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(Reuters) – Salaries of presidents of U.S. public universities rose almost 5 percent in the last fiscal year, even as tuition rose and student debt soared, with the median pay package topping $400,000, according to a report released on Sunday. Read more: http://www.reuters.com/article/2013/05/12/us-usa-colleges-salaries-… The relentless warehousing of wholesale inventories continues, even if the “any minute now” gusher of wholesale sales continues to be pushed back into the indefinite future. Sure enough, the March data showed that wholesale sales disappointed, and instead of growing 1.5%, declined by -1.6%, below expectations of a 0.1% rise. This was the biggest drop in sales since March of 2009: another nail in the coffin of any recovery dreams. [...] By Mike “Mish” Shedloc Obamacare and Part-Time Jobs Yet Again At a business level, the penalty for not offering a qualified healthcare plan is $2,000 per person, for companies that have more than 30 full-time employees. As I have discussed before, Obamacare is behind the surge in part-time employment as corporations have been cutting hours worked and hiring more part-time workers to make up the difference. Part-time employment rose this month by a whopping 441,000 [...] The Survey Says! Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, food services and drinking places, retail trade, and health care. There were huge revisions (positive) in last month’s report and the combination drove the market higher, as both were “much better than expected.” Is this justified? http://market-ticker.org/akcs-www?post=220385 from Mike Mish Shedlock: Obamacare and Part-Time Jobs Yet Again At a business level, the penalty for not offering a qualified healthcare plan is $2,000 per person, for companies that have more than 30 full-time employees. As I have discussed before, Obamacare is behind the surge in part-time employment as corporation have been cutting hours worked and hiring more part-time workers to make up the difference. Part-time employment rose this month by a whopping 441,000 [...] Initial Reaction The establishment survey showed a gain of 165,000 a reasonably good but not spectacular print. In contrast, the household survey showed a huge gain of 293,000 jobs. Once again we see a huge surge in involuntary part-time employment of 278,000. Voluntary part-time employment rose by another 163,000. Voluntary plus involuntary part-time employment rose by a whopping 441,000 jobs. Take away part-time jobs and there is not all that much to brag [...] Oil is extending its losses after a new Department of Energy report released at 10:30 AM ET revealed that crude oil inventories now total 395.3 million barrels – the highest level on record, dating back to 1982. According to the release, crude oil inventories rose 6.7 million this past week (versus estimates for a 1.1 million barrel increase). Read more: http://www.businessinsider.com/highest-level-of-crude-inventories-ever-2013-5#ixzz2S3PdErQT I keep thinking maybe I am being a doomer when it comes to the recovery. But the numbers don’t add up. If I look at everything I have been taught about economics, this all just makes no sense. But the scary thing is how long can it last? When it does collapse will it be swift like this:
Here’s The Great Disconnect That Has People Saying The Market Is Rigged By [...] It appears Abe and his henchmen had better stop doing things and say something as the huge devaluation of the JPY so far is NOT having the effect he had hoped for. Exports dropped 2.9% – more than expected – and while imports rose less than expected, the currency drop still meant an 11.9% surge in imports. All this means is that on a seasonally-adjusted basis, the Japanese Trade Balance just [...] http://www.zerohedge.com/news/2013-03-08/february-multiple-jobholders-rose-record-full-timers-dropped-part-timers-increased AFP Nuclear power generation grew again in 2012 after a drop in 2011 in the wake of the Fukushima disaster in Japan, according to a draft new UN atomic agency report seen by AFP Tuesday. “The Fukushima Daiichi accident (in Japan in March 2011) is expected to slow or delay the growth of nuclear power, but not reverse it,” the International Atomic Energy Agency report said. At the end of 2012, [...] The recent string of housing data shows that housing supply is tight, new home sales are surging, and pending home sales are up. And this, analysts say, bodes well for home prices.
In an interview with The Wall Street Journal, however, Robert Shiller says he is more “worried” than most about the rise in home prices, because he isn’t certain that the recovery in prices will be sustained. Read more: http://www.businessinsider.com/shiller-more-worried-about-housing-2013-2#ixzz2M7hzr6Mu globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Friday, February 15, 2013 8:21 PM Inquiring minds are looking at charts from the New York Times that show U.S. Trade in 2012 Outpaced Many Other Countries. “In 2012, United States exports of goods rose 4.5 percent from 2011, a faster rate of growth than that of 10 other major countries but well below the growth rate of Chinese exports. American imports rose 3 percent, but the trade [...] The number of people taking their own life in the UK rose “significantly” in 2011, latest figures from the Office for National Statistics have shown. Some 6,045 people killed themselves in 2011, an increase of 437 since 2010. The highest suicide rate was among men aged between 30 and 44. About 23 men per 100,000 took their own lives. On average, across both sexes, 11.8 people per 100,000 population killed themselves in 2011, [...] The U.S. employment picture continued its gradual improvement in December, adding 155,000 positions as the jobless rate held at 7.8 percent. Economists had been expecting a slightly better result, but most of the major industries showed little change from their previous levels, according to the latest report from the Bureau of Labor Statistics. The numbers were almost exactly in line with the overall jobs picture for 2012, during which there were an average [...] It was an interesting day in the markets.
It was a stereotypically “risk-on” day (stocks up, dollar down, etc.) until the Fed minutes came out. The minutes revealed (apparently to the market’s surprise) that several members of the FOMC were reluctant to keep Quantitative Easing far beyond the middle of the year. It’s debatable whether this counts as a “tightening” or not. After all, this doesn’t change the Fed’s ‘Evans Rule’ guidance, which indicates that [...] Jobseeker’s Allowance up 20 per cent from £59.15 a week in 2007/08 to £71
Welfare handouts to those languishing on the dole have risen almost twice as fast as average wages over the past five years. Out-of-work benefits have jumped in value by an astonishing 20 per cent since 2007 while [...] WASHINGTON (AP) — Foreign ownership of U.S. Treasury securities rose to a record level in October, a sign that overseas investors remain confident in U.S. debt despite a potential budget crisis. Total foreign holdings of U.S. Treasurys rose to $5.48 trillion in October, the Treasury Department said Monday. That was up 0.1 percent from September. Still, the increase of $6 billion was the weakest since total holdings fell in December 2011. http://hosted.ap.org/dynamic/stories/U/US_FOREIGN_HOLDINGS WASHINGTON (AP) — The U.S. federal government’s budget deficit widened in November compared to October, a sign that the nation is on a path to its fifth straight $1 trillion-plus deficit. The budget gap rose to $172 billion in November, up from $120 billion in October, the Treasury Department said Wednesday. The November deficit was also 25 percent higher than the same month last year. Last month’s deficit was pushed higher [...] Global warming stopped 16 years ago, reveals Met Office report quietly released… and here is the chart to prove it The figures reveal that from the beginning of 1997 until August 2012 there was no discernible rise in aggregate global temperatures This means that the ‘pause’ in global warming has now lasted for about the same time as the previous period when temperatures rose, 1980 to 1996 The world stopped getting warmer almost [...] While Latinos are gaining in political clout, they are also falling down the economic ladder, new Census numbers show. Latinos poverty rates climbed to 28 percent after the census reconfigured its algorithm to take into account medical costs and government programs. The Hispanic poverty level rose after the government took into account safety-net programs such as food stamps and housing, which have lower participation among immigrants and non-English speakers. Overall, the ranks [...] Trick Or Treat Jobs Report: Towards A Protracted Great Depression. Nearly 25 Million Americans Jobless. Friday’s headline number belies dire economic reality. Main Street’s in protracted Depression. Nearly 25 million Americans are jobless. Real unemployment approaches 23%. On November 6, Americans vote. Neither candidate proposed ways to create jobs. Obama’s done more to destroy them than create them. Hours worked and income gains were missing in Friday’s report. Average weekly hours for production [...] Labor Force Statistics from the Current Population Survey http://data.bls.gov/timeseries/LNS14000000 Big Jump in Unemployment for Blacks According to the Bureau of Labor Statistics, the biggest change in employment over the last month affected black workers. In September, the unemployment rate for blacks was 13.4 percent. In October, that number jumped to 14.3 percent, an almost a full percentage point change, according to the Bureau of Labor Statistics. Unemployment for whites remained steady at 7 percent. Likewise, [...] This is what going to crash the market tomorrow! From Money News: Many homeowners who suffered losses because of flooding from Hurricane Sandy are likely to find themselves out of luck. Standard homeowners policies don’t cover flooding damage, and the vast majority of homeowners don’t have flood insurance. Yet it’s likely that many Northeasterners will purchase it in coming months, hoping they’ll be covered the next time around, at a cost averaging around $600 [...] WASHINGTON (MarketWatch) – Manufacturing activity in the Philadelphia region rebounded to show modest improvement in October, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index rose to 5.7 in October from negative 1.9 in September. This is the first positive reading after five straight monthly reading below zero, indicating contraction. The increase in the index was larger than expected. Economists were looking for the index to [...] WASHINGTON (AP) — A second month of sharp gains in gasoline costs drove wholesale prices higher in September. But outside of the surge in energy, prices were well contained. The Bank Participation Report for the month of September was just released and it’s a DOOZY! The top 4 US banks are up to their NECKS in COMEX Shorts! In the month of September they added 9,024 contracts of net shorts or over 45M ounces but the price still rose over 10%!!! From FT: Now that Mikheil Saakashvili has lost Georgia’s election, some will pronounce the “Rose” revolution dead and buried – and that would miss the point entirely. The 2003 popular insurrection in the streets of Tbilisi was never simply the replacement of Eduard Shevardnadze with Mr Saakashvili or of a Soviet-era clique with a post-Soviet generation of leaders. Instead, the Rose revolution, like all genuine revolutions, was the replacement of a [...] ScienceDaily (Oct. 1, 2012) — The proportion of Americans who are severely obese — those people 100 pounds or more overweight — continues to increase rapidly and much faster than those with moderate obesity, but the rate of growth has slowed, according to a new RAND Corporation study. The RAND study found that from 2000 to 2010, the proportion of Americans who were severely obese rose from 3.9 percent of the population [...] Unemployment in the eurozone hit a fresh high of 18.2 million in August, the EU statistics agency has said. The number of people out of work rose by 34,000, but revised data for July meant the unemployment rate remained stable at a record high of 11.4%. The highest unemployment rate was recorded in Spain, where 25.1% of the workforce is out of a job, and the lowest of 4.5% was recorded [...] LONDON (AP) — Inflation in the 17 countries that use the euro rose unexpectedly to a six-month high in September, official figures showed Friday, weakening expectations of another interest rate cut from the European Central Bank…. http://hosted.ap.org/dynamic/stories/E/EU_EUROPE_ECONOMY Low-wage workers in Chicago are better educated, older and rely more on that income these days to meet basic needs than 10 years ago. nd there are substantially more of them. That’s according to a new report released by Chicago-based Women Employed and Action Now Institute that shows nearly one in six low-wage workers here last year held a college degree. The report, authored by Marc Doussard, assistant professor in the University of [...] Unemployment rates rose in more than half of U.S. states last month, the latest evidence that hiring remains tepid across the country. The Labor Department says rates increased in 26 states. They fell in 12 states and were unchanged in the other 12. Unemployment also rose in seven of the 11 key swing states in this year’s presidential election. Nationwide, hiring employers added only 96,000 jobs in August, below July’s gain of [...] |
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