Stocks fell quickly and deeply today, as investors digested what President Obama’s reelection would mean for portfolios and Wall Street. Grim economic figures about European growth also weighed on trading sentiment. Uncertainty about the outcome of fiscal and monetary policy debates quickly consumed attention, as voters returned Republicans to control of the House and ensured a divided government. “The re-election of President Obama removes one uncertainty that has been weighing on the markets over the last few months. But they are none the wiser about if, how and when Congress will deal with the colossal tightening in fiscal policy scheduled to occur early next year,” according to Action...Read more
Monthly Archives: November 2012
The United States will overtake Saudi Arabia and Russia as the world's top oil producer by 2017, the West's energy agency said on Monday, predicting Washington will come very close to achieving a previously unthinkable energy self-sufficiency. The International Energy Agency (IEA) said it saw a continued fall in U.S. oil imports with North America becoming a net oil exporter by around 2030 and the United States becoming almost self-sufficient in energy by 2035. "The United States, which currently imports around 20 percent of its total energy needs, becomes all but self-sufficient in net terms - a dramatic reversal of the trend seen in most other energy importing...Read more
The U.S. Department of Labor’s Bureau of Labor Statistics reported that nonfarm U.S. payrolls increased by 171,000 jobs in October, far above economists’ forecast for 125,000 new jobs. In a separate survey, the unemployment rate ticked up to 7.9%.
In addition to October’s numbers, both August and September saw significant revisions, with the August number bumped higher by 50,000 jobs and September was 34,000 higher than originally reported. Hiring was widespread throughout the economy, with private sector payrolls up by 184,000 last month. Unlike last month, government jobs decreased by 13,000 in October. The size of the labor force grew by 578,000 workers in October, with the labor...Read more