Jobless Claims In U.S. Little Changed As Market Stable

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Jobless Claims In U.S. Little Changed As Market By Stable

Michelle Jamrisko and Shobhana Chandra - Aug 16

The number of Americans filing applications for unemployment benefits was little changed last week, bringing the average over the past month to the lowest level since late March, a sign the labor market has stabilized after employment picked up in July.

Jobless claims climbed by 2,000 to 366,000 in the week ended Aug. 11, Labor Department figures showed today in Washington. The median forecast of 45 economists surveyed by Bloomberg News

Homebuilder Confidence In U.S. Increases To Five-Year High

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Homebuilder Confidence In U.S. Increases To Five-Year High

By Shobhana Chandra - Aug 15, 2012
Confidence among U.S. homebuilders climbed in August to the highest level in more than five years, affirming the improvement in residential construction.
The National Association of Home Builders/Wells Fargo builder confidence index rose to 37, higher than projected and the best showing since February 2007, according to figures from the Washington-based group released today. The median forecast in a Bloomberg survey of economists called for no change from July’s 35. Readings below 50 mean more respondents said conditions were poor.
Builders such as PulteGroup Inc. (PHM) are benefiting as less- expensive properties and record-low mortgage rates entice buyers. At the same time, faster hiring and fewer foreclosures are needed to

Manufacturing In New York Area Unexpectedly Shrank In August

Manufacturing In New York Area Unexpectedly Shrank In August

By Caroline Fairchild - Aug 15, 2012
Manufacturing in the New York area unexpectedly contracted in August for the first time in 10 months, indicating U.S. factories are burdened by the global economic slowdown.
The Federal Reserve Bank of New York’s general economic index fell to minus 5.9 this month from 7.4 in July. The median estimate in a Bloomberg survey of economists was 7.0. Readings less than zero signal contraction in the so-called Empire State Index, which covers New York, northern New Jersey and southern Connecticut.

Retail Sales In U.S. Probably Rose First Time In Four Months

Retail Sales In U.S. Probably Rose First Time In Four Months

By Alex Kowalski - Aug 14, 2012

Retail sales in the U.S. probably rose in July for the first time in four months, alleviating concern that the expansion was foundering, economists said before a report today.
The 0.3 percent increase in purchases would follow a 0.5 percent drop in June, according to the median forecast of 85 economists surveyed by Bloomberg News. Another report may show prices

Global Recession: Only Time Can Heal the Economy, Says Gary Shilling

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Global Recession: Only Time Can Heal the Economy, Says Gary Shilling

By Bernice Napach | Daily Ticker
2012/8/13
More than two years before the housing bubble burst in 2006, economist Gary Shilling warned that subprime loans were probably "the greatest financial problem" for the future U.S. economy. In 2007 he said "housing would sink the economy," and a year after that he warned of a "serious recession" that would consume most of 2008. He was right every single time.
Now Shilling says a new recession has begun in the U.S. — in the second quarter — following on the heels of the recession in Europe. He says the current recession is different from previous ones because it wasn't caused by rising rates or another housing downturn but rather a drop in consumer spending due to a weak job market.

Japan GDP Points to Shaky Recovery

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Japan GDP Points to Shaky Recovery

By TAKASHI NAKAMICHI
August 13, 2012
TOKYO—The Japanese economy slowed more sharply than expected in the April-June quarter as exports and consumer spending lost steam, raising the specter of further deceleration for the rest of this year.

Japan had stellar growth in the first quarter on stepped-up government spending on rebuilding in areas battered by the March 2011 earthquake and incentives to boost sales of fuel-efficient vehicles.

Oil demand slows as global economy falters

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Oil demand slows as global economy falters

Fri Aug 10, 2012 5:33pm IST
* Stockpiles building globally, offering supply cushion

* Big cut in oil demand forecasts, particularly for China

* Geopolitical tensions could provide floor to prices

* Iranian exports may start picking up after July plunge

By Christopher Johnson and Dmitry Zhdannikov

LONDON, Aug 10 (Reuters) - Oil demand will rise more slowly than expected in China, Europe and the United States next year as economic growth falters, pushing up stockpiles of fuel and offering some relief to consumers facing high prices.

Chinese Export Growth Tumbles

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Chinese Export Growth Tumbles

By BETTINA WASSENER
Published: August 10, 2012
HONG KONG — Signs that the Chinese economy is sputtering mounted Friday, in the form of dismally feeble trade data that fanned expectations that Beijing would soon step up its efforts to buttress growth before a key leadership transition this autumn.
China’s giant economy has emerged as a key driver of global growth, and hopes are high that rising affluence, urbanization and development will help mitigate the weakness of the European and U.S. economies.

The turmoil in Europe and the anemic pace of economic growth in the United States have, however,

U.S. Jobless Claims Unexpectedly Fall As Labor Market Mends

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U.S. Jobless Claims Unexpectedly Fall As Labor Market Mends

By Michelle Jamrisko and Alex Kowalski - Aug 9, 2012
Fewer Americans filed applications for unemployment benefits last week, a sign the labor market may keep improving after employment picked up in July.
Jobless claims unexpectedly dropped by 6,000 to 361,000 in the week ended Aug. 4, Labor Department figures showed today in Washington. The median forecast of 43 economists surveyed by Bloomberg News called for an increase to 370,000. A spokesman for the agency said there was nothing unusual in the data.
Fewer firings mean employers are seeing enough demand to retain staff, indicating the world’s largest economy is sustaining the recovery from the recession. Labor Department data last week showed payrolls rose more than forecast in July.

Italy Economy Shrinks For A Fourth Quarter As Slump Deepens

Italy Economy Shrinks For A Fourth Quarter As Slump Deepens

By Chiara Vasarri and Andrew Frye - Aug 7, 2012
Italy’s economy contracted for a fourth straight quarter in the three months through June as manufacturing slumped and the euro-area debt crisis intensified.
Gross domestic product declined 0.7 percent in the second quarter, Rome-based national statistics institute Istat said in a preliminary report today. The contraction was less than the median forecast for a 0.8 percent decline in a survey of 22 economists by Bloomberg News. GDP fell 2.5 percent from a

Jobless Claims In U.S. Climbed Less Than Forecast Last Week

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Jobless Claims In U.S. Climbed Less Than Forecast Last Week

By Shobhana Chandra - Aug 2, 2012
The number of Americans filing applications for unemployment benefits rose less than forecast last week as annual auto shutdowns continued to influence the number.
Jobless claims climbed by 8,000 to 365,000 in the week ended July 28, Labor Department figures showed today in Washington. The median forecast of 47 economists surveyed by Bloomberg News called for an increase to 370,000. Starting next week, the data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations, a Labor Department spokesman said as the report was released to the press.
Apart from the statistical noise, the job market may take time to heal as a global slowdown and looming U.S. fiscal policy changes in the world’s biggest economy keep employers reluctant to add workers. Unemployment above 8 percent is among reasons Federal Reserve policy makers yesterday

Has Housing Bottomed?

Home Prices Rise in May: It’s “Pretty Clear” Housing Market Has Bottomed Says WSJ’s Wessel

By Stacy Curtin | Daily Ticke
2012/8/01
U.S. home prices were up for the fourth straight month in May and came in better than most economists expected.
According to the Standard & Poor's/Case-Shiller home price index, the price of single-family homes rose a seasonally adjusted 0.9 percent from April to May, versus forecasts for a 0.5 percent increase. But home prices did fall 0.66 percent year-over -year.
"The housing market seems to be stabilizing, but we are definitely in a wait-and-see mode for the next few months," said David Blitzer, chairman of the index committee at Standard & Poor's, in a

Home prices jump 2.2% in May

Home prices jump 2.2% in May

By Les Christie @CNNMoney July 31, 2012
NEW YORK (CNNMoney) -- In a sign that the U.S. housing market is recovering, home prices rose for the second straight month in May, according to an industry report issued Tuesday.
Home prices climbed 2.2% compared with a month earlier, according to the S&P/Case-Shiller 20-city home price index. Prices are still off 0.7% compared with May 2011, but that's the lowest

24.6% Unemployment Rate in Spain

EURO WATCH

24.6% Unemployment Rate in Spain

By RAPHAEL MINDER
Published: July 27, 2012
MADRID — A day after markets registered relief at comments from the European Central Bank president in strong support of the euro, data from Spain showed the fragility of the underlying economy as the region’s debt crisis drags on.
Just over 5.69 million Spaniards ended the second quarter jobless, raising the unemployment rate to a record 24.6 percent, compared with 24.4 percent in the first quarter, according to the latest national employment statistics published Friday.

Wary consumers, trade curb U.S. growth in Q2

Wary consumers, trade curb U.S. growth in Q2
By Lucia Mutikani
WASHINGTON | Fri Jul 27, 2012
(Reuters) - U.S. economic growth slowed as expected in the second quarter as consumers spent at their slowest pace in a year, potentially pushing the Federal Reserve closer to pumping more money into the economy.
Gross domestic product expanded at a 1.5 percent annual rate between April and June, the weakest pace of growth since the third quarter of 2011, the Commerce Department said on Friday.

Europe's risk assets bolstered by ECB action hopes

Europe's risk assets bolstered by ECB action hopes

Friday, 27 July 2012 Written by Asad Naeem

LONDON: European equities rose and peripheral bond yields fell on Friday on growing expectations of ECB action to bring down Spanish and Italian borrowing costs, but concerns about possible German opposition to such a move kept risk appetite in check.
Euro zone governments and the European Central Bank are preparing to intervene on financial markets, French daily Le Monde reported, citing unnamed sources.
The report came a day after ECB President Mario Draghi boosted risk assets across the globe with his pledge do whatever it takes within the bank's mandate to defend the single currency.
"Now all of a sudden everybody thinks he (Draghi) is going to start printing. He has backed himself into a corner, if he doesn't come up with anything then he could be in trouble," said Ioan Smith, strategist at Knight Capital.
"You wouldn't want to be short (equities) at the moment given the market's reaction, the market is very skittish."

Number of Americans seeking jobless aid falls sharply, but seasonal factors skew the numbers

Number of Americans seeking jobless aid falls sharply, but seasonal factors skew the numbers

By Associated Press, Updated: Thursday, July 26

WASHINGTON — The number of Americans applying for unemployment benefits dropped by 35,000 last week, a figure that may have been distorted by seasonal factors.

The Labor Department said Thursday that applications fell to a seasonally adjusted 353,000. That’s down from a revised 388,000 the previous week and the biggest drop since February 2010.
The four-week average, a less volatile measure, declined 8,750 to 367,250. That’s the lowest level since the end of March.

Applications surged two weeks ago, reversing a big drop the previous week. But economists caution that the government struggles every July to account for temporary summer shutdowns in the auto industry. The adjustments have been unusually difficult this year because some automakers skipped

New York Fed Faces Questions Over Policing Wall Street

New York Fed Faces Questions Over Policing Wall Street

BY BEN PROTESS AND JESSICA SILVER-GREENBERG
JULY 24, 2012,



As the Federal Reserve Bank of New York faced criticism for missing a multibillion-dollar trading loss at JPMorgan Chase, the regulator convened a town hall meeting in May to bolster employee morale.

Two months later, the New York Fed staff huddled again, after lawmakers questioned why the regulator had failed to rein in banks that manipulated key interest rates.

“We were told to keep our heads down and stay focused,” said one person present at the July meeting who requested anonymity because the gathering was not public.
The New York Fed, whose weaknesses were first exposed when the financial crisis hit, is undergoing a new trial by fire as it grapples with how to police Wall Street. While the regulator has revamped its

ECB's Draghi says euro not in danger

ECB's Draghi says euro not in danger

21 July 2012
by brecorder.com
PARIS: European Central Bank President Mario Draghi said that the euro was not in danger despite some analysts' worse case scenarios for a break-up and said that greater financial, budgetary and political union among euro zone countries was inevitable.
Asked in an interview with French newspaper Le Monde if the euro were in danger, Draghi said: "No, absolutely not. We see analysts imagining the scenario of a euro zone blow-up."
"They don't recognise the political capital that our leaders have invested in this union and Europeans' support. The euro is irreversible," he added.
In the long term, the euro would need to rest on a foundation of greater integration among euro zone

Oil up on Bernanke leaving stimulus door open

Oil up on Bernanke leaving stimulus door open

Jul 18, 2012
* Bernanke offers few clues on likelihood of QE3

* China seen boosting crude imports from Iran-report

* U.S. crude stocks drop, distillates up-API

* Coming up: EIA oil data 10:30 a.m. EDT Wednesday (Recasts, adds API data in paragraphs 16-21)

By Robert Gibbons

NEW YORK, July 17 (Reuters) - Oil prices rose a fifth straight session on Tuesday, after U.S. Federal Reserve Chairman Ben Bernanke left the door open for more monetary stimulus but gave no signal on whether the Fed was closer to such a move.