International Business Times

Global Economy Not In Strong Recovery, Due To Stagnant Hiring In US, Trade Misreporting In China, And Market Levels After Inflation Adjustment

msingleton — Fri, 10 May 2013 09:24:37 GMT

Stronger-than-expected economic reports and record-setting market levels got a big "hurrah" from investors in the past week. But some experts believe there's some irrational exuberance happening and bullishness could do with a reality check. A number of analyses are saying that the global recovery is actually faltering.

Fannie Mae To Make $59.4B Dividend Payment To US Government

Cvand003 — Thu, 09 May 2013 19:53:10 GMT

Photo: Reuters Bailed-out housing finance giant Fannie Mae said Thursday it would pay the U.S. government $59.4 billion.

US Businesses Are Finding It Easier To Borrow Money In 2013

Angelo.Young — Wed, 08 May 2013 13:17:41 GMT

After years of tight credit, lending to U.S. businesses appears to be rebounding, a signal that banks are starting to free up some of that cheap cash they get from the Fed and, for some of them, the federal bailout money they used to get out from under the yoke of the Troubled Assets Relief Program (TARP).

Low interest rates are one reason why loans to companies are up 11 percent in the first quarter, according to the Fed. This comes after total lending, which includes loans to households and businesses, more than doubled last year, to $713 billion.

New York Beats Moscow As The City With The Most Billionaires [MAP]

Lisa Mahapatra — Wed, 08 May 2013 03:28:17 GMT

New York City is back, baby. At least when it comes to the city's share of billionaires.

For years, Moscow and its ruble-hoarding oligarchs and businessmen have dominated the Forbes world ranking of cities with the highest number of billionaires. But a recent study by WealthInsight puts New York City back on top with 70 billionaire residents, while Moscow is relegated to No. 2, with a paltry 64.

Ban On 'Compelled Speech' Upheld: Federal Appeals Court Rejects Government Labor Board's Proposed Rule Obligating Companies To Post Union Rights Info In Work Areas

msingleton — Tue, 07 May 2013 21:04:16 GMT

A Washington, D.C., federal appeals court on Tuesday struck down a rule that would have required commercial businesses to inform employees of their right to form a union. The circuit court's ruling is a victory for business lobby groups fighting the federal National Labor Relations Board.

Roberto Azevedo To Become Next Head Of The World Trade Organization, Will Replace France’s Pascal Lamy

Cvand003 — Tue, 07 May 2013 18:30:15 GMT

Photo: Reuters Brazilian trade diplomat Roberto Azevedo is expect to succeed Pascal Lamy as the next head of the World Trade Organization.

Job Openings Drop Slightly In March As Demand For Labor Slows, Says US Labor Department

msingleton — Tue, 07 May 2013 16:16:12 GMT

U.S. job openings fell in March, signaling a possible slowing in labor demand, according to data released Tuesday by the U.S. Department of Labor.

Available positions fell to 3.8 million during March, just below February's revised reading of 3.9 million. The Labor Department's monthly Job Openings and Labor Turnover survey also showed that the hiring rate slipped to 3.2 percent from 3.3 percent.

Jobs Report - 5 Job Search Tips Every College Grad Should Know

jlazzaro — Fri, 03 May 2013 15:02:44 GMT

Most recent college grads, as well as those about to graduate in a few weeks, realize that the U.S. job market is a challenging one, to put it diplomatically.

US April Nonfarm Payroll Employment Rose 165,000; Unemployment Rate Slips To 7.5%

mikeobel — Fri, 03 May 2013 12:34:05 GMT

U.S. employers created 165,000 jobs in April, more than most analysts expected, and the unemployment rate slipped modestly to 7.5 percent, a four-year low, the Bureau of Labor Statistics said on Friday. While stronger than anticipated, job creation in the U.S. remains -- by historic standards -- paltry.

Heritage Foundation Attacks White House And Congress For Enacting Regulatory Policy That Lacks Transparency

msingleton — Thu, 02 May 2013 20:49:59 GMT

Photo: Heritage Foundation Chart detailing increase in government regulations since 2001.

Weekly First-Time Claims For Unemployment Benefits Fell Last Week to 324,000, Less Than Expected

mikeobel — Thu, 02 May 2013 12:36:28 GMT

The number of Americans applying for first-time unemployment benefits fell last week to 324,000, a decrease of 18,000, which was less than the number analysts were expecting.

Analysts polled by Thomson Reuters I/B/E/S expected, on average, claims for the seven days ended Saturday to rise to 345,000 from the previous week's 339,000.

Planned US Job Cuts Fell In April To Lowest Level Since December 2013: Report

mikeobel — Thu, 02 May 2013 11:33:52 GMT

Job cuts fell to their lowest level since December, as U.S. employers announced plans to trim payrolls by 38,121 in April, global outplacement consultancy Challenger, Gray & Christmas, Inc. said Thursday.

US April Jobs Report 2013: Nonfarm Payrolls To Show Moderate Expansion, Unemployment Rate Unchanged At 7.6%

moranzhang — Thu, 02 May 2013 09:10:10 GMT

Another weak jobs report Friday is likely to fuel concerns that March’s disappointing payrolls figure was not a blip but a sign of true weakness in the U.S. labor market.

The Labor Department will release the April employment report on Friday at 8:30 a.m. EDT.

Chinese Luxury Spending Declines Sharply Due To Chinese Government's Austerity Plan

s.song — Wed, 01 May 2013 17:21:28 GMT

The Chinese government’s austerity plan, instituted last December to combat corruption and bribery, is having the effect of reducing the amount of luxury goods the Chinese are buying, and slowing the expansion plans of global luxury good brands in China, according to 21cbh.com.

US Private Sector Employers Create 119,000 Jobs In April, According To Automatic Data Processing (ADP)

mikeobel — Wed, 01 May 2013 12:22:23 GMT

U.S. private-sector employers created a paltry 119,000 jobs in April, Automatic Data Processing (Nasdaq:ADP) said on Wednesday. That number was a mere 75 percent of what analysts had expected and further evidence that the nation's economic engine is slowing.

The April numbers marked the slowest expansion of private sector job creation since September 2012.

It's Not All Gloom And Doom: Here Are 10 Euro Zone Businesses That Are Actually Doing Well, Despite The Debt-Choked, Recession-Plagued Monetary Union They Are Based In

Cvand003 — Wed, 01 May 2013 09:10:32 GMT

The euro zone is in seriously woeful shape: It is now in its longest-ever recession; it has endured five sovereign debt crises in five years and there are several candidates to go through a sixth such crisis; unemployment is higher than 26 percent in some member nations; and university graduates are leaving the monetary union to start careers elsewhere. That's old news by now.

So the monetary union is an unmitigated financial basket case, right?

US Treasury Says It Can Pay Down Its Quarterly Debt For First Time In 6 Years

msingleton — Tue, 30 Apr 2013 16:21:20 GMT

The U.S. Treasury said it expects to pay off debt in the second quarter in the first such action in six years.

Congress' payroll tax cut expired in January, leaving the Treasury with about $35 billion in additional revenue during the April-to-June period. This quarterly payoff will reverse a projection in February, when Treasury expected that it would have to borrow $103 billion during the period.

Americans Highly Pessimistic About Country's Long-Term Debt, New Peter G. Peterson Foundation Fiscal Confidence Survey Shows

msingleton — Tue, 30 Apr 2013 15:25:21 GMT

Americans are generally pessimistic about the country's fiscal stability, according to the latest poll from the Peterson Foundation. The group's Fiscal Confidence Survey, which was released Tuesday, measures public sentiment about the national debt and found that attitudes remained negative in April, hardly changed since the beginning of 2013.

April's confidence level is 44 on a 200-point scale where 100 is neutral, representing a level below 25 percent of the range and indicating that a deeply negative view of America's fiscal situation persists. March's value was 46.

US Consumer Confidence Rises In April, More Than Expected, On Consumers' Increased Optimism About Future And Their Incomes

mikeobel — Tue, 30 Apr 2013 14:06:46 GMT

A modest rise in consumers' expectations about the short-term economic outlook as well as their incomes lifted the Conference Board's consumer confidence index for April more than expected to 68.1 from 61.9 in March.

Analysts polled by Thomson Reuters I/B/E/S expected the metric to rise to 60.8 from 59.7 in March. Despite the increase, the index remains well below its long-term average of 92.

The board's present situation index rose to 60.4 from 59.2, and its expectations index improved to 73.3 from 63.7 last month.

Air Shows Cancelled: Blue Angels And Other Military Air Shows Fall Victim To Sequester Budget Cuts

Luke Villapaz — Mon, 29 Apr 2013 15:34:41 GMT

Photo: Reuters Shows like the Blue Angels have joined the list of victims of the sequester.

Sequestration 2013 Furloughs Sees Flight Delays, Cancelations And Major Revenue Losses

Cvand003 — Tue, 23 Apr 2013 18:16:20 GMT

As the infamous sequester continues to loom over airports across the country, flight cancelations and delays plague some of the East Coast’s busiest hubs for the second day in a row.

US Q1 GDP, UK Triple-Dip Fear, BoJ Rate Decision: Economic Events For April 23-26

moranzhang — Mon, 22 Apr 2013 21:14:32 GMT

The first look at the U.S. first-quarter gross domestic product growth, which will be announced Friday, should reflect a solid start to the year. However, durable goods and home sales probably weakened in March.

Buoyed by accelerations in consumer spending and stock-building, real GDP probably expanded at an annualized clip of 3.0 percent, after virtually no change over the final three months of 2012.

But as March and April data continue to disappoint, attention has already shifted to the second quarter and the road ahead.

The U.S. Economy Will ‘Grow’ 3 Percent By July As New Way Of Looking At GDP Goes Into Effect

Angelo.Young — Mon, 22 Apr 2013 12:52:38 GMT

The U.S. economy will be 3 percent larger by July, at least on paper.

Not since computer software was added to the mix of U.S.-made goods in 1999 has the federal government embarked on a major change to the way the country’s gross domestic product is calculated.

Treasury Official Says ‘Too Big To Fail’ Bailouts Of Banks Won’t Happen Again

Angelo.Young — Fri, 19 Apr 2013 18:47:06 GMT

U.S. Treasury official Mary Miller said in prepared remarks Thursday evening at a financial industry gathering held in Manhattan that “No financial institution, regardless of its size, will be bailed out by taxpayers again.”

Miller, the Treasury's undersecretary for domestic finance, spoke at the 22nd Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies.

Chicago Sinkhole Swallows 3 Cars, Injures 1 Person In South Deering After Flooding

j.heller — Thu, 18 Apr 2013 13:18:24 GMT

A sinkhole that opened up on the street of the Chicago neighborhood of South Deering swallowed three cars and injured one person on Thursday morning.

The Chicago Fire Department said that one person, who was not identified, was rescued from the sinkhole at approximately 5:30 a.m. and taken to Northwestern Memorial Hospital. The victim was listed in serious-to-critical condition as of Thursday morning, according to the Chicago Tribune.