Sep 11

Jobless Claims, Inflation Rise, Manufacturing Gets Weaker

from CNBC | September 15, 2011

Applications for unemployment benefits continued to rise in the past week, while inflation pushed higher and a key manufacturing index weakened.

The weekly jobless claims number, which is closely watched as an indicator for employment trends, unexpectedly rose 11,000 to 428,000, well ahead of estimates of 411,000.

The consumer price index, meanwhile, gained 0.4 percent when including volatile food and energy prices, after an increase of 0.5 percent in July. The so-called core CPI, though, gained 0.2 percent, which was in line with expectations. Continue reading →

Aug 11

Jobless claims in U.S. rise to 417,000

By Jeffry Bartash | MarketWatch | Aug 25, 2011

The number of Americans seeking new jobless benefits rose for the second week in a row as thousands of phone workers at Verizon Communications filed claims, government data showed.

New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000. Continue reading →

Aug 11

Wall Street Aristocracy Got $1.2 Trillion in Secret Fed Loans

by Bradley Keoun and Phil Kuntz | Bloomberg | August 22, 2011

Bernake Lying to Congress

Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.

By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.

Read the entire article

Jul 11

Well that didn’t take long

CNBC:  Bernanke: Fed May Launch New Round of Stimulus

Gold is hitting a new high on the news and silver is also rallying.

Jun 11

Jobless claims hold above 400,000 for 9th straight week.

Initial jobless claims came in at 427,000 last week – more than expected of course.  This is the ninth straight week that the number has exceeded the key psychological level of 400K.

Unemployment ticked up to 9.1% in May.  During that month 54,000 jobs were created.  Better than half of those we’re jobs at McDonald’s.

May 11

Treasury Auctions To Take US Over Debt Ceiling On Monday

by Jeffrey Sparshott and Jeff Bater | Dow Jones | May 12, 2011

The Treasury Department auctioned $56 billion in new debt Tuesday and Wednesday, enough to take the U.S. over its federal debt ceiling when the three- and 10-year notes settle on Monday. Continue reading →

May 11

Forbes: U.S. Likely to Return to Gold Standard in Five Years

by Jon E. Dougherty | News Room America | May 11, 2011

Steve Forbes, the founder of one of the nation’s premier economic magazines and onetime GOP presidential contender, says he believes the nation will return to the gold standard within five years because doing so would solve a number of economic, fiscal and monetary issues. Continue reading →

May 11

Home Value drop accelerates

According to Zillow.com the pummeling housing market continues.  Housing values fell 3% in the first 3 months of the year, a pace not seen since 2008.  Previously anticipating a bottom in the housing market sometime in 2011, Zillow is now pushing that forecast back to 2012 at the earliest.

The slip caused more homeowners to find themselves underwater.  The figure now stands at 28.4%.  More then 1 out of 4 homes are now worth less then what their owners owe on them.

The monthly foreclosure rate also rose slightly to 0.101%.  That’s about 1 out of every 1000 homes was foreclosed on during March.

Read more at Zillow.com

UPDATE:  Let’s also not forget the $8.5 billion dollar bailout that Fannie Mae is now asking for.

May 11

Unemployment back on the rise

The unemployment rate for April rose to 9.0% reversing the ever so slight down trend seen since November.  Of course, our friendly league of economic forecasters was expecting the number to hold at 8.8%.  The upside is 244,000 new jobs were created.  Unfortunately, 62,000 of them came from McDonald’s.

I guess the Fed & C0. were hoping that so many who left the workforce did not return to looking for a job.  The headline unemployment number does not include those that have given up looking for a job, nor those that have settled for part time work.  When including them, the real under/unemployment is closer to 22 or 23%.


May 11

Can you say Stagflation?

Bloomberg:  First-Time Unemployment Claims in U.S. Unexpectedly Increase to 474,000 -That’s a 10% jump from the previous week and the highest since August.  It’s also 64,000 higher than so-called economists expected.  The four-week moving average climbed to 431,250.

Bloomberg:  Food Prices Rise to Near-Record as Inflation Accelerates – But since we exclude food from the “core” inflation rate, nothing to see here …. keep it moving.