much as $4.5 trillion of assets, the International Monetary Fund said in a report dated Wednesday. That figure is up 18% from the $3.8 trillion estimate the IMF made in April, the agency's Global Financial Stability Report says." http://www.marketwatch.com/story/imf-europe-banks-may-have-to-shed-45t-of-assets-2012-10-10 More stuff sitting in the warehouse. Wholesale inventories climb 0.5% in August "WASHINGTON (MarketWatch) -- Wholesale inventories grew 0.5% in August to a seasonally adjusted $487.5 billion, or a 5.3% gain from year-ago levels, the Commerce Department said Wednesday. The August gains were led by a 9.4% jump in petroleum inventories, and machinery, drugs and farm products also saw gains." http://www.marketwatch.com/story/wholesale-inventories-climb-05-in-august-2012-10-10 Here is shocking news, TARP told some of the banks they are 'to big to fail'. Barofsky: TARP made bank problems worse "The man who oversaw TARP has harsh words for regulators NEW YORK (MarketWatch) — A key plan of the federal effort to combat the 2008 financial crisis has only made the problems that caused the crisis worse, according to the man who oversaw the program." "But the big issue, as he saw it, is that TARP only made the problems behind the 2008 crisis worse." “TARP was a double-edged sword,” said Barofsky, who wrote the recently published book ‘Bailout.’ “[For all its success] it said some banks would be protected from the normal capitalistic functions of the market.” http://www.marketwatch.com/story/barofsky-tarp-made-bank-problems-worse-2012-10-10 Cummins has been a poster child of the 'recovery' and usually is one of the early cannery's in the coal mine for the economy. Slowdown leads Cummins to cut up to 1,500 jobs "Responding to a sputtering global economy, Columbus-based Cummins Inc. said late Tuesday afternoon that it expects to cut 1,000 to 1,500 jobs by the end of 2012. The diesel engine manufacturer also cut its forecast for full-year revenue to about $17 billion from $18 billion. “We continued to see weak economic data in a number of regions during the third quarter, increasing the level of uncertainty regarding the direction of the global economy,” CEO Tom Linebarger said in a statement. “As a result of the heightened uncertainty, end customers are delaying capital expenditures in a number of markets, lowering demand for our products.” http://www.ibj.com/slowdown-prompts-cummins-to-cut-up-to-1500-jobs/PARAMS/article/37178 Illinois to lose 1,700 jobs, according to latest WARN report "Companies with Illinois operations, including American Airlines and Sears Holdings Corp., are planning to eliminate about 1,700 jobs in the next 60 days, according to the latest monthly Worker Adjustment and Retraining Notification report released by the state." http://www.chicagotribune.com/business/breaking/chi-illinois-to-lose-1700-jobs-according-to-latest-warn-report-20121003,0,1931420.story Applied Materials to Cut Up to 1,300 Jobs "Applied Materials said late Wednesday that it plans to cut 900 to 1,300 positions, or 6% to 9% of its global workforce, by the second half of next year as part of a plan it hopes will save up to $190 million a year. The Santa Clara, Calif.-based provider of manufacturing equipment to chip makers said the move should free up $140 million to $190 million a year, which Applied will use to fund key growth initiatives." Read more: http://www.foxbusiness.com/technology/2012/10/03/applied-materials-to-ax-up-to-1300-jobs/#ixzz28uImEX2I
October 11, 201212 yr Author Jobless Claims in U.S. Fall to Four-Year Low "Fewer Americans than forecast filed first-time claims for unemployment benefits last week, which may reflect difficulty adjusting the data for seasonal swings at the start of a new quarter. Applications for jobless benefits dropped 30,000 to 339,000 in the week ended Oct. 6, the fewest since February 2008, Labor Department figures showed today. Economists forecast 370,000 claims, according to the median estimate in a Bloomberg survey. One state accounted for most of the plunge in claims, a Labor Department spokesman said as the data were issued to the press." http://www.bloomberg.com/news/2012-10-11/jobless-claims-in-u-s-fall-to-four-year-low-as-quarter-starts.html S&P Downgrades Spain Two Notches "--S&P cuts Spain's rating to one notch above 'junk' status --S&P maintains negative outlook on Spain --S&P says Spanish political institutions' capacity to deal with "severe challenges" stemming from crisis is declining Standard & Poor's Ratings Services cut its rating on Spain to BBB-minus from BBB-plus and maintained a negative outlook Wednesday, citing the mounting pressures from the country's deepening economic recession." http://www.nasdaq.com/article/sp-downgrades-spain-two-notches-20121010-01145
October 11, 201212 yr The oil industry and their anti-science Tea-Party lackeys in Congress have prevailed. Congratulations /sarcasm Anti science? What does the oil industry have to do with a wind energy tax credit? We don't use (much) oil to produce electricity. Man, what an awful take. Gas Take that.
October 11, 201212 yr Author 20% of Corporate America is cooking the books: study "All this talk about cooking the books lately has made us hungry for data, so imagine our delight when Myles Zyblock, chief institutional strategist at RBC Capital Markets, pointed out a recent academic paper estimating that about 20% of public firms are “managing,” or misrepresenting, their earnings figures, and that the typical misrepresentation is about 10% of the reported earnings per share. “We’ve known for quite a while there is some room to put stuff in the cookie jar, but this [study] is the first to my knowledge to provide a value on how pervasive and how large it is,” Zyblock said." http://blogs.marketwatch.com/thetell/2012/10/11/is-20-of-corporate-america-cooking-their-earnings/ Berkeley, Sacramento among Calif. cities under review for Moody’s downgrade "Moody’s said late Wednesday it’s reviewing the credit ratings of more than two dozen California cities for possible downgrades." http://blogs.marketwatch.com/thetell/2012/10/11/berkeley-sacramento-among-calif-cities-under-review-for-moodys-downgrade/
October 12, 201212 yr Author When your happy and you know it clap your hands. Consumer sentiment jumps to five-year high "WASHINGTON (MarketWatch) — Consumer sentiment has jumped up again, pushing past analysts’ expectations to stand at the highest level in more than five years, according to data released Friday." http://www.marketwatch.com/story/consumer-sentiment-jumps-to-five-year-high-2012-10-12?dist=lcountdown I guess the consumers are happy with the inflation that is going on. "The Producer Price Index for finished goods rose 1.1 percent in September, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today. Prices for finished goods advanced 1.7 percent in August and moved up 0.3 percent in July. At the earlier stages of processing, prices received by manufacturers of intermediate goods rose 1.5 percent in September, and the crude goods index advanced 2.8 percent. On an unadjusted basis, prices for finished goods climbed 2.1 percent for the 12 months ended September 2012, the largest rise since a 2.8-percent increase for the 12 months ended March 2012." http://www.bls.gov/news.release/pdf/ppi.pdf Paul Tucker warns backlash to another bank bail-out would be "uncontainable" "Banks must be able to fail without taxpayer bail-outs or else the next rescue will provoke “almost uncontainable” levels of public anger, Bank of England deputy governor Paul Tucker has warned." "Mr Tucker, who is the favourite to take over as Governor next June, said it was in the industry’s own interests to set up so-called “living wills” to help regulators manage a “speeded-up Chapter 11 [bankruptcy] and recapitalisation” programme that would protect taxpayers from another round of multi-billion pound bail-outs." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9603780/Paul-Tucker-warns-backlash-to-another-bank-bail-out-would-be-uncontainable.html
October 18, 201212 yr Author Philly factory activity improves in October "WASHINGTON (MarketWatch) - Manufacturing activity in the Philadelphia region rebounded to show modest improvement in October, the Federal Reserve Bank of Philadelphia reported Thursday." "The increase in the index was larger than expected. Economists were looking for the index to improve to zero in October. However, details of the report were mixed. The key new orders index slipped into negative territory. There was a sizable gain in shipments. The index for number of employees fell to negative 10.7 from negative 7.3." http://www.marketwatch.com/story/philly-factory-activity-improves-in-october-2012-10-18?dist=lcountdown Back from the one week surprise drop. Numbers are nearing that 400,000 mark again. U.S. initial jobless claims jump to 388,000 Data show sharp reversal from prior week caused by seasonal quirk "New jobless claims jumped by 46,000 to a seasonally adjusted 388,000 in the week ended Oct. 13, the Labor Department said Thursday. Economists surveyed by MarketWatch had forecast claims would rise to 365,000." http://www.marketwatch.com/story/us-initial-jobless-claims-jump-to-388000-2012-10-18?dist=lcountdown China's GDP grows at slowest rate for three years "China's economy grew by 7.4pc, year-on-year, in the third quarter, its slowest rate for three years." http://www.telegraph.co.uk/finance/economics/9616966/Chinas-GDP-grows-at-slowest-rate-for-three-years.html Debt crisis: EU summit - live "Police fire tear gas at Greeks on the sidelines of a protest against austerity held amid a general strike, as EU leaders prepare to gather in Brussels to discuss a banking union and Spanish bail-out." http://www.telegraph.co.uk/finance/debt-crisis-live/9613847/Debt-crisis-EU-summit-live.html 32 shops closing every day in Britain "Retail chains in Britain are closing 32 shops every day across the country as the economic slowdown ravages the high street." "The closures are leading to a reshaping of Britain’s high streets, with toy shops, furniture stores and computer game shops being replaced by payday loan providers, pawnbrokers, and discount stores." "According to research by PricewaterhouseCoopers and the Local Data Company, retailers with more than one store closed 953 shops in the first half of 2012 in leading town centres. This compares to 174 closures in the whole of 2011." http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9615901/32-shops-closing-every-day-in-Britain.html Abbott Labs cuts 550 jobs, more layoffs planned http://www.marketwatch.com/story/abbott-labs-cuts-550-jobs-more-layoffs-planned-2012-10-17?link=MW_latest_news UBS is set to axe around 2,000 jobs in information technology: Report http://articles.economictimes.indiatimes.com/2012-10-13/news/34431431_1_job-cuts-flagship-private-bank-ubs PayPal planning 300 to 400 layoffs, reports say http://www.bizjournals.com/sanjose/blog/2012/10/paypal-planning-300-to-400-layoffs.html Advanced Micro Devices Said to Plan Up to 2,340 Job Cuts http://www.bloomberg.com/news/2012-10-12/advanced-micro-devices-said-to-plan-to-cut-as-many-as-2-340-jobs.html
October 22, 201212 yr Author Each time they do another round of QE its impact and duration get less and less. We have become an economy that can't stay afloat without running up greater debt and firing up the printing press. Fed considering upping QE3 size and language "Central bank could alter guidance at this week’s meeting WASHINGTON (MarketWatch) — After historic changes last month, Federal Reserve officials this week will discuss a possible expansion of the size of its third round of bond buying and better ways to guide markets about future policy actions." http://www.marketwatch.com/story/fed-considering-upping-qe3-size-and-language-2012-10-22?dist=countdown
October 23, 201212 yr Author U.S. stocks tumble on corporate results DuPont, 3M lead Dow index to sharp losses after earnings "NEW YORK (MarketWatch) — U.S. stocks tumbled Tuesday as weaker quarterly earnings and worries about Spain’s ability to overcome its debt trouble heightened concerns about the global economy. “We’ve had this week confirmation of weak earnings from large, industrial-type companies. And, there is talk that Spain may not hit its deficit target this year. It puts Europe back on stage,” said Sean Lynch, global investment strategist at Wells Fargo Private Bank." http://www.marketwatch.com/story/us-stocks-tumble-on-corporate-results-2012-10-23 Debt crisis: Markets slide as corporates report poor results - live "US and European markets have fallen as earnings from a host of of large multinational companies were worse than expected and Moody's downgrade of five regions in Spain triggered concerns about the slowing global economy." http://www.telegraph.co.uk/finance/debt-crisis-live/9627188/Debt-crisis-Markets-slide-as-corporates-report-poor-results-live.html
October 23, 201212 yr Author The big issue number here is the rise over September of 2011, year over year. Mortgage Delinquencies Spike in September "Mortgage delinquencies increased for the first time in three months in September, jumping 7.72 percent from August and rising 4.19 percent above last year’s levels according to the latest “First Look” Mortgage Report released by Lender Processing Services (LPS). The percentage of loans that were 30 days or more past due, but not yet in foreclosure, increased from 6.87 percent in August to 7.40 percent in September as nearly 270,000 new homeowners found themselves in trouble during the month. The huge influx of delinquencies pushed the delinquency rate 4.19 percent higher than in September 2011." http://loanrateupdate.com/mortgages/mortgage-delinquencies-spike-in-september
October 23, 201212 yr Author Credit Suisse, UBS Could Cut a Total 7,000 Jobs: Report "UBS is to cut 3,000-5,000 jobs as part of cost-saving measures to offset falling profit, while rival Swiss bank Credit Suisse may announce 1,000-2,000 cuts, Der Sonntag newspaper reported." http://www.cnbc.com/id/49498786 DuPont cutting 1,500 jobs; slashes profit forecast "DuPont slashed its earnings forecast, reported a lower-than-expected quarterly profit and announced 1,500 job cuts on Tuesday, signs that demand for the chemical company's lucrative paint and solar products is slipping around the world." Read more: http://www.foxbusiness.com/news/2012/10/23/dupont-cutting-1500-jobs-slashes-profit-forecast/print#ixzz2A8xClu2h Union: Goodyear to trim 200 jobs in Fayetteville "FAYETTEVILLE, N.C. — A union official says the Goodyear Tire & Rubber Co. plant in Fayetteville is eliminating about 200 positions and will be offering workers buyouts." http://www.wral.com/union-goodyear-to-trim-200-jobs-in-fayetteville/11690437/
October 23, 201212 yr What Halloween Spending Says About the Economy "Anyone looking for evidence that the economy is rebounding need look no further than neighbors' front porches. The increase in spending on Halloween decorations, as well as other Halloween-related accessories, suggests that "people overall are feeling a little bit better about their finances," says Kathy Grannis of the National Retail Federation (NRF)." http://money.usnews.com/money/personal-finance/articles/2012/10/03/what-halloween-spending-says-about-the-economy
October 23, 201212 yr ^^^I don't have a link, but the CVS up the street from me just cut its night-shift in half. ^Americans will spend as much or possibly more on Halloween candy than is being spent for the entire presidential election
October 23, 201212 yr Author What Halloween Spending Says About the Economy "Anyone looking for evidence that the economy is rebounding need look no further than neighbors' front porches. The increase in spending on Halloween decorations, as well as other Halloween-related accessories, suggests that "people overall are feeling a little bit better about their finances," says Kathy Grannis of the National Retail Federation (NRF)." http://money.usnews.com/money/personal-finance/articles/2012/10/03/what-halloween-spending-says-about-the-economy We have seen this type of PR before, by the National Retail Federation, they come out and tell everyone that their neighbors are spending more on Halloween, Christmas, whatever. But if it's like their 'predictions' for last christmas, the actual sales numbers will not support their hyped PR.
October 23, 201212 yr Author ^All in the name of profit to their shareholders. As long as wall street is happy, who cares about main street?
October 23, 201212 yr Author Dow Chemical cuts 2,400 jobs "NEW YORK (CNNMoney) -- Dow Chemical announced Tuesday that it is cutting 2,400 jobs, citing slow economic growth in Europe and elsewhere. The company is closing roughly 20 plants, including facilities in Michigan and Ohio as well as several in Europe." http://money.cnn.com/2012/10/23/news/companies/dow-chemical-jobs/index.html?source=cnn_bin
October 24, 201212 yr Author Companies Sharpen Job-Cutting Axe "BOSTON – Faced with weakening revenue, two big companies warned on Tuesday that they would cut jobs as a way of protecting their profits." "DuPont and United Tech are by no means the only big U.S. companies to begin cutting jobs. Most dramatically, chipmaker Advanced Micro Devices said last week that it would reduce its 12,000-person workforce by 15% as it copes with weak demand and a consumer shift towards tablet computers. Engine maker Cummins Inc , the PayPal arm of eBay Inc and for-profit college operator Apollo Group Inc announced smaller rounds of cuts earlier this month." Read more: http://www.foxbusiness.com/news/2012/10/23/companies-sharpen-job-cutting-shears-as-sales-slow/#ixzz2AEAt01r3 German Ifo drop clouds global recovery hopes ECB’s Draghi ams to convince skeptical Bundestag of OMT’s merits "FRANKFURT (MarketWatch) — Policy makers may have soothed financial turmoil in the euro zone for now, but Europe’s largest economy gave global investors cause for worry Wednesday as Germany’s Ifo index of business confidence fell to its lowest level since February 2010." http://www.marketwatch.com/story/german-ifo-drop-clouds-global-recovery-hopes-2012-10-24?dist=lcountdown Sales of new homes rise 5.7% in September "WASHINGTON (MarketWatch) -- Sales of new single-family homes in the U.S. rose 5.7% in September to a seasonally adjusted annual rate of 389,000, the highest pace since April 2010, the U.S. Department of Commerce reported Wednesday. The sales pace in August was revised down to 368,000 from a prior estimate of 373,000." "The median sales price in September declined 3.2% to $242,400." http://www.marketwatch.com/story/sales-of-new-homes-rise-57-in-september-2012-10-24?dist=lcountdown You could easily replace the word British and insert US, France, Italy, Japan, etc. Sir Mervyn King: no recovery until banks recapitalise "The British economy will not recover until the banks own up to their bad debts and are recapitalised again, the Governor of the Bank of England has warned." http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9628997/Sir-Mervyn-King-no-recovery-until-banks-recapitalise.html
October 24, 201212 yr Author U.S. sues Bank of America for $1B-plus in mortgage fraud "The top federal prosecutor in Manhattan sued Bank of America for more than $1 billion on Wednesday for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis." http://www.ibj.com/us-sues-bank-of-america-for-1b-plus-over-mortgage-fraud/PARAMS/article/37473
October 24, 201212 yr So is this supposed to be the "OMG, RUN FOR YOUR LIVES, THE ECONOMY IS CRASHING!!!" thread? There really isn't a single shred of good news in the entire world, let alone the US?
October 24, 201212 yr ^All in the name of profit to their shareholders. Damn those businesses trying to make a profit... They should hire more people than they need! And pay them more than needed! And make more product than they can sell! Jeez, Obama can't straighten everything out himself, he needs SOME help!
October 24, 201212 yr The idea behind that one is that when a privately-held company sees growth slip they are ostensibly less likely to fire a bunch of people just because profits were off by a few percent. Publicly-traded companies have the weakness of facing being dropped by fund managers and institutional investors if they underperform.
October 24, 201212 yr Author So is this supposed to be the "OMG, RUN FOR YOUR LIVES, THE ECONOMY IS CRASHING!!!" thread? There really isn't a single shred of good news in the entire world, let alone the US? I guess it depends on what you call good and bad news. Lets take a look at some of the headlines that have been posted on just page 116 of the thread. I don't make up the data on here or the information. It just is what it is. I do believe we have not done what it takes to have a real economic recovery and there are plenty of potential cliffs that keep showing up. Feel free to post other news and data you come across. Most of these headlines were first in the post. - Jobless Claims in U.S. Fall to Four-Year Low - Consumer sentiment jumps to five-year high - Philly factory activity improves in October - Fed considering upping QE3 size and language (Don't know if you consider this positive or negative) - Sales of new homes rise 5.7% in September You are correct there are a lot of posts about job cuts and illegal activity by the banking/wall street. Why, because there are a lot of job cuts starting to happen again and the banking/wall street industry continues to get caught doing illegal things.
October 24, 201212 yr Author Best Buy seems to be on the Circuit City path. Look for significant store closing after the holidays. The problem with this type of company is its losses will only drop more vacant retail space onto the markets and cost a lot of jobs. Best Buy shares skid on Q3 warning "SAN FRANCISCO (MarketWatch) -- Best Buy shares tumbled 7% to $15.76 in after-hours trade Wednesday after the electronics retailer issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period." http://www.marketwatch.com/story/best-buy-shares-skid-on-q3-warning-2012-10-24
October 24, 201212 yr Author Why not start putting people in Prison??? Wow, want an unusual idea. You mean if you 'steal' billions of dollars you might need to go to jail? :wink2:
October 24, 201212 yr Steal $1000 get one year in the penitentiary. Steal a billion, no jail, just a fine that we all will pay for with higher prices or fee's and the CEO's can smoke cigars on there private islands.
October 25, 201212 yr Author Steal $1000 get one year in the penitentiary. Steal a billion, no jail, just a fine that we all will pay for with higher prices or fee's and the CEO's can smoke cigars on there private islands. I think you are pretty close to the reality of it all.
October 25, 201212 yr Author Durable-goods orders rebound in September Bookings rise nearly 10% on surge in demand for commercial jets "Yet orders for autos, another large transportation category, fell 0.4%to mark the second straight decline." "A category of orders seen as a proxy for business investment, known as core capital goods, was flat last month after rising a scant 0.2% in August. Core orders exclude defense and aircraft, whose sales can swing dramatically from month to month." "Shipments of core capital goods, a number used to help calculate quarterly gross domestic product, dipped 0.3% last month. That category fell in all three months of the third quarter." http://www.marketwatch.com/story/durable-goods-orders-rebound-in-september-2012-10-25 U.S. initial jobless claims drop to 369,000 Weekly drop of 23,000; filings reflect stubbornly slow labor growth "WASHINGTON (MarketWatch) — First-time applications for unemployment benefits declined last week, government data showed Thursday, but the number of new claims filed stands little changed over the past few months in a reflection of slow U.S. hiring trends." http://www.marketwatch.com/story/us-initial-jobless-claims-drop-to-369000-2012-10-25?dist=lcountdown UPDATE 1-Corning profit falls, says to cut jobs "Oct 24 (Reuters) - Specialty glass maker Corning Inc reported a lower quarterly profit as sales to consumer electronics, telecommunication and automotive markets fell, and said it plans to cut jobs and reduce costs." http://www.reuters.com/article/2012/10/24/corning-results-idUSL3E8LO4QW20121024 Colgate profit rises, plans to cut 2,300 jobs http://www.marketwatch.com/story/colgate-profit-rises-plans-to-cut-2300-jobs-2012-10-25?link=MW_latest_news
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