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http://www.guardian.co.uk/business/2008/jun/06/useconomy.usaOil prices leaped to record highs yesterday as Israel warned about Iranian nuclear sites and the dollar slumped on the biggest jump in American unemployment for 22 years.The global crude price ended a run of lower prices earlier this week as it jumped by more than $9 a barrel to $136.79 (£69.44) - it has risen by over $14, or 10%, in just two days. The week before last saw an all-time high of $135.09 a barrel but, by Wednesday this week, prices had receded to as low as $122.Already jittery oil markets were sent into spasms by remarks from Israel's transport minister that an attack on Iranian nuclear sites looked "unavoidable". Iran is a big Opec oil producer and any attack on the country would threaten oil supplies from the whole region.Prices were also boosted by a prediction from investment bank Morgan Stanley that crude prices might reach $150 by July 4.Earlier in the day the dollar - in which oil is priced - had fallen against the euro partly on speculation that the European Central Bank might consider raising interest rates to curb inflation.But subsequently markets were rocked by a monthly report from the US showing that unemployment suffered its biggest monthly rise since February 1986.Shares on Wall Street dived after the US unemployment rate unexpectedly jumped to 5.5%, intensifying fears that the world's biggest economy is sliding into recession.The Dow Jones industrial average lost nearly 300 points, or 2.2%, to around 12,320. In London the FTSE 100 closed the week down 1.5%, or 88 points, at 5,906.The US labour department said non-farm payrolls fell by 49,000 in May from the month before. That was broadly in line with expectations but the department revised its April figure to show a drop of 28,000 rather than the 20,000 estimate it had made last month.The US unemployment rate jumped from 5% in April to 5.5%, the biggest rise since February 1986 and the highest rate since October 2004.As stocks tumbled in response, so did the dollar, which shed nearly a cent against the euro, to trade at $1.575.Bond prices moved sharply higher as they scaled back expectations of any near-term increase in interest rates from the Federal Reserve amid signs of a weakening labour market. Gold futures jumped 2%, to $891 an ounce, as investors, taking fright, sought a safe haven.The US jobs data showed there were substantial job losses last month in construction industries, where 34,000 cuts were made, in manufacturing, where 26,000 jobs were lost, and among providers of professional services, where 39,000 jobs went. "The overall trend is clearly weakening, with the unemployment rate having increased by a full percentage point over the past 12 months. This will continue to depress consumer spending - the fiscal package is being fully swallowed by higher gasoline prices - and will, in our view, help to keep activity depressed for longer than financial markets are currently discounting," said James Knightley, an economist at ING Financial Markets.Nigel Gault, chief economist at consultancy Global Insight said: "The rise in unemployment throws some cold water on the idea that the Fed will soon raise interest rates to prop up the dollar and rein in inflation. The Fed is in a difficult spot with first-half growth not far above zero, but inflation climbing. We believe that the economy is too fragile for a rate hike before 2009."The Fed chief, Ben Bernanke, this week expressed concern at the continued slide in the dollar's value, which has contributed to US gasoline prices at the pump rising to above $4 a gallon and has taken money out of Americans' pockets.This week the Organisation for Economic Cooperation and Development cut its forecasts for world economic growth and raised its predictions for inflation but said the outlook depended on crude prices remaining steady rather than rising any further.
Author: tarikology
Keywords: oil prices rising usa america israel aipac islam christianity bush wack
Added: August 2, 2008
The unemployment rate continues to increase as the Labor department received more than 400,000 filed claims for unemployment benefits.American companies have been battling with a slow economy and have been trimming their work force in huge amounts. Several companies that announced job cuts in July are: IndyMac Bancorp Inc., Chrysler, Pilgrim's Pride and American Axle.The government reported earlier this month that under high energy prices and uncertainty about the economy's direction and their own sales prospects, employers have cut jobs for six months in a row. Leaving more than 430,000 previously employed workers out of a job.The Federal Reserve said that the country is getting slammed by both slower growth and rising prices for fuel, food and other things.The unemployment rate is expected to climb to 6 percent or higher by early next year.
Author: employmentcrossing
Keywords: Unemployment Applications jumped past 400 000 EmploymentCrossing unemployment rate IndyMac Chrysler American Axle Government The Federal Reserve filed claims
Added: July 24, 2008
I have finally discovered what Barack Obama's real slogan should be; Tax the rich and give to the poor, then we'll all be poor for ever more. YES WE CAN. I believe that even the Obama is starting to get real nervous about the possibility of actually becoming our next President and basically destroying our great country with his inexperience and naivety. Hopefully he will self destruct.Perry: Obama's tax policy would `devastate' economyAssociated PressAUSTIN — Gov. Rick Perry said Thursday that Democratic presidential candidate Barack Obama's policies on energy and taxes would devastate the U.S. economy.Perry, chairman of the Republican Governors Association, made his comments during a news conference in which he expressed strong support for Sen. John McCain's White House bid.He said Obama's talk of change was reminiscent of the 1970s and the double digit interest rates in place then.Perry likened it to the change espoused during President Jimmy Carter's tenure and warned against returning "us back to those tax happy days and one of the most economically damaging times in our history."Perry's remarks came just a day before Obama's scheduled meeting on Friday with Democratic governors.Perry touted Texas' approach to energy and taxes as sensible, appropriate and something to be emulated."We've cut taxes in this state, one of the reasons you've seen more Fortune 500 companies call Texas home than any other place in the nation," Perry said. "We're living proof that when you cut taxes it increases economic prosperity."Obama's record shows he favors raising taxes on individuals and corporations and "that would be devastating to the economy," Perry said.The governor also was critical of Obama's energy plan and called for increased domestic exploration and drilling in the U.S."Bottom line, I feel Obama's approach to energy would be plain ... bad for America," Perry said.But Obama's campaign countered with a different perspective."Changing your position to tell oil company executives that they can drill off our shores and can keep raking in record profits while families pay at the pump, isn't tough talk, or straight talk, it's the same Washington double talk that has failed our families for too long," said Obama spokeswoman Shannon Gilson. "Unlike John McCain, Barack Obama understands that we can't simply drill our way out of our energy crisis. He would provide immediate real tax relief for families while also investing in renewable and alternative energies."Gilson pointed to a new report from the non-partisan Tax Policy Center stating that Obama's tax plan will provide middle-class families with tax cuts three times as large as those they would receive under McCain's plan.Asked whether he favored McCain's proposed gas tax holiday — which Obama calls a quick fix that would do more harm than good — Perry replied cautiously.He said he could support it as long as his state could be reimbursed for money lost if the federal gas tax revenue were suspended.According to Obama's campaign, McCain's gas tax proposal would cost Texas more than $587 million in federal highway funds and nearly 20,000 in highway-related job losses.Perry pledged to "do anything at anytime" to help McCain be the next president, except serve as his vice president.He said he already has a "wonderful job" as governor.Before endorsing McCain, Perry backed former New York Mayor Rudy Giuliani. But he stressed that "our horse is McCain and I'm proud to ride him."
Author: jbranstetter04
Keywords: taxes economy recession capital gains spending deficit budget barack obama john mccain bush
Added: July 2, 2008
getthedaily.comThe number of millionaires worldwide has hit an all-time record. Last year, more than 10-million people had at least 1-million-dollars in assets. The combined assets of those making the millionaire cut reportedly equaled about 41-trillion-bucks, which marked a 9-percent increase from 2006. While 1 in 3 millionaires reside in America, the countries with the fastest growth in wealth include China, India and Brazil. Experts link the increase of international millionaires to inflation and world economy expansion.The most expensive work of art was sold by the well-known Christie's auction house in Europe on Tuesday. The painting by famous impressionist Claude Monet hit the record books at a sale price of more than 80-million-dollars. This particular artwork, titled 'Le Bassin aux Nympheas' or 'Water Lily Pond' is one of four oil paintings signed by the artist in 1919. Christie's auction house began its modern art sale this week.The Federal Reserve plans to put a stop to the past-9-month rate cuts this week. The decision comes after many economists said they think the US economy will rebound the second half of this year. However, a private business research group surveyed abo
Author: getthedaily
Keywords: millionaires your money eye good bad inflation oh breaking coldplay economic economy monet music cnn fox inews vida viva
Added: June 25, 2008
getthedaily.comThe number of millionaires worldwide has hit an all-time record. Last year, more than 10-million people had at least 1-million-dollars in assets. The combined assets of those making the millionaire cut reportedly equaled about 41-trillion-bucks, which marked a 9-percent increase from 2006. While 1 in 3 millionaires reside in America, the countries with the fastest growth in wealth include China, India and Brazil. Experts link the increase of international millionaires to inflation and world economy expansion.The most expensive work of art was sold by the well-known Christie's auction house in Europe on Tuesday. The painting by famous impressionist Claude Monet hit the record books at a sale price of more than 80-million-dollars. This particular artwork, titled 'Le Bassin aux Nympheas' or 'Water Lily Pond' is one of four oil paintings signed by the artist in 1919. Christie's auction house began its modern art sale this week.The Federal Reserve plans to put a stop to the past-9-month rate cuts this week. The decision comes after many economists said they think the US economy will rebound the second half of this year. However, a private business research group surveyed abo
Author: getthedaily
Keywords: millionaires your money eye good bad inflation oh breaking coldplay economic economy monet music cnn fox inews vida viva
Added: June 25, 2008
getthedaily.comThe number of millionaires worldwide has hit an all-time record. Last year, more than 10-million people had at least 1-million-dollars in assets. The combined assets of those making the millionaire cut reportedly equaled about 41-trillion-bucks, which marked a 9-percent increase from 2006. While 1 in 3 millionaires reside in America, the countries with the fastest growth in wealth include China, India and Brazil. Experts link the increase of international millionaires to inflation and world economy expansion.The most expensive work of art was sold by the well-known Christie's auction house in Europe on Tuesday. The painting by famous impressionist Claude Monet hit the record books at a sale price of more than 80-million-dollars. This particular artwork, titled 'Le Bassin aux Nympheas' or 'Water Lily Pond' is one of four oil paintings signed by the artist in 1919. Christie's auction house began its modern art sale this week.The Federal Reserve plans to put a stop to the past-9-month rate cuts this week. The decision comes after many economists said they think the US economy will rebound the second half of this year. However, a private business research group surveyed abo
Author: getthedaily
Keywords: millionaires your money eye good bad inflation oh breaking coldplay economic economy monet music cnn fox inews vida viva
Added: June 25, 2008
getthedaily.comThe number of millionaires worldwide has hit an all-time record. Last year, more than 10-million people had at least 1-million-dollars in assets. The combined assets of those making the millionaire cut reportedly equaled about 41-trillion-bucks, which marked a 9-percent increase from 2006. While 1 in 3 millionaires reside in America, the countries with the fastest growth in wealth include China, India and Brazil. Experts link the increase of international millionaires to inflation and world economy expansion.The most expensive work of art was sold by the well-known Christie's auction house in Europe on Tuesday. The painting by famous impressionist Claude Monet hit the record books at a sale price of more than 80-million-dollars. This particular artwork, titled 'Le Bassin aux Nympheas' or 'Water Lily Pond' is one of four oil paintings signed by the artist in 1919. Christie's auction house began its modern art sale this week.The Federal Reserve plans to put a stop to the past-9-month rate cuts this week. The decision comes after many economists said they think the US economy will rebound the second half of this year. However, a private business research group surveyed abo
Author: getthedaily
Keywords: millionaires your money eye good bad inflation oh breaking coldplay economic economy monet music cnn fox inews vida viva
Added: June 25, 2008
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With the Austalian Federal Reserve Bank expected to cut interest rates today some of the biggest banks are not commiting to passing savings on despite making record profits. Leave your opinion and put pressure on the banks.
http://digg.com/business_finance/Big_Australian_Banks_Not_Commiting_To_Rate_Cut
Global capital markets remain caught in a tug of war between inflation and economic growth. For most of 2008, the economic growth story prevailed as the Federal Reserve Bank cut interest rates aggressively to cushion the blow...
http://digg.com/business_finance/Inflation_or_Economic_Growth
I was reminded of this skit as I watched a ”panel of experts” on the PBS News Hour with a couple of energy analysts talking about petroleum economics, and the cause of the current price rise. Their reasons (one blaming it in part on the Federal Reserve decision to cut interest rates) related to their areas of expertise and specific knowledge.
http://digg.com/world_news/Answering_the_Comfortable_Questions_about_Energy
After steadily cutting interest rates for much of the past year, the U.S. central bank has decided to keep them unchanged, while signaling concerns about inflation that could trigger interest rate hikes in the future. VOA's Michael Bowman reports from Washington, where Federal Reserve policy makers concluded a two-day meeting Wednesday.
http://digg.com/politics/US_Central_Bank_Leaves_Interest_Rates_Unchanged
The Federal Reserve has decided to leave a key interest rate unchanged, bringing an end to a string of consecutive rate cuts aimed at keeping the country out of a deep recession.
http://digg.com/business_finance/Fed_Rate_Announcement
The dollar dropped against the euro after the Federal Reserve ended the most aggressive series of rate cuts in two decades with no indication that it will increase borrowing costs.
http://digg.com/world_news/Dollar_Falls_Versus_Euro_as_Fed_Says_Inflation_Will_Moderate
Dubai house prices rose 78 per cent in the year to the end of Q1, according to a report from Colliers International. But all the anecdotal evidence suggests that rising prices have continued since then, and may have considerably further to go as the Federal Reserve cuts interest rates again this autumn.
http://digg.com/business_finance/Dubai_house_prices_up_78_another_surge_guaranteed
Robert Novak's column in today's WashPost is causing a buzz. He claims that the Federal Reserve rates are not going higher, and while that may be true its not because Novak says so. Novak's last column on the Fed was 8/16/07 titled "A Rate Cut on Hold." The next day, the Fed began cutting rates from 5.25 down to 2% over the next 6 FOMC meetings.
http://digg.com/business_finance/Robert_Novak_is_No_Fed_Expert
The U.S. dollar is working its way higher on the perception that the Federal Reserve is done cutting short-term interest rates and will start raising rates later this year. This is the single biggest, and most important, story in the forex market right now.
http://digg.com/business_finance/Dollar_Zigs_and_Zags_its_way_Higher
The U.S. dollar was trading slightly lower mid-morning in Sydney on Wednesday after being boosted overnight by Federal Reserve chairman Ben Bernanke signalling an end to the central bank’s aggressive rate-cutting policy.
http://digg.com/business_finance/Forex_U_S_dollar_eases_slightly_in_Sydney_morning_trade