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Category Archives: Economics

Private Sector is Doing Fine – 04 July 2014 Edition

Happy Independence Day!

During the 2012 Presidential campaign President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

money_1

 

Now almost two years later clearly the economy is in recovery and the following indicators show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter earnings: Citicorp reported $20.1 billion and Coca-Cola reported $10.58 billion

Following are fourth quarter 2014 earnings: FedEx reported $11.8 billion

Consumer Goods:

The Labor Department reports prices for consumer goods rose 0.4% in May from the month prior, the largest increase since February 2013, and more than the 0.2% increase Wall Street expected. Excluding the food and energy components, prices were up 0.3%, also above economists’ expectations of 0.2%, and the largest increase since August 2011.

Home Sales:

The Commerce Department reports sales of new single-family homes hit the highest level since May 2008, soaring 18.6% in May to an annualized rate of 504,000 units, beating analyst estimates for 440,000 units, and marking the biggest increase since January 1992.

Home prices in 20 major U.S. metropolitan areas rose 1.1% in April from March on a non-seasonally adjusted basis, more than the 0.8% economists expected, according to a closely-watched gauge from S&P/Case-Shiller. From the same period in 2013, prices rose 10.8%, a shallower increase than the 11.6% gain Wall Street was looking for.

The National Association of Realtors reports sales of existing single-family homes rose 4.9% in May to an annualized rate of 4.89 million units, more than the 4.73 million units economists expected.

The National Association of Realtors reports signed contracts to buy previously-owned homes jumped 6.1% in May, the biggest gain since April 2010, higher than the 1.5% increase Wall Street anticipated.

The Commerce Department reported starts of new home construction jumped 13.2% in April to an annualized rate of 1.07 million units, more than the 980,000 starts Wall Street anticipated for the month. Permits, meanwhile, rose 8% to an annualized rate of 1.08 million in the same month, the highest rate since June 2008. Wall Street was expecting a slightly lower number of 1.01 million.

The Commerce Department reported starts of new home construction rose 2.8% in March to an annualized rate of 946,000, short of expectations for an increase to 973,000. Permits fell 2.4% in the same month to an annualized rate of 990,000, also below Wall Street views of a drop to 1.01 million.

Manufacturing:

A gauge of U.S. manufacturing activity from the Institute for Supply Management fell to 55.3 in June, from 55.4 in May, missing Wall Street estimates for an increase to 55.8. Readings above 50 point to expansion, while those below indicate contraction.

The Philadelphia Fed’s gauge of manufacturing activity in the mid-Atlantic region rose to 17.8 in June from 15.4 in May, surpassing Wall Street expectations for a fall to 14. The reading was the highest since September.

Unemployment:

The U.S. economy added 288,000 jobs in June, far surpassing the 212,000 jobs Wall Street expected. The unemployment rate for the month fell to 6.1%, lower than expectations it would remain at 6.3% from May. The labor force participation rate, meanwhile, remained unchanged at 62.8%.

According to payroll processor ADP, the U.S. private sector grew by 281,000 jobs in June, widely beating Wall Street estimates for an increase of 200,000.

The number of Americans filing for first-time unemployment benefits fell the week of 13 June 2014 to 312,000 from an upwardly revised 318,000 the week prior. Wall Street expected claims to fall to 314,000 from an initially reported 317,000.

The U.S. economy added 288,000 jobs in April, surging past the 210,000 jobs Wall Street expected, marking the biggest increase since January 2012. The jobless rate fell by 0.4 percentage point to 6.3%, its lowest level since September 2008. The labor force participation rate fell to 62.8% from 63.2% in March.

Stock Market:

At Thursday’s closing bell the broad S&P 500 was up at 1,985.44, the Dow closed up at 17,068.26 and the Nasdaq finished off at 4,485.93. When the President was sworn in the S&P 500 was at 831.95, the Dow stood at 8,077.56 and the Nasdaq was hovering at 1,477.29.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney, and the entire corps of conservative talking heads – who appears to have defined it. The economy continues to improve, no thanks to the GOTP obstructionists in Congress, and all signs point to it continuing to improve.

 

 
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Posted by on July 4, 2014 in Economics

 

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Private Sector is Doing Fine – 15 Jun to 15 Jul 2013 Edition

During the 2012 Presidential campaign President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

money_12

Now of course we know what happened in November, Romney had his political head handed to him on a plate, and the GOTP lost seats in both the House and the Senate, and conservatives still continue to claim the economy is failing. Some people either don’t get it, or won’t get it.

Clearly the economy is in recovery and the following indicators show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter 2013 reported earnings: 3M reported $7.6 billion, Alcoa reported $5.8 billion, Amazon reported $16.07 billion, AT&T reported $31.4 billion, Bank of America reported $23.7 billion, BlackBerry reported $3.1 billion, Boeing reported $18.9 billion, Caterpillar reported $13.21 billion, Cisco reported $11.9 billion, Citigroup revealed $20.8 billion, Coca-Cola reported $11.03 billion, Disney reported $11.3 billion, ExxonMobile reported $108.81 billion, Facebook reported $1.458 billion, FedEx posted $10.79 billion, Goldman Sachs reported $10.09 billion, Google reported $13.97 billion, Intel reported $12.6 billion, IBM posted $23.4 billion, J.P. Morgan Chase reported $25.8 billion, Johnson & Johnson reported $17.5 billion, Microsoft reported $16 billion, Morgan Stanley reported $8.5 billion, Netflix reported $1.02 billion, Procter & Gamble reported $20.7 billion, Pfizer revealed $13.5 billion, United technologies reported $14.4 billion, UPS reported $13.43 billion, Verizon reported $29.4 billion, Wells Fargo reported $21.3 billion, Wal-Mart reported $113.4 billion, while Yahoo reported $1.07 billion.

In the second quarter 2012 the following earnings were reported by the private sector: Amazon.com reported $12.8 billion, Alcoa reported $5.85 billion, Apple reported $43.6 billion, AT&T reported $31.6 billion, Bank of America reported $22.9 billion, Best Buy reported $10.55 billion, Cisco reported $12.1 billion, Citigroup reported $19.75 billion, Coca-Cola reported $13.09 billion, Dell reported $14.5 billion, EBay reported $3.4 billion, Facebook reported $1.2 billion, Google reported $12.21 billion, IBM reported $25.8 billion, Intel reported $13.5 billion, J.P. Morgan Chase reported $26 billion, Johnson & Johnson reported $16.5 billion, Macy’s reported $6.12 billion, McDonald’s reported $6.92 billion, Microsoft reported $21.5 billion, Morgan Stanley reported $7 billion, Nike reported $5.96 billion, Oracle reported $9.1 billion, Pfizer reported $15.1 billion, Procter & Gamble reported $20.2 billion, Travelers reported $6.36 billion, United Parcel Service (UPS) reported $13.4 billion, Verizon reported $28.6 billion, Walt Disney Co. reported $10.55 billion, Wells Fargo reported $21.4 billion and Yahoo reported $1.14 billion

Following are third quarter 2012 earnings: 3M reported $7.5 billion, American Express reported $7.9 billion, AT&T reported $31.5 billion, Bank of America reported $20.4 billion, Best Buy reported $10.75 billion, Boeing reported $20 billion, Caterpillar reported $16.45 billion, Citigroup reported $19.4 billion, Coca-Cola reported $12.34 billion, Dell reported $13.7 billion, FedEx revealed  $11 billion,  Goldman Sachs reported $8.35 billion, Google reported $11.3 billion, Hewlett-Packard reported $29.7 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Johnson & Johnson reported $17.1 billion, J.P. Morgan Chase reported $25.9 billion, McDonald’s reported $7.2 billion, Merck reported $11.49 billion, Morgan Stanley reported $7.6 billion, Oracle posted $9 billion, Pfizer’s reported $14 billion, Procter & Gamble posted $20.6 billion, Research in Motion reported $2.73 billion, Travelers reported $6.51, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, Wal-Mart reported $113.2 billion, Wells Fargo reported $21.2 billion and Yahoo reported $1.09 billion

Following are fourth quarter 2012 earnings: 3M reported $7.4 billion, Alcoa reported $5.9 billion, Amazon.com reported $21.27 billion, American Express reported $8.1 billion, Apple reported $36 billion, Bank of America reported $19.61 billion, Boeing posted $22.3 billion, Caterpillar reported $16.1 billion, Cisco reported $11.7 billion, Citigroup reported $18.7 billion, Coca-Cola reported $11.46 billion, Dell reported $14.3 billion, eBay reported $4 billion, ExxonMobil reported $115.17 billion, Facebook reported $1.59 billion, FedEx reported $11.4 billion, Goldman Sachs reported $9.24 billion, Hewlett-Packard reported $30 billion, Intel reported $13.5 billion, Johnson & Johnson posted $17.6 billion, J.P. Morgan Chase reported $24.4 billion, McDonald’s reported $6.95 billion, Merck reported $11.74 billion, Morgan Stanley reported $7.5 billion, News Corp. reported $8.4 billion, Oracle reported $11 billion, Pfizer reported $15.1 billion, Travelers posted $6.48 billion, United Technologies posted $16.4 billion, United Parcel Service (UPS) reported $14.57 billion, Walt Disney reported $10.78 billion, Wells Fargo reported $21.9 billion and Yahoo posted $1.22 billion

Budget Deficit:

The U.S. federal government ran a surplus of $117 billion in June, compared to a deficit of $60 billion in the same month in 2012. The fiscal year 2013 deficit is running at $510 billion, compared to $904 billion during the same period in 2012.

Consumer Confidence:

The Conference Board reports consumer confidence rose to 81.4 in June from 74.3 in May – beating estimates of 75.4.

Consumer Sentiment:

A reading on consumer sentiment from Reuters and the University of Michigan came in at 84.1 in late June, up from a preliminary reading of 82.7. Wall Street expected the measure to rise to 82.8.

Credit Ratings:

On 28 June 2013, Fitch Ratings affirmed the U.S. credit rating at ‘AAA,’

Home Builder Sentiment:

The National Association of Home Builders’ gauge of home builder sentiment soared to 57 in July from 51 in June, easily beating expectations of 52. It was the highest reading since January 2006.

Manufacturing:

The New York Federal Reserve’s regional manufacturing gauge jumped to 7.8 in June from -1.4 in May, easily beating expectations of zero. Readings above zero point to expansion, while those below indicate contraction.

The Philadelphia Federal Reserve’s gauge of manufacturing activity in the mid-Atlantic region zoomed higher to 12.5 in June from -5.2 in May. The index was expected to rise to -2. Readings above zero point to expansion while those below indicate contraction.

Nonfarm Payrolls:

The Labor Department reports nonfarm payrolls jumped by 195,000 in June, coming in well above expectations of 165,000; the May job increase was also revised higher by 20,000 to 195,000. The unemployment rate held steady at 7.6%, compared to expectations that it would fall to 7.5%. The labor force participation rate rose in June to 63.5% from 63.4% in May. U.S. stock-index futures extended gains on the back of the report.

PMI Gauge:

The Institute for Supply Management’s U.S. PMI gauge increased to 50.9 in June from 49 in May, narrowly beating expectations of 50.5. The data indicate the U.S. manufacturing sector shifted into expansion in June from a mild contraction in May.

Private Sector Jobs:

The American private sector added 188,000 jobs in June, according to payroll processor ADP. The gain is considerably larger than the 160,000 economists expected.

Unemployment:

U.S. weekly jobless claims fell to 346,000 for the week ending 28 June 2013, from an upwardly revised 355,000 the week prior. Claims were expected to fall to 345,000 from an initially reported 354,000.

The number of individuals applying for first-time jobs benefits fell to 343,000 for the week ending 28 June 2013 from an upwardly revised 348,000 the week prior. Economists expected claims to fall to 345,000 from an initially reported 346,000. The report comes a day early this week as a result of the Independence Day holiday.

Stock Market:

Stock Market was 8077.56 on 19 Jan 09 and 15,484.26 on 15 July 13.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney, and the entire corps of conservative talking heads – who appears to have defined it. The economy continues to improve, no thanks to the GOTP obstructionists in Congress, and all signs point to it continuing to improve.

 
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Posted by on July 17, 2013 in Economics

 

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Private Sector is Doing Fine – 15 Jun 13 Edition

Anyone who paid any attention at all during the 2012 Presidential campaign knows President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

money_12

Now of course we know what happened in November, Romney had his political head handed to him on a plate, and the GOTP lost seats in both the House and the Senate, and conservatives still continue to claim the economy is failing. Some people either don’t get it, or won’t get it.

Clearly the economy is in recovery and the following indicators (reported since 15 May 2013) show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter 2013 reported earnings: 3M reported $7.6 billion, Alcoa reported $5.8 billion, Amazon reported $16.07 billion, AT&T reported $31.4 billion, Bank of America reported $23.7 billion, Boeing reported $18.9 billion, Caterpillar reported $13.21 billion, Cisco reported $11.9 billion, Citigroup revealed $20.8 billion, Coca-Cola reported $11.03 billion, Disney reported $11.3 billion, ExxonMobile reported $108.81 billion, Facebook reported $1.458 billion, FedEx posted $10.79 billion, Goldman Sachs reported $10.09 billion, Google reported $13.97 billion, Intel reported $12.6 billion, IBM posted $23.4 billion, J.P. Morgan Chase reported $25.8 billion, Johnson & Johnson reported $17.5 billion, Microsoft reported $16 billion, Morgan Stanley reported $8.5 billion, Netflix reported $1.02 billion, Procter & Gamble reported $20.7 billion, Pfizer revealed $13.5 billion, United technologies reported $14.4 billion, UPS reported $13.43 billion, Verizon reported $29.4 billion, Wells Fargo reported $21.3 billion, Wal-Mart reported $113.4 billion, while Yahoo reported $1.07 billion.

In the second quarter 2012 the following earnings were reported by the private sector: Amazon.com reported $12.8 billion, Apple reported $43.6 billion, AT&T reported $31.6 billion, Bank of America reported $22.2 billion, Best Buy reported $10.55 billion, Cisco reported $12.1 billion, Citigroup reported $18.4 billion, Coca-Cola reported $13.09 billion, Dell reported $14.5 billion, Walt Disney Co. reported $10.55 billion, EBay reported $3.4 billion, Facebook reported $1.2 billion, Google reported $12.21 billion, IBM reported $25.8 billion, Intel reported $13.5 billion, Johnson & Johnson reported $16.5 billion, Macy’s reported $6.12 billion, McDonald’s reported $6.92 billion, Microsoft reported $21.5 billion, Morgan Stanley reported $7 billion, Nike reported $5.96 billion, Oracle reported $9.1 billion, Pfizer reported $15.1 billion, Procter & Gamble reported $20.2 billion, Travelers reported $6.36 billion, United Parcel Service (UPS) reported $13.4 billion, Verizon reported $28.6 billion and Yahoo reported $1.08 billion

Following are third quarter 2012 earnings: 3M reported $7.5 billion, American Express reported $7.9 billion, AT&T reported $31.5 billion, Bank of America reported $20.4 billion, Best Buy reported $10.75 billion, Boeing reported $20 billion, Caterpillar reported $16.45 billion, Citigroup reported $19.4 billion, Coca-Cola reported $12.34 billion, Dell reported $13.7 billion, FedEx revealed  $11 billion,  Goldman Sachs reported $8.35 billion, Google reported $11.3 billion, Hewlett-Packard reported $29.7 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Johnson & Johnson reported $17.1 billion, J.P. Morgan Chase reported $25.9 billion, McDonald’s reported $7.2 billion, Merck reported $11.49 billion, Morgan Stanley reported $7.6 billion, Oracle posted $9 billion, Pfizer’s reported $14 billion, Procter & Gamble posted $20.6 billion, Research in Motion reported $2.73 billion, Travelers reported $6.51, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, Wal-Mart reported $113.2 billion, Wells Fargo reported $21.2 billion and Yahoo reported $1.09 billion

Following are fourth quarter 2012 earnings: 3M reported $7.4 billion, Alcoa reported $5.9 billion, Amazon.com reported $21.27 billion, American Express reported $8.1 billion, Apple reported $36 billion, Bank of America reported $19.61 billion, Boeing posted $22.3 billion, Caterpillar reported $16.1 billion, Cisco reported $11.7 billion, Citigroup reported $18.7 billion, Coca-Cola reported $11.46 billion, Dell reported $14.3 billion, eBay reported $4 billion, ExxonMobil reported $115.17 billion, Facebook reported $1.59 billion, Goldman Sachs reported $9.24 billion, Hewlett-Packard reported $30 billion, Intel reported $13.5 billion, Johnson & Johnson posted $17.6 billion, J.P. Morgan Chase reported $24.4 billion, McDonald’s reported $6.95 billion, Merck reported $11.74 billion, Morgan Stanley reported $7.5 billion, News Corp. reported $8.4 billion, Pfizer reported $15.1 billion, Travelers posted $6.48 billion, United Technologies posted $16.4 billion, United Parcel Service (UPS) reported $14.57 billion, Walt Disney reported $10.78 billion, Wells Fargo reported $21.9 billion, while Yahoo posted $1.22 billion

Consumer Confidence:

The Conference Board’s gauge of U.S. consumer confidence rose to 76.2 in May from 69 in April, topping economists’ estimates of 71 and marking the highest reading since February 2008. 

Consumer Sentiment:

A reading on consumer sentiment from Thomson Reuters and the University of Michigan came in at 84.5 in late May, up from 83.7 earlier in the month, and besting economists’ expectations that it would hold steady. The gauge is now at its highest level since July 2007.

Economy Expanding:

The Federal Reserve said (5 June 13) in its anecdotal Beige Book report that it sees hiring increasing at a ‘measured pace’ across its dozen districts, with some reporting slight increases in wage pressure. Overall, the central bank said the economy is continuing to expand at a ‘modest to moderate’ speed.

Index of U.S. Non-manufacturing Activity:

The Institute for Supply Management’s gauge of service-sector activity ticked up to 53.7 in May from 53.1 in April, besting estimates of 53.5, and suggesting the sector is still growing. Readings above 50 point to expansion, while those below point to contraction.

Job Layoffs:

Employers announced plans to lay off 36,398 workers in May, which represents a 4.5% decline from April, and a 41% drop from the year prior, according to outplacement firm Challenger, Gray & Christmas.

PMI Gauge:

The Institute for Supply Management-Chicago’s PMI gauge jumped to 58.7 in May from 49.0 the month before, whizzing by economists’ forecasts of 50. Readings above 50 point to expansion in the Midwest manufacturing sector, while those below indicate contraction.

Private Sector Jobs:

The ADP National Employment Report shows the U.S. private sector added 135,000 jobs in May.

Retail Sales:

The Commerce Department reports retail sales ticked up 0.6% in May from April, beating expectations of a 0.4% rise, while core sales, which excludes automobiles, gasoline and building materials, increased 0.3%.

Unemployment:

New claims for unemployment benefits fell to 340,000 for the week ending 17 May 13, from an upwardly-revised 363,000 the week prior. Claims were expected to fall to 345,000 from an initially-reported 360,000.

New claims for unemployment benefits fell to 346,000 for the week ending 31 May 13, from an upwardly-revised 357,000 the week prior.

The Labor Department reports nonfarm payrolls rose by 175,000 in May, beating Wall Street’s expectations by 5,000.

New claims for unemployment benefits fell by 12,000 to 334,000 for the week ending 7 June 2013. Claims were expected to fall to 345,000 from 346,000 the week prior.

U.S. Banking System

Moody’s Investors Service upped its outlook on the U.S. banking system to ‘stable’ from ‘negative.’ The ratings company’s outlook had been ‘negative’ since the financial crisis in 2008.

Stock Market was 8077.56 on 19 Jan 09 and 15,070.18 on 14 June 13.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney – who defined it.

 
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Posted by on June 15, 2013 in Economics

 

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Private Sector is Doing Fine – 15 May 13 Edition

During the 2012 Presidential campaign President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

money_1
Now of course we know what happened in November, Romney had his political head handed to him on a plate, and the GOTP lost seats in both the House and the Senate, and conservatives still continue to claim the economy is failing. Some people either don’t get it, or won’t get it.

Clearly the economy is in recovery and the following indicators show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter reported earnings: 3M reported $7.6 billion, Amazon reported $16.07 billion, AT&T reported $31.4 billion, Bank of America reported $23.7 billion, Boeing reported $18.9 billion, Caterpillar reported $13.21 billion, ExxonMobile reported $108.81 billion, Facebook reported $1.458 billion, Goldman Sachs reported $10.09 billion, Google reported $13.97 billion, Intel reported $12.6 billion, IBM posted $23.4 billion, Johnson & Johnson reported $17.5 billion, Morgan Stanley reported $8.5 billion, Netflix reported $1.02 billion, Pfizer revealed $13.5 billion, United technologies reported $14.4 billion, UPS reported $13.43 billion, Verizon reported $29.4 billion with Yahoo reported $1.07 billion.

In the second quarter the following earnings were reported by the private sector: Apple reported $43.6 billion and Walt Disney Co. reported $10.55 billion

Following are third quarter: Cisco posted $12.2 billion and Procter & Gamble posted $20.6 billion

Budget Deficit:

The U.S. federal budget surplus came in at $112.9 billion in April, up from $59 billion in the same month in 2012. The government is running a $488 billion deficit for fiscal 2013, down from $720 billion in a comparable period in fiscal 2012.

Consumer Confidence:

The Conference Board’s gauge of U.S. consumer confidence jumped to 68.1 in April from 61.9 in March, easily topping economists’ estimates of 60.8.

Consumer Sentiment:

A final reading on consumer sentiment for this month rose to 76.4 from an earlier reading of 72.3, according to a survey by Thomson Reuters and the University of Michigan. Sentiment was expected to make a smaller gain to 73.2.

Consumer spending:

Consumer spending inched up 0.2% in March from February, beating expectations for spending to hold steady for the month. Personal income increased 0.2% on the same basis, falling short of estimates of a 0.4% rise.

Economy Expanding:

The U.S. economy expanded at an annualized pace of 2.5% in the first quarter, up from 0.4% in the fourth quarter, according to a preliminary estimate from the Commerce Department. Economists expected the world’s biggest economy to grow at a pace of 3.0% in the first three months of 2013.

Home Prices:

Home prices in 20 major U.S. metropolitan areas climbed 0.3% in February from January on a non-seasonally adjusted basis, beating expectations of a gain of 0.2%, according to the S&P/Case-Shiller report. Prices rose 9.3% from the same month in 2012, also topping forecasts of a 9% advance.

Home Sales (new single-family homes):

Sales of new, U.S. single-family homes ticked up 1.5% in March from February to a 417,000-unit annualized rate, falling short of the 420,000-unit rate analysts were expecting.

Home Sales (Pending):

U.S. pending home sales increased 1.5% in March from February, slightly topping forecasts of a 1.0% increase, according to The National Association of Realtors. Contracts to purchase previously-owned U.S. homes are up 7.0% from the same month in 2012.

Housing Starts:

U.S. housing starts jumped 7% in March from February to an annualized 1.03 million-unit rate, easily beating expectations of 930,000. Permits dropped 3.9% for the month to an annualized rate of 902,000 units, falling short of forecasts of 940,000 units.

Inflation:

Inflation at the consumer level fell 0.2% in March from February, compared to expectations of no change. Excluding the food and energy components, prices were up 0.1%, a slightly shallower rise than the 0.2% increase economists forecast. The headline reading climbed 1.5% from the year prior in the smallest year-to-year increase since July 2012.

Nonfarm Payrolls:

The Labor Department reports nonfarm payrolls rose by 165,000 in April from March, beating expectations of 145,000. The unemployment rate ticked down to 7.5% from 7.6% for the month, the lowest level since December 2008. Economists expected the rate to hold steady. March’s nonfarm payroll increase was also revised up to 138,000 from a previously reported 88,000.

PMI Gauge:

The Institute for Supply Management Manufacturing PMI came in at 50.7 in April. Readings above 50 point to expansion while those below indicate contraction.

Private Sector Jobs:

The ADP National Employment Report shows the private sector added 119,000 jobs in April.

Retail Sales:

U.S. retail sales rose 0.1% in April from March, beating expectations for sales to fall 0.3%. Excluding the auto segment, sales were down 0.1%, matching expectations.

Trade Gap:

The U.S. trade gap slimmed to $38.8 billion in March from $43.6 billion in February, coming in considerably narrower than estimates of $42 billion. The measure figures into first-quarter gross domestic product.

Unemployment:

New claims for unemployment benefits fell to 339,000 during the week ending 19 Apr 13 – from an upwardly revised 355,000 the week prior. Claims were expected to fall to 351,000 from an initially reported 352,000.

New claims for unemployment benefits fell to 324,000 for the week ending 26 Apr 13 from an upwardly revised 342,000 the week prior. Claims were expected to fall to 345,000 from an initially reported 339,000.

The Labor Department reports new claims for unemployment benefits fell to 323,000 last week ending 3 May 13 from an upwardly-revised 327,000 the week prior. Claims were expected to rise to 335,000 from an initially-reported 324,000.

Stock Market was 8077.56 on 19 Jan 09 and 15,275.69 on 15 May 13.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney, and the entire corps of conservative talking heads – who have defined it.

 
Leave a comment

Posted by on May 15, 2013 in Economics

 

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Private Sector is Doing Fine – 15 Apr 13 Edition

During the 2012 Presidential campaign President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

money_1

Now of course we know what happened in November, Romney had his political head handed to him on a plate, and the GOTP lost seats in both the House and the Senate, and conservatives still continue to claim the economy is failing. Some people either don’t get it, or won’t get it.

Clearly the economy is in recovery and the following indicators show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter reported earnings: Alcoa reported $5.8 billion, Cisco reported $11.9 billion, Citigroup revealed $20.8 billion, Coca-Cola reported $11.03 billion, Disney reported $11.3 billion, FedEx posted $10.79 billion, J.P. Morgan Chase reported $25.8 billion, Microsoft reported $16 billion, Procter & Gamble reported $20.7 billion and Wells Fargo reported $21.3 billion.

In the second quarter the following earnings were reported by the private sector: Amazon.com reported $12.8 billion, AT&T reported $31.6 billion, Bank of America reported $22.2 billion, Best Buy reported $10.55 billion, Cisco reported $12.1 billion, Citigroup reported $18.4 billion, Coca-Cola reported $13.09 billion, Dell reported $14.5 billion, EBay reported $3.4 billion, Facebook reported $1.2 billion, Google reported $12.21 billion, IBM reported $25.8 billion, Intel reported $13.5 billion, Johnson & Johnson reported $16.5 billion, Macy’s reported $6.12 billion, McDonald’s reported $6.92 billion, Microsoft reported $21.5 billion, Morgan Stanley reported $7 billion, Nike reported $5.96 billion, Oracle reported $9.1 billion, Pfizer reported $15.1 billion, Procter & Gamble reported $20.2 billion, Travelers reported $6.36 billion, United Parcel Service (UPS) reported $13.4 billion, Verizon reported $28.6 billion and Yahoo reported $1.08 billion

Following are third quarter earnings: 3M reported $7.5 billion, American Express reported $7.9 billion, AT&T reported $31.5 billion, Bank of America reported $20.4 billion, Best Buy reported $10.75 billion, Boeing reported $20 billion, Caterpillar reported $16.45 billion, Citigroup reported $19.4 billion, Coca-Cola reported $12.34 billion, Dell reported $13.7 billion, FedEx revealed  $11 billion,  Goldman Sachs reported $8.35 billion, Google reported $11.3 billion, Hewlett-Packard reported $29.7 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Johnson & Johnson reported $17.1 billion, J.P. Morgan Chase reported $25.9 billion, McDonald’s reported $7.2 billion, Merck reported $11.49 billion, Morgan Stanley reported $7.6 billion, Oracle posted $9 billion, Pfizer’s reported $14 billion, Procter & Gamble posted $22.18 billion, Research in Motion reported $2.73 billion, Travelers reported $6.51, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, Wal-Mart reported $113.2 billion, Wells Fargo reported $21.2 billion and Yahoo reported $1.09 billion

Following are fourth quarter earnings: 3M reported $7.4 billion, Alcoa reported $5.9 billion, Amazon.com reported $21.27 billion, American Express reported $8.1 billion, Apple reported $36 billion, Bank of America reported $19.61 billion, Boeing posted $22.3 billion, Caterpillar reported $16.1 billion, Cisco reported $11.7 billion, Citigroup reported $18.7 billion, Coca-Cola reported $11.46 billion, Dell reported $14.3 billion, eBay reported $4 billion, ExxonMobil reported $115.17 billion, Facebook reported $1.59 billion, Goldman Sachs reported $9.24 billion, Hewlett-Packard reported $30 billion, Intel reported $13.5 billion, Johnson & Johnson posted $17.6 billion, J.P. Morgan Chase reported $24.4 billion, McDonald’s reported $6.95 billion, Merck reported $11.74 billion, Morgan Stanley reported $7.5 billion, News Corp. reported $8.4 billion, Pfizer reported $15.1 billion, Travelers posted $6.48 billion, United Technologies posted $16.4 billion, United Parcel Service (UPS) reported $14.57 billion, Walt Disney reported $10.78 billion, Wells Fargo reported $21.9 billion, Yahoo posted $1.22 billion,

Auto Sales:

GM reported U.S. auto sales rose 4.9% in December from the same time in 2011 as all four of its brands increased their sales. The automaker said it sold 245,733 vehicles in December, up from 234,351 a year earlier and 32% above November’s total of 186,505. General Motors bought back 200 million shares of its stock at $27.50 a share from the U.S. Treasury Department in a $5.5 billion deal. The government plans to sell its remaining 300 million shares over the next 12 to 15 months.

Ford reported its cars, utilities and trucks segments all reported sales gains in 2012 with the brand ending the year with 2,168,015 vehicles sold. The automaker posted its best December sales since 2006 and overall sales increased 2% year over year that month.

Chrysler reported its sales increased 10% in December compared to the same month in 2011 and the strongest December sales in five years. The automaker also reported its full-year sales increased 21%.

Budget Deficit:

The U.S. federal budget deficit fell to $107 billion in March, compared to $198 billion in the same month in 2012, the Treasury Department said. The year-to-date budget gap stood at $600 billion, also less than the $779 billion logged over a comparable period in 2012.

Building Permits:

The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.

Permits to build new homes rose 1.8% to an annualized rate of 925,000, better than the 915,000 Wall Street anticipated, and the highest since 2008.

Chicago PMI Gauge:

The Chicago PMI gauge ticked up to 50.4 in November from 49.9 in October. Readings above 50 indicate expansion while those below 50 indicate contraction.

Consumer Confidence:

The Conference Board’s gauge of consumer confidence rose to 65.9 in July from 62.7 in June, better than the 61.5 economists expected.

The Conference Board’s reading on consumer confidence rose to 70.3 in September from an upwardly revised 61.3 in August, topping estimates for a reading of 63. The reading was the highest since February.

The Conference Board’s gauge of consumer confidence rose in November to 73.7 from 73.1 in October, topping estimates of 73 and marking the highest level since February 2008.

The Conference Board’s gauge of U.S. consumer confidence rose to 69.6 in February from January, topping economists’ estimates of 61 and marking the highest reading since November.

Consumer Sentiment:

The consumer sentiment reading of the Thomson Reuters/University of Michigan survey showed consumer sentiment increased to 73.6 in early August from July’s final reading of 72.3. The August preliminary reading topped forecasts for an increase to 72.4 and marked the highest level since May.

A final reading on consumer sentiment for the month of August checked in at 74.3, higher than a preliminary reading of 73.6, according to a survey by Thomson Reuters and the University of Michigan.

A preliminary reading on consumer sentiment for the month of October checked in at 83.1, up from a September reading of 78.3 and marking the highest reading since September 2007, according to a report from Reuters and the University of Michigan. Economists were expecting sentiment to decrease to 78.

A reading on consumer sentiment for early November rose to 84.9 from 82.6 in October, topping expectations for a reading of 83. The reading was the highest since July 2007.

A final reading on U.S. consumer sentiment came in at 73.8 for the month of January, up from a preliminary reading of 71.3 and higher than the 71.5 expected, according to a survey by Thomson Reuters and the University of Michigan.

A preliminary reading on U.S. consumer sentiment from Reuters and the University of Michigan checked in at 76.3 for February from 73.8 in January, easily topping expectations of 74.8.

Consumer spending:

Consumer spending edged up 0.4% in November from October, a slightly bigger increase than the 0.3% economists forecast. Personal income climbed 0.6%, its biggest increase since February, and also higher than the 0.3% expected.

U.S. consumer spending rose 0.7% in February from January, the biggest gain since September 2012, and slightly better than estimates of a 0.6% increase. Meanwhile, personal income jumped 1.1%, also topping forecasts of a 0.8% rise.

Domestic Manufacturing:

Financial data firm Markit reported domestic manufacturing growth increased to 54.9 in March, up from 54.3 in February. A reading above 50 indicates expansion. Manufacturers increased hiring for the month pushing the employment sub-index to 54.6 from 53.5.

Durable Goods:

The Commerce Department reports orders for long-lasting goods climbed 4.6% in December from November, significantly outpacing estimates of a 1.8% increase. Excluding the transportation segment, orders were up 1.3%, topping estimates of a 0.7% increase.

Economic Activity:

The Conference Board reported economic activity rose 0.5% to 94.8 last month after advancing by an upwardly-revised 0.5% in January. Economists were expecting the index to rise 0.4% in February.

Economy Expanding:

The U.S. economy expanded at a ‘measured pace’ in recent weeks, according to the Federal Reserve’s Beige Book, an anecdotal account of conditions across the 12 Fed districts. The report said most districts experienced “modest improvements” in hiring activity, while consumer spending grew at a “moderate pace” and manufacturing weakened. Some districts also reported weakness as a result of Hurricane Sandy, the central bank said.

Export Prices:

U.S. export prices rose 0.8% in September from August, coming in ahead of estimates of 0.4%.

The Labor Department reports export prices rose 0.8%, a bigger rise than the 0.3% forecast.

Factory Activity – Mid-Atlantic Region:

The Philadelphia Federal Reserve Bank reports its index on factory activity in the U.S. mid-Atlantic region grew to 2 from minus 12.5 in February, topping economists’ expectations for minus 2.

Gross Domestic Product:

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.7% in the second quarter, in line with economists’ estimates and faster than an initial estimate of 1.5%.

A final reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 3.1% in the third quarter, up from a previous reading of 2.7%, and higher than the 2.8% economists were expecting.

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 0.1% in the fourth quarter of 2012, up from an initial estimate of a 0.1% contraction, but below the 0.5% growth expected.

Home Prices:

Home prices in 20 major U.S. metropolitan areas climbed 2.2% in May from the month before on a non-seasonally adjusted basis, according the S&P/Case-Shiller report. That came in stronger than the 1.5% gain economists expected.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 2.3% in June from May on a non-seasonally adjusted basis, a bigger gain than the 1.6% expected. Prices were up 0.5% from the same period a year earlier in the first increase since September 2010.

The S&P/Case Shiller composite index of 20 metropolitan areas shows home prices rose 1.6% in July from June on a non-seasonally adjusted basis. Prices were up 1.2% from a year ago, more than the 1% expected.

Home prices in 20 major U.S. metropolitan areas climbed 0.3% in September from August on a non-seasonally adjusted basis, according to the closely-watched S&P/Case-Shiller report. Economists expected a slightly larger increase of 0.5%. Prices were up 3% from the year prior.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 0.2% on a non-seasonally adjusted basis in December, compared with the 0.2% fall economists were expecting. Prices were up 6.8% from a year ago, the biggest year-on-year increase since July 2006.

Home prices in 20 U.S. metropolitan areas rose 0.1% in January from December on a non-seasonally-adjusted basis, according to the S&P/Case-Shiller home price report. Economists expected a slightly larger increase of 0.2%. Prices climbed 8.1% from the same month in 2012, topping estimates of a 7.9% rise.

Home Sales (existing homes):

Sales of existing homes rose 2.3% in July from June to an annualized rate of 4.47 million units, according to the National Association of Realtors.

Existing home sales rose 7.8% in August from July to an annualized rate of 4.82 million units, topping estimates of a 4.55-million unit rate and marking the fastest pace since May 2010.

Existing home sales rose 2.1% in October from September to a 4.79-million unit annualized rate, coming in slightly ahead of estimates of a 4.75-million unit annualized rate, according to the National Association of Realtors.

Contracts to buy previously-owned homes rose 5.2% in October from September, a much bigger jump than the 0.8% expected, according to the National Association of Realtors.

Existing home sales rose 5.9% in November from October to a 5.04-million unit annualized rate, the highest since November 2009, according to the National Association of Realtors. The association said sales would have been ‘modestly higher’ had Hurricane Sandy not occurred.

Signed contracts to buy existing homes climbed 1.7% in November from October to the highest level since April 2010, according to the National Association of Realtors. Economists forecast a smaller gain of 1%. The forward-looking housing indicator was up 9.8% from the same month in 2011.

U.S. existing home sales rose 0.4% in January from December to a 4.92-million unit annualized rate, slightly ahead of estimates of a 4.9-million unit rate.

The National Association of Realtors report existing home sales increased 0.8% to an annual rate of 4.98 million units last month, the highest level since November 2009. National median price for existing homes jumped 11.6%, the biggest gain since 2005.

Home Sales (new single-family homes):

Sales of new single-family homes rose 3.6% in July from June to an annualized rate of 372,000 units. Analysts were expecting an annualized rate of 365,000 units.

Sales of new U.S. single-family homes rose 5.7% in September to a 389,000-unit annualized rate, topping estimates of a 385,000-unit rate and marking the highest reading since April 2010.

Sales of new, single-family homes climbed 4.4% in November from October to an annual rate of 377,000 units.

Sales of new single-family homes jumped 15.6% in January from December — the largest increase since April 1993 — to a 437,000-unit annualized rate. Sales outpaced estimates of a 381,000-unit rate and marked the highest pace since July 2008.

Home Sales (Pending):

U.S. pending home sales rose 4.5% in January from December, outpacing the 1.5% gain expected, according to the National Association of Realtors.

Housing Starts:

U.S. housing starts jumped 6.9% in June from May to a 760,000-unit rate, topping estimates of a 745,000-unit rate and marking the highest rate since October 2008.

Housing starts rose 2.3% in August from July to a 750,000-unit rate, missing estimates of a 765,000-unit rate. Permits fell 1% to an 803,000-unit rate, but topped estimates of a 796,000-unit rate.

The Commerce Department reports housing starts rose 15% to an annualized rate of 872,000 units in September from August. Housing permits jumped 11.6% to an annualized rate of 894,000 units.

U.S. housing starts rose 3.6% in October to an 894,000-unit rate, well above estimates of an 840,000-unit rate and marking the highest pace since July 2008. Housing permits fell 2.7% to an 866,000-unit rate, slightly ahead of estimates of an 865,000-unit rate.

U.S. housing starts fell 3% in November from October to an 861,000-unit rate, missing economists’ estimates of an 873,000-unit rate. Permits to build new homes jumped 3.6% to an 899,000-unit rate, topping estimates of an 875,000-unit rate and marking the fastest pace since July 2008.

U.S. housing starts jumped 12.1% in December from November to an annualized 954,000-unit rate, the highest rate since June 2008. Permits rose 0.3% to an annualized rate of 903,000 units.

The Commerce Department reports – 19 Mar 13 – housing starts increased 0.8% last month – February 2013 – to a 917,000-unit annual rate, slightly better than expectations of 915,000. Permits for construction jumped 4.6% to a 946,000-unit rate, also coming in ahead of estimates of 925,000. Both readings were the highest since June 2008.

Imports:

U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%.

Index of U.S. Consumer Confidence:

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

Index of U.S. Non-manufacturing Activity:

The Institute for Supply Management reports its index of U.S. non-manufacturing activity came in at 56.1 in December, beating expectations of a rise to 54.2 and an increase from 54.7 in November.

ISM Reading (Readings above 50 indicate expansion while those below 50 indicate contraction):

The November ISM reading on the non-manufacturing sector showed a small increase to 54.7 from 54.2 in October.

The latest ISM data show U.S. manufacturing activity increased to 50.7 last month from 49.5 in November. The index was expected to rise to 50.3.

The Institute for Supply Management Manufacturing PMI gauge rose to 53.1 in January from 50.2 in December, topping an expected reading of 50.6. Readings above 50 point to expansion in the sector, while those below point to contraction.

Manufacturing Sector (U.S. Midwest):

The manufacturing sector in the U.S. Midwest expanded at a slightly swifter pace in July than it did the month before. The Institute for Supply Management-Chicago’s PMI gauge came in at 53.7, higher than expectations of 52.5 and a reading of 52.9 in June.

Nonfarm Payrolls:

The Labor Department reported nonfarm payrolls rose by 96,000 in August from July. The unemployment rate unexpectedly fell to 8.1% from 8.3.

The Labor Department reported nonfarm payrolls increased by 114,000 in September. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.

The Labor Department reported nonfarm payrolls rose by 146,000 in November, significantly more than the 93,000 expected. The unemployment rate fell to 7.7% from 7.9% the month prior to its lowest level since December 2008. Economists were expecting the unemployment rate to remain at 7.9%.

The Labor Department reports non-farm payrolls increased by 155,000 in December, beating expectations of an increase of 150,000. The unemployment rate held steady at 7.8%. November’s jobless rate was revised up by 0.1 percentage point to 7.8%.

The Labor Department reports nonfarm payrolls rose by 157,000 in January from December, slightly below the 160,000 expected. The unemployment rate ticked up to 7.9% from 7.8% the month prior. December’s nonfarm payroll increase was revised up to 196,000 from a previously reported 155,000.

The Labor Department reports nonfarm payrolls ticked up by 88,000 in March from February. The unemployment rate dropped to the lowest level since December 2008 to 7.6% from 7.7%. February’s nonfarm payroll increase was revised up to 268,000 from a previously-reported 236,000.

Orders for Long-Lasting Goods:

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase.

The Commerce Department reported orders for long-lasting goods climbed 9.9% in September from August, topping estimates of a 7.1% increase.

Orders for long-lasting goods remained flat in October from September. They were expected to fall 0.6%. Excluding the transportation segment, orders were up 1.5%. Economists were expecting a 0.5% drop.

Orders for long-lasting goods climbed 0.7% in November from October, a bigger gain than the 0.2% economists expected. Excluding the transportation component, orders jumped 1.6%, topping estimates of a 0.2% decline.

The Commerce Department reports orders for long-lasting goods climbed 5.7% in February from January, outpacing estimates of a 3.8% increase. Excluding the transportation segment, orders were down 0.5%, missing estimates of a 0.5% increase.

Personal Spending:

Personal spending rose 0.4% in July from June, as expected, to the highest level since February. Personal income rose 0.3%, also as expected.

U.S. personal spending rose 0.2% in December from November, slightly shy of the 0.3% expected.

Personal Income:

U.S. personal income rose 2.6% in December from November, outpacing estimates of a 0.8% gain; the increase was the largest since December 2004.

Pending Home Sales:

U.S. pending home sales rose 2.4% in July from June, topping the 1% expected and hitting the highest level since April 2010. Sales were up 12.4% from a year ago.

The National Association of Realtors reported its index of pending home sales rose 0.3% in September from August, the index climbing 14.5% from a year ago.

PMI Gauge:

The Markit Flash U.S. Manufacturing PMI rose to 51.9 in August from 51.4 in July, the first monthly increase in five months. Readings over 50 point to expansion while readings below 50 indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.5 in September from 49.6 in August, topping expectations for a reading of 49.7 and marking the first time the index rose above 50 since May. Readings above 50 point to expansion while those below indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.

The Labor Department reports nonfarm payrolls rose by 171,000 in October from September, surpassing the 125,000 expected, for 32 straight months of positive job growth. The unemployment rate ticked up slightly to 7.9% from 7.8%, as expected.

The Institute for Supply Management-Chicago’s PMI gauge climbed to 51.6 in December from 50.4 the month before, a slightly better reading than the 51 economists forecast. Readings above 50 point to expansion in the Midwest manufacturing sector, while those below indicate contraction.

Private Sector Jobs:

The private sector added 163,000 jobs in July, according to the ADP report. Analysts had been expecting an increase of 120,000.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in October, more than the 135,000 expected.

The ADP National Employment report shows the private sector added 118,000 jobs in November 2013.

The ADP national employment report shows the private sector added 215,000 jobs in December. Analysts had expected an increase of 133,000 jobs for the month.

The ADP National Employment Report shows the U.S. private sector added 198,000 jobs in February, more than the 170,000 jobs expected.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in March; February’s gain of 198,000 jobs was revised up by 39,000 to 237,000.

Producer Prices:

Prices at the producer level rose 0.2% in January from December, a slower pace than the 0.4% economists expected. Excluding the food and energy components, prices were also up 0.2%, matching forecasts.

Producer prices rose 1.1% in September from August, a bigger jump than the 0.7% expected.

The Labor Department reported producer prices climbed 0.3% in July from June, the fastest pace in five months. Analysts expected an increase of 0.2%. Excluding the food and energy components, prices were up 0.4%, also more than the 0.2% increase forecast.

The Producer Price Index ticked lower by 0.2% in December from the month prior, slightly more than the 0.1% expected, as food prices took their biggest fall since May 2011. Excluding the food and energy components, prices rose 0.1%, which was in line with estimates.

The ADP National Employment Report shows the U.S. private sector added 192,000 jobs in January, topping estimates of 165,000.

Retail Sales:

Retail sales climbed 0.8% in July from June, the largest increase since February and a bigger gain than the 0.3% economists expected.

U.S. retail sales rose 1.1% in September from August, more than the 0.8% expected. Excluding the auto component, sales were up 1.1%, the biggest rise since January and topping estimates of 0.6%.

U.S. retail sales rose 0.9% in August from July, more than the 0.7% expected and the largest rise since February. Excluding the auto segment, sales were up 0.8%, topping estimates of 0.6%.

U.S. retail sales rose 0.3% in November from October, less than the 0.5% expected, but still an increase. Excluding the auto segment, retail sales were unchanged from October.

U.S. retail sales jumped 0.5% in December from November, topping the 0.2% expected. Excluding the auto component, sales were up 0.3%, slightly higher than the 0.2% expected.

U.S. retail sales rose 0.1% in January from December, as expected. Excluding the auto segment, sales were up 0.2%, slightly above the 0.1% estimated.

The Commerce Department reports retail sales jumped 1.1% in February from January, the largest gain since September. Economists expected a smaller 0.5% increase for the month.

Service Sector Activity:

The Institute for Supply Management’s gauge of service-sector activity rose to 53.7 in August, the highest level since May, from 52.6 in July; the index was expected to fall slightly to 52.5.

The Institute for Supply Management’s gauge of service-sector activity rose to 55.1 in September from 53.7 in August, suggesting the sector is expanding at a faster rate. Economists expected a reading of 53.1.

The Institute for Supply Management’s gauge of service sector activity rose to 56 in February from 55.2 in January, topping expectations of a reading of 55. Readings above 50 point to expansion, while those below point to contraction.

Unemployment:
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September 2012, the lowest since President Barack Obama took office in January 2009. In spite of the Republican majority ‘do nothing congress’ not passing President Obama’s Job’s Bill – (5 Oct 12)

The Department of Labor reports non-farm payrolls increased 236,000 in February, pushing the unemployment rate down to 7.7% — the lowest since December 2008 — from 7.9% in January. Economists were expecting an increase of 160,000 jobs with the rate holding steady at 7.9%.

New claims for unemployment benefits fell to 339,000 during the third week of October 2012 from an upwardly revised 369,000 the week prior. Claims were expected to rise to 370,000 from an initially reported 367,000.

New claims for unemployment benefits fell to 369,000 during the fourth week of October 2012 from an upwardly revised 392,000 the week prior.

New claims for unemployment benefits fell to 355,000 last week – week ending 3 Nov 12 – from 363,000 the week prior. Claims were expected to rise to 370,000. A Labor Department analyst says super-storm Sandy depressed claims in at least one state and resulted in an increase in claims in others.

For the week ending 23 Nov 12, new claims for unemployment benefits continued to fall for the same week reported to 393,000 last week from an upwardly revised 416,000 the week prior. Claims were expected to fall to 390,000 from an initially reported 410,000.

New claims for unemployment benefits fell to 370,000 during the week – ending 30 November 12 – from an upwardly revised 395,000 the week prior. Claims were expected to fall to 380,000 from an initially reported 393,000.

New claims for unemployment benefits fell to 343,000 during the week – ending 7 December 12 – the lowest level since the week of 6 October. Claims were expected to remain unchanged from an initially reported 370,000.

New claims for U.S. unemployment benefits fell to 335,000 last week – ending 11 Jan 13 – the lowest level since January 2008 – from an upwardly revised 372,000 the week prior. Claims were expected to fall to 365,000 from an initially reported 371,000.

New claims for unemployment benefits fell last week to 330,000 – ending 14 Jan 2013 – the lowest level since January 2008 -from 335,000 the week prior. Claims were expected to increase to 355,000. The Labor Department said the four-week moving average, which smoothes out volatility, is at its lowest since March 2008 while continued claims are at their lowest since July 2008.

New claims for U.S. unemployment benefits fell to 341,000 last week – ending 8 Feb 2013 – from an upwardly revised 368,000 the week prior. Claims were expected to fall to 360,000 from an initially reported 366,000.

New claims for unemployment benefits fell to 344,000 last week – ending 22 February 13 – from an upwardly revised 366,000 the week prior. Claims were expected to fall to 360,000 from an initially reported 362,000.

The Labor Department reports weekly jobless – for the week ending 1 March 13 – claims fell 7,000 to 340,000, declining for a second straight week. Economists expected claims to rise to 355,000.

The Labor Department reports initial claims for state unemployment benefits dropped by 10,000 to a seasonally-adjusted 332,000, the lowest level since mid January. Economists had expected first-time applications last week – ending 8 Mar 13 – to rise to 350,000. The four-week-moving average, which helps smooth volatility, dropped to its lowest level since March 2008.

The Labor Department reports new claims for unemployment benefits fell to 346,000 last week – ending 5 Apr 13 – from an upwardly-revised 388,000 the week prior. Claims were expected to fall to 365,000 from an initially reported 385,000. Labor said the plunge was partly attributable to seasonal factors.

Stock Market was 8077.56 on 19 Jan 09 and 14,599.20 on 15 Apr 13.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney, and the entire corps of conservative talking heads – who appears to have defined it.

 
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Posted by on April 16, 2013 in Economics

 

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Private Sector is Doing Fine – 15 Mar 13 Edition

During the 2012 Presidential campaign President Obama said, “The private sector is doing fine,” which was immediately jumped on by his erstwhile opponent Republican Tea Party (GOTP) 2012 presidential footnote, Willard Mitt Romney, who replied, “I think he’s really defining what it means to be out of touch with reality.”

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Now of course we know what happened in November, Romney had his political head handed to him on a plate, and the GOTP lost seats in both the House and the Senate, and conservatives still continue to claim the economy is failing. Some people either don’t get it, or won’t get it.

Clearly the economy is in recovery and the following indicators show the private sector is indeed “doing fine”, and all the info – by-the-way – comes from FOX Business:

First Quarter reported earnings: Cisco reported $11.9 billion, Disney reported $11.3 billion, FedEx posted $10.79 billion, Microsoft reported $16 billion, and Procter & Gamble reported $20.7 billion

In the second quarter the following earnings were reported by the private sector: Amazon.com reported $12.8 billion, AT&T reported $31.6 billion, Bank of America reported $22.2 billion, Best Buy reported $10.55 billion, Cisco reported $12.1 billion, Citigroup reported $18.4 billion, Coca-Cola reported $13.09 billion, Dell reported $14.5 billion, EBay reported $3.4 billion, Facebook reported $1.2 billion, Google reported $12.21 billion, IBM reported $25.8 billion, Intel reported $13.5 billion, Johnson & Johnson reported $16.5 billion, Macy’s reported $6.12 billion, McDonald’s reported $6.92 billion, Microsoft reported $21.5 billion, Morgan Stanley reported $7 billion, Nike reported $5.96 billion, Oracle reported $9.1 billion, Pfizer reported $15.1 billion, Procter & Gamble reported $20.2 billion, Travelers reported $6.36 billion, United Parcel Service (UPS) reported $13.4 billion, Verizon reported $28.6 billion and Yahoo reported $1.08 billion

Following are third quarter earnings: 3M reported $7.5 billion, American Express reported $7.9 billion, AT&T reported $31.5 billion, Bank of America reported $20.4 billion, Best Buy reported $10.75 billion, Boeing reported $20 billion, Caterpillar reported $16.45 billion, Citigroup reported $19.4 billion, Coca-Cola reported $12.34 billion, Dell reported $13.7 billion, Goldman Sachs reported $8.35 billion, Google reported $11.3 billion, Hewlett-Packard reported $29.7 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Johnson & Johnson reported $17.1 billion, J.P. Morgan Chase reported $25.9 billion, McDonald’s reported $7.2 billion, Merck reported $11.49 billion, Morgan Stanley reported $7.6 billion, Pfizer’s reported $14 billion, Procter & Gamble posted $22.18 billion, Research in Motion reported $2.73 billion, Travelers reported $6.51, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, Wal-Mart reported $113.2 billion, Wells Fargo reported $21.2 billion and Yahoo reported $1.09 billion

Following are fourth quarter earnings: 3M reported $7.4 billion, Alcoa reported $5.9 billion, Amazon.com reported $21.27 billion, American Express reported $8.1 billion, Apple reported $36 billion, Bank of America reported $19.61 billion, Boeing posted $22.3 billion, Caterpillar reported $16.1 billion, Cisco reported $11.7 billion, Citigroup reported $18.7 billion, Coca-Cola reported $11.46 billion, Dell reported $14.3 billion, eBay reported $4 billion, ExxonMobil reported $115.17 billion, Facebook reported $1.59 billion, Goldman Sachs reported $9.24 billion, Hewlett-Packard reported $30 billion, Intel reported $13.5 billion, Johnson & Johnson posted $17.6 billion, J.P. Morgan Chase reported $24.4 billion, McDonald’s reported $6.95 billion, Merck reported $11.74 billion, Morgan Stanley reported $7.5 billion, News Corp. reported $8.4 billion, Pfizer reported $15.1 billion, Travelers posted $6.48 billion, United Technologies posted $16.4 billion, United Parcel Service (UPS) reported $14.57 billion, Walt Disney reported $10.78 billion, Wells Fargo reported $21.9 billion, Yahoo posted $1.22 billion,

Auto Sales:

GM reported U.S. auto sales rose 4.9% in December from the same time in 2011 as all four of its brands increased their sales. The automaker said it sold 245,733 vehicles in December, up from 234,351 a year earlier and 32% above November’s total of 186,505. General Motors bought back 200 million shares of its stock at $27.50 a share from the U.S. Treasury Department in a $5.5 billion deal. The government plans to sell its remaining 300 million shares over the next 12 to 15 months.

Ford reported its cars, utilities and trucks segments all reported sales gains in 2012 with the brand ending the year with 2,168,015 vehicles sold. The automaker posted its best December sales since 2006 and overall sales increased 2% year over year that month.

Chrysler reported its sales increased 10% in December compared to the same month in 2011 and the strongest December sales in five years. The automaker also reported its full-year sales increased 21%.

Building Permits:

The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.

Permits to build new homes rose 1.8% to an annualized rate of 925,000, better than the 915,000 Wall Street anticipated, and the highest since 2008.

Chicago PMI Gauge:

The Chicago PMI gauge ticked up to 50.4 in November from 49.9 in October. Readings above 50 indicate expansion while those below 50 indicate contraction.

Consumer Confidence:

The Conference Board’s gauge of consumer confidence rose to 65.9 in July from 62.7 in June, better than the 61.5 economists expected.

The Conference Board’s reading on consumer confidence rose to 70.3 in September from an upwardly revised 61.3 in August, topping estimates for a reading of 63. The reading was the highest since February.

The Conference Board’s gauge of consumer confidence rose in November to 73.7 from 73.1 in October, topping estimates of 73 and marking the highest level since February 2008.

The Conference Board’s gauge of U.S. consumer confidence rose to 69.6 in February from January, topping economists’ estimates of 61 and marking the highest reading since November.

Consumer Sentiment:

The consumer sentiment reading of the Thomson Reuters/University of Michigan survey showed consumer sentiment increased to 73.6 in early August from July’s final reading of 72.3. The August preliminary reading topped forecasts for an increase to 72.4 and marked the highest level since May.

A final reading on consumer sentiment for the month of August checked in at 74.3, higher than a preliminary reading of 73.6, according to a survey by Thomson Reuters and the University of Michigan.

A preliminary reading on consumer sentiment for the month of October checked in at 83.1, up from a September reading of 78.3 and marking the highest reading since September 2007, according to a report from Reuters and the University of Michigan. Economists were expecting sentiment to decrease to 78.

A reading on consumer sentiment for early November rose to 84.9 from 82.6 in October, topping expectations for a reading of 83. The reading was the highest since July 2007.

A final reading on U.S. consumer sentiment came in at 73.8 for the month of January, up from a preliminary reading of 71.3 and higher than the 71.5 expected, according to a survey by Thomson Reuters and the University of Michigan.

A preliminary reading on U.S. consumer sentiment from Reuters and the University of Michigan checked in at 76.3 for February from 73.8 in January, easily topping expectations of 74.8.

Consumer spending:

Consumer spending edged up 0.4% in November from October, a slightly bigger increase than the 0.3% economists forecast. Personal income climbed 0.6%, its biggest increase since February, and also higher than the 0.3% expected.

Durable Goods:

The Commerce Department reports orders for long-lasting goods climbed 4.6% in December from November, significantly outpacing estimates of a 1.8% increase. Excluding the transportation segment, orders were up 1.3%, topping estimates of a 0.7% increase.

Economy Expanding:

The U.S. economy expanded at a ‘measured pace’ in recent weeks, according to the Federal Reserve’s Beige Book, an anecdotal account of conditions across the 12 Fed districts. The report said most districts experienced “modest improvements” in hiring activity, while consumer spending grew at a “moderate pace” and manufacturing weakened. Some districts also reported weakness as a result of Hurricane Sandy, the central bank said.

Export Prices:

U.S. export prices rose 0.8% in September from August, coming in ahead of estimates of 0.4%.

The Labor Department reports export prices rose 0.8%, a bigger rise than the 0.3% forecast.

Gross Domestic Product:

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 1.7% in the second quarter, in line with economists’ estimates and faster than an initial estimate of 1.5%.

A final reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 3.1% in the third quarter, up from a previous reading of 2.7%, and higher than the 2.8% economists were expecting.

A second reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 0.1% in the fourth quarter of 2012, up from an initial estimate of a 0.1% contraction, but below the 0.5% growth expected.

Home Prices:

Home prices in 20 major U.S. metropolitan areas climbed 2.2% in May from the month before on a non-seasonally adjusted basis, according the S&P/Case-Shiller report. That came in stronger than the 1.5% gain economists expected.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 2.3% in June from May on a non-seasonally adjusted basis, a bigger gain than the 1.6% expected. Prices were up 0.5% from the same period a year earlier in the first increase since September 2010.

The S&P/Case Shiller composite index of 20 metropolitan areas shows home prices rose 1.6% in July from June on a non-seasonally adjusted basis. Prices were up 1.2% from a year ago, more than the 1% expected.

Home prices in 20 major U.S. metropolitan areas climbed 0.3% in September from August on a non-seasonally adjusted basis, according to the closely-watched S&P/Case-Shiller report. Economists expected a slightly larger increase of 0.5%. Prices were up 3% from the year prior.

The S&P/Case-Shiller composite index of 20 metropolitan areas shows home prices rose 0.2% on a non-seasonally adjusted basis in December, compared with the 0.2% fall economists were expecting. Prices were up 6.8% from a year ago, the biggest year-on-year increase since July 2006.

Home Sales (existing homes):

Sales of existing homes rose 2.3% in July from June to an annualized rate of 4.47 million units, according to the National Association of Realtors.

Existing home sales rose 7.8% in August from July to an annualized rate of 4.82 million units, topping estimates of a 4.55-million unit rate and marking the fastest pace since May 2010.

Existing home sales rose 2.1% in October from September to a 4.79-million unit annualized rate, coming in slightly ahead of estimates of a 4.75-million unit annualized rate, according to the National Association of Realtors.

Contracts to buy previously-owned homes rose 5.2% in October from September, a much bigger jump than the 0.8% expected, according to the National Association of Realtors.

Existing home sales rose 5.9% in November from October to a 5.04-million unit annualized rate, the highest since November 2009, according to the National Association of Realtors. The association said sales would have been ‘modestly higher’ had Hurricane Sandy not occurred.

Signed contracts to buy existing homes climbed 1.7% in November from October to the highest level since April 2010, according to the National Association of Realtors. Economists forecast a smaller gain of 1%. The forward-looking housing indicator was up 9.8% from the same month in 2011.

U.S. existing home sales rose 0.4% in January from December to a 4.92-million unit annualized rate, slightly ahead of estimates of a 4.9-million unit rate.

Home Sales (new single-family homes):

Sales of new single-family homes rose 3.6% in July from June to an annualized rate of 372,000 units. Analysts were expecting an annualized rate of 365,000 units.

Sales of new U.S. single-family homes rose 5.7% in September to a 389,000-unit annualized rate, topping estimates of a 385,000-unit rate and marking the highest reading since April 2010.

Sales of new, single-family homes climbed 4.4% in November from October to an annual rate of 377,000 units.

Sales of new single-family homes jumped 15.6% in January from December — the largest increase since April 1993 — to a 437,000-unit annualized rate. Sales outpaced estimates of a 381,000-unit rate and marked the highest pace since July 2008.

Home Sales (Pending):

U.S. pending home sales rose 4.5% in January from December, outpacing the 1.5% gain expected, according to the National Association of Realtors.

Housing Starts:

U.S. housing starts jumped 6.9% in June from May to a 760,000-unit rate, topping estimates of a 745,000-unit rate and marking the highest rate since October 2008.

Housing starts rose 2.3% in August from July to a 750,000-unit rate, missing estimates of a 765,000-unit rate. Permits fell 1% to an 803,000-unit rate, but topped estimates of a 796,000-unit rate.

The Commerce Department reports housing starts rose 15% to an annualized rate of 872,000 units in September from August. Housing permits jumped 11.6% to an annualized rate of 894,000 units.

U.S. housing starts rose 3.6% in October to an 894,000-unit rate, well above estimates of an 840,000-unit rate and marking the highest pace since July 2008. Housing permits fell 2.7% to an 866,000-unit rate, slightly ahead of estimates of an 865,000-unit rate.

U.S. housing starts fell 3% in November from October to an 861,000-unit rate, missing economists’ estimates of an 873,000-unit rate. Permits to build new homes jumped 3.6% to an 899,000-unit rate, topping estimates of an 875,000-unit rate and marking the fastest pace since July 2008.

U.S. housing starts jumped 12.1% in December from November to an annualized 954,000-unit rate, the highest rate since June 2008. Permits rose 0.3% to an annualized rate of 903,000 units.

Imports:

U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%.

Index of U.S. Consumer Confidence:

The Conference Board’s index of U.S. consumer confidence rose to 72.2 in October from a downwardly revised 68.4 in September. The results missed estimates of a reading of 72.5, but marked the index’s highest level since February 2008.

Index of U.S. Non-manufacturing Activity:

The Institute for Supply Management reports its index of U.S. non-manufacturing activity came in at 56.1 in December, beating expectations of a rise to 54.2 and an increase from 54.7 in November.

ISM Reading (Readings above 50 indicate expansion while those below 50 indicate contraction):

The November ISM reading on the non-manufacturing sector showed a small increase to 54.7 from 54.2 in October.

The latest ISM data show U.S. manufacturing activity increased to 50.7 last month from 49.5 in November. The index was expected to rise to 50.3.

The Institute for Supply Management Manufacturing PMI gauge rose to 53.1 in January from 50.2 in December, topping an expected reading of 50.6. Readings above 50 point to expansion in the sector, while those below point to contraction.

Manufacturing Sector (U.S. Midwest):

The manufacturing sector in the U.S. Midwest expanded at a slightly swifter pace in July than it did the month before. The Institute for Supply Management-Chicago’s PMI gauge came in at 53.7, higher than expectations of 52.5 and a reading of 52.9 in June.

Nonfarm Payrolls:

The Labor Department reported nonfarm payrolls rose by 96,000 in August from July. The unemployment rate unexpectedly fell to 8.1% from 8.3.

The Labor Department reported nonfarm payrolls increased by 114,000 in September. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.

The Labor Department reported nonfarm payrolls rose by 146,000 in November, significantly more than the 93,000 expected. The unemployment rate fell to 7.7% from 7.9% the month prior to its lowest level since December 2008. Economists were expecting the unemployment rate to remain at 7.9%.

The Labor Department reports non-farm payrolls increased by 155,000 in December, beating expectations of an increase of 150,000. The unemployment rate held steady at 7.8%. November’s jobless rate was revised up by 0.1 percentage point to 7.8%.

The Labor Department reports nonfarm payrolls rose by 157,000 in January from December, slightly below the 160,000 expected. The unemployment rate ticked up to 7.9% from 7.8% the month prior. December’s nonfarm payroll increase was revised up to 196,000 from a previously reported 155,000.

Orders for Long-Lasting Goods:

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase.

The Commerce Department reported orders for long-lasting goods climbed 9.9% in September from August, topping estimates of a 7.1% increase.

Orders for long-lasting goods remained flat in October from September. They were expected to fall 0.6%. Excluding the transportation segment, orders were up 1.5%. Economists were expecting a 0.5% drop.

Orders for long-lasting goods climbed 0.7% in November from October, a bigger gain than the 0.2% economists expected. Excluding the transportation component, orders jumped 1.6%, topping estimates of a 0.2% decline.

Personal Spending:

Personal spending rose 0.4% in July from June, as expected, to the highest level since February. Personal income rose 0.3%, also as expected.

U.S. personal spending rose 0.2% in December from November, slightly shy of the 0.3% expected.

Personal Income:

U.S. personal income rose 2.6% in December from November, outpacing estimates of a 0.8% gain; the increase was the largest since December 2004.

Pending Home Sales:

U.S. pending home sales rose 2.4% in July from June, topping the 1% expected and hitting the highest level since April 2010. Sales were up 12.4% from a year ago.

The National Association of Realtors reported its index of pending home sales rose 0.3% in September from August, the index climbing 14.5% from a year ago.

PMI Gauge:

The Markit Flash U.S. Manufacturing PMI rose to 51.9 in August from 51.4 in July, the first monthly increase in five months. Readings over 50 point to expansion while readings below 50 indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.5 in September from 49.6 in August, topping expectations for a reading of 49.7 and marking the first time the index rose above 50 since May. Readings above 50 point to expansion while those below indicate contraction.

The Institute for Supply Management Manufacturing PMI gauge rose to 51.7 in October from 51.5 in September, the highest reading since May. The index was expected to fall to 51.2. Readings above 50 indicate expansion while those below indicate contraction.

The Labor Department reports nonfarm payrolls rose by 171,000 in October from September, surpassing the 125,000 expected, for 32 straight months of positive job growth. The unemployment rate ticked up slightly to 7.9% from 7.8%, as expected.

The Institute for Supply Management-Chicago’s PMI gauge climbed to 51.6 in December from 50.4 the month before, a slightly better reading than the 51 economists forecast. Readings above 50 point to expansion in the Midwest manufacturing sector, while those below indicate contraction.

Private Sector Jobs:

The private sector added 163,000 jobs in July, according to the ADP report. Analysts had been expecting an increase of 120,000.

The ADP National Employment Report shows the U.S. private sector added 158,000 jobs in October, more than the 135,000 expected.

The ADP National Employment report shows the private sector added 118,000 jobs in November 2013.

The ADP national employment report shows the private sector added 215,000 jobs in December. Analysts had expected an increase of 133,000 jobs for the month.

The ADP National Employment Report shows the U.S. private sector added 198,000 jobs in February, more than the 170,000 jobs expected.

Producer Prices:

Prices at the producer level rose 0.2% in January from December, a slower pace than the 0.4% economists expected. Excluding the food and energy components, prices were also up 0.2%, matching forecasts.

Producer prices rose 1.1% in September from August, a bigger jump than the 0.7% expected.

The Labor Department reported producer prices climbed 0.3% in July from June, the fastest pace in five months. Analysts expected an increase of 0.2%. Excluding the food and energy components, prices were up 0.4%, also more than the 0.2% increase forecast.

The Producer Price Index ticked lower by 0.2% in December from the month prior, slightly more than the 0.1% expected, as food prices took their biggest fall since May 2011. Excluding the food and energy components, prices rose 0.1%, which was in line with estimates.

The ADP National Employment Report shows the U.S. private sector added 192,000 jobs in January, topping estimates of 165,000.

Retail Sales:

Retail sales climbed 0.8% in July from June, the largest increase since February and a bigger gain than the 0.3% economists expected.

U.S. retail sales rose 1.1% in September from August, more than the 0.8% expected. Excluding the auto component, sales were up 1.1%, the biggest rise since January and topping estimates of 0.6%.

U.S. retail sales rose 0.9% in August from July, more than the 0.7% expected and the largest rise since February. Excluding the auto segment, sales were up 0.8%, topping estimates of 0.6%.

U.S. retail sales rose 0.3% in November from October, less than the 0.5% expected, but still an increase. Excluding the auto segment, retail sales were unchanged from October.

U.S. retail sales jumped 0.5% in December from November, topping the 0.2% expected. Excluding the auto component, sales were up 0.3%, slightly higher than the 0.2% expected.

U.S. retail sales rose 0.1% in January from December, as expected. Excluding the auto segment, sales were up 0.2%, slightly above the 0.1% estimated.

The Commerce Department reports retail sales jumped 1.1% in February from January, the largest gain since September. Economists expected a smaller 0.5% increase for the month.

Service Sector Activity:

The Institute for Supply Management’s gauge of service-sector activity rose to 53.7 in August, the highest level since May, from 52.6 in July; the index was expected to fall slightly to 52.5.

The Institute for Supply Management’s gauge of service-sector activity rose to 55.1 in September from 53.7 in August, suggesting the sector is expanding at a faster rate. Economists expected a reading of 53.1.

The Institute for Supply Management’s gauge of service sector activity rose to 56 in February from 55.2 in January, topping expectations of a reading of 55. Readings above 50 point to expansion, while those below point to contraction.

Unemployment:
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September 2012, the lowest since President Barack Obama took office in January 2009. In spite of the Republican majority ‘do nothing congress’ not passing President Obama’s Job’s Bill – (5 Oct 12)

 

The Department of Labor reports non-farm payrolls increased 236,000 in February, pushing the unemployment rate down to 7.7% — the lowest since December 2008 — from 7.9% in January. Economists were expecting an increase of 160,000 jobs with the rate holding steady at 7.9%.

New claims for unemployment benefits fell to 339,000 during the third week of October 2012 from an upwardly revised 369,000 the week prior. Claims were expected to rise to 370,000 from an initially reported 367,000.

New claims for unemployment benefits fell to 369,000 during the fourth week of October 2012 from an upwardly revised 392,000 the week prior.

New claims for unemployment benefits fell to 355,000 last week – week ending 3 Nov 12 – from 363,000 the week prior. Claims were expected to rise to 370,000. A Labor Department analyst says super-storm Sandy depressed claims in at least one state and resulted in an increase in claims in others.

For the week ending 23 Nov 12, new claims for unemployment benefits continued to fall for the same week reported to 393,000 last week from an upwardly revised 416,000 the week prior. Claims were expected to fall to 390,000 from an initially reported 410,000.

New claims for unemployment benefits fell to 370,000 during the week – ending 30 November 12 – from an upwardly revised 395,000 the week prior. Claims were expected to fall to 380,000 from an initially reported 393,000.

New claims for unemployment benefits fell to 343,000 during the week – ending 7 December 12 – the lowest level since the week of 6 October. Claims were expected to remain unchanged from an initially reported 370,000.

New claims for U.S. unemployment benefits fell to 335,000 last week – ending 11 Jan 13 – the lowest level since January 2008 – from an upwardly revised 372,000 the week prior. Claims were expected to fall to 365,000 from an initially reported 371,000.

New claims for unemployment benefits fell last week to 330,000 – ending 14 Jan 2013 – the lowest level since January 2008 -from 335,000 the week prior. Claims were expected to increase to 355,000. The Labor Department said the four-week moving average, which smoothes out volatility, is at its lowest since March 2008 while continued claims are at their lowest since July 2008.

New claims for U.S. unemployment benefits fell to 341,000 last week – ending 8 Feb 2013 – from an upwardly revised 368,000 the week prior. Claims were expected to fall to 360,000 from an initially reported 366,000.

New claims for unemployment benefits fell to 344,000 last week – ending 22 February 13 – from an upwardly revised 366,000 the week prior. Claims were expected to fall to 360,000 from an initially reported 362,000.

The Labor Department reports weekly jobless – for the week ending 1 March 13 – claims fell 7,000 to 340,000, declining for a second straight week. Economists expected claims to rise to 355,000.

The Labor Department reports initial claims for state unemployment benefits dropped by 10,000 to a seasonally-adjusted 332,000, the lowest level since mid January. Economists had expected first-time applications last week – ending 8 Mar 13 – to rise to 350,000. The four-week-moving average, which helps smooth volatility, dropped to its lowest level since March 2008.

Stock Market was 8077.56 on 19 Jan 09 and 14,514.11 on 15 Mar 13.

So, let’s see, even though the 2012 GOTP presidential footnote claimed President Obama was defining what it meant to be “out of touch with reality” it appears it was he – Willard Mitt Romney, and the entire corps of conservative talking heads – who appears to have defined it.

 
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Posted by on March 15, 2013 in Economics

 

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Sequestor Lies, Vol 1

So the president really ought to stop

 
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Posted by on February 26, 2013 in Economics, Right Wing Crazies

 

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