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Private Sector is Doing Fine – 15 Jun 13 Edition

15 Jun

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.”

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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 (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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