Let’s take a hard look at what is happening to America, our country.
We are losing control of our industries to overseas powers. Congress and the president no longer represent their constituents or the will of the majority of Americans.
Our very economic system is dependent on foreign financed debts, imports and greed, which has driven us into the destructive throws of a recession.
But the Air Force-Airbus deal is the latest slap in the face in the long line of recent slaps to the face to our country. Awarding of a $40 billion defense contract to European Airbus is extremely dangerous: it puts elements of our nation’s defense under the control of foreign politicians. This must be stopped.
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Thursday, May 1, 2008
Construction spending falls, led by housing
Spending on construction of private residences drops 4.6% in March, the largest decline on record.
Construction spending dropped sharply in March, with housing activity plunging by the largest amount on record.
The Commerce Department reported Thursday that construction spending fell by 1.1% to a seasonally adjusted annual rate of $1.12 trillion. It marked the fifth decline in the past six months. Building activity has fallen sharply in the face of a steep slump in housing and economic slowdown in other areas.
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Construction spending dropped sharply in March, with housing activity plunging by the largest amount on record.
The Commerce Department reported Thursday that construction spending fell by 1.1% to a seasonally adjusted annual rate of $1.12 trillion. It marked the fifth decline in the past six months. Building activity has fallen sharply in the face of a steep slump in housing and economic slowdown in other areas.
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Essar group to acquire US steel maker for $1 bn
The Ruia-controlled Essar Steel Holdings Thursday disclosed it is acquiring the US-based steel producer Esmark Inc for an estimated $1 billion.
"The proposed tender offer was unanimously accepted by the board of Esmark Inc and is subject to customary approvals, including those of the US government and united steel workers," the group said in a statement.
Esmark is a steel production and distribution company with an annual capacity of 2.4 million tonnes and distribution centres across the US. A definitive pact is to be entered into in 52 days, the group said.
"This is another step in realizing our global steel vision of having world class, low-cost assets, with a global footprint," said Shashi Ruia, chairman of Essar Global, the holding arm of Essar Steel Holdings.Read Complete Story
Manufacturing still weak, employment drops
Index of purchasing managers unchanged in April, beating economists' forecasts, but employment index drops off to lowest level in nearly 5 years.
A key index of manufacturing activity was unchanged at a weak level in April, with employment in the sector falling dramatically to the lowest point in nearly 5 years, according to a survey of purchasing managers released Thursday.
The Institute for Supply Management's (ISM) manufacturing index stayed at the March reading of 48.6. Economists were expecting a reading of 48, according to a consensus estimate compiled by Briefing.com.
The tipping point for the index is 50, with a reading above that reflecting growth in the sector. A reading below 50 represents a decline in manufacturing.
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A key index of manufacturing activity was unchanged at a weak level in April, with employment in the sector falling dramatically to the lowest point in nearly 5 years, according to a survey of purchasing managers released Thursday.
The Institute for Supply Management's (ISM) manufacturing index stayed at the March reading of 48.6. Economists were expecting a reading of 48, according to a consensus estimate compiled by Briefing.com.
The tipping point for the index is 50, with a reading above that reflecting growth in the sector. A reading below 50 represents a decline in manufacturing.
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Jobless claims surge
A larger-than-expected spike in Americans seeking unemployment insurance comes a day before the April unemployment rate is released.
The number of newly laid off workers filing claims for unemployment benefits soared last week.
The Labor Department reported Thursday that claims for unemployment benefits rose by 35,000 to 380,000. Private economists had expected claims would rise by a smaller 18,000.
But the four-week moving average of new jobless claims fell 6,500 from last week to 363,750.
Continued unemployment insurance claims from those already receiving benefits rose in the week ending April 19 to 3,019,000, up 74,000 from the previous week. The four-week moving average for continued claims rose by 16,750 to 2,979,000.
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The number of newly laid off workers filing claims for unemployment benefits soared last week.
The Labor Department reported Thursday that claims for unemployment benefits rose by 35,000 to 380,000. Private economists had expected claims would rise by a smaller 18,000.
But the four-week moving average of new jobless claims fell 6,500 from last week to 363,750.
Continued unemployment insurance claims from those already receiving benefits rose in the week ending April 19 to 3,019,000, up 74,000 from the previous week. The four-week moving average for continued claims rose by 16,750 to 2,979,000.
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Consumer spending jumps in March
Personal consumption rises more than expected, even as incomes grow at slower pace.
Consumer spending jumped in March, even as income grew at a slower pace, according to a government report released Thursday.
The Commerce Department said personal spending by individuals in current dollars rose 0.4% in March, exceeding the 0.2% increase expected by economists surveyed by Briefing.com. February's gain was 0.1%.
The report showed personal income increased 0.3% in March, less than the 0.4% increase expected by economists. February's gain was 0.5%.
In inflation-adjusted dollars, personal income remained flat from the prior month.
Personal spending, in inflation-adjusted dollars, was up only 0.1%, indicating that the jump in consumer spending was primarily driven by higher costs.
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Consumer spending jumped in March, even as income grew at a slower pace, according to a government report released Thursday.
The Commerce Department said personal spending by individuals in current dollars rose 0.4% in March, exceeding the 0.2% increase expected by economists surveyed by Briefing.com. February's gain was 0.1%.
The report showed personal income increased 0.3% in March, less than the 0.4% increase expected by economists. February's gain was 0.5%.
In inflation-adjusted dollars, personal income remained flat from the prior month.
Personal spending, in inflation-adjusted dollars, was up only 0.1%, indicating that the jump in consumer spending was primarily driven by higher costs.
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Food price rise could last another two years
Experts say there won't be a food shortage in the U.S., but more consumers will trade down in their grocery shopping.
You may have to get used to paying more for your groceries for another two years or more.
Experts say an increase in global food consumption combined with increasing use of crops such as corn and soybeans for alternative fuel production are partly to blame.
Agricultural economists who've studied food price fluctuations cite historical trends that show run-ups in farm commodity prices typically happen in five-year cycles.
Prices flare up in the first two to three years of the cycle and then start to moderate by the fourth or fifth year, said Chris Hurt, agricultural economist at Purdue University .
If 2007 was the first year of this latest cycle, Hurt said farm supply could start catching up to demand by 2010, helping to push down milk, bread, cereal and other grocery prices.
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You may have to get used to paying more for your groceries for another two years or more.
Experts say an increase in global food consumption combined with increasing use of crops such as corn and soybeans for alternative fuel production are partly to blame.
Agricultural economists who've studied food price fluctuations cite historical trends that show run-ups in farm commodity prices typically happen in five-year cycles.
Prices flare up in the first two to three years of the cycle and then start to moderate by the fourth or fifth year, said Chris Hurt, agricultural economist at Purdue University .
If 2007 was the first year of this latest cycle, Hurt said farm supply could start catching up to demand by 2010, helping to push down milk, bread, cereal and other grocery prices.
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