Consumer Confidence Poleaxed, Again
Consumer confidence will go to zero soon if it keeps falling at the current rate. The Conference Board reports that in July the figure hit 50.4 down from 54.3 in June. Two other data…
Economy
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Newest first · Page 368As United Technologies Fires 1,500, As Corporate America Lays-Off Its Own Customers
There is a fiction mostly written by executive outplacement firms such as Challenger Gray & Christmas that corporate layoffs are falling sharply. Its survey may be incomplete, or at the very least misleading. Job…
State Tax Payments Rise But Several Still Face Ruin
The Commerce Department announced an improvement in new home sales for June. The figure seemed impressive compared to May, but it was still the second worst number on record. The National Conference of State…
Chicago Fed: Economic Activity Fell In June
The economy contracted in June, at least according to The Chicago Federal Reserve. The Chicago Fed National Activity Index was down .63% in June compared with an increase of .31% in May. The consumption…
White House Expects Unemployment Above 9% Until 2012
The White House’s annual Mid-Session Budget Review, sent to Speaker of the House Nancy Pelosi, shows that unemployment will not fall below 9% until 2012.The Administration has finally given in to the reality that…
ECB President Calls For Austerity Around The World
Austerity is not just the antidote for the financial trouble in Europe, says ECB head Jean-Claude Trichet. It is time for the industrial nations all to cut spending sharply and raise taxes. The ECB…
Europe’s Economy Expands More Than Expected
Markit’s Eurozone Flash Services Purchasing Managers’ Index showed an expansion of the EU economy this month that was not expected. It was the first improvement in three months as the index rose to 56.7…
In Bernanke We Trust?
Ben Bernanke, head of the Federal Reserve, is credited by many people for lifting America and much of the rest of the world out of the financial crisis of 2008 and early 2009. He…
The States With The Highest Unemployment For The First Six Months
There are ten states which have had unemployment rates consistently above 10% for the first six months of the year. Many also have desperate budget problems, a combination of high social services costs–driven to…
Extended Job Benefits: Ethics And Economics Join Hands
The bill to extend jobless benefits has passed the House but has been blocked in the Senate for nearly two months. The Administration has two Republicans who will support the legislation, and Senator Robert…
The July 2010 NABE Industry Survey: What Recovery?
Economists and the unemployed have discovered that the recovery is not much of a recovery. GDP expansion may have died in June and there are very few signs that it is improving this month.…
Consumer Confidence Collapses As “Recession” Returns
The Thomson Reuters/University of Michigan’s consumer sentiment index plummeted to 66.5 from 76.0 in June. That was below market expectations for 74.5, according to the news service. The number is at its lowest point…
Foreign Purchase Of US Assets Wither
The U.S. Department of the Treasury released Treasury International Capital (TIC) data for May 2010. From the data: Net foreign purchases of long-term securities were $35.4 billion. * Net foreign purchases of long-term U.S.…
4.7 Workers For Every Job
The Labor Department said that in May there were 4.7 workers looking for work for each available job. Hiring rose during the month, but it due to Census workers getting temporary jobs. The market…
The American Ecomomy Can Heal Itself, If Only The Economy Would Help
The stock market is back to where it was a month ago. The frightening sell-off is over. Now that Intel (NASDAQ: INTC) has posted spectacular results, Wall St. believes that both the consumer and…