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When Will The Economy Recover? These Three Key Areas Will Tell You…
My five-year old daughter has a thick mane of chestnut colored hair on her head. By the time she goes to school, it always looks perfect – but few people know about the work involved beforehand. My wife or I usually have to spend 15 minutes untangling the knots in what invariably starts out as a post-sleep bird’s nest.
This is a good analogy for the economy and markets. Our capitalist society is a beautiful thing that rewards entrepreneurs and intelligent risk takers and investors. But for the past few years, we’ve got ourselves into quite a tangle with the housing…
1Jun2009 | Smart Profits Report | 0 comments | ContinuedObama Shuts Down “Car Czar” Idea, Treasury Secretary Geithner to Steer Ship
U.S. President Barack Obama has decided against naming a "car czar," and is instead asking U.S. Treasury Secretary Timothy F. Geithner and White House economic adviser Lawrence H. "Larry" Summers to head a task force on revamping the U.S. auto industry, Bloomberg News reported yesterday (Monday).
The president was under pressure to say who would handle the issue before tomorrow, when General Motors Corp. (GM) and Chrysler LLC must give progress reports on plans to restructure as a condition of $17.4 billion in U.S. Treasury loans. The so-called car czar – an approach that had some support in the American auto industry – was viewed…
17Feb2009 | Money Morning | 0 comments | ContinuedLower Initial Jobless Claims Hide Surging Unemployment
Initial claims for unemployment benefits fell by 94,000 last week, the biggest drop in 16 years, the U.S. Labor Department said today (Wednesday). However, the data was almost certainly skewed by a shortened Christmas week, as continuing total jobless rolls surged to their highest levels since 1982.
“The underlying picture is terrible for the labor market,” said Joshua Shapiro, chief U.S. economist at Maria Fiorini Ramirez Inc. in New York. The initial claims figures were “distorted by some sort of breakdown in the seasonal adjustment process, with the holidays,” he told Bloomberg News.
A look at the unadjusted unemployment data paints a…
1Jan2009 | Money Morning | 0 comments | ContinuedWorld markets subdued amid economic gloom
By PAN PYLAS
AP Business Writer
(AP:LONDON) World stocks were mixed Thursday amid light end of year trading as ongoing concerns about the global economy continued to offset any relief provided by this week’s decision by the U.S. Federal Reserve to cut interest rates to near zero percent.
On Wall Street, the Dow Jones industrial average rose 20.07 points, or 0.2 percent, to 8,844.41 while the broader Standard & Poor’s 500 index was up 1.88 points, or 0.2 percent, at 906.30.
In Europe, Britain’s FTSE-100 was down 0.5 percent at 4,304.39, while Germany’s DAX rose 0.8 percent to 4,745.77. The CAC-40 in France was…
18Dec2008 | INO | 0 comments | ContinuedU.S. Companies “Throw in the Towel”- Pushing Jobless Claims to a 26-Year High
The number of Americans filing new claims for jobless benefits rocketed to a 26-year high last week, surpassing already gloomy forecasts, as the U.S. economy sinks deeper into recession.
Initial applications for jobless benefits climbed by 58,000 to 573,000 in the week ended Dec. 6, upwardly revised from 515,000 the previous week, the U.S. Labor Department reported yesterday (Thursday). The figure was the highest since 1982, and far exceeded the median projection of 525,000 put forth by 39 economists surveyed by Bloomberg News.
The increase was due, in part, to a bounce from the week before, which was shorter because it…
12Dec2008 | Money Morning | 0 comments | Continued
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