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Market News
Unemployment
The unemployment rate unexpectedly fell in November to 10 percent, from 10.2 percent in October, as employers cut the fewest number of jobs since the recession began. The economy shed 11,000 jobs last month -- a sharp improvement from October's revised total of 111,000. The average work week also rose to 33.2 hours, from a record low of 33 hours, along with average earnings.
These are all good signs that the economy is improving. Of course, it could not keep getting worse forever. So, the real test will be seeing how sustainable the good news is, and at what pace improvement takes place.
Dec 4 · 2:36:00 PM · Source: Yahoo Finance
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by Rich Pike
Retail Sales
CNBC.com is reporting that U.S. retailers from Macy's to Costco posted much weaker-than-expected sales for November as shoppers focused only on big bargains at the start of the key holiday selling season. Out of 15 retailers that reported by early Thursday, 11 missed analyst estimates, including Costco Wholesale, Children's Place, Walgreen and Hot Topic, according to Thomson Reuters data.
This is not encouraging for retail sales for the holiday shopping season.
Dec 3 · 12:35:00 PM · Source: CNBC.com
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by Rich Pike
Unemployment
The number of Americans filing first- time claims for unemployment benefits fell last week to the lowest level in more than a year. The U.S. Labor Dept. said Thursday that initial jobless claims declined by 5,000 to 457,000 in the week ended Nov. 28, the fewest since September 2008.
Dec 3 · 11:47:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
Unemployment
Planned firings fell 72 percent in November to 50,349 from 181,671 during the same month last year, a Chicago-based placement firm said. Challenger, Gray & Christmas Inc. said planning firings were also down 9.6 percent from October.
The firm's CEO said that "barring any unexpected shocks to the economy, we appear to be coming out of the woods when it comes to downsizing.
Dec 2 · 1:30:00 PM
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by Larry Etter
Unemployment
Private sector non-farm employment decreased by 169,000 in November,according to the ADP National Employment Report.
The report, though, shows that the pace of job losses is slowing.
Dec 2 · 1:26:00 PM · Source: ADP
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by Larry Etter
Housing
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
NAR's chief economist gives much of the credit for increased sales to the homebuyer's tax credit, which first-time homebuyers could claim to reduce their taxes by up to $8,000.
Dec 1 · 12:54:00 PM · Source: National Association of Realtors
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by Larry Etter
Unemployment
The U.S. Labor Department Wednesday reported that initial jobless claims declined to 466,000 in the week ended Nov. 21 from 501,000 a week earlier. The 4-week moving average was 496,500, a decrease of 16,500 from the previous week's revised average of 513,000.
The latest figures are the lowest since September 2008 as the economic recovery encourages companies to fire or layoff less employees.
Nov 25 · 12:40:00 PM · Source: U.S. Labor Dept.
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by Larry Etter
Housing
CNN Money is reporting that research firm First American CoreLogic reports that 23% of people with mortgages owe more than their home is worth. Almost 10.7 million U.S. mortgages were "underwater" as of September. Another 2.3 million homeowners are within 5% of negative territory, the report said. The two figures combined comprise almost 28% of all residential properties with mortgages.
This, along with continuing high unemployment, could lead to an increase in foreclosures because borrowers who owe more than their house is worth are more likely to go into foreclosure.
Nov 24 · 12:15:00 PM · Source: CNN Money
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by Rich Pike
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