Since the end of 2000, total non-farm employment in Ohio has declined by 3.7%, a loss of 209,400 jobs. Issuing a report looking at the breakdown of job losses across Ohio, the American Manufacturing Trade Action Coalition (AMTAC) has release a report prepared by Dr. Charles W. McMillion, President and Chief Economist of MBG Information Services.
According to the U.S. Bureau of Labor Statistics, manufacturing employment in Ohio dropped from 1,013,200 at the end of 2000 to 777,200 at the end of 2007. The loss of 236,000 jobs over that time period represents a 23.3% decline in employment. In 2006, the average annual pay for an Ohio private sector manufacturing worker was $50,023.
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Tuesday, March 4, 2008
New recession worry: Bank failures
Construction loan problems threaten spike in smaller bank failures and add to worry over credit crunch
As if the economy wasn't already fighting enough strong headwinds, the risk of capital shortfalls and outright failure of the nation's banks is rising.
The Federal Deposit Insurance Corp., the federal agency that backs bank deposits, last week reported the biggest jump in "problem institutions" it has seen since the savings and loan crisis of the late 1980s. While the extent of the problem is still low by historic standards, it identified 76 banks as in trouble - a 52% increase from a year ago.
FDIC Commissioner Sheila Bair among regulators set to testify Tuesday at a Senate Banking Committee hearing on the state of the banking industry.
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As if the economy wasn't already fighting enough strong headwinds, the risk of capital shortfalls and outright failure of the nation's banks is rising.
The Federal Deposit Insurance Corp., the federal agency that backs bank deposits, last week reported the biggest jump in "problem institutions" it has seen since the savings and loan crisis of the late 1980s. While the extent of the problem is still low by historic standards, it identified 76 banks as in trouble - a 52% increase from a year ago.
FDIC Commissioner Sheila Bair among regulators set to testify Tuesday at a Senate Banking Committee hearing on the state of the banking industry.
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Monday, March 3, 2008
National Australia Bank May Consider U.S. Acquisition
National Australia Bank Ltd., the country's biggest by assets, may consider buying a bank that serves farmers in the U.S. Northwest, Chief Executive Officer John Stewart said.
Stewart, who last year announced the $798 million acquisition of Omaha-based Great Western Bancorporation Inc., was speaking at an Australia-Israel Chamber of Commerce gathering in Sydney today.
Potential targets could include banks that serve large, efficient farming communities that don't rely on government subsidies, such as in the nation's northwest, Stewart said. He didn't identify specific targets.
National Australia, which in October posted a record profit, is winning back investors' confidence after a currency trading scandal in 2004 and $2.2 billion in writedowns from the 1998 acquisition of Florida-based mortgage company HomeSide Lending Inc.
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Stewart, who last year announced the $798 million acquisition of Omaha-based Great Western Bancorporation Inc., was speaking at an Australia-Israel Chamber of Commerce gathering in Sydney today.
Potential targets could include banks that serve large, efficient farming communities that don't rely on government subsidies, such as in the nation's northwest, Stewart said. He didn't identify specific targets.
National Australia, which in October posted a record profit, is winning back investors' confidence after a currency trading scandal in 2004 and $2.2 billion in writedowns from the 1998 acquisition of Florida-based mortgage company HomeSide Lending Inc.
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Dollar teases near all-time low vs. euro
Traders think the Fed could cut interest rates by as much as 75 basis points, says analyst, weakening the currency.
The dollar opened the week trading near all-time lows set last week as investors awaited new data on U.S. manufacturing and construction.
The euro purchased as much as $1.5237 in early European trading Monday, just below the $1.5238 intraday high it hit on Friday. It fell back slightly to $1.5192, just down from the $1.5194 it bought in New York late Friday.
The British pound fell slightly to $1.9834 from $1.9883 in New York, while the dollar slipped to purchase 102.91 Japanese yen from 103.96 yen on Friday.
Speculation was growing among traders that the U.S. Federal Reserve could cut rates by as
much as 75 basis points at this month's meeting, said James Hughes, an analyst at CMC Markets.
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The dollar opened the week trading near all-time lows set last week as investors awaited new data on U.S. manufacturing and construction.
The euro purchased as much as $1.5237 in early European trading Monday, just below the $1.5238 intraday high it hit on Friday. It fell back slightly to $1.5192, just down from the $1.5194 it bought in New York late Friday.
The British pound fell slightly to $1.9834 from $1.9883 in New York, while the dollar slipped to purchase 102.91 Japanese yen from 103.96 yen on Friday.
Speculation was growing among traders that the U.S. Federal Reserve could cut rates by as
much as 75 basis points at this month's meeting, said James Hughes, an analyst at CMC Markets.
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US economists worried about mortgage losses, consumer debt
US economists are becoming increasingly concerned about America's ailing mortgage market and and the debt burden being carried by tens of millions of households, according to a survey released Monday.
The February poll of 259 members of the National Association for Business Economics (NABE) found its membership had also become more worried that US interest rates have been cut too dramatically.
"NABE members are increasingly concerned over the short-term risks associated with subprime mortgages and other forms of indebtness, while they continue to cast a wary eye on inflation," said NABE president Ellen Hughes-Cromwick who is also the Ford Motor Company's top economist.
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The February poll of 259 members of the National Association for Business Economics (NABE) found its membership had also become more worried that US interest rates have been cut too dramatically.
"NABE members are increasingly concerned over the short-term risks associated with subprime mortgages and other forms of indebtness, while they continue to cast a wary eye on inflation," said NABE president Ellen Hughes-Cromwick who is also the Ford Motor Company's top economist.
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Buffett: U.S. economy essentially in recession
Billionaire Warren Buffett says the U.S. economy is essentially in a recession, even if it hasn't met the technical definition yet.
Buffett said Monday on CNBC-TV that reports he gets from the retail businesses owned by his holding company, Berkshire Hathaway (BRKA)(BRKB), show a significant slowdown in purchases.
BUFFETT SPEAKS: Annual letter to shareholders
And millions of people have lost equity in their homes because home prices have dropped, said Berkshire's chairman and CEO.
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Buffett said Monday on CNBC-TV that reports he gets from the retail businesses owned by his holding company, Berkshire Hathaway (BRKA)(BRKB), show a significant slowdown in purchases.
BUFFETT SPEAKS: Annual letter to shareholders
And millions of people have lost equity in their homes because home prices have dropped, said Berkshire's chairman and CEO.
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Dollar: It will only get worse
Greenback likely to stay under pressure in near term but find relief by mid-year, currency experts argue.
Despite all the pain the U.S. dollar has endured in recent days, the greenback may still have further to fall before seeing any sort of relief, according to currency experts.
Driving much of the dollar's decline this week were tepid remarks about the U.S. economy by Federal Reserve Chairman Ben Bernanke, who hinted that the central bank would cut interest rates once again at the Fed's March meeting.
Those comments, combined with a number of troubling signs about the strength of the U.S. economy, helped send the dollar tumbling to multi-year lows against a host of currencies including the Swiss franc, the Malaysian ringgit and Japanese yen.
"It all points towards a weaker U.S. economy and currency traders don't want to be exposed to that kind of risk," said Gareth Sylvester, senior currency strategist and self-described "dollar bear" at HFIX Plc in San Francisco.
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Despite all the pain the U.S. dollar has endured in recent days, the greenback may still have further to fall before seeing any sort of relief, according to currency experts.
Driving much of the dollar's decline this week were tepid remarks about the U.S. economy by Federal Reserve Chairman Ben Bernanke, who hinted that the central bank would cut interest rates once again at the Fed's March meeting.
Those comments, combined with a number of troubling signs about the strength of the U.S. economy, helped send the dollar tumbling to multi-year lows against a host of currencies including the Swiss franc, the Malaysian ringgit and Japanese yen.
"It all points towards a weaker U.S. economy and currency traders don't want to be exposed to that kind of risk," said Gareth Sylvester, senior currency strategist and self-described "dollar bear" at HFIX Plc in San Francisco.
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