“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, Republican Tea Party (GOTP) 2012 presidential footnote
Since the above exchange between the President and the “footnote” the following indicators show the private sector is indeed “doing fine”, info comes from FOX Business:
First Quarter reported earnings: FedEx posted $10.79 billion, Microsoft reported $16 billion, and Procter & Gamble reported $20.7 billion, Cisco reported $11.9 billion …
In the second 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 and AT&T reported $31.6 billion …
Following are third quarter earnings: Hewlett-Packard reported $29.7 billion, Wells Fargo reported $21.2 billion, J.P. Morgan Chase reported $25.9 billion, Citigroup reported $19.4 billion, Johnson & Johnson reported $17.1 billion, Goldman Sachs reported $8.35 billion, Coca-Cola reported $12.34 billion, IBM reported $24.7 billion, Intel reported $13.5 billion, Bank of America reported $20.4 billion, American Express reported $7.9 billion, Morgan Stanley reported $7.6 billion, Travelers reported $6.51, Google reported $11.3 billion, McDonald’s reported $7.2 billion, Caterpillar reported $16.45 billion, Yahoo! Reported $1.09 billion, Texas Instruments reported $3.39 billion, United Parcel Service reported $13.07 billion, 3M reported $7.5 billion, AT&T reported $31.5 billion, Boeing reported $20 billion, Merck reported $11.49 billion, Pfizer’s reported $14 billion, Wal-Mart reported $113.2 billion, Dell reported $13.7 billion, Best Buy reported $10.75 billion
Following are fourth quarter earnings: News Corp. reported $8.4 billion, Cisco reported $11.7 billion, Apple reported $36 billion, Walt Disney reported $10.78 billion, Hewlett-Packard reported $30 billion
Building Permits:
The Commerce Department reported that building permits rose 6.8% to a rate of 812,000, the highest level in four years.
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.
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.
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.
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 preliminary reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 2% in the third quarter, up from 1.3% in the second quarter and slightly above estimates of 1.9%.
A preliminary reading on U.S. gross domestic product showed the economy expanded at an annualized rate of 2.7% in the third quarter of 2012, up from a previous estimate of 2%.
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.
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.
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.
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.
Imports:
U.S. import prices rose 1.1% in September from August, topping estimates of 0.7%. Export prices rose 0.8%, coming in ahead of estimates of 0.4%.
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.
ISM Reading:
The latest ISM reading on the non-manufacturing sector shows a small increase to 54.7 in November from 54.2 in October. Readings above 50 indicate expansion while those below 50 indicate 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 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 Labor Department reports nonfarm payrolls increased by 114,000 in September from August, slightly ahead of estimates of 113,000. The unemployment rate unexpectedly fell to 7.8%, the lowest rate since January 2009, from 8.1% the month prior.
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. Excluding the transportation segment, orders were down 0.4%, missing estimates of a 0.5% gain.
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.
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.
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.
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.
Producer Prices:
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.
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%.
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.
Stock Market was 8077.56 on 19 Jan 09 and 13,155.13 on 7 Dec 12 …
Unemployment:
The unemployment rate in the U.S. unexpectedly fell to 7.8 percent in September, 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)
New claims for unemployment benefits fell to 339,000 during the third week of October 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 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.
The ADP National Employment report shows the private sector added 118,000 jobs in November.
New claims for unemployment benefits fell to 370,000 during the week – ending 30 November – from an upwardly revised 395,000 the week prior. Claims were expected to fall to 380,000 from an initially reported 393,000.
The Labor Department reports nonfarm payrolls rose by 146,000 in November from October, 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%.
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. Aw well, you can’t be right about everything; oh wait, that’s right, you seldom (if ever) are; wishing something’s true so seldom ever equals that it is, or ever will be.
The Liberty Tree 