“The private sector is doing fine” ~ President Obama

“I think he’s really defining what it means to be out of touch with reality.” ~ Willard Mitt Romney

In the 2^nd Quarter the following earnings were reported by the private sector:

Yahoo reported $1.08 billion
Facebook reported $1.2 billion
EBay reported $3.4 billion
Macy’s reported $6.12 billion
Travelers reported $6.36 billion
McDonald’s reported $6.92 billion
Morgan Stanley reported $7 billion
Best Buy reported $10.55 billion
Amazon.com reported $12.8 billion
Google reported $12.21 billion
United Parcel Service (UPS) reported $13.4 billion
Coca-Cola reported $13.09 billion
Intel reported $13.5 billion
Dell reported $14.5 billion
Pfizer reported $15.1 billion
Johnson & Johnson reported $16.5 billion
Microsoft reported $18.06 billion
Citigroup reported $18.4 billion
Procter & Gamble reported $20.2 billion
Bank of America reported $22.2 billion
IBM reported $25.8 billion
Verizon reported $28.6 billion
AT&T reported $31.6 billion

Following are third quarter earnings:

Hewlett-Packard reported $29.7 billion

Following are fourth quarter earnings:

News Corp. reported $8.4 billion
Cisco reported $11.7 billion

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

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 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.

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.

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.

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.

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

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

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.

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.

The broad S&P 500 struck its highest level since May 2008 on 21 Aug 12, while the Dow is sitting less than 60 points beneath its highest point since the end of 2007. Meanwhile, oil futures are jumping 1.5% as the U.S. dollar sinks to its lowest level since early July.

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.

Orders for long-lasting U.S. goods rose 4.2% in July from June, blowing past estimates of a 2.4% increase. Excluding the transportation segment, orders were down 0.4%, missing estimates of a 0.5% gain.

Stock Market was 8077.56 on 19 Jan 09 and 13157.97 on 24 Aug 12

Who’s out of touch Mitt?