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cashinmattress

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US economy shrank at 5.5 pc pace in first quarter

WASHINGTON: The US economy contracted at a 5.5 percent pace in the first quarter, not as bad as the previous estimate of a 5.7 percent drop, the

government reported Thursday.

The Commerce Department's final estimate of gross domestic product (GDP) still showed a horrific decline on the heels of a 6.3 percent slide in the fourth quarter of 2008, reflecting the worst slump in decades.

The revision reflected a slightly better reading on consumer spending and lower imports, partly offset by declines in inventory and construction.

The figure was slightly better than the unrevised 5.7 percent drop expected by analysts, but economists point out that the reading of January-March activity offers few clues on current conditions.

Many expect a much smaller decline in the current quarter that ends June 30 and growth returning by the third or fourth quarter.

The latest report showed consumer spending, the main driver of activity, rose 1.4 percent in the first quarter, rebounding from a decrease of 4.3 percent in the fourth.

Business investment outside the housing sector however plunged 37.3 percent with investment in equipment and software slumping 33.7 percent. The housing market showed major weakness persisting with a 38.8 percent drop.

Both exports and imports fell, but the decrease in imports provided a boost to GDP of 2.39 percentage points. The drop in exports was 30.6 percent while imports fell 36.4 percent.

A factor in the weak GDP was a drawdown in inventories, which analysts say means businesses may need to ramp up production in the coming months. Stripping out inventory adjustment, a measure of economic activity known as final sales showed a 3.3 percent decline.

Hear that sucking sound? That's the blood and life of middle class being run whole heartedly into oblivion.

New US jobless claims rise unexpectedly to 627K

WASHINGTON: The US government says the number of Americans filing first-time claims for jobless benefits increased last week, partly due to

layoffs related to the end of the school year.

The Labor Department says new jobless claims rose by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000 claims, according to Thomson Reuters.

A department analyst says that states reported more claims than expected from teachers, cafeteria workers and other school employees.

The number of people continuing to receive unemployment insurance rose by 29,000 to 6.74 million, slightly above analysts' estimates of 6.7 million.

"Unexpected"? How is that, they aren't making much of anything, their financial system is still on the ropes, and the excesses will take decades to run out.

I wonder how many people even bother to get out of bed in the morning. What a complete shambles.

Edited by cashinmattress

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This detail was interesting

States reported 2,429,772 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending June 6, an increase of 70,235 from the prior week. EUC weekly claims include both first and second tier activity.

http://www.dol.gov/opa/media/press/eta/ui/current.htm

The EUC program was created on June 30, 2008, by the Supplemental Appropriations Act of 2008 (P.L. 110-252). It made up to 13 additional weeks of federally-funded unemployment benefits available to unemployed individuals nationwide who had already collected all regular state benefits for which they were eligible and who met other eligibility requirements.

On November 21, 2008, the Unemployment Compensation Extension Act of 2008 (P.L. 110-449) expanded EUC to 20 weeks nationwide and created a second tier of 13 more weeks of EUC for individuals in States with high unemployment rates.

On February 17, 2009, the President signed the American Recovery and Reinvestment Act of 2009 which extends the period of time during which claims for EUC can be filed and benefits paid.

For information about how to apply for EUC, please see the map below which provides links to the websites for each state agency administering the EUC program.

http://www.ows.doleta.gov/unemploy/supp_act.asp

More money , less Jobs?

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catastrophic collapse at a consistent, predictable rate has got to be worth a couple of percent on the Dow.

i thought maybe the rally in equities was due to the Fed terminating some of their alphabet soup, but money is piling into Treasuries and MBS too

Mondo Bizarro

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Mmmm, American Spam, tasty.......

How is that spam, Bloomberrg already ran it with

"June 22 (Bloomberg) -- Unemployment and consumer debt are putting home ownership beyond the reach of would-be buyers even as U.S. home prices reset to 2003 levels, according to a report today by Harvard University’s Joint Center for Housing Studies.

“Clear signs of a recovery have yet to emerge, and job losses and the steady stream of foreclosures are keeping many markets under pressure,†researchers for the Cambridge, Massachusetts-based center wrote. “Sales of both new and existing homes continued to struggle to find a bottom.â€

Tight residential real estate markets and low mortgage rates fueled a five-year property boom as the number of U.S. households paying more than half their incomes for housing jumped from 13.8 million in 2001 to 17.9 million in 2007, the researchers said. "

Are you trolling or something?

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How is that spam, Bloomberrg already ran it with

Are you trolling or something?

Of course he's trolling.

It's the worst economic conditions since the Great Depression and he decides to be a Bull FFS! :rolleyes:

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Guest spp

"The latest report showed consumer spending, the main driver of activity, rose 1.4 percent in the first quarter, rebounding from a decrease of 4.3 percent in the fourth."

Yeah...Ammo sales are up!

This guy didn't take it very well...wall street pro 25th june! ha ha

:ph34r:

How about putting Hamish in there with him?? Now there is an idea!!

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"The latest report showed consumer spending, the main driver of activity, rose 1.4 percent in the first quarter, rebounding from a decrease of 4.3 percent in the fourth."

Yeah...Ammo sales are up!

This guy didn't take it very well...wall street pro 25th june! ha ha

:ph34r:

How about putting Hamish in there with him?? Now there is an idea!!

:lol:

Great stuff as usual. Info-packed.

Good line at 5.00mins:

"These motherf**kers are smokin green shoots, that's what it is"

You can learn more about the US economy in 10mins from him, than a month of watching the news! :lol:

I don't think i'd fancy living next door to him though! :lol:

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Guest spp

Where are we on this guys??

A few people I follow on youtube are saying the dollar is going down over the next few months (from sources).

In its current issue the Harry Schultz Letter (HSL) (via Marketwatch, HT John Trudgian) reports rumors that

"Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."

:ph34r:

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Where are we on this guys??

A few people I follow on youtube are saying the dollar is going down over the next few months (from sources).

In its current issue the Harry Schultz Letter (HSL) (via Marketwatch, HT John Trudgian) reports rumors that

"Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."

:ph34r:

And yet the DOW is up 2% today :blink:

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Where are we on this guys??

A few people I follow on youtube are saying the dollar is going down over the next few months (from sources).

In its current issue the Harry Schultz Letter (HSL) (via Marketwatch, HT John Trudgian) reports rumors that

"Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."

:ph34r:

This is the big rumour doing the rounds at the moment. No one seems to know why they are advising the embassies in this way though?

Markinspain posted this a few days ago:

http://www.housepricecrash.co.uk/forum/ind...=118115&hl=

The time coincides with this EU think tank prediction as well:

http://www.housepricecrash.co.uk/forum/ind...=117896&hl=

We also have talk of a 6-month extension to the FDIC $250,000 Guarantee for Deposits:

http://www.tickerforum.org/cgi-ticker/akcs-www?post=99765

This guarantee was put in place at the height of the crisis to prevent bank runs. Why does it need extending if the crisis is behind us?

We shall see.

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Where are we on this guys??

A few people I follow on youtube are saying the dollar is going down over the next few months (from sources).

In its current issue the Harry Schultz Letter (HSL) (via Marketwatch, HT John Trudgian) reports rumors that

"Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."

:ph34r:

Yea somebody has been saying that since the New Deal. What a load of b0llocks. Some guy called Schultz says it and the rest of the currency traders haven't heard (nor anybody on the Street for the matter). What's the point in posting that cr@p??

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This is the big rumour doing the rounds at the moment. No one seems to know why they are advising the embassies in this way though?

Markinspain posted this a few days ago:

http://www.housepricecrash.co.uk/forum/ind...=118115&hl=

The time coincides with this EU think tank prediction as well:

http://www.housepricecrash.co.uk/forum/ind...=117896&hl=

We also have talk of a 6-month extension to the FDIC $250,000 Guarantee for Deposits:

http://www.tickerforum.org/cgi-ticker/akcs-www?post=99765

This guarantee was put in place at the height of the crisis to prevent bank runs. Why does it need extending if the crisis is behind us?

We shall see.

FDIC insurance is mandatory. It's not to prevent "bank runs". It's paid for by the member banks in the form of premiums to the FDIC. Extending it makes no difference to the Federal Government at all. It just costs the banks a bit more. More cobblers.

NEVER short the USA-Warren Buffet.

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FDIC insurance is mandatory. It's not to prevent "bank runs". It's paid for by the member banks in the form of premiums to the FDIC. Extending it makes no difference to the Federal Government at all. It just costs the banks a bit more. More cobblers.

NEVER short the USA-Warren Buffet.

The massive increase to $250,000 last year was to prevent bank runs. Why do you think they would ramp it up so high otherwise?

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"Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days."

:ph34r:

are they going to shit bullion poo's as well ?

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