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.”
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.
The Liberty Tree 