April 2012 U.S. Economic Fundamentals
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U.S. spending up, not income, savings
WASHINGTON -- U.S. consumers boosted their spending in February by the most in seven months. But Americans' income barely grew, and the saving rate fell to its lowest point in more than two years.
The Commerce Department said Friday consumer spending rose 0.8 per cent last month. Income grew 0.2 per cent, matching January's weak increase. And when taking inflation into account, income after taxes fell for a second straight month.
Read the full article here.
WASHINGTON -- U.S. consumers boosted their spending in February by the most in seven months. But Americans' income barely grew, and the saving rate fell to its lowest point in more than two years.
The Commerce Department said Friday consumer spending rose 0.8 per cent last month. Income grew 0.2 per cent, matching January's weak increase. And when taking inflation into account, income after taxes fell for a second straight month.
Read the full article here.
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Looking for takeoff in U.S. jobs
WASHINGTON (Reuters) - Sorting out trends in the U.S. labor market is tricky business these days.
There is plenty of evidence to support the view that unemployment is stalled at 8.3 percent for much of the year, and a case to argue that job growth is poised for takeoff.
Three interlocking factors are seen in play - the pace of productivity gains, size of the labor force and the outlook for GDP growth. Dial any one factor up and it can change the jobs outlook significantly.
Read the full article here.
WASHINGTON (Reuters) - Sorting out trends in the U.S. labor market is tricky business these days.
There is plenty of evidence to support the view that unemployment is stalled at 8.3 percent for much of the year, and a case to argue that job growth is poised for takeoff.
Three interlocking factors are seen in play - the pace of productivity gains, size of the labor force and the outlook for GDP growth. Dial any one factor up and it can change the jobs outlook significantly.
Read the full article here.
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Fed worries U.S. job gains could fade
Federal Reserve policymakers are worried that recent strong gains in hiring could fizzle if U.S. economic growth doesn't pick up.
Minutes of the Fed's March 13 meeting show that members expressed those concerns before sticking with a plan to keep interest rates at record lows until at least late 2014.
A couple of members said they want to take further steps to boost the economy if conditions worsen or inflation remains tame, according to the minutes, which were released Tuesday.
Read the full article here.
Federal Reserve policymakers are worried that recent strong gains in hiring could fizzle if U.S. economic growth doesn't pick up.
Minutes of the Fed's March 13 meeting show that members expressed those concerns before sticking with a plan to keep interest rates at record lows until at least late 2014.
A couple of members said they want to take further steps to boost the economy if conditions worsen or inflation remains tame, according to the minutes, which were released Tuesday.
Read the full article here.
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Tidal wave of foreclosed homes about to flood U.S. market
As many as 1.25 million of America`s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market.
Sales of repossessed properties probably will rise 25% this year from 1 million in 2011, according to Moody`s Analytics Inc. Prices for the homes could drop as much as 10% because they deteriorated as they were held in reserve during investigations by state officials resolved in February, according to RealtyTrac Inc. That month, 43% of foreclosures were delinquent for two or more years, from a 21% share in 2010, according to Lender Processing Services Inc. in Jacksonville, Florida.
Read the full article here.
As many as 1.25 million of America`s least cared for homes are headed for auction after a year-long probe into foreclosure practices kept them off the market.
Sales of repossessed properties probably will rise 25% this year from 1 million in 2011, according to Moody`s Analytics Inc. Prices for the homes could drop as much as 10% because they deteriorated as they were held in reserve during investigations by state officials resolved in February, according to RealtyTrac Inc. That month, 43% of foreclosures were delinquent for two or more years, from a 21% share in 2010, according to Lender Processing Services Inc. in Jacksonville, Florida.
Read the full article here.
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Detroit hopes local food movement will spur inner-city rebirth
When Slows Bar-B-Q opened in Detroit`s Corktown district seven years ago, the neighbourhood was so neglected that the street lamps no longer worked.
The restaurant sits in the shadow of Detroit`s abandoned central train station, a few blocks from the vacant lot where Tiger Stadium once stood. `People said we were nuts,` recalled co-owner Phillip Cooley.
Read the full article here.
When Slows Bar-B-Q opened in Detroit`s Corktown district seven years ago, the neighbourhood was so neglected that the street lamps no longer worked.
The restaurant sits in the shadow of Detroit`s abandoned central train station, a few blocks from the vacant lot where Tiger Stadium once stood. `People said we were nuts,` recalled co-owner Phillip Cooley.
Read the full article here.
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U.S. job growth slows in March
U.S. payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.
Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October.
Read the full article here.
U.S. payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.
Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October.
Read the full article here.
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U.S. job recovery suffers setback in March
WASHINGTON (Reuters) - U.S. employers hired far fewer workers in March than in previous months, keeping the door open for the Federal Reserve to provide more monetary support for a still sluggish economy.
The report was seized upon by Republicans hoping to make the weak economy the centerpiece of their campaign for November`s presidential and congressional elections.
Even as the unemployment rate fell to a three-year low of 8.2 percent, job growth slowed to 120,000 last month, the Labor Department said on Friday, the smallest increase since October
Read the full article here.
WASHINGTON (Reuters) - U.S. employers hired far fewer workers in March than in previous months, keeping the door open for the Federal Reserve to provide more monetary support for a still sluggish economy.
The report was seized upon by Republicans hoping to make the weak economy the centerpiece of their campaign for November`s presidential and congressional elections.
Even as the unemployment rate fell to a three-year low of 8.2 percent, job growth slowed to 120,000 last month, the Labor Department said on Friday, the smallest increase since October
Read the full article here.
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Fed moves to encourage banks to turn foreclosures into rentals
The Federal Reserve has released guidelines that could encourage the practice of converting lender-owned foreclosed homes into rental properties.
By converting foreclosures to rentals with steady cash flow, banks could reduce the number of their "substandard assets," a classification used by banking regulators to determine the health of banks.
The central bank also said that lenders could receive Community Reinvestment Act credit for providing housing to low-income and moderate-income people by successfully converting foreclosed homes into rentals.
Read the full article here.
The Federal Reserve has released guidelines that could encourage the practice of converting lender-owned foreclosed homes into rental properties.
By converting foreclosures to rentals with steady cash flow, banks could reduce the number of their "substandard assets," a classification used by banking regulators to determine the health of banks.
The central bank also said that lenders could receive Community Reinvestment Act credit for providing housing to low-income and moderate-income people by successfully converting foreclosed homes into rentals.
Read the full article here.
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The six states where taxes are soaring
As the economy struggles to recover, state and federal budget deficits continue to be the subject of increased attention. Just last week, the congressional budget office said that President Obama`s budget will produce a $1.3 trillion deficit in 2012 if enacted. It would be the fourth straight year of $1 trillion-plus deficits.
Many states have not been faring much better in their attempts to balance the budget. The recent recession resulted in some of the worst declines in state revenue since World War II, according to a recent report on state budgets by the Brookings Institution. In fiscal year 2010, a record 43 states faced budget deficits. In their fight to shrink their deficits, states have cut spending by slashing programs and lowering costs, while increasing revenue mostly by raising taxes.
Read the full article here.
As the economy struggles to recover, state and federal budget deficits continue to be the subject of increased attention. Just last week, the congressional budget office said that President Obama`s budget will produce a $1.3 trillion deficit in 2012 if enacted. It would be the fourth straight year of $1 trillion-plus deficits.
Many states have not been faring much better in their attempts to balance the budget. The recent recession resulted in some of the worst declines in state revenue since World War II, according to a recent report on state budgets by the Brookings Institution. In fiscal year 2010, a record 43 states faced budget deficits. In their fight to shrink their deficits, states have cut spending by slashing programs and lowering costs, while increasing revenue mostly by raising taxes.
Read the full article here.
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More homes entered foreclosure process in March, setting stage for jump in repossessed properties
LOS ANGELES -- More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year.
The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac Inc. said Thursday.
That marks the third consecutive monthly increase this year and reflects stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments.
Read the full article here.
LOS ANGELES -- More U.S. homes are entering the foreclosure process, setting the stage for a surge in properties repossessed by lenders this year.
The number of homes that received first-time foreclosure notices rose 7 percent in March from the previous month, foreclosure listing firm RealtyTrac Inc. said Thursday.
That marks the third consecutive monthly increase this year and reflects stepped-up efforts by banks to take action against homeowners who fail to keep up with mortgage payments.
Read the full article here.
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The urban U.S.: Growth and decline
The urban population of the United States is now 249 million, according to the 2010 Census, 81 percent of the total. This is impressive, and not all surprising for a large developed economy. Yet the urban population --- meaning cities, suburbs and exurbs --- is not everything. And in many ways for everything from food, resources and recreation, the urban areas still depend on the nearly sixty million who live in rural America
It is fascinating to review how American demography has changed over the last decade. So I will briefly look at some obvious points, such as the largest, most important, places, those that grew the most absolutely and relatively, and those that, on the contrary, declined.
Read the full article here.
The urban population of the United States is now 249 million, according to the 2010 Census, 81 percent of the total. This is impressive, and not all surprising for a large developed economy. Yet the urban population --- meaning cities, suburbs and exurbs --- is not everything. And in many ways for everything from food, resources and recreation, the urban areas still depend on the nearly sixty million who live in rural America
It is fascinating to review how American demography has changed over the last decade. So I will briefly look at some obvious points, such as the largest, most important, places, those that grew the most absolutely and relatively, and those that, on the contrary, declined.
Read the full article here.
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U.S. jobless claim hits 4-month high
WASHINGTON ` New U.S. claims for unemployment benefits rose last week to their highest level since January, a development that could raise fears the labour market recovery was stalling after job creation slowed in March.
Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, the Labor Department said on Thursday. The prior week`s figure was revised up to 367,000 from the previously reported 357,000.
Read the full article here.
WASHINGTON ` New U.S. claims for unemployment benefits rose last week to their highest level since January, a development that could raise fears the labour market recovery was stalling after job creation slowed in March.
Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, the Labor Department said on Thursday. The prior week`s figure was revised up to 367,000 from the previously reported 357,000.
Read the full article here.
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Healthier U.S. job market and warmer weather bolster consumer spending, adding to growth
WASHINGTON - Americans bought more electronics, started home improvement projects and updated their wardrobes last month, inspired by warmer weather and a healthier job market.
Retail sales rose 0.8 per cent in March, the Commerce Department said Monday. The gain capped a strong quarter for retail spending, which is contributing to a brighter outlook among economists for growth in the January-March quarter.
Businesses are responding to the higher sales by restocking their shelves at a steady pace, a sign that they expect the trend to carry over into the spring.
Read the full article here
WASHINGTON - Americans bought more electronics, started home improvement projects and updated their wardrobes last month, inspired by warmer weather and a healthier job market.
Retail sales rose 0.8 per cent in March, the Commerce Department said Monday. The gain capped a strong quarter for retail spending, which is contributing to a brighter outlook among economists for growth in the January-March quarter.
Businesses are responding to the higher sales by restocking their shelves at a steady pace, a sign that they expect the trend to carry over into the spring.
Read the full article here
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The geography of recovery
ON TUESDAY, the Bureau of Labour Statistics released its latest employment figures for American metropolitan areas, for the month of February. I thought it might be a good opportunity to take a look at dynamics of labour-market recovery across the country's biggest cities. The charts below are drawn from data on the 50 largest metropolitan areas (thanks to our research and graphics departments for help preparing these).
Read the full article here.
ON TUESDAY, the Bureau of Labour Statistics released its latest employment figures for American metropolitan areas, for the month of February. I thought it might be a good opportunity to take a look at dynamics of labour-market recovery across the country's biggest cities. The charts below are drawn from data on the 50 largest metropolitan areas (thanks to our research and graphics departments for help preparing these).
Read the full article here.
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U.S. jobless numbers suggests slowdown in job creation
The number of Americans claiming unemployment benefits for the first time fell only slightly last week, dampening hopes of a pick-up in job creation in April after March`s slowdown.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The prior week`s data was revised to show 8,000 more applications received than previously reported.
Read the full article here.
The number of Americans claiming unemployment benefits for the first time fell only slightly last week, dampening hopes of a pick-up in job creation in April after March`s slowdown.
Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 386,000, the Labor Department said on Thursday. The prior week`s data was revised to show 8,000 more applications received than previously reported.
Read the full article here.
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U.S. existing home sales fall 2.6% in March
U.S. home resales fell in March but the supply of properties on the market tightened and prices inched higher, giving mixed signals about the pace of recovery in the still-struggling housing sector.
The National Association of Realtors said on Thursday that existing home sales slipped 2.6 per cent to an annual rate of 4.48 million units last month.
Read the full article here.
U.S. home resales fell in March but the supply of properties on the market tightened and prices inched higher, giving mixed signals about the pace of recovery in the still-struggling housing sector.
The National Association of Realtors said on Thursday that existing home sales slipped 2.6 per cent to an annual rate of 4.48 million units last month.
Read the full article here.
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One of the great leading indicators for housing is finally breaking out
One of our favorite things to reach each weekend is New Deal Democrat's roundup of the prior week's high-frequency economic indicators. You should check it out here.
In the past week we saw some concerning news on jobs (but not terrible), mixed rail traffic, decent consumer spending numbers, and perhaps good news on gas.
Read the full article here.
One of our favorite things to reach each weekend is New Deal Democrat's roundup of the prior week's high-frequency economic indicators. You should check it out here.
In the past week we saw some concerning news on jobs (but not terrible), mixed rail traffic, decent consumer spending numbers, and perhaps good news on gas.
Read the full article here.
- Joined
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U.S. economic upturn appears to be stalling
Economists in Washington and elsewhere are warning the economic recovery may be headed for a stall or a downturn, mimicking trends of the past two years.
International Monetary Fund head
Christine Lagarde said this week, there is a "light recovery blowing in a spring wind," The New York Times reported Friday.
But Lagarde also noted there were "dark clouds on the horizon."
Read the full article here.
Economists in Washington and elsewhere are warning the economic recovery may be headed for a stall or a downturn, mimicking trends of the past two years.
International Monetary Fund head
Christine Lagarde said this week, there is a "light recovery blowing in a spring wind," The New York Times reported Friday.
But Lagarde also noted there were "dark clouds on the horizon."
Read the full article here.