“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
Since the above exchange between the President and Willard the following indicators the private sector is indeed “doing fine”:
In the 2nd 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
Hewlett-Packard reported third quarter earnings of $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 Labor Department reports nonfarm payrolls rose by 96,000 in August from July, less than the 125,000 expected. The unemployment rate unexpectedly fell to 8.1% from 8.3.
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. 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.
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.
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 Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.
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.
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.
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%.
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.
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%.
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.
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.
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.
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.
A preliminary reading on consumer sentiment for the month of September came in at 79.2, up from 74.3 in August and higher than the 74 expected, according to a survey by Thomson Reuters and the University of Michigan.
Stock Market was 8077.56 on 19 Jan 09 and 13,593.37 on 14 Sep 12
New claims for unemployment benefits fell to 365,000 from an upwardly revised 377,000 the week prior. Claims were expected to fall to 370,000 from an initially reported 374,000.
Who’s out of touch Mitt?
The Liberty Tree 