The average price of gasoline in California is $4.671 per gallon, up from $4.668 yesterday. This is according to the latest data from AAA’s Fuel Gauge Report.
This is a new all-time high.
California’s gas supply has been squeezed by refinery outages, which are slowing coming back online.
However, analysts point to the deceleration in th price increases as a welcome sign that the worst may soon be over.
Read more: http://www.businessinsider.com/california-gas-prices-all-time-high-2012-10#ixzz28oNaUBFD
Despite the deceleration in the Chinese economy, it is still looked to as an engine of growth for the global economy.
Further deterioration in its manufacturing sector would certainly come as a blow to markets.
Unfortunately, massive stimulus looks increasingly unlikely.
The PMI reports are considered one of the more reliable economic indicators out of China. And those watching how the Chinese economic slowdown plays out will be watching this evening’s HSBC Flash PMI number very closely. This is the preliminary [...]
Sept. 8 (Bloomberg) — Chinese President Hu Jintao said a slowdown in exports is putting downward pressure on the world’s second-biggest economy, and he pledged to boost domestic demand and promote more balanced growth.
“Economic growth is facing notable downward pressure, some small and medium enterprises are facing a hard time and exporters are facing more difficulties,” Hu said today at the Asia-Pacific Economic Cooperation CEO Summit in Vladivostok, Russia. “We have an [...]
China’s manufacturing teetered on the edge of contraction in July, signaling a rebound in economic growth has yet to take hold.
The Purchasing Managers’ Index unexpectedly fell to 50.1 in July from 50.2 in June. The reading today from the Beijing-based National Bureau of Statistics and China Federation of Logistics and Purchasing was the weakest in eight months and compares with the 50.5 median estimate in a Bloomberg News survey. A [...]
The third quarter decline in a row
The drastic austerity measures the government and the mass unemployment push deeper into recession in Spain. The gross domestic product (GDP) shrank by 0.4 percent in the second quarter of the previous quarter. This was announced by the Spanish Statistics Office. Even in the two previous quarters, there had been a decline of 0.3 percent.
In comparison, the intensification of the crisis is even more clear: According to [...]
China’s slowdown dragged Hong Kong’s retail-sales growth to the weakest pace since 2009 as shoppers visiting from the mainland cut back on purchases of luxury goods such as jewelry and watches.
Sales increased 8.8 percent in May from a year earlier to HK$36 billion ($4.6 billion), the government said on its website yesterday. That was the smallest gain since September 2009, excluding seasonal distortions each January and February.
The deceleration of Asia’s [...]
China surprised economists today with a surprise cut in interest rates by a quarter point, the first cut in rates since 2008.
“Just a couple of months ago, few analysts had forecast that Beijing would cut rates, believing that China was on track for a “soft landing”. But after growth slowed to 8.1 per cent in the first quarter, recent data showed the economy was on track for a sharp deceleration.
With the cut, China’s benchmark [...]
I find this to be especially true in New England. It seems that people put so much faith in others because they think they are smart or they went to the “right” college when they were a pimple faced teenager.
We act like only a scholar that went to Harvard can figure out to solve the financial crises we are in. When in reality, this dumb fuck is just printing worthless [...]
After some disappointing data out of China, talks of a Chinese hard landing are back full force.
But there’s one economic indicator that Chinese hard/soft/bumpy landing watchers should be looking at according to Societe General analyst Wei Yao.
Wei says import data, which is subject to less statistical adjustments and can be easily cross-checked with its trading partners, is a crucial indicator because China’s “import demand centers on investments“. And remember Chinese imports [...]
Now its getting interesting. 30Y yields fell the most in 5 months today back to 5 month lows, 10Y yields crashed to all-time closing lows, and Gold surged by its most in 4 months (and 2nd most in 7 months) as stocks started to accelerate lower. Gold is unch on the week now as 30Y is -21bps and 10Y -14bps to 1 1.69% handle – incredible. Between the Philly Fed’s [...]
China’s central bank and commercial lenders sold more foreign currency than they bought for the first month this year in April, indicating capital may have flowed out of the world’s second-biggest economy.
Chinese banks sold a net 60.6 billion yuan ($9.59 billion) of foreign currency in April, according to calculations based on preliminary data released by the People’s Bank of China yesterday. That compares with 124.6 billion yuan of net purchases in March.
The government [...]
From Pragmatic Capitalism:
In addition to the economic slowdown, the continued housing crisis, the endless turmoil in Europe, and the deceleration in China and India, we are moving closer to the period where the so-called ‘fiscal cliff’ will become more of a threat to the market.
The fiscal cliff refers to the near-simultaneous January 2013 expiration of the Bush tax cuts, the payroll tax cuts, emergency unemployment benefits, and the sequester established in [...]
Without energy, nothing can happen in this world. Energy sources and energy delivery systems are enormously critical. To create a vibrant, prosperous and recession-free economy, we must use homegrown renewable energy sources and technologies that cause no negative environmental effect and are cost free for the consumer (once the system is paid for).
Also, energy delivery systems must be decentralized, except in densely populated areas with many high-rise buildings where space [...]
With expectations of a $12.0bn rise in Consumer Credit, yet another market ’economic’ indicator flashes orange as the Seasonally Adjusted number comes in at $8.735bn – the largest miss from expectations in 6 months. Furthermore, using the Non-Seasonally Adjusted data, this is the largest sequential drop in 12 months (since the Feb 2011 plunge). While non-revolving debt managed to increase (though at a considerably lower pace) for the second month in a row thedeleveraging [...]
From The Stock Sage:
This morning, I came across an interesting slide from Ultra Petroleum’s ($UPL) latest investor presentation at the Howard Weil Energy Conference…
F&D cost stands for “finding and development cost,” which means that UPL’s average cost to find and develop its natural gas resources stands at roughly $1.60/Mcfe of gas. Moreover, UPL is one of the lowest-cost operators in the natural gas E&P industry, however, its all-in cost ($2.88/Mcfe) [...]
China’s economy appears to be slowing more than expected and is likely to decelerate further in the coming months, prompting Beijing to consider fresh measures to boost waning growth.
Consumer inflation in China increased 3.2 per cent from a year ago in February, down from 4.5 per cent in January and the slowest pace since June 2010, according to government data released on Friday.
With stubbornly high inflation now apparently under control, [...]
From Financial Armageddon:
If recent history is any guide, a notable deceleration in the pace of U.S. retail spending following a period of strong gains signals trouble ahead for the jobs market.
As the chart shows, each time monthly retail sales growth has risen above 8.5% and subsequently reversed course (by roughly two percentage points or so), the turnaround has preceded a peak in year-on-year increases in total nonfarm payrolls.
Whether it reflects [...]
BAML Economics: The odd decouple, Neil Dutta
Over the last several weeks, US economic data has almost uniformly surprised to the upside. The employment report is a case in point. In December payrolls rose by 200,000, the unemployment rate ticked lower, and the work week ticked higher. Against this firmer growth backdrop, we are marking to market our Q4 GDP forecast to 3.5% from an initial forecast of 3.0%. Roughly one-third [...]
(Reuters) – China’s economic expansion slowed in the third quarter to its weakest pace in more than two years as euro-debt strains and a sluggish U.S. economy took a toll, but healthy domestic drivers suggest little room to relax monetary policy near term.
GDP grew 9.1 percent from a year earlier, the third consecutive quarterly slowdown in growth after 9.5 percent in the second quarter and 9.7 percent in the first.
by Sean Corrigan of Diapason Securities
Snake Oil Economics
The world’s biggest, richest, most comprehensive statistical agency has just announced significant revisions to the mainstream economists’ bellwether number – GDP – and not just over the period of the last eight years, but for the last couple of quarters, too, we have seen a substantial alteration in the picture being painted (not that we have any grounds [...]
By: Motokoa Rich
The New York Times
Two months ago, Goldman Sachs projected that the economy would grow at a 4 percent annual rate in the quarter ending in June. The company now expects the government to report no more than 2 percent growth when data for the second quarter is released in a few weeks.
Macroeconomic Advisers, a research firm, projected 3.5 percent growth back in [...]
Bad US payrolls data for May appear to reflect a “general weakening in job growth” rather than any temporary distortion, the head of the agency that compiles the statistics said in an interview with the Financial Times.
“Probably the most notable thing about [the jobs report] is there isn’t anything notable about it,” said Keith Hall, commissioner of the Bureau of Labor Statistics.
The US added [...]
The Home Price Index came at 140.86 compared to 142.42 previously. Basically the double dip refuses to stop, and that even despite yesterday’s “stunning”(ly irrelevant) pending home sales number.“Keeping with the trends set in late 2010, January brings us weakening home prices with no real hope in sight for the near future” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. [...]
This article originally appeared on The Daily Capitalist
The revised real GDP numbers for Q4 2010 were a disappointment for most economists who foresaw the third and fourth quarters to be much higher. The BEA’sÂ advance report last month said GDP was up 3.2%. The new numbers show it was only up 2.8%. As I anticipated in my article on the advance report, I expected the numbers to [...]
That is the problem. Due to decades of depending on debt to fund consumption we have created a situation where saving hurts the economy and the economy being hurt means layoffs and stimulus and reduced buying power and reduced incentives to save with low interest rates. This is at the same time that risk is high in equities if you choose the index or wrong stocks. Some, that are truly [...]