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JoblessTitle:
U.S Companies add fewer workers in April
Today's ADP employment change revealed to us that the number of workers added in April within the world's leading economy were the fewest in seven months; a clear indication that the labor market requires time to truly recover and have overall high jobless levels ease regardless of all the past and recent signs of improvement witnessed throughout this key sector.
In fact today the ADP employment showed that only 119 thousand employees were added to the private sector of the country in April; much fewer than the prior revised add of 201 thousand from an add of 209 thousand workers while that the market projected a slight higher add of 170 thousand workers.
Plus in April as well goods-producing industries; including manufacturers and construction factories, decreased actually workers by ...
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High Yielding Currencies Slip on European-Recession Concerns
High yielding currencies dropped sharply today after the flow of downbeat fundamentals from Europe, where the euro, the sterling pound and the Australian dollar all slumped significantly on fears Europe will slip into deep recession, the thing that supported the low yielding U.S. dollar and Japanese yen to gain strength as more investors hold the currencies to avert risk.
The euro reversed sharply to the downside, pulling other high yielding currencies, where after the downbeat fundamentals from the old continent, pessimism spread widely leaving investors with no appetite for risk, the thing that led them to leave high yielding currencies for wealth protection, leading a sell-off wave across the forex market.
The Manufacturing sector deteriorated sharply in April, led by the largest ...
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Euro zone unemployment equals record high in March
(Reuters) - Unemployment in the euro zone rose to 10.9 percent in March, equaling the record high of 15 years ago, data showed on Wednesday, driven by rises in Italy and Spain.
The jobless rate in the 17 nations using the single currency increased by 0.1 percentage point from February, as expected by economists polled by Reuters.
The unemployment rate was also 10.9 percent in February, March and April 1997. It has never risen above that in data stretching back to the start of 1995.
In the wider 27-nation European Union, unemployment was steady at 10.2 percent, equivalent to some 24.8 million people.
A number of euro zone members are in or on the verge of falling back into recession.
Some European countries are threatened by a negative spiral of austerity measures, forced on ...
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Another Solid Month for U.S. Manufacturing
Another Solid Month for U.S. Manufacturing
The ISM Manufacturing Index rose in April to 54.8 from 53.4 the month prior, defying market's expectation for decline to 53.0.
All the major sub-indices registered gains: new orders (from 54.5 to 58.2), production (from 58.3 to 61.0), employment (from 56.1 to 57.3) and new export orders (from 54.0 to 59.0).
The prices paid index held steady at 61.0 on the month.
Key Implications
This month's increase is yet another sign that the U.S manufacturing sector has been one of the most reliable sources of growth in the U.S. economy since the Great Recession ended. The index has now registered a 50+ reading for 33 straight months, tying the current expansion for fifth longest since 1948.
It is worth noting, that manufacturing activity has become ...
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Dukascopy Afternoon Forex Overview : 30/04/2012
Fundamental Analysis
EUR
Unemployment in Spain approached a new record of 5.64 million in March while the jobless rate topped 24.4%, reported the national statistics office. Analysts expect the Spain's officials to confirm that the country is falling into recession. Meanwhile, retail sales in the country declined by 3.7% in March on an annual basis.
USD
US consumer spending surged in March, adding to the previous gains as incomes increased. Household purchases that account about 70% of the US economy surged by 0.3%, following a 0.9% increase in February. Experts projected consumer spending to rise by 0.4%. Meanwhile, incomes eased up 0.4%, indicating the largest increase in the last three months.
GBP
UK home value accelerated in April, the second straight month, Hometrack Ltd said on ...
Title:
Personal Income Rises Modestly in March
Personal income rose a solid 0.4 percent in March and the prior month's gain was revised 0.1 percentage point higher. Spending rose just 0.3 percent, which allowed the saving rate to rise to 3.8 percent.
Personal Income Growth Rises Modestly
Personal income rose 0.4 percent in March, with most major components making positive contributions during the month. Wages and salaries, which account for a little more than half of overall personal income, rose 0.3 percent in March and climbed at a 4.3 percent annual rate during the first quarter. While most of the increase in wages and salaries continues to come from the service sector, manufacturing came in with another strong gain during the quarter, with wages and salaries in that sector climbing at a 7.9 percent annual rate. The real surprise, ...
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Dukascopy Morning Forex Overview : 30/04/2012
Fundamental Analysis
EUR
"Once we hit the 6.5 per cent mark , the alarm bells will go off loudly in Brussels and more rhetoric will be coming from the European Central Bank"
- Adrian Miller, a global markets strategist at GMP
The rating agency Standard & Poor’s has downgraded Spain’s credit rating by two notches to BBB-plus with a negative outlook from A, citing expectations the government finances will deteriorate.
USD
"While the economy continued to grow in the first quarter, the expansion remains modest in pace and subpar from a historical perspective"
- Jim Baird, chief investment strategist at Plante Moran Financial Advisors
The U.S. economy grew at a slower pace than forecast in the first quarter as businesses cut on investment. Gross domestic product increased at a 2.2 per cent ...
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Small business hiring takes step back in April
(Reuters) - Small business hiring slowed considerably in the April and employees saw a reduction in their hours, an independent survey showed on Monday, adding to signs of weakening in labor market conditions.
Businesses added 40,000 new jobs, a step back from the 75,000 positions created in March, according to Intuit, a payrolls processing firm. The average workweek for small business employees dipped 0.14 percent.
The pull back in hiring by small businesses is the latest indication that job growth is losing some momentum. Nonfarm employment increased 120,000 in March, the least amount in five months, with the jobless rate dropping to 8.2 percent -- largely as some unemployed people gave up the search for work.
The weak payrolls number last month was largely seen as payback after an ...
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A busy mixed week for the superpower
Multiple key data and reports from the key sectors and activities were released this week in the superpower all in all confirming one clear scheme; the world's leading economy is expanding only moderately, watching a gradual recovery taking place successfully but remains insufficient to suppress the jobless levels to boost growth.
It is no surprise that the Federal Open Market Committee decided as accustomed and as already forecasted to keep the federal funds target rate intact at its historical low of 0.00 percent to 0.25 percent, and attesting once again that the country's economic momentum during this past period was "expanding moderately".
Having in mind that several times before we have watched the FOMC members pledge to keep exceptionally low rates through at least late 2014; the ...
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