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Private Sector is Doing Fine – 04 July 2014 Edition

Happy Independence Day!

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.”

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Now almost two years later 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 earnings: Citicorp reported $20.1 billion and Coca-Cola reported $10.58 billion

Following are fourth quarter 2014 earnings: FedEx reported $11.8 billion

Consumer Goods:

The Labor Department reports prices for consumer goods rose 0.4% in May from the month prior, the largest increase since February 2013, and more than the 0.2% increase Wall Street expected. Excluding the food and energy components, prices were up 0.3%, also above economists’ expectations of 0.2%, and the largest increase since August 2011.

Home Sales:

The Commerce Department reports sales of new single-family homes hit the highest level since May 2008, soaring 18.6% in May to an annualized rate of 504,000 units, beating analyst estimates for 440,000 units, and marking the biggest increase since January 1992.

Home prices in 20 major U.S. metropolitan areas rose 1.1% in April from March on a non-seasonally adjusted basis, more than the 0.8% economists expected, according to a closely-watched gauge from S&P/Case-Shiller. From the same period in 2013, prices rose 10.8%, a shallower increase than the 11.6% gain Wall Street was looking for.

The National Association of Realtors reports sales of existing single-family homes rose 4.9% in May to an annualized rate of 4.89 million units, more than the 4.73 million units economists expected.

The National Association of Realtors reports signed contracts to buy previously-owned homes jumped 6.1% in May, the biggest gain since April 2010, higher than the 1.5% increase Wall Street anticipated.

The Commerce Department reported starts of new home construction jumped 13.2% in April to an annualized rate of 1.07 million units, more than the 980,000 starts Wall Street anticipated for the month. Permits, meanwhile, rose 8% to an annualized rate of 1.08 million in the same month, the highest rate since June 2008. Wall Street was expecting a slightly lower number of 1.01 million.

The Commerce Department reported starts of new home construction rose 2.8% in March to an annualized rate of 946,000, short of expectations for an increase to 973,000. Permits fell 2.4% in the same month to an annualized rate of 990,000, also below Wall Street views of a drop to 1.01 million.

Manufacturing:

A gauge of U.S. manufacturing activity from the Institute for Supply Management fell to 55.3 in June, from 55.4 in May, missing Wall Street estimates for an increase to 55.8. Readings above 50 point to expansion, while those below indicate contraction.

The Philadelphia Fed’s gauge of manufacturing activity in the mid-Atlantic region rose to 17.8 in June from 15.4 in May, surpassing Wall Street expectations for a fall to 14. The reading was the highest since September.

Unemployment:

The U.S. economy added 288,000 jobs in June, far surpassing the 212,000 jobs Wall Street expected. The unemployment rate for the month fell to 6.1%, lower than expectations it would remain at 6.3% from May. The labor force participation rate, meanwhile, remained unchanged at 62.8%.

According to payroll processor ADP, the U.S. private sector grew by 281,000 jobs in June, widely beating Wall Street estimates for an increase of 200,000.

The number of Americans filing for first-time unemployment benefits fell the week of 13 June 2014 to 312,000 from an upwardly revised 318,000 the week prior. Wall Street expected claims to fall to 314,000 from an initially reported 317,000.

The U.S. economy added 288,000 jobs in April, surging past the 210,000 jobs Wall Street expected, marking the biggest increase since January 2012. The jobless rate fell by 0.4 percentage point to 6.3%, its lowest level since September 2008. The labor force participation rate fell to 62.8% from 63.2% in March.

Stock Market:

At Thursday’s closing bell the broad S&P 500 was up at 1,985.44, the Dow closed up at 17,068.26 and the Nasdaq finished off at 4,485.93. When the President was sworn in the S&P 500 was at 831.95, the Dow stood at 8,077.56 and the Nasdaq was hovering at 1,477.29.

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.

 

 
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Posted by on July 4, 2014 in Economics

 

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If you’re unemployed blame yourself?

Businessman-turned-Republican Tea Party (GOTP) presidential “flavor of the week” Herb* Cain has reportedly told the Wall Street Journal the ongoing Occupy Wall Street movement, was staged and driven by “anti-capitalism.”

“I don’t have facts to back this up, but I happen to believe that these demonstrations are planned and orchestrated to distract from the failed policies of the Obama administration. Don’t blame Wall Street, don’t blame the big banks, if you don’t have a job and you’re not rich, blame yourself! … It is not a person’s fault if they succeeded, it is a person’s fault if they failed.”

OK, first, if you don’t have facts, maybe you should shut your pie hole.

Second, “if you don’t have a job and you’re not rich, blame yourself?” That’s your advice Mr Businessman?

Blame yourself? Thanks Herb; that makes everything OK. That little nugget of encouragement, your 999 plan and two or three bucks will buy an unemployed person a bad cup of coffee somewhere. How can the country miss with someone like you running for president? It’s amazing more people haven’t embraced your home spun wit and wisdom.

*Herb is the name Sarah Palin is calling Cain

 
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Posted by on October 5, 2011 in 2012 Election

 

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Romney Jokes to Unemployed About Being Out of Work?

Flopsy Mopsy (aka Mitt Romney), the once presumptive Republican Tea Party (GOTP) presidential candidate, told a group of out-of-work Floridians that “I’m also unemployed.”

Wow, really? What a totally sensitive thing to say, especially to a group of unemployed people.

Only a thoughtless conservative, worth hundreds of millions of dollars, could say something like this. You know, like poor little unemployed Flopsy Mopsy.

Flopsy was trying to be all homey, visiting with a small group of business owners and unemployed workers criticizing President Obama at a Tampa coffee shop. While attacking the President, millionaire Mopsy told the group that although he was currently “unemployed”, he did have his eye on one particular job.

Florida’s April unemployment rate was 10.8 percent, higher than the national rate of 9 percent. But wait, isn’t Florida being run by a GOTP Governor, and isn’t the State Senate and the House both controlled by the GOTP? So, how can the state’s unemployment rate be higher than the national level?

Chair of the Democratic National Committee, Florida Congresswoman Debbie Wasserman Schultz, said “This comment shows that Mitt Romney – a man who wants for nothing and whose only occupation for more than four years has been to run for president – is incredibly out of touch with what’s going on in our country and around the dinner tables of those who are out of work,” she said. “Being unemployed, Mr. Romney, is not a joke.”

Perhaps, for Mopsy, this will be his Bush 41 moment. Remember? When the President’s handlers thought it would be great for him to go out shopping, and he didn’t know stores had scanners which could read the prices of the items. It was his rich man out of touch with every day life moment, and it helped lead to his defeat against upstart Bill Clinton.

Flopsy is trying to be a just another Joe, but being a millionaire, and joking about unemployment doesn’t ring true. It’s like everything else about him; nothing ever seems to ring true where Mitt is concerned.

 
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Posted by on June 17, 2011 in 2012 Election

 

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Ho, ho, ho … GOP Blocking Unemployment Insurance?

And to start this holiday season off right the GOP is blocking continuance of unemployment insurance! Merry Christmas! Happy Hanukkah! Get a job! (cue GOP favorite Christmas jingle, Bruce Hornsby’s “The Way it Is”) I always suspected Mr. Potter, Scrooge and Marley belonged to that caucus.

I can hear my conservative friends now, “But, you know the deficit is way too high and the national debt is staggering”

And that my friends, is why Boehner and company are holding out to raise both by another $800 Billion to continue a tax break for the top 2% of Americans?

 
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Posted by on December 2, 2010 in Politics

 

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