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A gray week but coming brighter future for the superpower
This week was full with data and crucial federal statements all confirming one idea; a slower revival of the superpower, that is actually starting to gain strength due to a slight decline of commodities prices and overall prices pressures, boosting therefore slight hopes regarding the coming future of the world's leading economy as what was declared publicly by the Fed's Chairman; Ben Bernanke.
In fact this week we saw Bernanke delivering his semi-annual testimony on monetary policy through which he actually sees hope for the coming period regarding the world's leading economy even if he attested once again that the revival pace slowed down while that he is convinced that the growth pace of the superpower has only been modest throughout this year.
Plus he confirmed clearly as well that ...
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Consumer prices record largest drop in a year
(Reuters) - Consumer prices fell slightly more than expected in June to post their biggest drop in a year on weak gasoline costs, but underlying inflation pressures remain elevated.
The Consumer Price Index fell 0.2 percent, the Labor Department said on Friday, the largest drop since June 2010, after rising 0.2 percent in May. Economists had expected prices to fall 0.1 percent.
But stripping out food and energy, core CPI rose 0.3 percent after a similar gain in May and above economists' expectations for a 0.2 percent increase.
"We are getting a very, very sharp rebound in core inflation and much more than the Fed had bargained for. We will be at price stability and possibly through it before the end of this year," said Eric Green, chief economist at TD Securities in New York.
Separate ...
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Gold pauses after record-setting rally; debt fears aid
(Reuters) - Gold took a breather on Friday, after setting record highs for two consecutive sessions, as dashed hopes for additional U.S. stimulus measures took some heat off, although the euro zone debt crisis and uncertainties on U.S. deficit talks continued to support sentiment.
Spot gold edged down 0.3 percent to $1,581.40 an ounce by 0604 GMT, after a nine-session winning run pushed the price to an all-time high of $1,594.16 on Thursday. Spot gold was on track for a weekly gain of 2.5 percent.
U.S. gold fell 0.4 percent to $1,582.50 an ounce.
U.S. Federal Reserve Chairman Ben Bernanke backed off hints on stimulus in the near term. The Fed's $600 billion bond purchase program that ended in June, dubbed as QE2, helped gold and other commodities stage a rally earlier this year.
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U.S reports showed us today declined PPI data
U.S reports showed us today declined PPI data, a slight raise of the retail sales and a cheerful plunge of the jobless claims
Although the U.S Fed Chairman; Bernanke, attested yesterday once again that the superpower's revival pace slowed down while that its growth pace has only been modest throughout this year, today some cheerful data has been reported regarding the PPI, jobless claims and retail, explaining as well why the Chairman sees as well hope for the coming period.
In fact, on one hand today we have the country's labor department showing us that the number of Americans filling first-time claims for unemployment benefits plummeted unexpectedly and cheerfully to its lowest level since April, indicating that the incessant deterioration of the labor market may be starting to heal ...
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Jobless claims fall, retail sales edge up
(Reuters) - The number of Americans claiming initial unemployment benefits dropped last week, but remained elevated and retail sales barely rose, suggesting the economy would struggle to regain speed in the second half.
Other data on Thursday showed wholesale inflation ebbed last month for the first time in a year as energy prices fell, which could help to boost consumer spending.
Total retail sales rose 0.1 percent as a rebound in receipts from auto dealers offset the biggest drop in gasoline sales in a year, the Commerce Department said, after a dipping 0.1 percent in May.
Economists polled by Reuters had forecast sales slipping 0.1 percent. Sales excluding gasoline rebounded 0.3 percent after declining 0.2 percent in May.
A separate report from the Labor Department showed initial ...
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Jobless claims fall, but still above 400,000
New claims for unemployment benefits fell last week, the Labor Department said on Thursday, though the previous week's figures were revised higher.
Weekly claims dipped to 405,000 from 427,000 in the week ending July 9, having remained above 400,000 for 14 straight weeks. Economists polled by Reuters had been looking for a smaller decline to 415,000.
The number of Americans still receiving benefits after an initial week rose slightly in the week ended July 2 to 3.73 million. Including workers receiving emergency benefits, there are 7.48 million individuals on the jobless rolls.
The figures on benefit applications come on the heels of a dismal monthly employment report last week that showed job growth essentially stalled in May and June.
The weekly moving average of claims, which ...
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Why an Economic Downturn Begets a Technological Renaissance
The Old World is looking older by the day, as most European stock markets fell yesterday for the sixth time in seven days. Here in the New World, the Dow Jones Industrial Average tried to buck the trend, but did not succeed.
Around midday in New York, the Federal Reserve issued fresh assurances that it stands at the ready – if the economy continues struggling – to do even more of what hasn’t worked. The Dow jumped about 70 points on the news, but failed to hold its gains. By day’s end, the Dow was down 59 points at 12,447.
According to the newswires, the Dow fell late in the day because Moody’s downgraded Ireland’s credit rating to “junk” – making the Emerald Isle the third of the five PIIGS nations to suffer this particular ignominy. Moody’s downgraded Portugal to junk about one week ...
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Active Volcanoes of Debt
“Markets rocked as debt crisis deepens,” proclaimed The Financial Times yesterday.
“Race against the clock to save the euro,” screams Le Figaro this morning.
The Dow fell 58 points yesterday. Oil rose to $97 a barrel, while gold went up $13.
What’s up? We don’t know. But we see a lot of banana peels on the financial sidewalks this morning. Be careful, dear reader; be very careful.
One headline tells us that the French plan has been abandoned. Another tells us that a new rescue plan is in the works. Still another contradicts the first two.
Germany doesn’t want a Europe where money is transferred from the ants to the grasshoppers; it doesn’t want Greeks and Portuguese using the Teutons’ credit card. France doesn’t want a Europe in which its banks are allowed to go broke because of ...
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UK labor market confirms weakening growth as investors weigh the outlook for the recovery
The downbeat data continues to haunt the European continent, where it the news was not from debt-laden nations it is abysmal fundamentals. The market today is still at easier conditions considering the past days on China’s growth, yet the underlying conditions in Europe haven’t changed with UK slowing rapidly and the euro area sinking in its debt!
We can see the signs of suffering from Europe and investors are not easing the pressure with the discounted pessimism that Greece WILL default and the crisis IS SPREADING to Italy and then Spain and growth is slowing down in the euro area and most certainly in the United Kingdom.
The United Kingdom was the focus today with the abysmal jobs report that added to the slowdown pressures. The economy shed more jobs in June at the fastest pace since ...
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