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New single-family home sales unexpectedly fell in December for the first time in four months and the median home price dropped, dampening some of the hopes the housing sector will boost the economy this year. The Commerce Department said on Thursday sales decreased 2.2 percent to a seasonally adjusted 307,000-unit annual rate. Economists polled by Reuters had forecast sales at a 320,000-unit rate. November's sales pace was revised slightly lower. The housing market remains constrained by high unemployment, falling prices and an oversupply of unsold homes following a bust that triggered the 2007-09 recession. Sales fell in two of the...

Initial jobless claims unexpectedly jumped by 24,000 last week to 399,000 as more workers lost their jobs, the Labor Department said Thursday. At the same time, the economy continues to lose workers. In the 30 months since the recession officially ended, nearly 1 million people have dropped out of the labor force — they aren't working, and they aren't looking — according to data from Labor's Bureau of Labor Statistics. In the past two months, the labor force shrank by 170,000. This is virtually unprecedented in past economic recoveries, at least since the BLS has kept detailed records.

<p>WASHINGTON, Jan 12 (Reuters) - The number of Americans applying for first-time jobless benefits rose last week, a report showed on Thursday, reversing a recent decline and suggesting the labor market remains brittle. Unemployment claims jumped to 399,000 in the first week of 2012, the highest in six weeks, from an upwardly revised 375,000 in the prior week. The four-week average of claims also marched higher to 381,750 from 374,000. The Labor Department report also showed 3.63 million continuing claims, up from 3.61 million. Including the millions of workers receiving benefits under emergency federal programs, some 7.3 million Americans were receiving unemployment benefits as of Dec. 24, the most recent date for which comprehensive figures are available. The U.S. unemployment rate has fallen sharply in recent months and was 8.5 percent December, but some economists worry the drop has been due in part to discouraged workers dropping out of the labor force.</p>

WASHINGTON — The number of Americans filing initial claims for regular state unemployment benefits rose by 24,000 to a seasonally-adjusted 399,000, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires expected claims to rise by 8,000 to 380,000 in the week ended Jan. 7. Claims from the prior week were revised up to 375,000 from 372,000. The average of new claims over the past four weeks increased by 7,750 to 381,750.

Retail sales rose at the weakest pace in seven months in December as consumers pulled back late in the holiday shopping season, cutting purchases at department stores and spending less on electronic gadgets. Total retail sales increased 0.1 percent after rising by an upwardly revised 0.4 percent in November, the Commerce Department said on Thursday. (snip) Excluding autos, retail sales fell 0.2 percent, the first decline since May 2010.

After a few weeks of trending reduction, if not overwhelming momentum toward a net job-creation level, the number of initial jobless claims rose last week by 15,000 to 381,000. The Department of Labor also reported that they adjusted last week’s figure upward by 2,000 claims, but this report will almost certainly be adjusted by a more significant amount: In the week ending December 24, the advance figure for seasonally adjusted initial claims was 381,000, an increase of 15,000 from the previous week’s revised figure of 366,000. The 4-week moving average was 375,000, a decrease of 5,750 from the previous week’s...

Newt Gingrich said Friday that a former CIA official has told him that President Obama's administration has leaked more secrets than any administration that official had seen. "You have an Obama administration who's dedicated to appeasing our enemies and dedicated to giving away our secrets," Gingrich said in an interview with WHO radio in Des Moines. "I've had a former very senior CIA person tell me this White House has leaked more secrets than any White House in his lifetime." A senior Obama campaign official said in response: "His definition of appeasement must be decimating al Qaeda's leadership." Obama has...

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.

In his own inimitable style, Davidowitz explains why the consumer is in "terrible shape" and why "it's going to get worse," citing the following: Crushing Debt Load: Consumer debt is 117% of disposable income. Help Not Wanted: Even November's "strong" report included more people dropping out of the labor pool (315,000) vs. those who found work (278,000), according to the Labor Department's household survey. Reverse Wealth Effect: Household net worth fell 4% in the third quarter, a drop of $2.4 trillion, according to the Fed. That's the biggest drop since 2008 and would be hard to overcome even if wages...

Unemployment is at 8.7%, with 9.7% working part time but seeking full-time jobs. Underemployment, a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work, is 18.4% in mid-December, as measured by Gallup without seasonal adjustment. This is up slightly from 18.1% at the end of November and similar to the 18.5% of a year ago. ... The second component of underemployment is the percentage of U.S. employees who are working part time but want full-time work. It is now at 9.7% -- essentially the same as the 9.6% at...

Trade finance is drying up amid the financial crisis, threatening jobs and economic growth, trade sources warned Saturday. Banks like Credit Agricole and BNP Paribas -- two of the 25 financial institutions most active in such financing -- have recently reduced their trade financing business, said a trade source on the sidelines of a World Trade Organization ministerial conference. ... More than 90 percent of commercial transactions in the world require such credit, but the current crisis is forcing banks to hold on to capital and liquidity, leading to the lending market drying up and making credit more expensive.

The number of Americans filing new claims for jobless benefits dropped to a 3-1/2 year low last week and factory activity in New York state scaled a seven-month high in December, more evidence of a pick-up in economic activity. Initial claims for state unemployment benefits dropped 19,000 to a seasonally adjusted 366,000, the Labor Department said on Thursday. That was the lowest level since May 2008, and confounded economist' expectations for a rise to 390,000. In a separate report, the New York Federal Reserve said its "Empire State" general business conditions index rose to 9.53 - the highest since May...

Data on sales of previously owned U.S. homes from 2007 through October this year will be revised down next week because of double counting, indicating a much weaker housing market than previously thought. The National Association of Realtors said a benchmarking exercise had revealed that some properties were listed more than once, and in some instances, new home sales were also captured. "All the sales and inventory data that have been reported since January 2007 are being downwardly revised. Sales were weaker than people thought," NAR spokesman Walter Malony told Reuters.

Earlier we just got confirmation out of Best Buy that one can not, as expected, offset negative margins with near-infinite volume (as the stock tumbles). Now we get advance retail sales proving that all speculation about a record Black Friday was just that. Oh, and a lie. In short - everything missed. Advance retails sales in November (including Thanksgiving) came at 0.2%, on expectations of 0.6%, and down from a revised 0.6%. Retail sales less autos was 0.2%, half of the expected 0.4%, while ex Auto and Gas also printed at 0.2%, also missing big. So... where did all...

The long-predicted crash has arrived with a vengeance in China's original ghost city. Home prices have plunged by one third recently, down 60% from 2006, in Kangbashi, the ambitious second city built on the outskirts of Ordos. Developers, investors and migrant workers are all giving up on Kangbashi. "Ordos is the first of a number of these ghost cities that will see similar magnitude price declines

In Unemployment Rate Dips to 8.6% as 487,000 Drop Out of Labor Force I presented some quick facts on the drop in the unemployment rate. In the last year, the civilian population rose by 1,726,000. Yet the labor force fell by 67,000. Those not in the labor force rose by 1,793,000.   In November, those "Not in Labor Force" rose by a whopping 487,000. If you are not in the labor force, you are not counted as unemployed.  Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%. Labor Force and Unemployment...

WASHINGTON (MarketWatch) — The number of Americans who applied for jobless benefits last week rose above 400,000 again, an indication that the pace of hiring in the U.S. likely remains modest at best. Initial claims for unemployment compensation climbed by 6,000 to a seasonally adjusted 402,000, the Labor Department said Thursday. It was the highest level in a month. Applications from two weeks ago were revised up to 396,000 from an original reading of 393,000. Economists surveyed by MarketWatch had expected new requests for jobless benefits to total 393,000 in the week ended Nov. 26, which included the Thanksgiving holiday.

New claims for unemployment benefits rose unexpectedly last week, popping above 400,000 for the first time in just over a month and reinforcing the view that the battered labor market was healing only slowly. Initial claims for state unemployment benefits climbed to a seasonally adjusted 402,000 from an upwardly revised 396,000 in the prior week, the Labor Department said on Thursday. Economists polled by Reuters had forecast claims at 390,000.

Breaking on Fox: jobless claims increase to 402,000. Experts expected "only" 390,000.

When the Netherlands built its first sea-based wind turbines in 2006, they were seen as symbols of a greener future. ... But five years later the green future looks a long way off. Faced with the need to cut its budget deficit, the Dutch government says offshore wind power is too expensive and that it cannot afford to subsidize the entire cost of 18 cents per kilowatt hour -- some 4.5 billion euros last year. The government now plans to transfer the financial burden to households and industrial consumers