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  • U.S. 1Q GDP Growth Revised Down to 1.9%

    05/31/2012 6:29:23 AM PDT · by scooby321 · 29 replies
    Fox Business ^ | 5/30/2012 | Fox Business
    U.S. economic growth was a bit slower than initially thought in the first quarter as businesses restocked shelves at a moderate pace and government spending declined sharply.
  • Rising GDP doesn't rule out recession

    05/12/2012 11:53:36 AM PDT · by Signalman · 16 replies
    CNNMoney ^ | 5/12/2012 | Lakshman Achuthan and Anirvan Banerji
    Yes, U.S. GDP is still rising, according to the latest reports. But that doesn't mean we've dodged a new recession. Sound surprising? What most people don't understand is that recessions often begin when gross domestic product is still showing positive growth. Four of the past six recessions started during a quarter when GDP was growing, as did 72% of all recessions in the past 94 years . How can that be? The answer is that expansions end -- and recessions begin -- at the peak of the business cycle, after which the economy begins to contract. _________________________________________________ One reason we...
  • U.S. Debt Reaches 100 Percent of Country's GDP

    05/06/2012 7:12:56 AM PDT · by Son House · 7 replies
    FOXNEWS ^ | August 04, 2011 | FoxNews.com
    The U.S. debt surpassed 100 percent of gross domestic product after the government's debt ceiling was lifted, Treasury figures showed Wednesday, according to AFP. The debt, which had been in somewhat of a holding pattern over the past several weeks, rose $238 billion after President Obama signed the debt-ceiling deal into law Tuesday to avoid the country's first-ever default. The package is designed to carve $2.4 trillion from the deficit over the next decade. But in the near term, it granted Washington an increase in its borrowing authority worth the same amount. With that authority, the public debt has climbed...
  • Real GDP Per Capita -- Dead!

    05/04/2012 1:57:58 PM PDT · by NaturalBornConservative · 4 replies
    Natural Born Conservative ^ | May 4, 2012 | Larry Walker, Jr.
    Moving Forward -- Without Obama* By: Larry Walker, Jr. *Why do I get the eerie feeling that we’ve gotten nowhere in the last four years? The answer is because we’ve gone precisely nowhere with Obama. As the chart above displays, on a per capita basis, real gross domestic product has declined by a cumulative -0.20% during Obama’s four-year term (through Q1 2012). President’s Ronald Reagan and Bill Clinton both inherited rather weak economies. Each achieved real GDP per capita growth of 1.52% in the first year in office, but by the second year, Reagan’s cumulative GDP had declined to...
  • U.S. hiring slows, raising worries on recovery

    05/04/2012 10:56:11 AM PDT · by Red Steel · 12 replies
    Reuters ^ | Fri May 4, 2012 12:56pm EDT | Jason Lange
    WASHINGTON, May 4 (Reuters) - U.S. employers cut back on hiring in April and more people stopped looking for work, dimming hopes the economy was turning a corner just as President Barack Obama steps up his re-election campaign. Employers added 115,000 workers to their payrolls last month, the Labor Department said on Friday. That was well below economists' expectations. The unemployment rate ticked down by a tenth of a point to a three-year low of 8.1 percent, but only because a drop in the number of people hunting for jobs shrank the labor force. It was the third straight month...
  • Total US Debt Soars To 101.5% Of GDP

    05/01/2012 2:40:25 PM PDT · by SatinDoll · 35 replies
    Zero Hedge ^ | 5/01/2012 | Tyler Durden
    There is nothing quite like a $70 billion debt auction settlement at the last day of a month to bring total US debt to a record $15.692 trillion, which happens to be just $600 billion shy of the $16.394 trillion debt ceiling. (and no, contrary to simple economic textbook lesson, this does not mean that the private sector just got another $70 billion in debt capacity courtesy of taxpayers, as explained here). And now that we know what Q1 GDP was at the end of Q1, or namely $15.462 trillion, it is simply math to divine that today alone total...
  • First-quarter growth slows on inventories, weak business spending

    04/27/2012 6:38:20 AM PDT · by MulberryDraw · 3 replies
    Reuters ^ | April 27, 2012 | Lucia Mutikani
    WASHINGTON (Reuters) - Economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a slower pace, but stronger demand for automobiles softened the blow. Gross domestic product expanded at a 2.2 percent annual rate, the Commerce Department said on Friday in its advance estimate, moderating from the fourth quarter's 3 percent rate.
  • US GDP drops to 2.2% in Q1

    04/27/2012 6:34:25 AM PDT · by SeekAndFind · 33 replies
    Hotair ^ | 04/27/2012 | Ed Morrissey
    The US economy slowed in the first quarter of the year, dropping from the previous quarter’s 3.0% to 2.2%, according to the latest report from the Department of Commerce: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.2 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.The Bureau emphasized...
  • Spain Is Doomed: Why Austerity Is Destroying Europe

    04/18/2012 7:43:02 AM PDT · by ctdonath2 · 63 replies
    The Atlantic ^ | Apr 18 2012, 10:00 AM ET | Matthew O'Brien - Matthew O'Brien
    Let's try a thought experiment. Imagine you walked into the bank, told them you were going to be taking pay cuts for the next few years, and then asked for a loan. You'd be laughed out of the office or else pay an interest rate so high that "usurious" wouldn't do it justice. The logic is simple: If you're in debt and your income is shrinking, it's mighty hard to pay back what you already owe. ... Nearly a quarter of Spain's population is unemployed. Half of its youth are out of work. And it's only going to get worse....
  • Lazear: “The Worst Economic Recovery in History” Despite Historic Intervention by The Fed

    04/03/2012 7:30:30 AM PDT · by whitedog57 · 4 replies
    Confounded Interest ^ | 04/03/2012 | Anthony B. Sanders
    Ed Lazear had an interesting op-ed in the Wall Street Journal entitled “The Worst Economic Recovery in History.” The sub heading reads “Since the second half of 2009, the U.S. economy has grown at a rate of 2.4%, a full percentage point below average long-term growth.” You can see in the chart of historic Real GDP growth that the recent “recovery” after that recent recession is tepid compared to the rebound from previous recessions going back to the Great Depression. The article has some valid explanations for this glacial recovery. However, he ignores the growth in regulation of the economy...
  • The Glacial Economy Recovery – Capacity Utilization Falls & Still Below 80%

    03/16/2012 12:04:56 PM PDT · by whitedog57 · 1 replies
    Confounded Interest ^ | 03/16/2012 | Anthony B. Sanders
    Fed Chairman Ben Bernanke uttered these words earlier this week: “Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending.” Today, The Fed released the industrial production and capacity utilization. Industrial production was unchanged in February after having risen 0.4 percent in January. Capacity utilization for total industry edged down to 78.7 percent, a rate 1.2 percentage points above its level from a year earlier but 1.6 percentage points below its long-run (1972–2011) average. Traditionally, The Fed watches capacity utilization as measure of economic growth. 80% is considered “the sweet spot” or goal....
  • Record Subpar Economic Growth Streak Now Nearly 6 Years

    03/01/2012 7:32:34 AM PST · by Slyscribe · 5 replies · 3+ views
    IBD's Capital Hill ^ | 2/29/2012 | Ed Carson
    The economy expanded at a revised 3% annual rate in the fourth quarter. That’s the fastest growth since Q2 2010 and not a bad number by itself. But it’s a measure of how low expectations have fallen. U.S. GDP hasn’t risen 4% or more in any quarter since the first quarter of 2006. That’s by far the longest such stretch on record going back to 1950. The only other sizable sub-par stretch was a three-year span from late 2000 to mid 2003 during the prior recession and sluggish recovery.
  • HUSSMAN: This Pace Of GDP Growth Is 'Always' Associated With Recession

    01/30/2012 6:53:12 AM PST · by blam · 3 replies
    TBI ^ | 1-30-2012 | Joe Weisenthal
    HUSSMAN: This Pace Of GDP Growth Is 'Always' Associated With Recession Joe WeisenthalJanuary 30, 2012 Fund manager John Hussman continues to hammer away at the economy and the market. His latest note is called Goat Rodeo, which is defined as: "Appalachian slang for a chaotic, high-risk, or unmanageable scenario requiring countless things to go right in order to walk away unharmed." After discussing the leading indicators, he writes: ...while we typically discourage drawing inferences from any single indicator, it's at least worth noting that with the release of Q4 GDP figures, the year-over-year growth rate of real U.S. GDP remains...
  • 2011 GDP: 1.7% (Pathetic)

    01/27/2012 12:13:07 PM PST · by Signalman · 7 replies
    Business Insider ^ | 1/27/2012 | Joe Weisnethal
    That's the final, pathetic growth number for 2011. From the just-released GDP report: Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010. The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
  • Q4 GDP 2011: 2.8% (Inventory expansion, not demand)

    01/27/2012 6:57:15 AM PST · by SeekAndFind · 8 replies
    Hotair ^ | 01/27/2012 | Ed Morrissey
    The good news — the annualized GDP growth rate in the fourth quarter went up a full point from Q3′s final number to 2.8%. The bad news: the first estimate for Q4 is only three-tenths of a point better than the first estimate for Q3: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.8 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau...
  • World Bank slashes global GDP forecasts, outlook grim

    01/18/2012 6:47:55 AM PST · by SeekAndFind · 4 replies
    BEIJING/WASHINGTON (Reuters) - The World Bank warned developing countries on Wednesday to prepare for the "real" risk that an escalation in the euro area debt crisis could tip the world into a slump on a par with the global downturn in 2008/09. In a report sharply cutting its world economic growth expectations, the World Bank said Europe was probably already in recession. If the euro area debt crisis deepened, global economic forecasts would be significantly lower. "The sovereign debt crisis in the euro zone appears to be contained," Justin Lin, the chief economist for the World Bank, told reporters in...
  • China's GDP reaches 7.5 trillion USD

    01/18/2012 1:24:40 AM PST · by freegame · 9 replies · 1+ views
    China's GDP reaches 47.1564 trillion RMB (=7.5 trillion USD at the current market price or 7.31 trillion USD at year-average price, grown from 5.88 trillion USD last year, which means 25%+ annual growth rate). Last year China has: Produced 680 million tonnes steel (roughly equal to the combination of the rest world) Produced 19.2 millioin cars and trucks (world highest) Produced 19.09 million square meters's properties (more than the combination of the rest world) Produced 20.7 trillion tonnes cement (50% more than the combination of the rest world) Produced 15.7 million tonnes chemics (world highest) Generated 406.7G kwh electricity (again,...
  • US Debt Is Now Equal to Economy

    01/10/2012 12:38:05 PM PST · by yoe · 25 replies
    Conservative Byte ^ | January 10, 2012
    The soaring national debt has reached a symbolic tipping point: It’s now as big as the entire U.S. economy. The amount of money the federal government owes to its creditors, combined with IOUs to government retirement and other programs, now tops $15.23 trillion. That’s roughly equal to the value of all goods and services the U.S. economy produces in one year: $15.17 trillion as of September, the latest estimate. Private projections show the economy likely grew to about $15.3 trillion by December — a level the debt is likely to surpass this month.(U.S. Debt)
  • 5 Myths About President Obama's Economic Recovery

    12/22/2011 9:03:52 AM PST · by Slyscribe · 10 replies
    Investor's Business Daily ^ | 12/22/2011 | John Merline
    Over the past several months, President Obama has spent much time pleading for patience on the sluggish economy and ongoing high unemployment, arguing that the economic hole was so deep and the crisis so monumental that a slow recovery — now in its 30th month — was inevitable. But in making his case, Obama appears to be perpetuating several myths about the recession he inherited and the slow recovery over which he's presided.
  • Economic Growth Revised Lower for 3rd Quarter (OBAMANOMICS IS A DISASTER)

    12/22/2011 6:12:37 AM PST · by Recovering_Democrat · 62 replies
    WALL STREET JOURNAL ^ | 12.22.11 | By LUCA DI LEO And JEFFREY SPARSHOTT
    The U.S. economy expanded less than thought during the third quarter as consumer spending fell short of an earlier estimate, though signs point to stronger growth in the final months of the year.
  • It's Official: US Debt-To-GDP Passes 100%

    12/21/2011 3:32:30 PM PST · by DeaconBenjamin · 32 replies · 1+ views
    ZeroHedge.com ^ | on 12/21/2011 16:58 -0500 | by Tyler Durden
    With precisely one year left for the world and all of its inhabitants, at least according to the Mayans, not to mention on the day of the Winter Solstice, it is only fitting that US debt, net of all settlements for all already completed bond auctions, is now at precisely $15,182,756,264,288.80. Why is this relevant? Because the latest annualized US GDP, according to the BEA, was $15,180,900,000.00. Which means that, as of today, total US debt to GDP is 100.012%. Congratulations America: you are now in the triple digit "debt to GDP" club! (naturally, this is using purely "on the...
  • INFOGRAPHIC: A State-By-State Look At America's Wealth Distribution

    12/06/2011 12:39:11 PM PST · by SeekAndFind · 11 replies
    Business Insider ^ | 12/06/2011 | Madeline Scinto
    With the ongoing conversation everyone has been having on income disparity, here's a Mint Blog infographic analyzing the phenomenon state by state. Unsurprisingly, smaller states with fancy New York City-like commuter neighborhoods are among the richest, while Southern regions are among the poorest. What's truly interesting are a few unexpected states in the second-to-poorest bracket, including Florida, Idaho, and Montana:
  • US Debt v. GDP Hits Post WW2 High 99.5% Following $55 Billion Overnight Debt Increase

    12/01/2011 2:15:35 PM PST · by tcrlaf · 10 replies · 1+ views
    ZEROHEDGE ^ | 12-1-11 | Durden
    Total Debt Now Over $15.1 Trillion It seems like it was only yesterday that we celebrated 15,OOO,OOO,OOO,OOOBAMA day. Two weeks later, we are now well over 100 billion in debt over this historic landmark, or $15.11 trillion to be precise, following the predicted $55 billion increase in debt with the settlement of all auctions from last week. And aside from the mind-staggering rate of new debt increase why else is this number notable? Because as we learned 10 days ago, total Q3 GDP in current dollars is $15.18 trillion. In other words, US debt/GDP is now 99.5%, the highest it...
  • CHART OF THE DAY: Guess Which Country Has The Highest Percentage Of Workers Employed By Gov't

    11/28/2011 9:07:40 AM PST · by SeekAndFind · 8 replies
    Business Insider ^ | 11/28/2011 | Joe Weisenthal
    With all the talk these days all around the world of fiscal consolidation, it may interest you to know that the US still has an extremely small percentage of its workers employed by the public sector, at least compared to Europe. The largest? According to Citi's Tobias Levkovich, the answer is China, where nearly 50% of workers are somehow in the government sector. Granted, this could include state-owned-enterprises, which remain a large chunk of the Chinese economy, but either way it does confirm that for Chinese employment to remain solid, Beijing will have to keep its foot on the gas...
  • U.S. third-quarter growth revised down to 2.0% (Down from an already pathetic 2.5%)

    11/26/2011 8:17:31 AM PST · by SeekAndFind · 12 replies
    Marketwatch ^ | 11/25/2011 | Jeffry Bartash
    WASHINGTON (MarketWatch) — The U.S. economy grew at a slower pace than originally estimated in the third quarter, mainly because companies reduced inventories and did not invest as much. The Commerce Department cut its estimate of gross domestic product to 2.0% from a first reading of 2.5%. Government’s second revision of GDP includes data not fully available earlier, such inventory levels and trade data. As a result, it paints a more accurate picture of U.S. growth. Economists surveyed by MarketWatch expected the government to trim its estimate to 2.3%. Still, the 2.0% growth rate was the fastest since the fourth...
  • Third Quarter GDP Revisited

    As I mentioned last month when the advance estimate for GDP came in at 2.5%, don't get too excited by the number. Well, lo and behold in today's Q3 GDP revision, the estimate went down from 2.5% to only 2% in the quarter. And in a year-over-year growth analysis (always my preference as it automatically adjusts for seasonality) the economy continues to deteriorate, only growing 1.5% over the third quarter last year: Even more disturbing, real disposable personal income was flat compared to a year ago. This is a number that only turned negative in Q1 2009 and before that...
  • Third-quarter growth revised down to 2.0 percent

    11/22/2011 7:23:40 AM PST · by Qbert · 7 replies
    Reuters via Yahoo Finance ^ | 11/22/2011 | Reuters
    WASHINGTON (Reuters) - The U.S. economy grew at a slightly slower pace than previously estimated in the third quarter, but weak inventory accumulation amid sturdy consumer spending strengthened views output would pick up in the current quarter. Gross domestic product grew at a 2.0 percent annual rate in the third quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously estimated 2.5 percent.
  • CBO on the Stimulus: "A net negative effect on the growth of GDP over 10 years."

    11/17/2011 11:07:38 PM PST · by neverdem · 13 replies
    Reason ^ | November 17, 2011 | Peter Suderman
    NRO's Andrew Stiles flags this exchange from Congressional Budget Office director Douglas Elmendorf's testimony before the Senate Budget Committee ealier this week: (Insert video segment) The quote that matters starts around 1:25, when Elmendorf says that, according to CBO's estimates, with the stimulus legislation in place, "the level of GDP would be a little lower at the end. That is, a net negative effect on the growth of GDP over 10 years." Elmendorf then confirms that CBO estimates that the economic drag will continue in the following decade: SESSIONS: And in the next 10 years, since you’re carrying that debt...
  • Chinese economy nearly bankrupt? Inflation rate is 16 percent?

    11/17/2011 11:18:30 AM PST · by se99tp · 10 replies
    The Extra News ^ | 11/17/2011 | Extra News
    (...)Until recently only Chinese dissidents and some economists criticized the Politburo policy, which can be compared to printing money: building cities for no one and the sale of land. This time Chinese professor of finance, the television host, Larry Lang confirmed that Chinese economy is almost bankrupt: -the real public debt is US $ 5.68 trillion -the real inflation rate is 16 percent
  • Forecasters see only moderate US growth in 2012-13 ($ 5T brings weak growth, high unemployment)

    11/17/2011 11:08:41 AM PST · by Qbert · 2 replies
    AP via Yahoo Finance ^ | 11/17/2011 | Kathy Barks Hoffman
    LANSING, Mich. (AP) -- The U.S. economy should grow only moderately over the next two years, generating just enough jobs to slowly reduce unemployment, University of Michigan economists said Thursday. [Snip] The annual economic forecast said that economic output growth should be about 2.5 percent in both 2012 and 2013, up from this year's projected rate of 1.8 percent. The national jobless rate should drop from 9 percent now to 8.8 percent in late 2012 and to 8.5 percent in late 2013, forecasters said.
  • The U.S. Economy’s Indian Summer

    11/16/2011 7:14:00 AM PST · by Slyscribe
    IBD's Capital Hill ^ | 11/16/2011 | Ed Carson
    America’s economy may not have a spring in its step, but at least it’s steady on its feet after a recession scare just a few months ago. The recent pace may not be sustainable, though. Instead, the U.S. may be enjoying an Indian summer, with the economy briefly heating up in the fall before cooling back down.
  • On The Continuing Zombification Of The US Economy

    11/06/2011 7:29:03 AM PST · by blam · 4 replies
    The Daily Reckoning ^ | 11-4-2011 | Bill Bonner
    On The Continuing Zombification Of The US Economy By Bill Bonner 11/04/11 Paris, France – We have been exploring the zombification of the US economy. Major industries — finance, health, education and defense — have been taken over by zombies, parasites whose real interest is to transfer wealth to themselves, from the part of the economy that remains productive. As the economy becomes more zombified, the part of it dominated by these non-productive industries increases, leaving fewer resources for the productive part. And as the productive part weakens, so does the entire economy’s ability to produce real wealth, or grow...
  • Slouching toward the 1930s (We are headed for an unavoidable event worse than the Great Depression)

    10/31/2011 6:49:53 AM PDT · by SeekAndFind · 23 replies
    American Thinker ^ | 10/30/2011 | Monty Pelerin
    The current economic crisis rivals the one of the 1930s.  Despite shameless propaganda by government and its cronies in the media, people understand that the situation is getting worse.  Consumer confidence continues to decline as does confidence in the future.We are headed for an event that history will record as worse than the Great Depression.  It is unavoidable.The Level of DebtThe principal reason for the dire prediction is the level of debt outstanding.  Current debt levels are simply not sustainable.  Assets and cash flows cannot support or service this debt.No economic recovery can occur without massive debt reduction.  As...
  • GOLDMAN: Stop Kidding Yourself, The Economy Is Weak And Got Worse In October

    10/29/2011 4:52:09 AM PDT · by blam · 12 replies
    TBI ^ | 10-29-2011 | Joe Weisenthal
    GOLDMAN: Stop Kidding Yourself, The Economy Is Weak And Got Worse In October Joe Weisenthal Oct. 29, 2011, 5:28 AM Goldman's own proprietary Goldman Sachs Analyst Index does not reflect the modest cheer that people are feeling about the economy. Remember, this past week, Q3 GDP came in at 2.5%, nearly double the pace of the previous month. And the stock market has rebounded sharply thanks to a surprise string of stronger-than-expected economic data. But don't get too excited. From Goldman's Shuyan Wu The GSAI fell 0.9 points from 43.3 in September to 42.4 in October. This is the third...
  • Night Of The Living Debt: US debt to surpass GDP on Halloween

    10/28/2011 9:02:43 AM PDT · by martosko · 6 replies
    The Daily Caller ^ | 10/28/2011 | Jordan Bloom
    As children across America costume themselves as ghouls, ghosts, goblins and former North African dictators Monday night, they may have missed the most spine-chilling scare of the day. According to calculations based on the International Monetary Fund’s World Economic Outlook, on All Hallows’ Eve the United States’ total debt will surpass its Gross Domestic Product for the first time since World War II. That means the average American’s share of government debt is more than an average American makes in a year. Spooky! On October 19 Bloomberg released a chart showing that per capita gross government debt would to exceed...
  • The ABCs of GDP--It's the standard measure of our economy, but what exactly is it? (Video)

    10/28/2011 7:32:58 AM PDT · by Will75 · 2 replies
    Slate ^ | Oct.27, 2011 | Slate V Staff
    "The Commerce Department released third-quarter gross domestic product numbers today, showing that the economy grew almost twice as fast over the summer compared to the spring. Quarterly GDP numbers serve as a ready gauge of the relative health of the economy and are often the first statistic invoked to assess our current collective standard of living. But how precisely is GDP calculated and what goes into these numbers?"
  • The Real Story Behind "Rising" U.S. Income Inequality

    10/27/2011 9:27:46 AM PDT · by Kaslin · 12 replies
    Townhall.com ^ | October 27, 2011 | Political Calculations
    Why is income inequality rising for U.S. families and households, but not for individual Americans? Having now shown that there has been absolutely no significant change in the level of inequality among U.S. individual income earners from 1994 through 2010, we thought we'd take a step back and look at the data for U.S. families and for households to examine those trends over time. The chart below shows what we find for each grouping of Americans according to their Gini Coefficient, where a value of 0 indicates perfect equality (everyone has the same income) and a value of 1 indicates...
  • U.S. economy grows 2.5% in third quarter

    10/27/2011 8:04:43 AM PDT · by Free Vulcan · 27 replies
    Marketwatch ^ | 10.27.11 | Jeffry Bartash
    U.S. growth accelerated in the third quarter as consumers and businesses ramped up spending, a report that shows the economy remained resilient in the face of strong headwinds. Gross domestic product in the July-through-September period expanded at a 2.5% annual rate, the government said Thursday. That’s nearly double the 1.3% rate of growth in the second quarter and much faster than the first quarter’s tepid increase of 0.4%.
  • Thai flood damage likely to cost Bt100-200 bln, to shrink GDP by 2%: World Bank

    10/20/2011 2:12:28 PM PDT · by TigerLikesRooster · 5 replies
    MCOT ^ | 10/20/11
    Thai flood damage likely to cost Bt100-200 bln, to shrink GDP by 2%: World Bank BANGKOK, Oct 20 - Thai flood’s damage is likely to cost at least Bt100 billion and perhaps even amount to more than Bt200 billion and to shrink the country’s gross domestic product (GDP) by two per cent, Kirida Bhaopichitr, World Bank senior economist for Thailand said on Thursday. Thai economic growth in the fourth quarter is projected to be negative. However, the World Bank must continue monitoring the situation for further assessments as the flood crisis has not ended yet. Thai economic growth will be...
  • Total US Debt Update: $14.86 Trillion; $162 Billion Increase In Three Days; 98.9% Debt/GDP

    10/05/2011 2:08:50 PM PDT · by SeekAndFind · 19 replies
    Zero Hedge ^ | 10/05/2011 | Tyler Durden
    Little to say here: total debt is now at, obviously, a new record high of $14,856,859,498,405.73, which is a $20 billion increase overnight, $67 billion in the past two days, and $162 billion in the last three days. We will repeat the last part: total US debt has increased by $162 billion in three days. Said otherwise, total US Debt/GDP is now 98.9%. Please carry on.Today's debt summary.Yesterday's Debt summary:And from the day before:
  • Second-quarter GDP revised up to show 1.3% growth

    09/29/2011 6:34:20 AM PDT · by Free Vulcan · 13 replies
    Marketwatch ^ | 9.29.11 | Greg Robb
    The U.S. economy expanded at a slightly faster pace than previously thought in the second quarter of 2011, led by a pickup in consumer and construction spending, government data showed Thursday. Gross domestic product rose at an annual rate of 1.3% in the second quarter, the Commerce Department said. The rate of GDP growth was faster than the government’s prior reading of 1.0%.
  • Obama: ‘You Can’t Have a Modern Industrial Economy’ Under GOP Tax Plans

    09/26/2011 5:06:25 PM PDT · by Sub-Driver · 60 replies
    Obama: ‘You Can’t Have a Modern Industrial Economy’ Under GOP Tax Plans By Fred Lucas September 26, 2011 (CNSNews.com) – Under Republican tax proposals it would not be possible to have a “modern industrial economy,” President Obama said during a town hall event in Mountain View, Calif. on Monday. A member of the audience asked whether he could pay more in taxes, adding that he had been helped by federal Pell grants and infrastructure and job training programs that allowed him to be successful. “Right now, we’ve got the lowest tax rates we’ve had since the 1950s,” Obama said during...
  • The numbers behind the numbers

    09/16/2011 6:42:42 AM PDT · by TheBombshellProject · 1 replies
    BizPac Review ^ | 9-15-2011 | Bill Martin
    The World Economic Forum recently published its annual Global Competiveness Report. Our continual slide from first in 2008 to fifth worldwide has received some coverage by the press, but no one has written about the underlying causes for the drop or given any meaningful insight into who the WEF is and how the rankings are compiled. The mainstream press has completely missed the story. The WEF describes itself as an independent international organization committed to “improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.” The rankings...
  • The numbers behind the numbers

    09/16/2011 6:42:25 AM PDT · by TheBombshellProject · 3 replies
    BizPac Review ^ | 9-15-2011 | Bill Martin
    The World Economic Forum recently published its annual Global Competiveness Report. Our continual slide from first in 2008 to fifth worldwide has received some coverage by the press, but no one has written about the underlying causes for the drop or given any meaningful insight into who the WEF is and how the rankings are compiled. The mainstream press has completely missed the story. The WEF describes itself as an independent international organization committed to “improving the state of the world by engaging business, political, academic and other leaders of society to shape global, regional and industry agendas.” The rankings...
  • Current-account deficit narrows in second quarter

    09/15/2011 6:06:44 AM PDT · by Free Vulcan · 4 replies · 1+ views
    Marketwatch ^ | 9.15.11 | Steve Goldstein
    The U.S. current-account deficit fell to $118 billion in the second quarter, or 3.1% of GDP, from first-quarter levels of $119.6 billion, or 3.2% of GDP...
  • Data says it all about economy: flat, flat, flat

    09/14/2011 9:47:06 AM PDT · by Free Vulcan · 3 replies
    Marketwatch ^ | 9.14.11 | Staff
    WASHINGTON (MarketWatch) — So it’s official: In August there was no jobs growth, no sales growth and no price growth... That flat performance is pretty appropriate description about the economy: one that might not be in a recession but isn’t going anywhere fast and is very vulnerable to contraction.
  • Economists cut growth forecasts for 2011 and 2012

    09/13/2011 7:47:41 AM PDT · by Qbert · 5 replies
    AP via Yahoo Finance ^ | September 12, 2011 | Martin Crutsinger
    WASHINGTON (AP) -- Confronted with an economy that has decidedly underperformed this year, economists are scaling back their growth forecasts for 2011 and next year. In their latest forecast, top economists with the National Association for Business Economics predict that the economy will grow 1.7 percent this year -- down from the group's May prediction of 2.8 percent expansion. For 2012, the group is forecasting growth of 2.3 percent, compared to a May forecast of 3.2 percent growth. [Snip] The survey was done before President Barack Obama appeared before Congress on Thursday to unveil a new $447 billion plan to...
  • Troubled Spain amends constitution to limit debt

    08/26/2011 11:48:27 AM PDT · by Rick_Michael · 32 replies
    AP/yahoo finances ^ | August 26, 2011 | Daniel Woolls
    The ruling Socialists and the opposition center-right Popular Party cut a deal after hours of frantic negotiations to propose a law under which, starting in 2020, the national deficit cannot surpass 0.4 percent of the country's GDP............
  • Citigroup Downgrades Global GDP Growth For 2011 & 2012

    08/25/2011 10:38:55 AM PDT · by blam
    24/7 Wall Street ^ | 8-25-2011 | John C Ogg
    Citigroup Downgrades Global GDP Growth For 2011 & 2012 Posted: August 25, 2011 at 8:02 amJohn C OGG Citigroup is downgrading the global growth targets for 2011 and 2012. The economic team there now sees the global growth Citigroup cut its 2011 global GDP growth forecast to 3.1% from a prior rate of 3.4%. More importantly, it is cutting the global GDP growth for 2012 down to 3.2% from 3.7%. This might not seem like much of a cut and might not sound recessionary. Technically it is not, but it just shows that maturing scale of the economy as China...
  • Congressional Budget Office Issues New GDP Forecast — Way More Bullish Than Wall Street

    08/24/2011 7:38:09 AM PDT · by SeekAndFind · 11 replies
    Business Insider ^ | 08/24/2011 | Zeke Miller
    The nonpartisan Congressional Budget Office just released its August budget and deficit projections. They predict 2.7% GDP Growth, 8.5% unemployment in 2012 — which Jim Pethokoukis notes, is more bullish than both than expected by Goldman Sachs and JP Morgan. Some highlights: * $1.284 trillion deficit for the fiscal year ending September 30 — down slightly from the past two years. This is the third-largest deficit in the past 65 years. Better fiscal outlook for the next ten years — assuming current law remains unchanged and the "Super Committee" completes its work. * Deficits from 2012-2020 will run up an...