"May’s retail results cast shadow on recovery" by Catherine Rampell, New York Times | June 12, 2010
Sales at retailers unexpectedly fell in May, raising some questions about how much consumers will be able to continue contributing to an economic recovery....
Yeah, it is all your fault, broken and busted Amurkn consumer.
Purchases of building materials may have also been relatively high in March and April because people were completing repairs after an unusually stormy winter, said Ian Shepherdson, chief US economist at High Frequency Economics....
Ever notice they always have some excuse why something was unexpected?
--more--"
WASHINGTON — Home builders are sending a message: They won’t be able to contribute much to the economic recovery.... overshadowing favorable reports on manufacturing and wholesale inflation.
Fewer homes mean fewer jobs. Construction fuels a broad swath of industries across the economy. Yet double-digit unemployment is among the main reasons people have passed on buying new homes. Even with near-record-low mortgage rates, the industry is struggling.
“The economy is growing, and the housing market is still in recession,’’ said Eugenio Aleman, senior economist with Wells Fargo Securities. “It’s not going to contribute to growth, but it is not going to pull the economy back down.’’
I'm tired of the double-talk and lies.
Pfft! Banker!
Overall, new home and apartment construction fell 10 percent in May to a seasonally adjusted annual rate of 593,000, the Commerce Department said yesterday. April’s figure was revised downward to 659,000....
Translation: GOVERNMENT is LYING TO YOU all the time!
And the agenda-pushing newspapers take it as gospel!
--more--"
Meanwhile, back on the ranch (if you still have one):
"May foreclosures in state double" by Jenifer B. McKim, Globe Staff | June 17, 2010
The state’s foreclosure crisis continued in May as the number of homeowners who lost their properties more than doubled compared with the same month a year ago, according to data released yesterday.
Warren Group, a Boston firm that tracks local real estate, reported that 1,283 residents lost their homes in May, a 119.7 percent increase from the 584 foreclosures reported in May 2009. There were 6,107 completed foreclosures reported from January to May, a 48.4 percent hike from the same time last year. But fewer homeowners are now on the precipice of foreclosure, which means the problem may eventually begin to ebb....
We were supposed to have three quarters of roaring growth alrea... sigh, forget it.
Paul Willen, a senior economist with the Federal Reserve Bank of Boston, said it is encouraging that fewer homeowners are unable to make their mortgage payments. But Willen said he doesn’t expect the numbers to fall off dramatically any time soon. “There’s a lot of homeowners who owe more than their house is worth,’’ he said. “There are a lot of accidents waiting to happen.’’
Then the bank can take it over.
--more--"
More good news:
"Trade gap widens on import demand" by Associated Press | June 18, 2010
WASHINGTON — Higher oil prices and stronger demand for imported goods have widened the broadest measure of the US trade deficit in the first three months of the year. The result is viewed as a positive step for the recovery.
By who?
Even though America is sending more money overseas than it is taking in, the stepped-up spending on foreign goods and services was a sign of growing confidence among consumers.
I do NOT view that as a POSITIVE, sorry.
The MONEY gets SHUFFLED AROUND and the PEOPLE GET SCREWED in EVERY NATION now with this globalization yoke that has been applied the last 30+ years.
But
Sigh.
economists worry that the European debt crisis could dampen demand for US exports. And a stronger dollar would make US goods more expensive overseas.
And a WEAKER ONE is WHY your OIL PRICES and OTHER COSTS RISE, America!
“The US recovery will continue to pull in more imports while the stronger dollar and the ongoing European sovereign debt crisis will act as a drag on exports,’’ said Gregory Daco, an economist at IHS Global Insight....
The figure is watched closely by economists because it is a measure of how much the United States must borrow from foreigners to finance its balance of payments imbalance.
How about that double-speak, 'eh?
And you know who they are borrowing from, right?
--more--"
But don't worry about that, everything is grand, America!
"New-home sales crash in May as tax aid ends" by Alan Zibel, Associated Press | June 24, 2010
WASHINGTON — Americans showed far less appetite to buy new homes last month after the government stopped offering a home buyer tax credit. The news signaled a renewed housing slump that threatens the broader economy.
Sales of new homes fell in May to their lowest level on record, plunging 33 percent from the month before. The bleak data followed a report earlier this week that sales of existing homes dipped, too....
“We all knew there would be a housing hangover from the expiration of the tax credit,’’ wrote Mike Larson, real estate and interest rate analyst at Weiss Research. “But this decline takes your breath away.’’
High unemployment and slow job growth are weighing on the housing market as well....
New-home sales for May came in at a seasonally adjusted annual pace of 300,000, the Commerce Department said yesterday. That was the slowest in the 47 years records have been kept.
And it is PROBABLY WORSE because GOVERNMENT LIES and then REVISES!
And it was the largest monthly drop on record. Sales have now sunk 78 percent from their peak five years ago.
I'm sorry, you CAN NOT DRESS UP that stinker.
The broader economy is feeling the impact. The drop in new-home sales means fewer jobs in the construction industry, which normally powers economic recoveries. This time, construction has remained lackluster.
Then there has been no recovery.
The discouraging report on housing “really speaks to the sustainability of the economy without stimulus’’ from the government, said Wells Fargo Securities economist Anika Khan. “We are still very much in the nascent stages of the recovery.’’
I was told three quarters of growth, sob.
--more--"
It is the lying, folks; it gets to me after a while, especially in the back when I read the business section.
Yeah, they sure are giving someone the business.
"Mortgage rates sink to new low; So far, drop fails to trigger boom" by Alan Zibel, Associated Press | June 25, 2010
WASHINGTON — The falling rates have yet to spark a home-buying boom — or energize the economy. Sales of new homes collapsed in May after home-buyer tax credits expired. The economy also remains under pressure from high unemployment. And many people don’t qualify for mortgages under tightened lending rules.
“As long as prospective homebuyers are still concerned about their jobs and financial well-being, many will be reluctant to take the plunge, even though affordability has never been better,’’ said Greg McBride, senior financial analyst with Bankrate.com.
Something is being plunged, all right.
(Flushing sound follows)
Low rates throughout the economy also hurt one group of Americans: savers. Puny rates are especially hard on people living on fixed incomes who are earning next to nothing on their savings.
Not like we expected anything more. Holding on to every damn dime I can.
Lending activity remains sluggish. Mortgage application volume dipped 6 percent last week from a week earlier, according to the Mortgage Bankers Association. Refinancing activity fell 7 percent. And mortgage applications to buy homes slipped 1.2 percent.
All that tax loot for liquidity was poured right into banker's pockets -- and that's where it stayed.
Many Americans owe more on their mortgages than their homes are worth — often called “under water’’ — and can’t refinance.
Time to CUT YOUR LOSSES and ABANDON the PLACE!
Let the BANK take the LOSS for ONCE!
Besides, YOUR TAXES will COVER IT!
Government and Congress will see to that.
The Obama administration has launched programs to help borrowers refinance if they owe up to 25 percent more than their home’s value and have loans owned or guaranteed by mortgage giants Freddie Mac or Fannie Mae.
Related:
“They’ve cleared the decks to use Fannie and Freddie as a vessel for whatever they want.... taking troubled mortgage investments off banks’ books.’’
And how much is that going to cost, readers?
"Obama’s budget seeks tax hikes on firms, rich; $1.1 trillion more sought in a decade" by Globe Wire Services | February 2, 2010
--more--"
More: MSM Xmas Gifts: To Fannie and Freddie
Heck of a gift, American taxpayers.
You have that much cash lying around, American?
--more--"
At least someone has money to spend:
"Firms spending more on durable goods" by Christopher S. Rugaber and Daniel Wagner, Associated Press | June 25, 2010
WASHINGTON — Companies are spending again, and that could mean better economic times ahead.
Could?
Businesses have invested more money in machinery, computers, steel, and other metals in three of the past four months. The uptick is fueling economic growth in the second quarter and may lead to more jobs this year.
May?
Yeah, they INVEST in ANYTHING but!
The rise in corporate spending comes at a critical time for the recovery. The unemployment rate has been stuck near double digits all year. And while the pace of layoffs slowed last week, the number of people seeking first-time jobless benefits remains about the same as in January.
Consumers are cautious about spending, the housing market is slumping without home-buying tax credits, and the European debt crisis has rattled investors.
But none of that seems to have dampened companies’ outlook.
Corporate investment “is not only growing but accelerating, which is an encouraging sign that business remains in an expansive mind-set,’’ Michael Feroli, an economist at JPMorgan Chase, wrote in a note to clients.
Overall, orders for durable goods — those expected to last three or more years — fell 1.1 percent last month, the Commerce Department said yesterday.
I'm about to puke up my breakfast because of the lies.
And next month Commerce will revise it down (or up, depending on what the propaganda calls for).
But that was largely the result of a drop in demand for commercial aircraft.
Excluding the volatile transportation sector, orders rose 0.9 percent after falling in April....
Look at them PLAYING with NUMBERS!
Yeah, COUNT THIS, do not count that, blah, blah, blah!
Companies are exporting to developing economies in China, Brazil, and India, said Brian Bethune, chief US financial economist at IHS Global Insight. In particular, they are shipping construction and mining machines and oil and gas equipment....
You are not developing, America; you are in decline.
--more--"
Related: Small business loans get big lift
I just can't take that guy's anymore BS, sorry.
Also see: Mass. tops US in retail revival
Job-seekers hope deflated resumes hold more appeal
I'm not a big fan of the lies and insults anymore, either.
