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Economic Growth in the Internet Age
Are you keeping up with our theme this week, dear reader?
We’re having a hard time ourselves…
First the news, then we’ll come back to… The Lost Century.
Yesterday, the stock market retreated – 80 points on the Dow. Still no clear direction… So let’s return to our story for the week.
So far, this 21st century has been a delightful flop. A washout. At least, for Americans. At least, from an economic point of view.
Here’s the evidence in a nutshell:
There are no more full time jobs in the US today than there were when the century began.
In terms of per capita wealth, Americans are now worse off than they were when the century began.
The value of US houses, for example, is about back where it was when the century began.
And household earnings, adjusted for inflation, are lower.
And ...
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Economy fears take shine off global stock outlook: Reuters poll
(Reuters) - Clear signs the global economy is cooling prompted analysts to trim their outlook for most of the world's major stock markets compared with three months ago, according to a Reuters poll that still pointed to meaty gains from here.
Thursday's quarterly survey of 350 equity strategists from all over the world showed only the U.S., Taiwanese and Russian stock markets escaping downgrades, with Moscow again expected to lead the way with double-digit gains.
While the latest poll lacked the sheer exuberance seen in the March survey, perpetually optimistic equity bulls were again out in force.
They shrugged off the fact that 11 out of the 17 markets covered by the poll are so far deep in the red for 2011, and instead projected strong gains from here for every one of them.
In ...
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US Jobless Claims rise above forecasts
The number of Americans filing for unemployment benefits in the previous week rose gloomily and surprisingly above the market forecasts as reported today by the US Labor Department, confirming once again to which extent the labor market remains deteriorated and how far it is to witness a full revival to actually continue on weighting on overall economic activities of the superpower and postpone its full healing from the economic predicament.
No wonder that yesterday the FOMC members and Bernanke attested once again that the prior growth lost strength and was weak as well as the labor market despite of the slender signs of enhancement seen this past period since that jobless levels remain high and crucial and keep on limiting the overall improvement and progress of the economy's sectors ...
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IEA releases oil reserves to prop up economy
(Reuters) - Industrialized oil consumer nations on Thursday announced the release of 60 million barrels of oil from strategic government stockpiles in a bid to push down crude prices and underpin the global economy.
The 28-member International Energy Agency said it would release 2 million barrels a day (bpd), mostly crude, over an initial 30 days to fill the gap in supplies left by the disruption to Libya's output.
The United States will provide half the volumes from its huge 727-million barrel reserve, about 1.5 days of U.S. consumption, with Europe supplying 30 pct and the rest from Pacific OECD nations.
The announcement comes after the Organization of the Petroleum Exporting Countries failed to raise production at a meeting on June 8 and despite assurances from OPEC's biggest ...
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Jobless claims point to weak labor market
(Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, suggesting little improvement in the labor market this month after employment stumbled in May.
Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said on Thursday. Economists had expected claims to come in at 415,000.
The report covers the survey period for the government's closely watched data on nonfarm payrolls for June, which will be released on July 8.
Claims increased 15,000 between the May and June survey periods, implying another soft month for jobs in June after a modest 54,000 increase in payrolls in May.
"Again no quick rebound in employment. We're still in the soft patch that we have had for a couple of months now," ...
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Dollar Higher as Central Bank Policy Steals the Show
The dollar built on yesterday's late gains following Ben Bernanke's press conference.
The USD was stronger versus the G7 currencies as the rally in the greenback continued into today's European session. Yesterday's FOMC statement was overlooked as the 2nd press conference given by Ben Bernanke following a Fed Funds Rate release stole the show. Bernanke was adamant in the Fed's expectations of a pickup in future growth numbers though the Fed did lower current year forecasts to 2.9% from 3.3% citing temporary factors. The Fed chief all but ruled out QE3 given the recent increase in inflation levels. Following the press conference the dollar began to gain and equities sold-off.
This environment continued today into the European trading session with the EUR/USD hitting a new low for the ...
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Dollar strength across the board on prevailing pessimism
The market continues to ponder upon the prevailing negativity and rising uncertainty which is inflicting nothing but agony on global markets. Fears of the deepening debt crisis and slowing global recovery dominate the scene today with the dollar the sole winner so far!
Investors are growing more cautious and more pessimistic about the outlook for the global recovery. Bernanke’s downbeat comments on the economy and the downside revision to growth projections affirmed the lingering sluggish status of the recovery that is only worsening by the debt woes in Europe.
Risk aversion and haven demand remain evident with the dollar the last standing winner. The market continued to trade the downbeat aftermath of the FOMC decision and press conference, while Trichet’s “red” alert on the debt crisis ...
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Another gloomy day for the U.S
Yesterday Fed’s Chairman Ben Bernanke delivered a speech similar to the FOMC members statement; both confirming that the recent revival that is actually taking place at a slower pace temporarily, while that today overall labor and housing data are forecasted to come out depressing to validate that these two key sectors remain deteriorated.
If truth be told yesterday we had the FOMC members and Bernanke attesting that the prior growth lost strength and was weak as well as the labor market despite of the slender signs of enhancement seen this past period since that jobless levels remain high and crucial and keep on weighting down on overall activities of the economy.
Accordingly later on today on one hand the initial jobless claims for June 18 could have faintly and gloomily rose up to ...
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Economic recovery slows as factories falter
(Reuters) - Private sector activity slowed in China and Europe this month just as the outlook for the United States has darkened, according to data on Thursday which suggests a global slowdown is becoming more entrenched.
The euro zone private sector grew only modestly -- and without the support of Germany and France, it would have shrunk -- while China's factory sector barely expanded even as inflation eased, purchasing managers' indexes (PMIs) showed.
The data come a day after the U.S. Federal Reserve said the pace of recovery in the world's largest economy was proceeding more slowly than it had expected, but pledged no new help for the economy once its bond purchase program expires this month.
Adding to the gloomy mix, Europe is trying to hammer out a second bailout for Greece and ...
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