What makes most of these job loses even worse, they are better paying jobs than what is available to replace them.

 

Firings Highest Since 2010 as Ford to Dow Face Slump

"North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011."

 

“Companies are saying, ‘Let’s not build up inventories, let’s be lean and mean until we know until we have a better idea of what 2013 is going to look like,’” said Janna Sampson, who helps manage more than $3 billion for Oakbrook Investments in Lisle, Illinois. “There is a fear now as companies see that the economic recovery is not picking up.”

 

"Those results, similar to the S&P 500’s second-quarter performance, signal employers may increase firings over the next two quarters, according to John Challenger, chief executive officer of Challenger, Gray & Christmas Inc., a human resources consulting firm based in Chicago."

 

"The technology hardware and equipment industry has announced the most job reductions among North American companies this year with 41,200, led by Hewlett-Packard Co. (HPQ)’s announcement in September that it plans 29,000 cuts, more than it originally disclosed. Banks are next with plans to eliminate more than 19,000 positions, according to Bloomberg data."

http://www.bloomberg.com/news/2012-10-24/firings-reach-highest-since-2010-as-ford-to-dow-face-sales-slump.html 

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.

 

Former Goldman Sachs Director sentenced to 2 years in federal prison

http://online.wsj.com/article/SB10001424052970203897404578077050403577468.html?mod=WSJ_hp_mostpop_read

He's going to come out of prison really good at canoeing and woodworking!

Colgate profit rises, plans to cut 2,300 jobs

:-o I guess they are ahead of the curve this way?

 

Just anecdotally, I'm starting to see signs that the "shadow inventory" discussed many pages ago in this thread as a drag on the housing market is starting to be released into the open market.  There are a number of houses I've been following on RealtyTrac (a foreclosure-monitoring service) for a long time that are starting to appear on Trulia and other sites that contain open-market listings.

 

I called about one of them and the realtor told me that the open-market listing was actually premature because the lender is actually taking some time to do some work on the property before listing it.  Granted, this was a good house in a good neighborhood.  Nevertheless, I was surprised to see it happening even there.

Add in inflation and we have negative growth.

 

U.S. economy speeds up in third quarter

Growth rate rises to 2% on higher consumer, defense spending

"Gross domestic product grew at a 2% clip from July through September, up from 1.3% in the second quarter, the Commerce Department said Friday. The rate of growth also matched the economy’s performance in the first three months of the year.

Economists surveyed by MarketWatch expected GDP to rise by 1.7%."

http://www.marketwatch.com/story/us-economy-speeds-up-in-third-quarter-2012-10-26

 

 

It looks like they were all in it together. If it is proven that all these banks, along with all the other banks already being probed or fined, conspired to 'steal', the citizens/businesses of the world should be very concerned.

 

Libor probe widens to include nine new banks: WSJ

"The report identified the banks as Bank of America Corp., Mitsubishi UFJ Financial Group Inc.'s, Bank of Tokyo Mitsubishi UFJ, Credit Suisse Group AG, Lloyds Banking Group PLC, Rabobank Groep, Royal Bank of Canada, Societe Generale SA, The Norinchukin Bank and West LB. The new subpoenas, issued in August and September, bring the total number of banks named in the probe to 16."

http://www.marketwatch.com/story/libor-probe-widens-to-include-nine-new-banks-wsj-2012-10-25

 

 

Outside of China, Spain probably had the mother of all housing bubbles.

 

Spanish unemployment reaches 25%

"Spain is suffering from the collapse of a decade-long housing bubble and from deep spending cuts as the government tries to narrow its budget deficit to 6.3% of gross domestic product from well above 9% of GDP last year. Its unemployment rate is the highest in the euro zone."

http://www.marketwatch.com/story/spanish-unemployment-reaches-25-2012-10-26

Q3 GDP breakdown.

Main growth was in government spending (massive jump), followed by construction, then growth in consumer spending. Business spending feel to 0% and has now declined 5 quarters in a row and of course farm inventories plunged and is now down for a third quarter in a row.

 

http://www.marketwatch.com/story/breaking-down-the-gdp-report-2012-10-26

 

UBS more than doubles their original job cut annoucement of 3,000 to 5,000.

 

UBS to cut up to 10,000 jobs: report

"CHICAGO (MarketWatch) -- Swiss banking giant UBS is getting ready to roll out a plan to cut as many as 10,000 jobs, the Financial Times reports, citing unnamed sources."

http://www.marketwatch.com/story/ubs-to-cut-up-to-10000-jobs-report-2012-10-26?dist=countdown

This is when they people should strike. Laying off people while making profits.

Diebold ditching plan for new $100M headquarters

"Diebold Inc. is shelving plans to build a new $100 million northeast Ohio headquarters, the Cleveland Plain Dealer reports."

"Diebold CEO Thomas Swidarski said in a statement the new headquarters are not "economically feasible" for the company, which will eliminate about 500 jobs in North America in the next month, including less than 75 in northeast Ohio."

http://www.bizjournals.com/columbus/morning_call/2012/10/diebold-ditching-100m-headquarters.html

 

 

Newell Rubbermaid cutting 2,000 jobs, reorganizing

"The moves are expected to save the Atlanta-based consumer products giant $180 million to $225 million when fully implemented by the end of the second quarter of 2015."

http://www.bizjournals.com/atlanta/morning_call/2012/10/newell-rubbermaid-announces-new.html

 

 

Rockwell Collins to Cut 6% of Jobs as Defense Sales Drop

"The maker of products including cockpits and radios expects to let 1,250 employees go in the fiscal year through September, Chief Executive Officer Clay Jones said in an interview. About 250 have already been given notices, he said."

http://www.businessweek.com/news/2012-10-26/rockwell-collins-to-cut-6-percent-of-workers-as-defense-sales-drop 

The weakening QE. One of the things I said when I started this thread is once we go down this road they have got to fix the problem before they run out of ammo or we are going to have major issues.

 

The Incredible Shrinking Half-Life Of Central Bank Action

"It seems the market - or the collection of pre-programmed heuristic biases that make up the equity investing public (and machines) - is slowly but surely realizing the confidence trick that is the Fed's Quantitative Easing programs. The following chart should clarify - to anyone placing their gambling chips on the hopes of another round of easing from the Fed - why the game is up."

 

http://www.zerohedge.com/news/2012-10-29/incredible-shrinking-half-life-central-bank-action

 

 

And what happens when you get nothings from your QE? Japan is giving us a glimps into that world.

 

When ¥11 Trillion Is Not Enough: Japan's QE 9 Disappoints, Halflife Zero, Time For QE 10

"It was only yesterday that we pointed out the ever decreasing halflives of central bank interventions. We are grateful that none other than the biggest intervention basket case of all came out and proved us 100% correct, when the BOJ announced none other than QE 9 just one month after the impact from QE 8 fizzled about 8 hours after it was disclosed. This time around, the destructive "benefit" to the JPY was negative from the first second, resulting in the first instance of monetary easing that.. wasn't. Japan just came up with a brand new New Normal concept: tightening through easing, when its ¥11 trillion intervention proved to be woefully insufficient for a market addicted to ever more liquidity injections."

http://www.zerohedge.com/news/2012-10-30/when-%C2%A511-trillion-not-enough-japans-qe-9-disappoints-halflife-zero-time-qe10

 

 

Greece delays austerity vote, warns of 'chaos'

Greek coalition split delays austerity vote, PM warns of 'chaos'

"ATHENS, Greece (AP) -- Greece's coalition government will delay a vote on major new austerity measures by another week, warning Tuesday there would be financial "chaos" if a deal is not reached.

Finance Minister Yannis Stournaras told reporters that the austerity measures, worth €13.5 billion ($17.4 billion), would be submitted to parliament next week, as the three parties in government continue to disagree over new savings demanded by international bailout lenders."

http://finance.yahoo.com/news/greece-delays-austerity-vote-warns-134854018.html

Following up on my post from a page earlier, the CVS up the street from me has restored its night-shift to full strength

I can't consider the growth of low-wage work good news (well, I guess it's good news for teenagers and adults laid off from better jobs). I'm much more concerned with what's happening with middle class jobs.

This is when they people should strike. Laying off people while making profits.

 

That's so par for course these days I doubt people think anything of it. I bet the growth of internships is factoring into a lot of these layoffs since this is back office work. Those jobs have been doomed for quite some time. People in finance were lucky those well-paid opportunities lasted this long...

 

Some industries did away with them a long time ago. Unpaid interns can do back office work.

Just anecdotally, I'm starting to see signs that the "shadow inventory" discussed many pages ago in this thread as a drag on the housing market is starting to be released into the open market.  There are a number of houses I've been following on RealtyTrac (a foreclosure-monitoring service) for a long time that are starting to appear on Trulia and other sites that contain open-market listings.

 

I called about one of them and the realtor told me that the open-market listing was actually premature because the lender is actually taking some time to do some work on the property before listing it.  Granted, this was a good house in a good neighborhood.  Nevertheless, I was surprised to see it happening even there.

 

The shadow inventory is real, but it looks like it's being released into the market slowly to avoid a repeat of 2008. I do know the numbers are huge though. These properties are everywhere, even desirable cities.

Low-wage work force grows 30% as the number of jobs shrinks

BY FRANCINE KNOWLES Business Reporter [email protected] September 26, 2012

 

Low-wage workers in Chicago are better educated, older and rely more on that income these days to meet basic needs than 10 years ago.

 

And there are substantially more of them.

 

That’s according to a new report released by Chicago-based Women Employed and Action Now Institute that shows nearly one in six low-wage workers here last year held a college degree. The report, authored by Marc Doussard, assistant professor in the University of Illinois at Urbana-Champaign’s Department of Urban and Regional Planning, defines low-wage workers as those making $12 an hour or less.

 

The report revealed the share of payroll employees ages 18 to 64 working in low-wage jobs rose from 23.8 percent in 2001 to 31.2 percent last year. That’s a more than a 30 percent rise in the proportion of such workers.

 

CONTINUED

http://www.suntimes.com/business/15379932-420/low-wage-work-force-grows-30.html

Manufacturers grow a little faster in October

New orders and production pick up, but hiring plans slacken

"The Institute for Supply Management’s index of purchasing managers — the executives who order raw materials and other goods — edged up to 51.7% from 51.5% in September and a three-year-low of 49.6% in August."

http://www.marketwatch.com/story/manufacturers-grow-a-little-faster-in-october-2012-11-01

 

 

GM Channel Stuffing Soars To Record

"What however will hardly get any mention from Government Motors cheerleaders is that GM auto inventory at dealers as of October 31 was a record 739,034 (a massive 98 days of supply), an increase of 49,700 from October's 689,334. In other words, the entire incremental rise in sales, and then some, was due to the firm stuffing dealers with even more inventory than they can possibly handle!"

http://www.zerohedge.com/news/2012-11-01/gm-channel-stuffing-soars-record

 

 

And the previous report was revised higher for the one millionth time, in an effort to make the new number look better.

 

U.S. jobless claims drop 9,000 to 363,000

"WASHINGTON (MarketWatch) - Applications for U.S. unemployment benefits fell by 9,000 to a seasonally adjusted 363,000 in the week of Oct. 21-27, keeping them in a range that indicates little change in U.S. hiring patterns over the past few months. Economists surveyed by MarketWatch expected claims to fall to 365,000. Initial claims from two weeks ago were revised up to 372,000 from an original reading of 369,000, based on more complete data collected at the state level, according to the U.S. Labor Department."

http://www.zerohedge.com/news/2012-11-01/gm-channel-stuffing-soars-record

 

 

Navistar to close Texas truck plant, cut 900 jobs

"Navistar International Corp. said Tuesday it intends to close a truck assembly plant in Garland, Texas, by the first half of 2013 as part of its efforts to cut costs."

http://www.chicagotribune.com/business/breaking/chi-navistar-to-close-texas-truck-plant-20121030,0,7115648.story

This is when they people should strike. Laying off people while making profits.

 

So much more to this than just face value.  When GM was making profits in 2006 because it was selling large trucks and SUV's, even though they had roughly 100,000 too many employees, should they have started laying people off?  What about when competitors launch new products, when current products become obsolete, when the market changes, even due to seasonal changes?  What about when new technology changes the way a current product is made?  Is it reasonable to think the company would be better off focusing resources on new emerging lines than old soon-to-be outdated lines, even if it's still profitable?  Do you know how short current product lifecycles are for everything from televisions to cars?

Jobs growth quickens, giving Obama some relief

"Employers added 171,000 people to their payrolls last month, the Labor Department said on Friday. The government also said 84,000 more jobs were created in August and September than previously estimated."

http://finance.yahoo.com/news/jobless-rate-seen-rising-offering-040402080.html

 

 

St. Jude Medical cutting 500 jobs in another round of layoffs

Med-tech company laid off 300 people in August

"St. Jude Medical said Thursday that it has laid off another 500 people as it restructures to deal with slumping sales of its heart devices.

In August, St. Jude said it had terminated 300 employees, including 80 in Minnesota, as part of a broader companywide reorganization expected to slash $50 million to $60 million in costs in 2013."

http://www.startribune.com/business/176871351.html?refer=y&vi_adid=W

 

 

Supervalu (SVU) Unit SHAW’S to Layoff 700 Workers

"Supervalu, Inc. (NYSE: SVU) sbusidiary SHAW’S Supermarkets has announced plans to reduce its store-level workforce by an estimated 700 positions. These reductions, which will occur across 169 SHAW’S and STAR MARKET stores in New England, will be finalized by November 3."

http://www.streetinsider.com/Corporate+News/Supervalu+(SVU)+Unit+SHAW%C3%A2%E2%82%AC%E2%84%A2S+to+Layoff+700+Workers/7838520.html

 

 

Debt crisis:Greece is going to default, says Pimco - live

"Pimco's managing director Andrew Bosomworth has said Greece is insolvent and it's going to default. It's just a question of how and when that is realized."

http://www.telegraph.co.uk/finance/debt-crisis-live/9649283/Debt-crisisGreece-is-going-to-default-says-Pimco-live.html

Rockwell Collins to Cut 6% of Jobs as Defense Sales Drop

"The maker of products including cockpits and radios expects to let 1,250 employees go in the fiscal year through September, Chief Executive Officer Clay Jones said in an interview. About 250 have already been given notices, he said."

http://www.businessweek.com/news/2012-10-26/rockwell-collins-to-cut-6-percent-of-workers-as-defense-sales-drop 

Rockwell Collins is full of fat.  They don't have to be efficient because they are cronies of the USAF.

Services in U.S. Expanded at a Slower Pace in October

"Service industries in the U.S. kept growing in October, helped by consumer spending gains that are helping bolster the expansion.

The Institute for Supply Management’s non-manufacturing index declined to 54.2 last month from 55.1 in September, the Tempe, Arizona-based group said today. Economists projected 54.5, according to the median estimate in a Bloomberg survey. Readings above 50 signal expansion in the gauge of industries that account for almost 90 percent of the economy."

http://www.bloomberg.com/news/2012-11-05/services-in-u-s-expanded-more-in-september-than-forecast.html

 

 

Greek prime minister warns of euro exit

Samaras predicts passage of austerity measures

“We must save the country from catastrophe,” Prime Minister Antonis Samaras told lawmakers from his conservative party on Sunday, according to AFP. “If we fail to stay in the euro, nothing will make sense.”

http://www.marketwatch.com/story/greek-prime-minister-warns-of-euro-exit-2012-11-04

 

 

UPDATE: Volvo Trucks Pulaski County plant to lay off 300 in January

http://www2.wsls.com/news/2012/nov/02/8/source-dublin-volvo-trucks-plant-lay-300-january-ar-2331860/

 

 

WPS Health Insurance to lay off up to 600, mostly in Monona and Wausau

Read more: http://host.madison.com/business/wps-health-insurance-to-lay-off-up-to-mostly-in/article_0dc87c3e-2552-11e2-8a3e-001a4bcf887a.html#ixzz2BNLsq2LS

Housing and political rhetoric: Under water, out of mind

'If you look at what triggered market seize-up, it was housing'

"The costs of the housing crisis remain steep in Greater Cincinnati and across the nation, yet the presidential candidates barely touch on the topic.

“I find it absolutely remarkable,” said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio. “If you look at what triggered this whole financial market seize-up, it was housing.”

Since 2006, Greater Cincinnati homeowners have joined families nationwide who’ve lost $7 trillion in home equity. One in four local families – 111,397 in all – are “under water” on their mortgages, meaning they owe more than their homes are worth. That cripples their ability to refinance at today’s historically low rates or sell their homes, leaving them vulnerable to foreclosure if their finances take a downturn."

http://communitypress.cincinnati.com/article/AB/20121022/BIZ/310220036/Housing-rhetoric-Under-water-out-mind?odyssey=nav|head

U.S. stocks slide as Europe’s troubles hit

"In Brussels Wednesday, Economic and Monetary Affairs Commissioner Olli Rehn said the euro-zone economy would stall to a near halt in 2013 as the region’s debt crisis hits Germany. The euro-zone economy will expand 0.1% in 2013, down from a May projection of 1%, the commission said.

In Greece on Wednesday, the coalition government of Prime Minister Antonis Samaras is looking for parliamentary approval of austerity measures needed for the nation to get its next round of rescue funds."

http://www.marketwatch.com/story/us-stocks-slide-as-europes-troubles-hit-2012-11-07?dist=lcountdown

 

 

Fitch: U.S. must fix fiscal cliff to keep AAA

"FRANKFURT (MarketWatch) -- President Barack Obama won't enjoy a fiscal honeymoon after winning re-election, with pressure on U.S. officials to resolve the so-called fiscal cliff and other issues in order to maintain the country's AAA credit rating, Fitch Ratings said Wednesday. "The economic policy challenge facing the president is to put in place a credible deficit-reduction plan necessary to underpin economic recovery and confidence in the full faith and credit of the [united States]."

http://www.marketwatch.com/story/fitch-us-must-fix-fiscal-cliff-to-keep-aaa-2012-11-07?dist=lcountdown

 

 

Vestas Seeks 20 Percent Stake Sale, Cuts 3,000 More Jobs

"Vestas Wind Systems A/S (VWS) is seeking to sell a stake of as much as 20 percent and said it’s reducing headcount by 3,000 to raise the staff cuts by the biggest wind turbine maker to almost a third over two years."

http://www.businessweek.com/news/2012-11-07/vestas-to-cut-headcount-to-16-000-by-end-of-2013-from-22-721

November sentiment highest since 2007

"The preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index rose to 84.9 in November — the highest level since July 2007 — from a final October reading of 82.6, according to the UMich index."

http://www.marketwatch.com/story/november-sentiment-highest-since-2007-2012-11-09?dist=lcountdown

 

 

U.S. wholesale inventories climb 1.1% in September

"WASHINGTON (MarketWatch) - Inventories at U.S. wholesalers rose 1.1% in September to a seasonally adjusted $494.15 billion, the Commerce Department said Friday."

http://www.marketwatch.com/story/us-wholesale-inventories-climb-11-in-september-2012-11-09?dist=lcountdown

 

 

Energizer to cut more than 10 percent of workforce

"(Reuters) - Energizer Holdings Inc said on Thursday that it would cut more than 10 percent of its workforce, or about 1,500 people, as it tries to rev up results in its battery business."

http://www.reuters.com/article/2012/11/08/us-energizer-results-idUSBRE8A71KG20121108

 

 

Ameridose laying off 650 of staff

"Ameridose LLC, sister company of the Massachusetts compounding pharmacy whose drugs have been implicated in a national fungal meningitis outbreak, has notified hundreds of workers that they are being laid off beginning Friday, as the company remains under a temporary closure order because of concerns about its sterility practices."

http://bostonglobe.com/lifestyle/health-wellness/2012/11/08/ameridose-sister-company-pharmacy-linked-fungal-meningitis-outbreak-laying-off-hundreds/6KIqTDQ6TLdNWZJrRHrRKK/story.html

 

 

Hawker Beechcraft announces more layoffs

"The company says 240 employees will lose their jobs with the closing of Hawker Beechcraft Services facilities in Little Rock, Ark.; Mesa, Ariz.; and San Antonio, Texas."

http://www.kwch.com/news/aviationwatch/kwch-kah-hawker-announces-more-layoffs-20121107,0,4377101.story

 

German Nov. ZEW index falls unexpectedly to -15.7

"FRANKFURT (MarketWatch) -- Germany's ZEW expectations index fell unexpectedly Tuesday to minus 15.7 in November from minus 11.5 in October."

http://www.marketwatch.com/story/german-nov-zew-index-falls-unexpectedly-to-157-2012-11-13

 

 

I think the German's will either leave the European union or pull back on their austerity demands. The political pressure will finally overwelm them.

 

Euro-zone recession threatens global economy

Commentary: Social order withers while politicians dither

"LONDON (MarketWatch) — The euro-zone economy is deteriorating alarmingly. While the German-inspired policy of austerity is essentially right, its implementation, over far too short a period of time, is forcing the region into recession. Social disorder, especially as the weather improves next spring, is a real probability."

http://www.marketwatch.com/story/euro-zone-is-the-global-economys-greatest-threat-2012-11-13

 

 

Yen edges toward brink: Andy Xie

Reasons for forecasting the yen’s reckoning have changed

"BEIJING ( Caixin Online ) — Every time I come to Japan to attend a conference, I am reminded of what a depression looks like in the 21st century.

This time is no different: shops are not busy, restaurant owners wait anxiously outside for customers and are usually disappointed, empty taxi cabs roam the streets. Two decades after its property bubble began to deflate, Japan remains mired in deflation and contraction.

The economic statistics tell the horror story best. Japan’s nominal gross domestic product in 2011 was 9% lower than in 2007 and 2.5% lower than in 1992! In 1992, the national debt was only 20% of GDP. It is now 230%. Essentially, 200% of GDP in fiscal stimulus hasn’t turned the economy around."

http://www.marketwatch.com/story/yen-edges-toward-brink-andy-xie-2012-11-12 

 

 

Debt crisis: live

"Germany's finance minister risks widening the rift with the IMF over Greece, as he ruled out official sector writedowns and described Greece's 2020 debt sustainability target as "possibly a little too ambitious".

http://www.telegraph.co.uk/finance/debt-crisis-live/9673327/Debt-crisis-live.html

 

 

Hostess closings to cut 627 jobs

http://www.philly.com/philly/business/20121113_Hostess_closings_to_cut_627_jobs.html

 

 

NBCUniversal cuts about 500 employees

http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-nbcuniversal-cuts-500-employees-20121112,0,2586218.story

 

 

Carrollton-based company issues layoff warning for 459 Dallas employees

http://www.wfaa.com/news/business/Dallas-company-issues-layoff-warning-letter-for-459-employees-178917881.html

U.S. retail sales retreat in October

Sellers hurt by hurricane, but demand weaker in most categories

"WASHINGTON (MarketWatch) — Retail sales in the U.S. fell in October by the sharpest amount since June, hurt by the effects of Hurricane Sandy, but data released Wednesday also showed weak consumer demand in a number of areas."

http://www.marketwatch.com/story/us-retail-sales-retreat-in-october-2012-11-14?dist=lcountdown

 

 

Australia business conditions sink to crisis level

"SYDNEY--Australian business conditions deteriorated last month to levels not seen since the global financial crisis as a mining slowdown weighed on the country's resources-dominated economy, a private sector survey Tuesday showed."

http://www.marketwatch.com/story/australia-business-conditions-sink-to-crisis-level-2012-11-13?Link=obinsite

 

 

Citigroup to Cut 100 Retail Bank Workers on Long Island

"Citigroup Inc. ©, the third-biggest U.S. bank, is dismissing 100 people on New York’s Long Island as the lender seeks to cut costs amid a slump in revenue."

http://www.businessweek.com/news/2012-11-13/citigroup-discloses-dismissal-of-100-workers-on-long-island

 

 

Xerox to lay off 2,500; local impact unclear

"Company doesn't detail local impact"

http://www.democratandchronicle.com/article/20121113/BUSINESS/311130035/Xerox?odyssey=nav%7Chead&nclick_check=1

 

 

Panasonic prepares for 'garage sale', to axe 10,000 jobs

http://www.reuters.com/article/2012/11/14/us-panasonic-cfo-idUSBRE8AD0D120121114

 

 

Texas Instruments to lay off 1,700 workers

http://www.marketwatch.com/story/texas-instruments-to-lay-off-1700-workers-2012-11-14?dist=tbeforebell

If these drops in the data are all from Sandy, then we should see a nice pop up in data when the next numbers are released. This is what usually happens when Florida is hit with a hurricane.

 

Negative November Philly, New York factory gauges

Nearly five days of lost activity for New York City firms

"WASHINGTON (MarketWatch) — Hurricane Sandy contributed to negative readings for both Philadelphia- and New York-area manufacturing gauges in November, demonstrating the disruption the storm took on economic activity in the Northeast."

http://www.marketwatch.com/story/factory-activity-contracts-again-in-new-york-2012-11-15

 

 

The next reading will be even lower.

 

Euro zone double dips back into recession

"Third-quarter euro-zone gross domestic product shrank 0.1% compared to the second quarter, the European Union statistics agency Eurostat said. That’s equal to an annualized contraction of around 0.4%."

http://www.marketwatch.com/story/euro-zone-double-dips-back-into-recession-2012-11-15

 

 

Pricier food, rent offset falling gas prices

"9:03AM EST November 15. 2012 - As expected, the government said Thursday that rising food costs and higher rents offset a drop in gas prices last month, leaving consumer prices slightly higher in October compared with the previous month."

http://www.usatoday.com/story/money/personalfinance/2012/11/14/cpi-to-let-us-know-if-inflation-is-really-slumbering/1705575/

 

 

Job Cuts Announced At Wake Forest Baptist Medical Center

"Winston-Salem, NC -- Cost-cutting at Wake Forest Baptist Medical Center will cause 950 full-time positions to be eliminated by June 30, 2013, the healthcare provider announced Wednesday."

http://www.digtriad.com/news/article/254529/57/Wake-Forest-Baptist-Announce-Layoffs

 

 

But, I thought housing was getting all better. The sky was the new limit?!

 

Audit due this week could show FHA need for bailout funds

"The U.S. Federal Housing Administration, weighed down by losses on souring loans, will release a report on its finances this week that could point up the possibility it may require taxpayer aid for the first time in its 78-year history."

http://articles.chicagotribune.com/2012-11-13/business/chi-audit-due-this-week-could-show-fha-need-for-bailout-funds-20121113_1_mortgage-insurance-fund-fha-edward-pinto

 

Sad. The economy is starting to weaken to near 0 and the billions that have been pumped into buying treasuries to keep interest rates near 0 and having 9 out of 10 loans being backed by Fannie/Freddie (the taxpayers) still has not proven to be enough to reignite the housing inferno. So now we are left with going back to loosing standards in hopes of blowing another economic bubble. That truly is all that is left in our economy, jumping from one bubble to another. Dotcom, housing, stock market and now back to housing. They have to get as many buyers into the market as possible, over the next year or two, to consume all the foreclosures in the shadow inventory that 'needs' to be bought.

 

Mortgage lending standards are too tight: Bernanke

Housing not ‘out of woods’ despite improving conditions

"WASHINGTON (MarketWatch) — Mortgage lending standards now appear to be “overly tight,” and are preventing creditworthy borrowers from buying homes, Federal Reserve Board Chairman Ben Bernanke said Thursday."

http://www.marketwatch.com/story/mortgage-lending-standards-are-too-tight-bernanke-2012-11-15

Data interpreted as "lending standards are too tight" could (and probably should) be interpreted as "people don't make enough money."

How are those two statements the same?  It would be quite possible (indeed, I'd argue beneficial) for incomes to rise but lending standards to remain strict.  If incomes rise and lending standards loosen, then people will leverage up again ... and be even more exposed if/when real incomes fall again.  Unless you really think that the recent contraction was a true historical anomaly that will never be repeated (and while it's impossible to prove the future, I still think that's a very naively optimistic assumption), we are going to need to keep in mind that increases in income need not be permanent.

Increases in income do need to be permanent, if increases in housing prices are to be permanent.  The latter is dependent on the former.  I agree that rising incomes and tight lending standards would be a good way forward.   

I was using "need not be permanent" in the sense of "might not necessarily be permanent."

 

I remain unconvinced that increases in housing prices are a net societal benefit.  Price increases are a net transfer of wealth from buyers to sellers.  They are only balanced out if the buyer gets more for his money.  Given that houses lose value absent maintenance (which itself costs money and should be factored into the carrying cost of the good), house prices increasing over time means buyers paying more and getting less.  Since buyers will generally (though not always) be younger than sellers, that also means a net wealth transfer from the young and less affluent to the old and more affluent.  The young and less affluent face sufficient financial burdens as things stand.

Totally agree, and that's why growth can't be based on real estate.

Ah, then we agree.  I was just assuming we were arguing because I was talking with you.  :-D :evil: :shoot:

I assumed we were arguing because I made a statement and you responded like WHAT ?!?

Procter & Gamble Plans More Job Cuts, Boosts Buyback Program 50%

Procter & Gamble Co. (PG) announced plans to possibly cut more than twice as many nonmanufacturing jobs than it had already planned, a further sign that it is heeding analyst and investor criticism over its bloated cost structure.

The world's largest consumer-product company Thursday disclosed plans to cut its nonmanufacturing workforce by an additional 2% to 4% annually through fiscal year 2014 to 2016. That comes on top of plans to reduce its nonmanufacturing jobs by 10%, or 5,700, by the end of its current fiscal year ending June 30.

The top end of the job-cut projections would further reduce P&G's nonmanufacturing workforce by an additional 5,900.

Read more: http://www.foxbusiness.com/news/2012/11/15/procter-gamble-plans-more-job-cuts-boosts-buyback-program-50/#ixzz2CL2ceMhk

 

 

I get the feeling gamestop is potentially heading in the same down direction as blockbuster.

 

GameStop Plans to Close 200 Money-Losing Outlets

"GameStop Corp. (GME) the world’s largest video-game retailer, plans to close 200 stores by next year, saying about 3 percent of its outlets worldwide lose money."

http://www.bloomberg.com/news/2012-11-15/gamestop-plans-to-close-200-money-losing-u-s-outlets.html

There's nothing potentially about it. GameStop exists solely because console developers decided to slow down their product cycles and play the iteration game.

This country would be amazing if no company laid off  people even if they are making 100m profit needless to say billions in profit. When you are losing money like Gamestop. I have no idea why they kept the stores that were losing money open so long.

By The Detroit News

 

Ann Arbor — Over the next two years, the U.S. economy will regain the rest of the nearly 9 million jobs lost in the Great Recession, according to an annual forecast by University of Michigan economists.

 

Employment fell by 8.8 million jobs during the 2008-09 economic downturn, but the economy has recovered 4.5 million jobs in the last three years, according to the survey released Thursday morning. By the end of 2014, another 4.3 million jobs will be added as the economy grows at a moderate pace with steadily falling unemployment, the economists said.

 

http://www.detroitnews.com/article/20121115/BIZ/211150429

 

Even with that growth, according to the forecast, the state will have recovered just one-third of the jobs lost between the middle of 2000 to the end of 2009. <The Bush Years

 

Chrysler to add 1,250 jobs (and they're not in China)

http://www.usatoday.com/story/money/cars/2012/11/15/chrysler-ram-michigan-us-jobs-bailout/1707661/

 

 

Twinkies maker Hostess going out of business

The liquidation of the company will mean that most of its 18,500 employees will lose their jobs, Hostess said on Friday.

http://money.msn.com/top-stocks/post.aspx?post=6d7b095e-e558-4dc4-83e9-1859d177e676&ocid=ansmony11

 

 

China may be hiding bad loans, just as Japan did

"But economists at Also Sprach Analyst said in an online posting that the troubled-loan problem dogging Chinese banks is likely much larger than official figures indicate, and they hinted that the debt crisis could turn up in official figures at a later date.

Japanese banks also reported non-performing loans as relatively low in 1990, the year that nation’s economic bubble burst, according to Also Sprach Analysts, citing Bank of America Merrill Lynch research.

“Chinese banks are now sitting on a tiny bit of non-performing loans — which probably no one in their right mind should believe,” the analyst said."

http://blogs.marketwatch.com/thetell/2012/11/16/china-may-be-hiding-bad-loans-just-as-japan-did/

 

 

In other words, Greece will default again on what they still owe. It just sounds better when you say debt writedown.

 

Debt crisis: live

"Greece will eventually need another debt writedown, the head of Germany's central bank has said, as IMF managing director Christine Lagarde urged Europe's leaders to forge a deal next week to help the country get "back on its feet"."

http://www.telegraph.co.uk/finance/debt-crisis-live/9681567/Debt-crisis-live.html

 

 

Twinkies maker Hostess going out of business

The liquidation of the company will mean that most of its 18,500 employees will lose their jobs, Hostess said on Friday.

http://money.msn.com/top-stocks/post.aspx?post=6d7b095e-e558-4dc4-83e9-1859d177e676&ocid=ansmony11

 

 

Screw Hostess and its Wall Street fraud-docs who are so eager to carve the company's organs for sale to the highest bidders.

Terrible news for cockroaches.  What will they eat in the event of a nuclear holocaust?

JPMorgan, Credit Suisse paying total $417M to settle SEC charges on sales of mortgage bonds

"WASHINGTON — JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges of selling risky mortgage bonds to investors that the banks knew could fail ahead of the 2008 financial crisis."

http://www.therepublic.com/view/story/03411a2477f1415ba8fef9b1152c598b/US---JPMorgan-Credit-Suisse-Settlement

Average US Credit Card Debt Per Borrower up in 3Q

"Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows.

The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a year earlier to $4,996, credit reporting agency TransUnion said Monday."

http://abcnews.go.com/US/wireStory/average-us-credit-card-debt-borrower-3q-17757527#.UKnETIdfBmo

 

 

If Bernanke reduces the requirements for home loans this number will go through the roof.

 

Nov. builder sentiment hits six-plus-year peak

"The National Association of Home Builders/Wells Fargo housing market index rose 5 points to a seasonally adjusted level of 46, the highest point since May 2006."

http://www.marketwatch.com/story/nov-builder-sentiment-hits-six-plus-year-peak-2012-11-19

 

 

US taxpayers bail out California homeowners, as banks fail to pay their share

"Contrary to what voters were led to believe, California took the unprecedented step this month to give banks and struggling homeowners up to $100,000 in taxpayer funds to reduce underwater mortgages.

Originally, banks and lenders were supposed to pay 50 percent of the cost of reducing the principal for those whose homes are worth less than their mortgage. But when the banks refused, California took the controversial step of paying the entire amount, up to $100,000."

Read more: http://www.foxnews.com/politics/2012/08/20/us-taxpayers-bailout-california-homeowners-as-banks-fail-to-pay-their-share/#ixzz2CgbgzQE2

 

 

United Technologies laying off 500 workers, including 4 in Charlotte area

Read more here: http://www.charlotteobserver.com/2012/11/16/3670382/united-technologies-laying-off.html#storylink=cpy

 

 

Medical giant Stryker cuts 1,170 jobs, citing ObamaCare

Read more: http://www.foxnews.com/politics/2012/11/16/medical-supply-giant-stryker-corp-makes-pre-emptive-strike-against-pending/#ixzz2CgdTHNA1

 

 

Kaiser Permanente lays off 530 employees in Southern California

http://www.presstelegram.com/breakingnews/ci_22014897/kaiser-permanente-lays-off-530-employees-southern-california

Are you nit picking job losses? I know for a fact some  companies are hiring even after Obama was elected.

Nope.

But I am listings major job losses. Since the first of September job losses has increase over the last year significantly and these losses will impact job numbers over the next several months. Most of these jobs are also higher paying not just Wal mart type retail jobs. Feel free to post job gains, most that I have seen lately are jobs that are expected to be created by X company over the next X amount of years. Not exactly locked in job growth.

Are you nit picking job losses?

 

This blog is really more about nit-picking sources of information

Investment Falls Off a Cliff

U.S. Companies Cut Spending Plans Amid Fiscal and Economic Uncertainty

"U.S. companies are scaling back investment plans at the fastest pace since the recession, signaling more trouble for the economic recovery.

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

Nationwide, business investment in equipment and software—a measure of economic vitality in the corporate sector—stalled in the third quarter for the first time since early 2009. Corporate investment in new buildings has declined."

http://online.wsj.com/article/SB10001424127887324595904578123593211825394.html

 

Terrible news for cockroaches.  What will they eat in the event of a nuclear holocaust?

 

Fast food. French fries will outlast everything.

 

Half of the nation's 40 biggest publicly traded corporate spenders have announced plans to curtail capital expenditures this year or next, according to a review by The Wall Street Journal of securities filings and conference calls.

 

There's the wrinkle: "the 40 largest publicly traded companies." And what kinds of businesses create most new jobs?

Are you nit picking job losses?

 

This blog is really more about nit-picking sources of information

 

We've been through this.  Some of you dislike the negative economic data presented by ragerunner, but can't or won't produce data indicating otherwise.