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EU
Germany is considering what it could contribute to a European Union contingency plan to provide financial backing for Greece, the Wall Street Journal reported today. The preparations, a source said, come two days before an informal summit planned by the EU in Brussels. Separately, German Finance Ministry Spokesman Michael Offer said summit attendees would work on further steps to help Greece shore up public finances and restore calm in financial markets.
Feb 9 · 3:03:00 PM
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by Larry Etter
Durable Goods
A survey of companies released Wednesday by the Institute for Supply Management showed that service sectors of the United States moved back into growth territory in December, with the ISM non-manufacturing index rising to 50.5% from 49.8% in December.
Feb 3 · 10:49:00 AM
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by Larry Etter
Durable Goods
The Commerce Department Thursday said that orders for durable goods rose 0.2% in November. Lower demand for commercial aircraft offset big increases for computers and other industries. Manufacturers' orders for the long-lasting goods increased to a seasonally adjusted $166.87 billion, Commerce Dept. figures showed.
The number showed a smaller gain than expected.
Dec 24 · 9:37:00 AM
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by Larry Etter
Unemployment
The number of Americans filing claims for unemployment benefits last week declined by 28,000 to 452,000, the Labor Department reported Thursday.
The fall was bigger than forecast and the number is at the lowest levels since September, 2008.
Dec 24 · 9:32:00 AM
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by Larry Etter
Housing
Sales of new homes plunged unexpectedly last month to the lowest level since April, a sign the housing market recovery will be rocky and heavily dependent on the generosity of Uncle Sam. The 11 percent slump from October's pace shows that consumers are taking their time following an extension of a deadline for first-time buyers to qualify for a tax credit. The incentive was set to expire at the end of November, but Congress pushed back the date to April 30 and expanded the program to include current homeowners who relocate.
"They don't have to act today," said David Crowe, chief economist at the National Association of Home Builders, who called the results "pretty awful."
Dec 23 · 12:39:00 PM · Source: Yahoo.com
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by Rich Pike
Unemployment
Initial jobless claims rose by 7,000 to 480,000 in the week ended Dec. 12, from a revised 473,000 the prior week, the U.S. Labor Department said Thursday. The number of people receiving unemployment insurance was little changed in the prior week, while those getting extended payments increased.
The 473,000 number was more than anticipated, a reminder that the labor market will take time to strengthen.
Dec 17 · 10:49:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Housing
Bloomberg.com reports that 2009 foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, according to real estate company, RealtyTrac Inc. This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
On the bright side, November filings fell 15 percent from the July peak and dropped 8 percent from October. That was the fourth straight monthly drop. Still, “we are a long way from a recovery,” John Quigley, economics professor at the University of California, Berkeley, said in an interview. “You can’t start to see improvement in the housing market until after unemployment peaks.”
Dec 10 · 7:53:00 PM · Source: Bloomberg.com
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by Rich Pike
Government Spending
Rueters reports that according to the CBO the U.S. Government is already $292 billion in the red for fiscal 2010. That's right, in just October and November the U.S. Government has already spent $292 billion more than it has taken in. That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
At some point we are going to have to borrow so much money to fund the deficit that there simply will not be enough demand out there to buy all that debt, especially not at current rates.
Dec 9 · 3:17:00 PM · Source: Reuters
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by Rich Pike
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