Monthly Archives: October 2013

[10/31/13]  President Barack Obama is casting himself as America's business pitchman. Facing a sluggish economy, Obama on Thursday announced an expanded government role to draw foreign companies to the United States, arguing that the American workforce, cheaper energy costs and an improving economy make the U.S. an attractive home for investments. "Officials at the highest levels, up to and including me, are going to do even more to make the case for investing in America," Obama told a summit of investors, business CEOs and state and local officials. The administration's goal is to attract $1 trillion in new foreign investments in manufacturing or other business over the next five...

[10/29/13]  Stocks jumped Tuesday as the Standard & Poor's 500 index and Dow Jones industrial average closed at all-time highs. Investors are expecting the Federal Reserve to further delay the start of a plan to scale back its bond-buying program as policymakers started a two-day meeting Tuesday to discuss monetary policy. The Dow Jones industrial average jumped 111.42 points, or 0.7%, to 15,680.35, it's first record close since Sept. 18 when it hit 15,676.94. The S&P 500 index continued to push further into record territory as it rose 9.84 points, or 0.6%, to close at 1,771.95. The Nasdaq composite gained 12.21 points, or 0.3%, to 3,952.34. The Nasdaq remains far below...

[10/28/13]  Factory output rose less than forecast in September and contract signings for U.S. home purchases fell the most in three years, showing the economy was having trouble gaining traction before the government shutdown. The 0.1 percent advance in manufacturing followed a revised 0.5 percent gain in August that was smaller than initially estimated, figures from the Federal Reserve showed today in Washington. Pending sales of previously owned homes slumped 5.6 percent in September, the fourth straight month of declines, the National Association of Realtors reported. “The economy is in a shutdown-related soft patch in the fourth quarter,” said Nariman Behravesh, chief economist at IHS Inc. in Lexington,Massachusetts, who correctly predicted...

[10/22/13]  U.S. construction spending hit a near 4-1/2 year high in August, boosted by increases in both private and public outlays, a hopeful sign for third-quarter economic growth. Construction spending increased 0.6 percent to an annual rate of $915.1 billion, the highest level since April 2009, the Commerce Department said on Tuesday. Construction spending in July was revised to show a 1.4 percent rise instead of the previously reported 0.6 percent gain. The report was originally scheduled for release on October 1 but was delayed after the federal government was partially shut down because of a fight over the budget. The 16-day shutdown ended last Wednesday. Construction spending in August...

[10/22/13]  When the Federal Reserve began open-ended bond buying with newly printed money last fall, it hoped to generate forward momentum in the labour market. And as recently as August it seemed to have succeeded. But the recent data suggest a frustrating reversal of that momentum, with no clear explanation. Non-farm payroll employment rose just 148,000 in September from August, well below Wall Street's consensus expectation of 180,000. This was the second weak reading in a row, and vindicates the Fed's decision not to dial back its $85 billion of bond-buyding, dubbed quantitative easing or QE, last month. Revisions to prior months' payroll gains were roughly offsetting....

[10/22/13]  Even before the federal government shutdown and debt ceiling crisis this month, the nation’s economy was lagging and job growth was sluggish. And the recent dysfunction in Congress seems likely to make the situation worse. The economy added just 148,000 jobs in September, the Labor Department reported on Tuesday in a discouraging economic snapshot taken just before a federal shutdown that resulted in hundreds of thousands of furloughs. That shutdown, which delayed the release of the September employment report by more than two weeks, is expected to weigh on growth when the next monthly job market data is released on Nov. 8, a week behind schedule. “The labor market...

[10/21/13]  Americans bought fewer existing homes in September than in the previous month, held back by higher mortgage rates and rising prices. The National Association of Realtors said on Monday that sales of previously owned homes fell 1.9 percent last month to a seasonally adjusted annual rate of 5.29 million. That is down from a pace of 5.39 million in August, which was revised lower. The sales pace in August equaled July’s pace. Both were the highest in four years and are consistent with a healthy market. Mortgage rates rose significantly over the summer, threatening to slow a recovery in housing that had helped drive modest economic growth. But economists...

[10/09/13]  Janet Yellen's nomination to chair the Federal Reserve is ground breaking, and not just because she will be the first woman in the job. She would also be the first known dove to hold the position. Read moreComments are closed

[10/04/13]  Americans want a country that builds things. Indeed, the manufacturing industry has been touted by President Obama, Republicans and Democrats in Congress, state and local leaders – actually, just about everyone agrees that a strong manufacturing base is key to our nation's future success. But we have a problem. We don't have the people we need. Some 82 percent of manufacturers say they can't find workers with the right skills. Even with so many people looking for jobs, we're struggling to attract the next generation of workers. The message about the opportunities in manufacturing doesn't seem to be reaching parents and counselors who help guide young people's career...