The Labor Department said initial filings for state jobless benefits fell to 492,000 for the week ended Dec. 27, a decline of 94,000 from the 26-week high of 586,000 claims a week earlier. Economists were expecting jobless claims to slip to 575,000. Over the past four weeks, continuing claims averaged 4.42 million, an increase of 103,750 from the previous week's revised average.
The Mortgage Bankers Association reported the volume of residential mortgage applications filed last week… Continue
Added by Jack Lott on December 31, 2008 at 10:49am —
Gulf Arab leaders approved a monetary union agreement that aims to create a central bank and single currency for the region that will help boost trade and strengthen monetary policy. The agreement must now be approved by the national governments of all six members of the Gulf Cooperation Council.
Russia devalued the ruble again and Kremlin leaders urged government unity to deal with the biggest economic challenge in a decade. Russia's central bank began a gradual depreciation of the… Continue
Added by Jack Lott on December 30, 2008 at 10:36am —
There’s something very special that happens when you make a commitment – it’s almost like you become determined to restore something that will improve the base quality of your life. That’s why I’m urging everyone in the PremiereTrade family to “Commit in 2009!”
Commit to learn more about the various investment opportunities that are available to you, especially the FOREX market. To actually create profitable trades, there are specific issues you must consider – the rules, if you… Continue
Added by James Dicks on December 29, 2008 at 3:48pm —
As the anniversary approaches of the Jan. 1, 1999, arrival of the Euro, economists say the new currency is finally fulfilling its promise as a way to lower borrowing costs, ease trade and tourism, boost growth and strengthen the European community. The chief complaints from governments during the Euro's first 10 years have arisen from the bank's one-size-fits-all interest rate policy -- which can't give rate cuts to individual countries if their economy dips while others… Continue
Added by Jack Lott on December 29, 2008 at 12:02pm —
Shoppers hit the stores early today to return unwanted gifts and take advantage of drastic price cuts offered by retailers desperate to get rid of old merchandise and boost their less-than-cheery holiday sales. Stores were hoping the discounts would entice shoppers to redeem gift cards and use cash from returning unwanted gifts to buy something new.
According to preliminary data from SpendingPulse, a weak economy and strong winter storms brought total retail sales down between 5.5… Continue
Added by Jack Lott on December 26, 2008 at 9:30am —
U.S. Stock markets will close early today, Christmas Eve, and will be closed all day tomorrow in observance of Christmas Day.
The Labor Department reported that the U.S. labor market continued to worsen in recent weeks, with the unemployment lines stretching to the longest in 26 years. First-time applications for state unemployment benefits jumped by 30,000 to a seasonally adjusted 586,000 in the week ending Dec. 20, the government said, based on reports of actual filings at state… Continue
Added by Jack Lott on December 24, 2008 at 9:27am —
New orders for manufactured durable goods in November decreased $1.8 billion or 1.0 percent to $186.9 billion, the U.S. Census Bureau announced today. This was the fourth consecutive monthly decrease and followed an 8.4 percent October decrease. Excluding transportation, new orders increased 1.2 percent. Excluding defense, new orders decreased 0.9 percent.
Shipments of manufactured durable goods in November, down four consecutive months, decreased $5.3… Continue
Added by Adam Horak on December 24, 2008 at 8:41am —
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending Dec. 13, the advance figure for seasonally adjusted initial claims was 554,000, a decrease of 21,000 from the previous week's revised figure of 575,000. The 4-week moving average was 543,750, an increase of 2,750 from the previous week's revised average of 541,000.
The advance seasonally adjusted insured unemployment rate was 3.3 percent for the week ending Dec. 6, unchanged… Continue
Added by Adam Horak on December 24, 2008 at 8:37am —
U.S. Stock markets will close early (1 pm Eastern Time) tomorrow (on Christmas Eve) and will be closed all day Thursday in observance of Christmas Day.
The Commerce Department, in its final revision, said the decline in gross domestic product in the third quarter versus the previous three months was the steepest since the third quarter of 2001, in the aftermath of the September 11th attacks on the United States. The economy shrank at a 0.5 percent annual pace in the third quarter as… Continue
Added by Jack Lott on December 23, 2008 at 10:35am —
The deputy head of the Bank of England said they saw the financial crisis coming, but didn't expect it to be so severe. John Gieve said that if the bank had tried to use interest rates to keep the price of assets -- like houses -- from spiraling upward over the past couple of years, it would have held down the level of activity in other parts of the economy, like manufacturing, that needed to be allowed to enjoy prosperity.
According to the Lundberg survey, the average national price… Continue
Added by Jack Lott on December 22, 2008 at 9:52am —
The White House is prepared to extend $13.4 billion in loans to troubled Detroit auto makers, with an additional $4 billion likely available in February. General Motors (GM) and Chrysler will be able to survive into the New Year under the plan. The Bush administration is convinced the U.S. economy could not withstand the failure of Detroit's Big Three. Treasury Secretary Paulsen said President Bush wants to avoid bankruptcy -- "if it can be avoided."
In an effort to boost the job… Continue
Added by Jack Lott on December 19, 2008 at 9:15am —
The European Central Bank rewidened its interest rate corridor on Thursday and cut the return it gives banks for holding cash at the ECB as it bids to prod interbank money markets back to normality.
In a statement after its mid-month non-rate policy meeting, the bank's governing council also said it would carry on lending commercial banks as much money as they wanted for as long as necessary.
"As of 21 January, the rate of the marginal lending facility will be increased… Continue
Added by Adam Horak on December 18, 2008 at 12:45pm —
The Labor Department says that new applications for jobless benefits fell to a seasonally adjusted 554,000 from an upwardly revised figure of 575,000 the previous week. That's slightly below economists' expectations of 558,000 claims.
The Conference Board said more economic weakness is in store for the first few months of 2009. The index of leading economic indicators fell 0.4% in November, with negative contributions from six of the 10 indicators, and the largest negative… Continue
Added by Jack Lott on December 18, 2008 at 10:29am —
The Commerce Department says the current account trade deficit fell by 3.7 percent to $174.1 billion in the July-September quarter. That was a better showing than the $178.8 billion deficit economists expected. The deficit represents the amount of money the country is borrowing from foreigners.
Consumers trying to buy a house or finance a car loan could be the big winners as a result of the Federal Reserve's decision to slash its target interest rate to nearly zero and take other… Continue
Added by Jack Lott on December 17, 2008 at 9:30am —
The Federal Open Market Committee lowered its target for overnight interest rates by three quarters of one percent to a record low 0.25%. At the same time, the central bank released a statement that signaled an aggressive posture. It said it would keep rates low "for some time" and continue to expand its balance sheet to stabilize the economy. The vote to lower the Fed funds rate was unanimous.
European Central Bank President Jean- Claude Trichet said there’s a limit to how far the… Continue
Added by Jack Lott on December 16, 2008 at 1:30pm —
The Federal Reserve is widely expected to cut a key interest rate -- perhaps to an all-time low-- to prevent the sinking economy from falling deeper into the doldrums. Fed Chairman Bernanke and his colleagues open a two-day meeting today to take a fresh pulse on the ailing economy, which has been mired in a recession since last December, and to decide their next move on interest rates.
Industrial production slipped by a slightly less-than-expected 0.6 percent in November and was a… Continue
Added by Jack Lott on December 15, 2008 at 10:30am —
The Labor Department reported the Producer Price Index, which tracks costs of goods before they reach consumers, fell 2.2 percent last month as prices for gasoline and other energy prices fell.
The Commerce Department says retail sales dropped by 1.8 percent last month. The decline, which was slightly below the 1.9 percent dip that had been expected, was the fifth straight monthly drop, a stretch of weakness never before seen on the government's retail sales… Continue
Added by Jack Lott on December 12, 2008 at 9:18am —
Wholesale inventories fell by 1.1 percent in October following a downwardly revised 0.4 percent decrease in September. The decrease came as a surprise to economists, who had expected an increase of about 0.2 percent.
Congress will vote as early as today on a $15 billion plan Democrats reached with the Bush administration to keep U.S. automakers afloat while forcing them to restructure. The tentative agreement calls for appointment of a so-called “car czar” who could force General… Continue
Added by Jack Lott on December 10, 2008 at 10:40am —
The National Association of Realtors reported that further weakening may be in store for the U.S. housing market. An index of sales contracts on previously owned U.S. homes fell 0.7% in October from the prior month. The index, which is considered a leading indicator of existing home sales, was down 1% from the prior year.
Canada's central bank cut its benchmark interest rate more than expected, reducing the overnight rate by 75 basis points to 1.50% because of the "weakening outlook… Continue
Added by Jack Lott on December 9, 2008 at 10:00am —
President-elect Barack Obama wants to make something very clear: The economy is not going to immediately recover when he takes his oath of office, but he has a plan to get the country moving. Obama introduced a recovery plan "equal to the task" that would be the largest public works spending program since the interstate highway system was build a half-century ago.
Congressional Democrats and the White House reportedly agree on the broad outlines of a deal to rescue the failing U.S.… Continue
Added by Jack Lott on December 8, 2008 at 10:10am —