Contracts to buy homes fell to a 7-month low in April, suggesting a housing rebound is far off
WASHINGTON (AP) -- The number of people who signed contracts to buy homes fell sharply in April, hitting its lowest point since fall and renewing fears that a recovery in the housing market is far off.
An index of sales agreements for previously occupied homes sank 11.6 percent last month to a reading of 81.9, the National Association of Realtors said Friday. A reading of 100 would be considered healthy.
The last time the index reached at least 100 was in April 2010. That was the final month when people could qualify for a home-buying tax credit of up to $8,000.
Full story:
http://finance.yahoo.com/news/Contracts-to-buy-homes-fall-apf-4207139965.html?x=0&sec=topStories&pos=3&asset=&ccode=
Friday, May 27, 2011
Pending home sales plunge in April
WASHINGTON | Fri May 27, 2011 10:35am EDT
WASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped far more than expected in April to touch a seven-month low, a trade group said on Friday, dealing a blow to hopes of a recovery in the housing market.
The National Association of Realtors Pending Home Sales Index dropped 11.6 percent to 81.9 in April, the lowest since September. Pending home sales lead existing home sales by a month or two.
Full story:
http://www.reuters.com/article/2011/05/27/us-usa-economy-housing-idUSTRE74Q3OP20110527
WASHINGTON (Reuters) - Pending sales of existing U.S. homes dropped far more than expected in April to touch a seven-month low, a trade group said on Friday, dealing a blow to hopes of a recovery in the housing market.
The National Association of Realtors Pending Home Sales Index dropped 11.6 percent to 81.9 in April, the lowest since September. Pending home sales lead existing home sales by a month or two.
Full story:
http://www.reuters.com/article/2011/05/27/us-usa-economy-housing-idUSTRE74Q3OP20110527
Tuesday, May 24, 2011
U.S. new-home sales rise 7.3% in April
MarketWatch
Economic Report
May 24, 2011, 11:47 a.m. EDT
Second solid monthly gain after steep dropStories You Might Like
WASHINGTON (MarketWatch) — U.S. sales of new homes posted their second solid monthly gain in April after hitting extremely low levels in February, according to data released Tuesday by the Commerce Department.
In April, sales rose 7.3% to a seasonally adjusted annual rate of 323,000 after an 8.3% increase in March, the Commerce Department reported...
Complete story:
http://www.marketwatch.com/story/us-new-home-sales-rise-73-in-april-2011-05-24?siteid=yhoof
Economic Report
May 24, 2011, 11:47 a.m. EDT
Second solid monthly gain after steep dropStories You Might Like
WASHINGTON (MarketWatch) — U.S. sales of new homes posted their second solid monthly gain in April after hitting extremely low levels in February, according to data released Tuesday by the Commerce Department.
In April, sales rose 7.3% to a seasonally adjusted annual rate of 323,000 after an 8.3% increase in March, the Commerce Department reported...
Complete story:
http://www.marketwatch.com/story/us-new-home-sales-rise-73-in-april-2011-05-24?siteid=yhoof
Fed's Pianalto sees further U.S. job growth ahead
CHICAGO | Tue May 24, 2011 12:34pm EDT
CHICAGO May 24 (Reuters) - The U.S. economy is on firmer footing despite recent oil price spikes, and employers continue to create more jobs, Cleveland Federal Reserve President Sandra Pianalto said in the bank's annual report released Tuesday.
"Employers are creating new jobs, and there are signs that job growth will accelerate as the year progresses," she said.
But inflation fears also mounting, she said, threatening to undermine those gains.
"I am also keeping a close eye on signs of inflation," she wrote. "Without price stability, it is highly unlikely that our economy can achieve and sustain maximum employment. "
For complete story:
http://www.reuters.com/article/2011/05/24/usa-fed-pianalto-idUSN2425837020110524?feedType=RSS&feedName=marketsNews&rpc=43
CHICAGO May 24 (Reuters) - The U.S. economy is on firmer footing despite recent oil price spikes, and employers continue to create more jobs, Cleveland Federal Reserve President Sandra Pianalto said in the bank's annual report released Tuesday.
"Employers are creating new jobs, and there are signs that job growth will accelerate as the year progresses," she said.
But inflation fears also mounting, she said, threatening to undermine those gains.
"I am also keeping a close eye on signs of inflation," she wrote. "Without price stability, it is highly unlikely that our economy can achieve and sustain maximum employment. "
For complete story:
http://www.reuters.com/article/2011/05/24/usa-fed-pianalto-idUSN2425837020110524?feedType=RSS&feedName=marketsNews&rpc=43
Monday, May 23, 2011
Much of nation's recent growth may have been a mirage
By Steven Pearlstein
Washington Post Staff Writer
Tuesday, February 1, 2011; 9:20 PM
Last weekend, I was invited to sit in on an unusual retreat attended by top political, business, labor and civic leaders in Massachusetts. Although that state is in better economic shape than most others, it is facing most of the the same problems - anemic job growth, looming budget crises for state and local governments, widening inequality of incomes and educational achievement. The purpose of the gathering was to create a sufficient sense of urgency about those problems to overcome the inertia, political squabbling and special-interest lobbying that inevitably stand in the way of doing something.
For full story:
http://www.washingtonpost.com/wp-dyn/content/article/2011/02/01/AR2011020106617.html
Washington Post Staff Writer
Tuesday, February 1, 2011; 9:20 PM
Last weekend, I was invited to sit in on an unusual retreat attended by top political, business, labor and civic leaders in Massachusetts. Although that state is in better economic shape than most others, it is facing most of the the same problems - anemic job growth, looming budget crises for state and local governments, widening inequality of incomes and educational achievement. The purpose of the gathering was to create a sufficient sense of urgency about those problems to overcome the inertia, political squabbling and special-interest lobbying that inevitably stand in the way of doing something.
For full story:
http://www.washingtonpost.com/wp-dyn/content/article/2011/02/01/AR2011020106617.html
The Great Recession's lost generation
By Chris Isidore @CNNMoney May 17, 2011: 5:30 PM ET
NEW YORK (CNNMoney) -- The brutal job market brought on by the recession has been hard on everyone, but especially devastating on the youngest members of the labor force.
About 60% of recent graduates have not been able to find a full-time job in their chosen profession, according to job placement firm Adecco.
And for those just entering the workplace, a bout of long-term unemployment can affect their career plans for years to come.
Meghan O'Halloran was one of those who had her career derailed by the timing of her graduation.
She left Cornell University with a degree in architecture and six summers of internships at top firms in New York, Milan and London.
"I thought getting a job would be a snap," she said.
For full story:
http://money.cnn.com/2011/05/17/news/economy/recession_lost_generation/index.htm
NEW YORK (CNNMoney) -- The brutal job market brought on by the recession has been hard on everyone, but especially devastating on the youngest members of the labor force.
About 60% of recent graduates have not been able to find a full-time job in their chosen profession, according to job placement firm Adecco.
And for those just entering the workplace, a bout of long-term unemployment can affect their career plans for years to come.
Meghan O'Halloran was one of those who had her career derailed by the timing of her graduation.
She left Cornell University with a degree in architecture and six summers of internships at top firms in New York, Milan and London.
"I thought getting a job would be a snap," she said.
For full story:
http://money.cnn.com/2011/05/17/news/economy/recession_lost_generation/index.htm
Friday, May 20, 2011
California's revenue surge might stymie efforts to stabilize finances
May 18, 2011
By Evan Halper and Anthony York, Los Angeles Times
The $6.6-billion of unanticipated revenue may relieve some of the pressure caused by California's huge deficit, perhaps weakening Gov. Jerry Brown's argument for tax extensions.
The cash pouring into state coffers may seem like good news for Gov. Jerry Brown, who this week announced a surprise $6.6-billion surge. But the joke in the Capitol is that he might have served the public better by burying the windfall in the backyard.
Propelled by the higher wages and investment incomes of the rich, the new money could actually stymie meaningful change in California's broken budget system, experts say, leaving state books unbalanced indefinitely.
Full story:
http://articles.latimes.com/2011/may/18/local/la-me-state-budget-20110518
By Evan Halper and Anthony York, Los Angeles Times
The $6.6-billion of unanticipated revenue may relieve some of the pressure caused by California's huge deficit, perhaps weakening Gov. Jerry Brown's argument for tax extensions.
The cash pouring into state coffers may seem like good news for Gov. Jerry Brown, who this week announced a surprise $6.6-billion surge. But the joke in the Capitol is that he might have served the public better by burying the windfall in the backyard.
Propelled by the higher wages and investment incomes of the rich, the new money could actually stymie meaningful change in California's broken budget system, experts say, leaving state books unbalanced indefinitely.
Full story:
http://articles.latimes.com/2011/may/18/local/la-me-state-budget-20110518
Big U.S. Firms Shift Hiring Abroad
Work Forces Shrink at Home, Sharpening Debate on Economic Impact of Globalization
By DAVID WESSEL
The Wall Street Journal
WSJ's David Wessel has the story of the downside of economic globalization: U.S. multinational corporations, that employ 20% of all U.S. workers, are increasingly hiring overseas workers.
U.S. multinational corporations, the big brand-name companies that employ a fifth of all American workers, have been hiring abroad while cutting back at home, sharpening the debate over globalization's effect on the U.S. economy.
The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show. That's a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the U.S. and 2.7 million abroad.
Full story:
http://online.wsj.com/article/SB10001424052748704821704576270783611823972.html
By DAVID WESSEL
The Wall Street Journal
WSJ's David Wessel has the story of the downside of economic globalization: U.S. multinational corporations, that employ 20% of all U.S. workers, are increasingly hiring overseas workers.
U.S. multinational corporations, the big brand-name companies that employ a fifth of all American workers, have been hiring abroad while cutting back at home, sharpening the debate over globalization's effect on the U.S. economy.
The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show. That's a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the U.S. and 2.7 million abroad.
Full story:
http://online.wsj.com/article/SB10001424052748704821704576270783611823972.html
Many U.S. companies are hiring ... overseas. One reason why U.S. unemployment remains as high as it is
By PALLAVI GOGOI
The Associated Press
updated 12/28/2010 6:15:56 PM ET 2010-12-28T23:15:56
Actually, many American companies are — just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast as domestically.
Full story:
http://www.msnbc.msn.com/id/40827123/ns/business-us_business/t/many-us-companies-are-hiring-overseas/
The Associated Press
updated 12/28/2010 6:15:56 PM ET 2010-12-28T23:15:56
Actually, many American companies are — just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast as domestically.
Full story:
http://www.msnbc.msn.com/id/40827123/ns/business-us_business/t/many-us-companies-are-hiring-overseas/
Anatomy of a Crisis How did we get here?
The Washington Post's Frank Ahrens looks back and breaks down the forces that led to the financial market meltdown.
View slideshow at:
http://www.washingtonpost.com/wp-dyn/content/gallery/2008/10/15/GA2008101502860.html
View slideshow at:
http://www.washingtonpost.com/wp-dyn/content/gallery/2008/10/15/GA2008101502860.html
Wednesday, May 18, 2011
Wal-Mart: Our shoppers are 'running out of money'
By Parija Kavilanz, senior writer April 28, 2011: 2:41 PM ET
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they're "running out of money" at a faster clip, he said.
Full article:
http://money.cnn.com/2011/04/27/news/companies/walmart_ceo_consumers_under_pressure/index.htm
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in.
Lately, they're "running out of money" at a faster clip, he said.
Full article:
http://money.cnn.com/2011/04/27/news/companies/walmart_ceo_consumers_under_pressure/index.htm
The little engine that can't: The myth about small businesses and jobs
By Ruth Marcus
Wednesday, September 15, 2010
It is taken as gospel among politicians of both parties that small business is the engine of job creation. "We're starting with small businesses because that's where most of the new jobs do," President Obama said this year. "Small businesses are the job generator of America," echoed Arizona Republican Sen. John McCain.
They're in good company. George W. Bush, John Kerry, Bill Clinton and Ronald Reagan have all made that claim. Only one problem: These assertions are overblown and simplistic. Take it from a reliable source -- the chief economist for the Small Business Administration's Office of Advocacy. "It's not true," Zoltan Acs told me when I asked about whether small business is, in fact, the engine of job creation. "It's half the story."
Full story:
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/14/AR2010091405459.html
Wednesday, September 15, 2010
It is taken as gospel among politicians of both parties that small business is the engine of job creation. "We're starting with small businesses because that's where most of the new jobs do," President Obama said this year. "Small businesses are the job generator of America," echoed Arizona Republican Sen. John McCain.
They're in good company. George W. Bush, John Kerry, Bill Clinton and Ronald Reagan have all made that claim. Only one problem: These assertions are overblown and simplistic. Take it from a reliable source -- the chief economist for the Small Business Administration's Office of Advocacy. "It's not true," Zoltan Acs told me when I asked about whether small business is, in fact, the engine of job creation. "It's half the story."
Full story:
http://www.washingtonpost.com/wp-dyn/content/article/2010/09/14/AR2010091405459.html
California: State tax revenue grows as rich get richer
Andrew S. Ross
San Francisco Chronicle May 17, 2011 04:00 AM
So, we can breathe easier, right?
Thanks to a projected jump in tax revenue, California's budget hole is not as big as expected. Nor will covering it require the amount of sacrifice as first thought, according to Gov. Jerry Brown's revised budget.
And, apparently, we have the better-off to thank for it.
While working Californians will earn an average of $4,000 more over the next two years, those earning over $200,000 a year, and/or selling a bunch of stock, will account for most of the $6.6 billion increase in tax revenue, according to new budget estimates.
Full story:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/18/BUMN1JGSVP.DTL
San Francisco Chronicle May 17, 2011 04:00 AM
So, we can breathe easier, right?
Thanks to a projected jump in tax revenue, California's budget hole is not as big as expected. Nor will covering it require the amount of sacrifice as first thought, according to Gov. Jerry Brown's revised budget.
And, apparently, we have the better-off to thank for it.
While working Californians will earn an average of $4,000 more over the next two years, those earning over $200,000 a year, and/or selling a bunch of stock, will account for most of the $6.6 billion increase in tax revenue, according to new budget estimates.
Full story:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/18/BUMN1JGSVP.DTL
Monday, May 16, 2011
US hits credit limit, setting up 11-week fight
US hits debt limit; Treasury juggles books while Congress fights over whether to raise ceiling
Paul Wiseman, AP Economics Writer, On Monday May 16, 2011, 6:15 pm EDT
WASHINGTON (AP) -- The government has maxed out its credit card.
The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession.
Treasury Secretary Timothy Geithner formally notified Congress that the government would halt its investments in two federal pension plans so it won't exceed the borrowing limit.
Geithner said the government could get by with bookkeeping maneuvers like that through Aug. 2. After that, the government could default on its debt for the first time, threatening....
Complete story:
http://finance.yahoo.com/news/US-hits-credit-limit-setting-apf-611732106.html?x=0&sec=topStories&pos=3&asset=&ccode=
Paul Wiseman, AP Economics Writer, On Monday May 16, 2011, 6:15 pm EDT
WASHINGTON (AP) -- The government has maxed out its credit card.
The United States reached its $14.3 trillion limit on federal borrowing Monday, leaving Congress 11 weeks to raise the threshold or risk a financial panic or another recession.
Treasury Secretary Timothy Geithner formally notified Congress that the government would halt its investments in two federal pension plans so it won't exceed the borrowing limit.
Geithner said the government could get by with bookkeeping maneuvers like that through Aug. 2. After that, the government could default on its debt for the first time, threatening....
Complete story:
http://finance.yahoo.com/news/US-hits-credit-limit-setting-apf-611732106.html?x=0&sec=topStories&pos=3&asset=&ccode=
Sunday, May 15, 2011
Gloomy outlook for summer youth employment
Carolyn Said, Chronicle Staff Writer
San Francisco Chronicle
May 15, 2011 04:00 AM
"It's OK; calm down," Ajunee Mitchell crooned to Gina, a year-old toy poodle determined to vanquish the blow dryer Mitchell was using on her.
Working at Pinole Paws, a pet-grooming salon, gives Mitchell, 18, lots of opportunities to play dog whisperer; she brushes, bathes and trims about eight pooches a day.
Read more:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/15/BUU31JEH99.DTL&tsp=1
San Francisco Chronicle
May 15, 2011 04:00 AM
"It's OK; calm down," Ajunee Mitchell crooned to Gina, a year-old toy poodle determined to vanquish the blow dryer Mitchell was using on her.
Working at Pinole Paws, a pet-grooming salon, gives Mitchell, 18, lots of opportunities to play dog whisperer; she brushes, bathes and trims about eight pooches a day.
Read more:
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/05/15/BUU31JEH99.DTL&tsp=1
Saturday, May 7, 2011
Our Debt Binge Is Ending — And The Middle Class Will Get Clobbered
By Henry Blodget | Daily Ticker – Tue, Apr 5, 2011 12:45 PM EDT
Yahoo Finance
The world is coming to the end of a 50-year debt supercycle, John Mauldin says, and the austerity required to put us back on solid financial footing will hammer ordinary Americans.
Mauldin, a financial analyst and the author of ENDGAME: The End Of The Debt Supercycle And How It Changes Everything, thinks that the the US will soon be forced to confront the fact that it has borrowed way too much in the past few decades and must severely cut back.
The US's $1.6 trillion-a-year deficit, Mauldin believes, must quickly be cut to about $300 billion a year, or the US will face a debt crisis. And given that our current government can barely find ways to chop $30 billion of spending from the 2011 budget, these cuts are going to be painful.
What will the forced austerity mean for ordinary Americans?...
More at:
http://finance.yahoo.com/blogs/daily-ticker/debt-binge-ending-middle-class-clobbered-20110405-094510-405.html
Yahoo Finance
The world is coming to the end of a 50-year debt supercycle, John Mauldin says, and the austerity required to put us back on solid financial footing will hammer ordinary Americans.
Mauldin, a financial analyst and the author of ENDGAME: The End Of The Debt Supercycle And How It Changes Everything, thinks that the the US will soon be forced to confront the fact that it has borrowed way too much in the past few decades and must severely cut back.
The US's $1.6 trillion-a-year deficit, Mauldin believes, must quickly be cut to about $300 billion a year, or the US will face a debt crisis. And given that our current government can barely find ways to chop $30 billion of spending from the 2011 budget, these cuts are going to be painful.
What will the forced austerity mean for ordinary Americans?...
More at:
http://finance.yahoo.com/blogs/daily-ticker/debt-binge-ending-middle-class-clobbered-20110405-094510-405.html
Number of millionaires is projected to rise rapidly
Jessica Dickler, staff writer, On Thursday May 5, 2011, 10:12 am EDT
CNN Money
Despite the Great Recession, which wiped out $15.5 trillion in household wealth in the United States alone, the number of millionaires in this country and abroad will grow rapidly over the next decade.
In the U.S., the total number of families with a net worth of over $1 million, including real estate, will double by 2020, according to a report by the Deloitte Center for Financial Services.
Overall, the U.S. and Europe have the greatest concentrations of wealth than any other region, although emerging markets are narrowing the gap.
China will lead the way in millionaire growth, the report said, followed by Brazil and Russia...
Full article:
http://finance.yahoo.com/news/Number-of-millionaires-is-cnnm-1362980368.html?x=0
CNN Money
Despite the Great Recession, which wiped out $15.5 trillion in household wealth in the United States alone, the number of millionaires in this country and abroad will grow rapidly over the next decade.
In the U.S., the total number of families with a net worth of over $1 million, including real estate, will double by 2020, according to a report by the Deloitte Center for Financial Services.
Overall, the U.S. and Europe have the greatest concentrations of wealth than any other region, although emerging markets are narrowing the gap.
China will lead the way in millionaire growth, the report said, followed by Brazil and Russia...
Full article:
http://finance.yahoo.com/news/Number-of-millionaires-is-cnnm-1362980368.html?x=0
The American Middle Class Under Stress
Sherle R. Schwenninger,Samuel Sherraden,New America Foundation
April 27, 2011 | New America Foundation
The foundation of America's middle class is under strain.
High unemployment and the restructuring of the labor market have eroded middle-class incomes after decades of stagnation. Meanwhile, the cost of health care, education, and other essential middle-class goods have increased, consuming a larger share of household income. And the bursting of the housing bubble has wiped out trillions of dollars in home equity that the majority of Americans rely on as the primary source of wealth and retirement security.
In their latest presentation, Sherle R. Schwenninger, Director of the Economic Growth and American Strategy Programs at the New America Foundation, and Samuel Sherraden, Policy Analyst for the Economic Growth Program, evaluate the state of America's middle class after the Great Recession....
Click here to download the slideshow, "The American Middle Class Under Stress."
Full article:
http://newamerica.net/publications/policy/the_american_middle_class_under_stress
April 27, 2011 | New America Foundation
The foundation of America's middle class is under strain.
High unemployment and the restructuring of the labor market have eroded middle-class incomes after decades of stagnation. Meanwhile, the cost of health care, education, and other essential middle-class goods have increased, consuming a larger share of household income. And the bursting of the housing bubble has wiped out trillions of dollars in home equity that the majority of Americans rely on as the primary source of wealth and retirement security.
In their latest presentation, Sherle R. Schwenninger, Director of the Economic Growth and American Strategy Programs at the New America Foundation, and Samuel Sherraden, Policy Analyst for the Economic Growth Program, evaluate the state of America's middle class after the Great Recession....
Click here to download the slideshow, "The American Middle Class Under Stress."
Full article:
http://newamerica.net/publications/policy/the_american_middle_class_under_stress
Friday, May 6, 2011
America Is Bankrupt (But Not the Way You Think)
Umair Haque
Harvard Business Review
Wednesday April 20, 2011
Healthcare, schools, police, tax breaks: which would you keep, slash, or cut? The axe has to swing, so where, if you were the lumberjack, would you aim it? It's the central, polarizing question in this age of austerity.
Or is it? Maybe relying on cuts to reboot prosperity is a bit like starting a diet to treat Alzheimer's: probably not going to work.
Consider an allegory: a household racking up debt not just because they have easy credit, but because they're a dysfunctional family to begin with. Meet the new Joneses: they're a little less Cleaver and little more Soprano...
Full story:
http://blogs.hbr.org/haque/2011/04/cutting_the_budget.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness%2Fhaque+%28Umair+Haque+on+HBR.org%29
Umair Haque
Harvard Business Review
Wednesday April 20, 2011
Healthcare, schools, police, tax breaks: which would you keep, slash, or cut? The axe has to swing, so where, if you were the lumberjack, would you aim it? It's the central, polarizing question in this age of austerity.
Or is it? Maybe relying on cuts to reboot prosperity is a bit like starting a diet to treat Alzheimer's: probably not going to work.
Consider an allegory: a household racking up debt not just because they have easy credit, but because they're a dysfunctional family to begin with. Meet the new Joneses: they're a little less Cleaver and little more Soprano...
Full story:
http://blogs.hbr.org/haque/2011/04/cutting_the_budget.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+harvardbusiness%2Fhaque+%28Umair+Haque+on+HBR.org%29
Inflation causing economic boom, then bust
May 4, 2011
By Russ Winter
The Wall Street Examiner
During the last four weeks, orders are below expectations for Whole Foods (WFMI), according to OTR Global Research, which tracks suppliers. Its research suggests the same trend is occurring for cruise lines and mobile hand sets. This merely confirms what should be apparent from looking at Gallup consumer tracking, that shows consumer confidence faded at the end of February. In late March, confidence tracked lower again and then in April, rolled over even harder and is now a full 14 percent lower than last year. The OTR revelation about WFMI suggests that wealthier people are being impacted by inflation on a lag from the average consumer...
Full story:
http://www.wallstreetexaminer.com/blogs/winter/?p=3895
By Russ Winter
The Wall Street Examiner
During the last four weeks, orders are below expectations for Whole Foods (WFMI), according to OTR Global Research, which tracks suppliers. Its research suggests the same trend is occurring for cruise lines and mobile hand sets. This merely confirms what should be apparent from looking at Gallup consumer tracking, that shows consumer confidence faded at the end of February. In late March, confidence tracked lower again and then in April, rolled over even harder and is now a full 14 percent lower than last year. The OTR revelation about WFMI suggests that wealthier people are being impacted by inflation on a lag from the average consumer...
Full story:
http://www.wallstreetexaminer.com/blogs/winter/?p=3895
A Recovery Less Robust Than in the ’70s
By FLOYD NORRIS
Published: May 6, 2011
TO judge by the stock market, the recovery from the Great Recession is much stronger than the one after the early 1970s recession, which followed the first oil price shock.
But by most other measures, the current recovery is far weaker.
Those two downturns were the longest since the Great Depression. The country’s economy took two years to regain its former size in the 1970s, and three years in the recent recession. In each case the stock market lost about half its value and then began a powerful rally a few months before the recession officially ended...
Full story:
http://www.nytimes.com/2011/05/07/business/economy/07charts.html?_r=1&partner=rss&emc=rss
Published: May 6, 2011
TO judge by the stock market, the recovery from the Great Recession is much stronger than the one after the early 1970s recession, which followed the first oil price shock.
But by most other measures, the current recovery is far weaker.
Those two downturns were the longest since the Great Depression. The country’s economy took two years to regain its former size in the 1970s, and three years in the recent recession. In each case the stock market lost about half its value and then began a powerful rally a few months before the recession officially ended...
Full story:
http://www.nytimes.com/2011/05/07/business/economy/07charts.html?_r=1&partner=rss&emc=rss
Don’t Credit McJobs for Payrolls Gains
McDonald’s hiring didn’t boost April jobs numbers.
Reuters
May 6, 2011, 12:03 PM ET
By Phil Izzo
Some are crediting the McDonald’s hiring binge with artificially boosting this month’s payrolls numbers, but it likely played no role in this month’s report. (This was noted earlier this morning by our MarketBeat colleagues.)
Pimco's Anthony Crescenzi explains it best. Warning avoid this paragraph if puns make you “grimace....”
Full story:
http://blogs.wsj.com/economics/2011/05/06/dont-credit-mcjobs-for-payrolls-gains/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Feconomics%2Ffeed+%28WSJ.com%3A+Real+Time+Economics+Blog%29
Reuters
May 6, 2011, 12:03 PM ET
By Phil Izzo
Some are crediting the McDonald’s hiring binge with artificially boosting this month’s payrolls numbers, but it likely played no role in this month’s report. (This was noted earlier this morning by our MarketBeat colleagues.)
Pimco's Anthony Crescenzi explains it best. Warning avoid this paragraph if puns make you “grimace....”
Full story:
http://blogs.wsj.com/economics/2011/05/06/dont-credit-mcjobs-for-payrolls-gains/?mod=WSJBlog&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+wsj%2Feconomics%2Ffeed+%28WSJ.com%3A+Real+Time+Economics+Blog%29
China Involved in Debt Debate
by Sam Williford on May 6, 2011 - 8:45am
In an example of how the U.S. has forfeited its sovereignty thanks to poor policy, Chinese officials are now putting pressure on the U.S. government on how to shape the budget and manage debt.
More than half of U.S. debt is owned by foreign interests, with China being the largest of those foreign stakeholders with more than $1 trillion in U.S. debt. This accumulated debt is the result of our massive trade imbalance with China, which totaled more than $275 billion last year. These debt holdings give China massive leverage against our government and economy....
Full story:
http://www.economyincrisis.org/content/china-involved-debt-debate
In an example of how the U.S. has forfeited its sovereignty thanks to poor policy, Chinese officials are now putting pressure on the U.S. government on how to shape the budget and manage debt.
More than half of U.S. debt is owned by foreign interests, with China being the largest of those foreign stakeholders with more than $1 trillion in U.S. debt. This accumulated debt is the result of our massive trade imbalance with China, which totaled more than $275 billion last year. These debt holdings give China massive leverage against our government and economy....
Full story:
http://www.economyincrisis.org/content/china-involved-debt-debate
Teen joblessness may hit record in summer 2011
– Mon May 2, 1:05 am ET
CHICAGO (Reuters) – A record-low one in four U.S. teenagers will land a summer job in the coming months as a result of a still-poor job market and lost federal funding, according to a report issued on Monday.
As a consequence, urban studies experts said cities like Chicago -- where summer unemployment among African-Americans aged 16 to 19 years approaches 90 percent -- could experience a rise in street violence.
"Both national and local leadership continue to ignore the plight of youth who are most at risk for potential violence as a result of being left on the streets in the summer months when crime is at its most explosive," Chicago Urban League President Andrea Zopp said in a statement...
Full story:
http://news.yahoo.com/s/nm/20110502/us_nm/us_usa_economy_jobs_teens
CHICAGO (Reuters) – A record-low one in four U.S. teenagers will land a summer job in the coming months as a result of a still-poor job market and lost federal funding, according to a report issued on Monday.
As a consequence, urban studies experts said cities like Chicago -- where summer unemployment among African-Americans aged 16 to 19 years approaches 90 percent -- could experience a rise in street violence.
"Both national and local leadership continue to ignore the plight of youth who are most at risk for potential violence as a result of being left on the streets in the summer months when crime is at its most explosive," Chicago Urban League President Andrea Zopp said in a statement...
Full story:
http://news.yahoo.com/s/nm/20110502/us_nm/us_usa_economy_jobs_teens
Thursday, May 5, 2011
GM, Ford top family cars list
G. Chambers Williams III | February 27 2010 at 10:00 AM
www.sfgate.com
Here's great news for the U.S. automakers General Motors and Ford: Six of their vehicles dominated the list of the Top 10 Family Cars for 2010 as determined by the editors of the Kelley Blue Book and the Web site kbb.com.
Three of them are Chevrolets — an SUV and two crossover utility vehicles — and three are Fords — one crossover and two sedans, including a gasoline-electric hybrid.
Listed in order of roominess, beginning with the largest (passenger and cargo space combined), this year's choices are led by the venerable Chevrolet Suburban, the full-size (and then some) SUV from General Motors that was all but given up for dead two years ago when gasoline prices spiked to more than $4 a gallon.
Read more:
http://www.sfgate.com/cgi-bin/blogs/topdown/detail?entry_id=58080
www.sfgate.com
Here's great news for the U.S. automakers General Motors and Ford: Six of their vehicles dominated the list of the Top 10 Family Cars for 2010 as determined by the editors of the Kelley Blue Book and the Web site kbb.com.
Three of them are Chevrolets — an SUV and two crossover utility vehicles — and three are Fords — one crossover and two sedans, including a gasoline-electric hybrid.
Listed in order of roominess, beginning with the largest (passenger and cargo space combined), this year's choices are led by the venerable Chevrolet Suburban, the full-size (and then some) SUV from General Motors that was all but given up for dead two years ago when gasoline prices spiked to more than $4 a gallon.
Read more:
http://www.sfgate.com/cgi-bin/blogs/topdown/detail?entry_id=58080
GM Cruzes to first-quarter profit of $3.2B
Chevy Cruze, smaller SUVs help GM earn $3.2B in 1Q, its highest profit in more than a decade
Tom Krisher and Dee-Ann Durbin, AP Auto Writers, On Thursday May 5, 2011, 4:35 pm EDT
DETROIT (AP) -- GM is on Cruze control.
General Motors introduced the Chevrolet Cruze last October as its answer to the Toyota Corolla and other small car rivals. The timing couldn't have been better. Gas prices have risen nearly 50 percent since the car hit the U.S. market. And sales of the Cruze worldwide are at 600,000, making it one of the most successful car launches in years.
It's the biggest example of GM's strategy to build better small cars, a market it ceded to the Japanese for years. While trucks and SUVs still provide much of its profit, GM is banking that higher fuel prices will drive customers toward smaller models. The company plans to launch its first compact Buick and the subcompact Chevrolet Sonic later in the year...
Full article:
http://finance.yahoo.com/news/GM-Cruzes-to-firstquarter-apf-9884883.html?x=0&sec=topStories&pos=7&asset=&ccode=
Tom Krisher and Dee-Ann Durbin, AP Auto Writers, On Thursday May 5, 2011, 4:35 pm EDT
DETROIT (AP) -- GM is on Cruze control.
General Motors introduced the Chevrolet Cruze last October as its answer to the Toyota Corolla and other small car rivals. The timing couldn't have been better. Gas prices have risen nearly 50 percent since the car hit the U.S. market. And sales of the Cruze worldwide are at 600,000, making it one of the most successful car launches in years.
It's the biggest example of GM's strategy to build better small cars, a market it ceded to the Japanese for years. While trucks and SUVs still provide much of its profit, GM is banking that higher fuel prices will drive customers toward smaller models. The company plans to launch its first compact Buick and the subcompact Chevrolet Sonic later in the year...
Full article:
http://finance.yahoo.com/news/GM-Cruzes-to-firstquarter-apf-9884883.html?x=0&sec=topStories&pos=7&asset=&ccode=
The Toyota You Don't Know The Race to the Bottom in the Auto Industry
*
Low wage temps: a full one-third, or 10,000 Toyota assembly line workers, are low wage temp and subcontract workers who earn less than 60 percent of what full time workers do. Temps have few rights and are hired under contracts as short as four months.
*
Overworked to death: Mr Kenichi Uchino died of overwork at Toyota's Prius plant when he was just 30. He was routinely working 14-hour shifts and putting in anywhere from 107 to 155 hours of overtime a month—at least 61 ½ hours of which were unpaid. Toyota said the hours were "voluntary" and therefore not paid. Mr. Uchino left behind his young wife, a one-year-old son and a three-year-old daughter. The Japanese people even have a word for being overworked to death: "karoshi." An estimated 200 to 300 workers a year suffer serious illness, depression and death due to overwork.
*
Sweatshops and human trafficking: Toyota's parts supply chain is riddled with sweatshop abuse, including the human trafficking of tens of thousands of foreign guest workers—mostly from China and Vietnam—to Japan, where they are stripped of their passports and forced to work grueling hours seven days a week, often earning less than half the legal minimum wage. Sixteen-hour shifts, from 8:00 a.m. to 12:00 midnight are common.
*
Linked to Burmese Dictators: Toyota—through the Toyota Tsusho Corporation which is part of the Toyota Group—is involved in several joint business ventures with the ruthless military dictators of Burma, which put revenues into the pockets of the dictators who use it to repress Burma's 50 million people.
*
Toyota criticized by the ILO: The UN/International Labor Organization points to Toyota's suppression of freedom of association at its plant in the Philippines as "an illustration of how a multinational company, apparently with little regard for corporate responsibility, has done everything in its power to prevent recognition and certification of the Toyota Motor Company Workers Association." (ILO Working Group, December 2003.)
*
Toyota leads the Race to the Bottom: Toyota, now the largest auto company in the world, is using its size and success to impose its two-tier, low-wage model at its non-union plants across America, which will result in a race to the bottom with wages and benefits being slashed throughout the entire auto industry.
Toyota's Profit Reaches $16.7 Billion
The American People Purchase
56,923 Toyota Vehicles Each Week
Toyota reached record profits of $16.7 billion in its fiscal year ending March 31, 2008. Toyota is earning $45.8 million a day, every day of the year.
Toyota sells more vehicles in the U.S. (2.92 million cars, vans and trucks) than in Japan (2.19 million) where its sales are falling.
One third of Toyota's worldwide sales are in the U.S. The American people purchase 56,923 Toyota vehicles each week.
Full article:
http://www.globallabourrights.org/reports?id=0503
Low wage temps: a full one-third, or 10,000 Toyota assembly line workers, are low wage temp and subcontract workers who earn less than 60 percent of what full time workers do. Temps have few rights and are hired under contracts as short as four months.
*
Overworked to death: Mr Kenichi Uchino died of overwork at Toyota's Prius plant when he was just 30. He was routinely working 14-hour shifts and putting in anywhere from 107 to 155 hours of overtime a month—at least 61 ½ hours of which were unpaid. Toyota said the hours were "voluntary" and therefore not paid. Mr. Uchino left behind his young wife, a one-year-old son and a three-year-old daughter. The Japanese people even have a word for being overworked to death: "karoshi." An estimated 200 to 300 workers a year suffer serious illness, depression and death due to overwork.
*
Sweatshops and human trafficking: Toyota's parts supply chain is riddled with sweatshop abuse, including the human trafficking of tens of thousands of foreign guest workers—mostly from China and Vietnam—to Japan, where they are stripped of their passports and forced to work grueling hours seven days a week, often earning less than half the legal minimum wage. Sixteen-hour shifts, from 8:00 a.m. to 12:00 midnight are common.
*
Linked to Burmese Dictators: Toyota—through the Toyota Tsusho Corporation which is part of the Toyota Group—is involved in several joint business ventures with the ruthless military dictators of Burma, which put revenues into the pockets of the dictators who use it to repress Burma's 50 million people.
*
Toyota criticized by the ILO: The UN/International Labor Organization points to Toyota's suppression of freedom of association at its plant in the Philippines as "an illustration of how a multinational company, apparently with little regard for corporate responsibility, has done everything in its power to prevent recognition and certification of the Toyota Motor Company Workers Association." (ILO Working Group, December 2003.)
*
Toyota leads the Race to the Bottom: Toyota, now the largest auto company in the world, is using its size and success to impose its two-tier, low-wage model at its non-union plants across America, which will result in a race to the bottom with wages and benefits being slashed throughout the entire auto industry.
Toyota's Profit Reaches $16.7 Billion
The American People Purchase
56,923 Toyota Vehicles Each Week
Toyota reached record profits of $16.7 billion in its fiscal year ending March 31, 2008. Toyota is earning $45.8 million a day, every day of the year.
Toyota sells more vehicles in the U.S. (2.92 million cars, vans and trucks) than in Japan (2.19 million) where its sales are falling.
One third of Toyota's worldwide sales are in the U.S. The American people purchase 56,923 Toyota vehicles each week.
Full article:
http://www.globallabourrights.org/reports?id=0503
South Korean Officials Still Pushing for Stalled Trade Pact
Economy in Crisis
by Dustin Ensinger on June 23, 2010 - 12:45pm
Editor's Note: Once again the Chamber of Commerce is proving their alliance to foreigners and multinational corporations over the American people. Free trade has been a disaster, its results speak for them selves - our jobs outsourced, our manufacturing destroyed. When will we wake up to the facts?
...In the years since the agreement, South Korea has done little to remedy the problem. In 2008, South Korea exported 616,000 cars and light trucks to the United States, but imported just 10,377 cars and light trucks from the United States. Through the first 11 months of 2009, South Korea exported $5.1 billion worth of automobiles to the U.S., while Detroit’s Big Three exported just $140 million worth of automobiles to South Korea...
Full article:
http://www.economyincrisis.org/content/south-korean-officials-still-pushing-stalled-trade-pact
by Dustin Ensinger on June 23, 2010 - 12:45pm
Editor's Note: Once again the Chamber of Commerce is proving their alliance to foreigners and multinational corporations over the American people. Free trade has been a disaster, its results speak for them selves - our jobs outsourced, our manufacturing destroyed. When will we wake up to the facts?
...In the years since the agreement, South Korea has done little to remedy the problem. In 2008, South Korea exported 616,000 cars and light trucks to the United States, but imported just 10,377 cars and light trucks from the United States. Through the first 11 months of 2009, South Korea exported $5.1 billion worth of automobiles to the U.S., while Detroit’s Big Three exported just $140 million worth of automobiles to South Korea...
Full article:
http://www.economyincrisis.org/content/south-korean-officials-still-pushing-stalled-trade-pact
Unemployed, and Likely to Stay That Way
Published: Friday, 3 Dec 2010 | 10:36 AM ET
By: Catherine Rampbell
The New York Times
That is a fact of life that much of Europe, with its underclass of permanently idle workers, knows all too well. But it is a lesson that the United States seems to be just learning.
This country has some of the highest levels of long-term unemployment — out of work longer than six months — it has ever recorded. Meanwhile, job growth has been, and looks to remain, disappointingly slow, as today's ...
Full article:
http://www.cnbc.com/id/40490869/Unemployed_and_Likely_to_Stay_That_Way
By: Catherine Rampbell
The New York Times
That is a fact of life that much of Europe, with its underclass of permanently idle workers, knows all too well. But it is a lesson that the United States seems to be just learning.
This country has some of the highest levels of long-term unemployment — out of work longer than six months — it has ever recorded. Meanwhile, job growth has been, and looks to remain, disappointingly slow, as today's ...
Full article:
http://www.cnbc.com/id/40490869/Unemployed_and_Likely_to_Stay_That_Way
China rise a 'Sputnik moment' for clean energy
By Shaun Tandon (AFP) – Nov 29, 2010
WASHINGTON — A senior US official called China's growing innovation a "Sputnik moment" that should spur the United States to ramp up investment in clean energy, despite a shift in Washington on climate change.
Energy Secretary Steven Chu likened a series of Chinese milestones -- including the development of the world's fastest supercomputer -- to the Soviet Union's landmark 1957 satellite that led the United States into the Space Race.
"America, I am optimistic, will wake up and see the opportunity. And when it does, it still has the greatest innovation machine in the world," Chu said in a speech entitled "Our New Sputnik Moment..."
Full article:
http://www.google.com/hostednews/afp/article/ALeqM5hKIjjmhwVThTOfWCji1dkJq87OPg?docId=CNG.23afc412c6dd3afe7b5a46ff5c2bc83f.71
WASHINGTON — A senior US official called China's growing innovation a "Sputnik moment" that should spur the United States to ramp up investment in clean energy, despite a shift in Washington on climate change.
Energy Secretary Steven Chu likened a series of Chinese milestones -- including the development of the world's fastest supercomputer -- to the Soviet Union's landmark 1957 satellite that led the United States into the Space Race.
"America, I am optimistic, will wake up and see the opportunity. And when it does, it still has the greatest innovation machine in the world," Chu said in a speech entitled "Our New Sputnik Moment..."
Full article:
http://www.google.com/hostednews/afp/article/ALeqM5hKIjjmhwVThTOfWCji1dkJq87OPg?docId=CNG.23afc412c6dd3afe7b5a46ff5c2bc83f.71
Wall Street Sees World Economy Decoupling From U.S.
By Simon Kennedy - Oct 4, 2010 8:50 AM PT
Wall Street economists are reviving a bet that the global economy will withstand the U.S. slowdown.
Just three years since America began dragging the world into its deepest recession in seven decades, Goldman Sachs Group Inc., Credit Suisse Holdings USA Inc. and BofA Merrill Lynch Global Research are forecasting that this time will be different. Goldman Sachs predicts worldwide growth will slow 0.2 percentage point to 4.6 percent in 2011, even as expansion in the U.S. falls to 1.8 percent from 2.6 percent...
Full article:
http://www.bloomberg.com/news/2010-10-03/world-economy-decoupling-from-u-s-in-slowdown-returns-as-wall-street-view.html
Wall Street economists are reviving a bet that the global economy will withstand the U.S. slowdown.
Just three years since America began dragging the world into its deepest recession in seven decades, Goldman Sachs Group Inc., Credit Suisse Holdings USA Inc. and BofA Merrill Lynch Global Research are forecasting that this time will be different. Goldman Sachs predicts worldwide growth will slow 0.2 percentage point to 4.6 percent in 2011, even as expansion in the U.S. falls to 1.8 percent from 2.6 percent...
Full article:
http://www.bloomberg.com/news/2010-10-03/world-economy-decoupling-from-u-s-in-slowdown-returns-as-wall-street-view.html
Where are the Jobs? For Many Companies, Overseas
NEW YORK, Dec. 28, 2010
Economic Policy Institute Says 1.4M Jobs Created Overseas by U.S. Companies, Compared to 1M Domestically
* More than half of the 15,000 people Caterpillar Inc. hired this year were outside the U.S.
More than half of the 15,000 people Caterpillar Inc. hired this year were outside the U.S. (AP PHOTO)
(AP) Corporate profits are up. Stock prices are up. So why isn't anyone hiring?
Actually, many American companies are just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast..
Full article:
http://www.cbsnews.com/stories/2010/12/28/business/main7191280.shtml
Economic Policy Institute Says 1.4M Jobs Created Overseas by U.S. Companies, Compared to 1M Domestically
* More than half of the 15,000 people Caterpillar Inc. hired this year were outside the U.S.
More than half of the 15,000 people Caterpillar Inc. hired this year were outside the U.S. (AP PHOTO)
(AP) Corporate profits are up. Stock prices are up. So why isn't anyone hiring?
Actually, many American companies are just maybe not in your town. They're hiring overseas, where sales are surging and the pipeline of orders is fat.
More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas. For both companies, sales in international markets are growing at least twice as fast..
Full article:
http://www.cbsnews.com/stories/2010/12/28/business/main7191280.shtml
Will China Kill Boeing's Most Important Airplane?
Has Boeing Give China The Know-How to Produce 737 Rival?
Minyanville > Markets
By Justin Rohrlich Nov 19, 2010 2:40 pm
How important is Boeing (BA) to the US economy? The company’s $29 billion worth of foreign sales in 2009 singlehandedly comprised about 2% of America’s total exports. And, even though unprecedented portions of Boeing’s $33 billion supply chain are outsourced -- particularly for the beleaguered 787, a project which is three years behind schedule -- according to Boeing estimates, it is indirectly responsible for 1.2 million stateside jobs...
Full article:
http://www.minyanville.com/businessmarkets/articles/boeing-china-737-787-outsourcing-build/11/19/2010/id/31259
Minyanville > Markets
By Justin Rohrlich Nov 19, 2010 2:40 pm
How important is Boeing (BA) to the US economy? The company’s $29 billion worth of foreign sales in 2009 singlehandedly comprised about 2% of America’s total exports. And, even though unprecedented portions of Boeing’s $33 billion supply chain are outsourced -- particularly for the beleaguered 787, a project which is three years behind schedule -- according to Boeing estimates, it is indirectly responsible for 1.2 million stateside jobs...
Full article:
http://www.minyanville.com/businessmarkets/articles/boeing-china-737-787-outsourcing-build/11/19/2010/id/31259
Jobs are back! But the pay stinks
Low wage jobs dominate hiring so far.
By Chris Isidore, senior writerJanuary 31, 2011: 12:22 PM ET
NEW YORK (CNNMoney) -- There are two problems with the jobs recovery to date. Employers haven't added enough jobs. And those they have added aren't particularly good ones.
The former has gotten a lot of attention. But the low-wage jobs that have been added are also a cause for concern...
Full article:
http://money.cnn.com/2011/01/31/news/economy/low_wage_job_growth/index.htm
By Chris Isidore, senior writerJanuary 31, 2011: 12:22 PM ET
NEW YORK (CNNMoney) -- There are two problems with the jobs recovery to date. Employers haven't added enough jobs. And those they have added aren't particularly good ones.
The former has gotten a lot of attention. But the low-wage jobs that have been added are also a cause for concern...
Full article:
http://money.cnn.com/2011/01/31/news/economy/low_wage_job_growth/index.htm
China Bets Big on Gas Technology
By ALISON TUDOR
The Wall Street Journal
HONG KONG—Chinese companies are paying a heavy price to participate in North America's natural-gas boom in a bet on gaining vital new technology and access to a bountiful new source of energy.
Technological advances have opened up massive new gas fields in North America, creating opportunity for Asia's energy-hungry countries. The technology taps gas trapped in rock, called shale gas. Energy consulting firm Wood Mackenzie Ltd. estimates that potential U.S. shale-gas resources total 650 trillion cubic feet. By comparison, proved U.S. gas reserves at the end of 2009 totaled 244.7 trillion cubic feet, according to the BP Statistical Review...
Full article:
http://online.wsj.com/article/SB10001424052748703515504576141961147319654.html
The Wall Street Journal
HONG KONG—Chinese companies are paying a heavy price to participate in North America's natural-gas boom in a bet on gaining vital new technology and access to a bountiful new source of energy.
Technological advances have opened up massive new gas fields in North America, creating opportunity for Asia's energy-hungry countries. The technology taps gas trapped in rock, called shale gas. Energy consulting firm Wood Mackenzie Ltd. estimates that potential U.S. shale-gas resources total 650 trillion cubic feet. By comparison, proved U.S. gas reserves at the end of 2009 totaled 244.7 trillion cubic feet, according to the BP Statistical Review...
Full article:
http://online.wsj.com/article/SB10001424052748703515504576141961147319654.html
Tips to Protect Yourself From a Worthless Dollar: Porter Stansberry
Thursday, February 17, 2011
TOTALINVESTOR
The clock is ticking...The End of America as we know it is near, according to Porter Stansberry, founder of Stansberry & Associates Investment Research.
As he discusses in depth in another clip (See: "The End of America”: Porter Stansberry Sees the Future ... And It's Grim), it won't be the end of the Republic but it will mark the end of the U.S. as the main economic power and the end of the dollar as the reserve currency. With this future will come higher taxes, less freedoms and more hardship...
Full article:
http://totalinvestor.blogspot.com/2011/02/tips-to-protect-yourself-from-worthless.html
TOTALINVESTOR
The clock is ticking...The End of America as we know it is near, according to Porter Stansberry, founder of Stansberry & Associates Investment Research.
As he discusses in depth in another clip (See: "The End of America”: Porter Stansberry Sees the Future ... And It's Grim), it won't be the end of the Republic but it will mark the end of the U.S. as the main economic power and the end of the dollar as the reserve currency. With this future will come higher taxes, less freedoms and more hardship...
Full article:
http://totalinvestor.blogspot.com/2011/02/tips-to-protect-yourself-from-worthless.html
It’s Not Just Autos: Shortage of Japanese Parts Puts U.S. Economy at Risk, Tonelson Says
By Stacy Curtin | Daily Ticker – Wed, Apr 6, 2011 8:54 AM EDT
The devastating earthquake and tsunami that hit Japan last month is slowly starting to have a bigger impact on U.S. manufacturing.
...
The report — entitled A Supply-Chain Earthquake? American Industrial Dependence on Japanese Manufactures — cites these market-share figures for the sectors unrelated to electronics and automobiles that come from Japanese imports:
* Metal cutting machine tools = 21% of U.S. market-share comes from Japan
* Turbines for generating energy = 14.8%
* Metal-forming machine tools = 12.7%
* Plastic and rubber making machinery = 11.2%
Full article:
http://finance.yahoo.com/blogs/daily-ticker/not-just-autos-shortage-japanese-parts-puts-u-20110406-055420-571.html
The devastating earthquake and tsunami that hit Japan last month is slowly starting to have a bigger impact on U.S. manufacturing.
...
The report — entitled A Supply-Chain Earthquake? American Industrial Dependence on Japanese Manufactures — cites these market-share figures for the sectors unrelated to electronics and automobiles that come from Japanese imports:
* Metal cutting machine tools = 21% of U.S. market-share comes from Japan
* Turbines for generating energy = 14.8%
* Metal-forming machine tools = 12.7%
* Plastic and rubber making machinery = 11.2%
Full article:
http://finance.yahoo.com/blogs/daily-ticker/not-just-autos-shortage-japanese-parts-puts-u-20110406-055420-571.html
Obama warns of "Sputnik moment" for America
In a globalized economy, America must struggle to stay on top
Monday, Dec 6, 2010 12:50 ET
By ERICA WERNER, Associated Press
President Barack Obama warned Monday the United States faces a new "Sputnik moment" in an increasingly one-world economy and said it must move dramatically to hold its place as global leader...
Full article:
http://www.salon.com/news/feature/2010/12/06/us_obama_16
Monday, Dec 6, 2010 12:50 ET
By ERICA WERNER, Associated Press
President Barack Obama warned Monday the United States faces a new "Sputnik moment" in an increasingly one-world economy and said it must move dramatically to hold its place as global leader...
Full article:
http://www.salon.com/news/feature/2010/12/06/us_obama_16
Wednesday, May 4, 2011
Fed policy weighs on dollar
Fed policy weighs on dollar
By Peter Garnham
FT.com
Published: May 4 2011 12:00 | Last updated: May 4 2011 22:32
The dollar dropped to a 17-month low against the euro as the prospect that the Federal Reserve would stick to its ultra-loose monetary policy weighed on the US currency.
The dollar lost ground as figures showed weaker-than-expected US private sector employment in April, which raised expectations that Friday’s US employment report would also disappoint. A survey also showed that activity in the US services sector slowed markedly last month....
Full article:
http://www.ft.com/cms/s/0/916e37f2-762d-11e0-b4f7-00144feabdc0.html
By Peter Garnham
FT.com
Published: May 4 2011 12:00 | Last updated: May 4 2011 22:32
The dollar dropped to a 17-month low against the euro as the prospect that the Federal Reserve would stick to its ultra-loose monetary policy weighed on the US currency.
The dollar lost ground as figures showed weaker-than-expected US private sector employment in April, which raised expectations that Friday’s US employment report would also disappoint. A survey also showed that activity in the US services sector slowed markedly last month....
Full article:
http://www.ft.com/cms/s/0/916e37f2-762d-11e0-b4f7-00144feabdc0.html
Tuesday, May 3, 2011
China poised to pour $10bn into Zimbabwe's ailing economy
Zimbabwean government rejects concern that Beijing cash could prop up Mugabe, and says investment can turn economy around
David Smith and agencies
guardian.co.uk, Tuesday 1 February 2011 18.21 GMT
Article history
Zimbabwe could be in line for a windfall of up to $10bn (£6.19bn) from China, a potentially huge boost to its ailing economy, its ministers have claimed.
But such an investment would be likely to heighten concerns about president Robert Mugabe's increasingly warm relationship with China, which has been accused of turning a blind eye to human rights violations across Africa...
Complete article:
http://www.guardian.co.uk/world/2011/feb/01/zimbabwe-china-10-billion-economy
David Smith and agencies
guardian.co.uk, Tuesday 1 February 2011 18.21 GMT
Article history
Zimbabwe could be in line for a windfall of up to $10bn (£6.19bn) from China, a potentially huge boost to its ailing economy, its ministers have claimed.
But such an investment would be likely to heighten concerns about president Robert Mugabe's increasingly warm relationship with China, which has been accused of turning a blind eye to human rights violations across Africa...
Complete article:
http://www.guardian.co.uk/world/2011/feb/01/zimbabwe-china-10-billion-economy
Sunday, May 1, 2011
Wal-Mart: Our shoppers are 'running out of money'
CNN Money
By Parija Kavilanz, senior writerApril 28, 2011: 2:41 PM ET
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in...
Original article:
http://money.cnn.com/2011/04/27/news/companies/walmart_ceo_consumers_under_pressure/index.htm
By Parija Kavilanz, senior writerApril 28, 2011: 2:41 PM ET
NEW YORK (CNNMoney) -- Wal-Mart's core shoppers are running out of money much faster than a year ago due to rising gasoline prices, and the retail giant is worried, CEO Mike Duke said Wednesday.
"We're seeing core consumers under a lot of pressure," Duke said at an event in New York. "There's no doubt that rising fuel prices are having an impact."
Wal-Mart shoppers, many of whom live paycheck to paycheck, typically shop in bulk at the beginning of the month when their paychecks come in...
Original article:
http://money.cnn.com/2011/04/27/news/companies/walmart_ceo_consumers_under_pressure/index.htm
Warren Buffett Warns of U.S. Dollar's Future
Apr 22, 2011, 14:36 by David Hope
Investment titan Warren Buffett, speaking in New Delhi, said the U.S. dollar was not the best bet these days and would not be for at least the next 20 years.
At a public appearance in India's capital, where he was shopping for companies to buy, Buffett said, "I would recommend against buying long-term fixed-dollar investments," The Washington Post reported Friday.
"If you ask me if the U.S. dollar is going to hold its purchasing power fully at the level of 2011 five years, 10 years or 20 years from now, I would tell you it will not," Buffett said....
Original article:
http://onlinejournal.com/artman/publish/article_8841.shtml
Investment titan Warren Buffett, speaking in New Delhi, said the U.S. dollar was not the best bet these days and would not be for at least the next 20 years.
At a public appearance in India's capital, where he was shopping for companies to buy, Buffett said, "I would recommend against buying long-term fixed-dollar investments," The Washington Post reported Friday.
"If you ask me if the U.S. dollar is going to hold its purchasing power fully at the level of 2011 five years, 10 years or 20 years from now, I would tell you it will not," Buffett said....
Original article:
http://onlinejournal.com/artman/publish/article_8841.shtml
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