Elastic Tapes: July 2008 Archives

were down 0.3 percent on Thursday at 5:25 a.m. EDT and S&P 500 futures were also lower by 0.2 while Nasdaq futures were down by 0.1 percent.

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Wall Street Journal reported that the automaker will cut 5,000 North American white-collar jobs by November 1 -- part of GM's plan announced earlier this month to save $10 billion through 2009. The day's economic data calendar has advance Q2 GDP, Q2 employment costs and weekly jobless claims at 8:30 a.m. EDT; the New York NAPM at 9 a.m. EDT; the Chicago PMI at 1345 GMT and the Kansas City Fed's July manufacturing survey at 11 a.m. EDT.

Full Story: Wall Street stock futures down; eyes on Exxon, GDP (Reuters)

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Gov. David Paterson said Wednesday he wants to freeze hiring and cut state spending by an additional 7 percent to shore up a state economy that his budget director said is officially in recession.

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Paterson said a budget deficit will hit $26.2 billion in three years because of high state spending and declining revenues, including a 97 percent drop in banking taxes from a year ago. He is also seeking approval of measures that have failed to gain support in the Legislature , including privatizing some state assets and resources.

Full Story: NY gov. seeks hiring freeze, spending cuts (AP)

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Crude oil prices sank $2.54 to $122.19 a barrel on the New York Mercantile Exchange , extending their two-week-long retreat from record highs above $147. The prospect of lower energy costs for U.S. consumers, along with a modest uptick in the Conference Board's July index of consumer confidence to 51.9 from 51 in June, came as welcome news.

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"The thinking is that oil prices are heading lower, and that's obviously a positive for the market," said Richard E. Cripps, chief market strategist for Stifel Nicolaus . A stock bounce was hardly unexpected, though, after the Dow lost nearly 240 points Monday on worries about the sagging financial sector.

Full Story: Stocks soar after another drop in oil prices (AP)

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metropolitan areas fell 0.9 percent in May from April, bringing the measure down 15.8 percent from May 2007.

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Economists surveyed by Thomson Reuters expected the monthly and annual drops would be 1 percent and 16 percent, respectively. S&P said the composite index of 10 metropolitan areas declined 1 percent in May, for a 16.9 percent year-over-year drop.

Full Story: Home prices fell at record pace in May: S&P (Reuters)

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Bush administration on Monday projected the U.S. budget deficit will soar to a record of nearly half a trillion dollars in fiscal 2009 as a housing-led economic slowdown cuts into government revenues.

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"I believe whoever becomes the next president will have a very, very sobering first week in office," predicted Senate Budget Committee Chairman Kent Conrad , a North Dakota Democrat. Reacting to the White House's new prediction that the budget deficit will hit $482 billion in the fiscal year that starts October 1, Conrad said that number easily could rise by an additional $80 billion when the full costs of the Iraq war are tallied next year.

Full Story: White House sees record budget gap in 2009 (Reuters)

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gave a vote of confidence to Federal Reserve Chairman Ben Bernanke , saying he had made some good decisions in difficult circumstances.

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"I think that Chairman Bernanke was handed a pretty tough hand and I think some of the decisions he's made have been the right ones," the presumptive Democratic nominee told Reuters in an interview on Saturday evening. Obama, speaking on the flight home to Chicago from his nine-day overseas trip, also said he would convene a meeting on Monday on the economy and the financial system.

Full Story: Obama gives Fed's Bernanke vote of confidence (Reuters)

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gave a vote of confidence to Federal Reserve Chairman Ben Bernanke , saying he had made some good decisions in difficult circumstances.

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"I think that Chairman Bernanke was handed a pretty tough hand and I think some of the decisions he's made have been the right ones," the presumptive Democratic nominee told Reuters in an interview on Saturday evening. In a move that some criticized as a bailout, the Fed came to the rescue of investment bank Bear Stearns by helping to broker its takeover by J.P. Morgan Chase .

Full Story: Obama gives Bernanke vote of confidence (Reuters)

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ABBA 's a mega-hit and Elton John's going to be performing at Madison Square Garden. Had enough of these '70s flashbacks? Brace yourself for another: the return of the national speed limit, courtesy of one of the country's most venerable politicians.

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The National Maximum Speed Limit of 55 mph was created in 1974, when Richard Nixon signed the Emergency Energy Highway Conservation Act. Prior to that, states had been free to set their own speed limits, but the new law threatened to strip Federal highway funding from any state straying above the national standard. The ostensible purpose of this limit was to keep down gas prices, which had been driven through the roof by an OPEC embargo touched off by the 1973 Arab-Israeli war. And with gas-prices once again sky-high, Warner isn't alone in talking up a cap on speeding. , is already on the case. Earlier this month, she introduced a bill that would cap highway speed limits at 60 mph - 65 in rural areas. It's currently awaiting a hearing before the House Committee on Transportation. Warner says he hasn't contacted Speier, but adds that he'd be willing to "stroll out on the floor" in favor of a speed-limit bill. He has yet to propose a similar bill in the Senate.

Full Story: Would You Drive 55? (Time.com)

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CHICAGO - Consumer spending is down and gas prices are up. That's bad math for the scores of destination retailers across the country that want customers to fill up the tank for a gas-guzzling day of retail therapy.

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So to cajole shoppers into stores, some of the nation's chains are changing marketing strategies, launching in-store classes and drumming up other special events aimed at getting road-tripping shoppers to pump up sales. Customers at Bass Pro Shops drive an average of 100 miles to reach the company's 50 locations and many are known to drive up to 300 miles each way to spend time at the massive outdoor supercenters.

Full Story: Destination retailers feel gas price pinch (AP)

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said Thursday, as buyers showed little interest amid falling real estate prices and uncertainty about jobs and the economy.

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Home and condo resales fell 2.6% from May to an annual rate of 4.86 million, the lowest since the NAR began tracking the series in 1999. Economists expected 4.95 million. Sales sank 16% vs. a year earlier. Rising mortgage rates, tighter lending standards, job losses and stagnant wages are discouraging even credit-worthy would-be homebuyers.

Full Story: Home Sales Sink To New Low As Job Market Weakens (Investor's Business Daily)

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A report showing a larger-than-expected increase in the number of people filing for unemployment benefits in the latest week added to concerns about a slowing labor market.

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Even so, technology shares could rise after a stronger-than-expected quarterly profit from Internet retailer Amazon.com Inc (AMZN.O), whose stock shot up nearly 9 percent to $76.64 before the bell. "Not everyone is going to jump in here. There's some apprehension as to the sustainability of the recent market bounce," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey. "On the surface, Ford is not a positive." S&P 500 futures fell 1.3 points and were near break-even with fair value, a mathematical formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Full Story: Wall Street set for flat open, techs may gain (Reuters)

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, said on Wednesday second-quarter profit tumbled 92 percent as the housing slump cut into home sales and refinancings.

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Net income fell to $6.9 million, or 3 cents per share, from $84.8 million, or 38 cents a share, a year earlier. Revenue fell 21 percent to $1.18 billion. Analysts on average expected profit of 13 cents per share on revenue of $1.17 billion, according to Reuters Estimates.

Full Story: Title insurer Fidelity National's net sinks 92 percent (Reuters)

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COLUMBUS, Ohio - Rising prices at the gas pump appear to be having at least one positive effect: Traffic deaths around the country are plummeting, just as they did during the Arab oil embargo three decades ago.

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Researchers with the National Safety Council report a 9 percent drop in motor vehicle deaths overall through May compared with the first five months of 2007, including a drop of 18 percent in March and 14 percent in April. Preliminary figures obtained by The Associated Press show that some states have reported declines of 20 percent or more. Thirty-one states have seen declines of at least 10 percent, and eight states have reported an increase, according to the council.

Full Story: AP IMPACT: Traffic deaths fall as gas prices climb (AP)

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Reuters - Record gasoline prices are fueling a boom in sales of fuel-efficient scooters across the United States, as commuters ditch their gas-guzzlers and don helmets and goggles to beat high prices at the pump.

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Full Story: Soaring gas prices drive scooter sales skyward (Reuters)

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NEW YORK - Factories laying off workers, stocks tumbling and shoppers ditching their credit cards forced the economy to contract in June, a trend likely to continue in the second half of 2008, a private business group said Monday.

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The New York-based Conference Board's forecast of future economic activity fell 0.1 percent last month, in line with forecasts by Wall Street economists surveyed by Thomson Financial/IFR. The group also revised May's number downward to a 0.2 percent decrease, from a 0.1 percent increase.

Full Story: Unemployment, stocks push down leading indicators (AP)

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on how to resolve the country's banking crisis, the Wall Street Journal said, citing people familiar with the matter.

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Goldman's most senior financial-institutions banker, who has played a big role in capital raisings and reorganizations across the banking sector, will join Paulson to address issues from a more macro perspective, the paper said. The move comes as the Treasury and Federal Reserve grapple with issues including the threat of bank failures, alarming capital levels and crises of confidence in important institutions such as Fannie Mae (FNM.N) and Freddie Mac (FRE.N).

Full Story: Goldman's Wilson to advise Paulson on banking: report (Reuters)

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told Congress Wednesday that troubled mortgage giants Fannie Mae and Freddie Mac are in "no danger of failing." The Fed chief made his remarks to the House Financial Services Committee, his second day on Capitol Hill where he briefed lawmakers on the problems plaguing the economy.

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Bernanke appeared amid a backdrop of fading confidence in the U.S. financial system and in the national economy. The Fed and the Treasury Department on Sunday came to the rescue of mortgage giants Fannie Mae and Freddie Mac, offering to throw them a financial lifeline.

Full Story: Bernanke: Fannie, Freddie in no danger of failing (AP)

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NEW YORK (Reuters) - Stocks rose on Wednesday as Wells Fargo & Co's (WFC.N) upbeat quarterly results eased concerns about the impact of the credit crisis on banks, overshadowing data that pointed to rising inflationary pressures.

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Consumer prices in June rose on a continued surge in gasoline prices, adding more pressure to an economy beset with a stressed banking system and the worst housing downturn in decades. Even so, shares of financial services companies rose as investors bid the beaten-down sector higher, with shares of Wells Fargo up more than 18 percent to lead the S&P 500 's advance.

Full Story: Stocks rise as Wells Fargo eases bank fears (Reuters)

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INFLATION: Wholesale prices jumped sharply in June, reflecting surging energy and food costs. For the past 12 months, prices are up 9.2 percent, the biggest gain in 27 years.

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CONSUMERS: Retail spending edged up just 0.1 percent in June, the weakest showing since February, even though the government was mailing out billions of dollars in economic stimulus payments. Trade Forex Online with GFT Free Practice Account & Training. Trade 24 hrs-a-day 5.5 days a week.

Full Story: Summary Box: Wholesale prices surge (AP)

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NEW YORK (Reuters) - Weak retail sales and a rise in producer prices at their highest annual rate in 27 years provided further evidence of "stagflation" in the U.S. economy on Tuesday.

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Federal Reserve Chairman Ben Bernanke reinforced the troubled outlook for the world's largest economy, saying growth faced significant downside risks, even though the Fed raised its forecast for economic growth as well as for inflation. In its semi-annual monetary policy report to Congress, the Fed raised its projection for growth in 2008, but this provided cold comfort to investors hit by the downturn in the stockmarket and to consumers facing soaring energy prices and higher unemployment.

Full Story: Data paint stagflationary picture (Reuters)

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told Congress Tuesday the fragile economy is facing "numerous difficulties" despite the Fed's aggressive interest rate reductions and other fortifying steps.

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At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. This problem looms even as officials try to cope with persistent strains in financial markets, rising joblessness and housing problems. The situation, he said, poses "significant challenges" for Fed policymakers as they try to chart the best course for keeping the economy growing, while making sure inflation doesn't dangerously flare up. All the economy's problems, including slumping home values, which threaten to make people feel less wealthy and less inclined to spend in the months ahead, represent "significant downside risks" to economic growth.

Full Story: Fed chief details woes in markets, housing, jobs (AP)

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as a weakening housing market, tighter credit and rising oil prices threaten the economy, Fed Chairman Ben Bernanke said on Tuesday.

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"Accurately assessing and appropriately balancing the risks to the outlook for growth and inflation is a significant challenge for monetary policy-makers," Bernanke said in remarks to the Senate Banking Committee. Bernanke was delivering his semi-annual testimony on economic conditions to lawmakers. "The possibility of higher energy prices, tighter credit conditions, and a still-deeper contraction in housing markets all represent significant downside risks to the outlook for growth. At the same time, upside risks to the inflation outlook have intensified lately," he said.

Full Story: Bernanke: Financial markets under heavy stress (Reuters)

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told Congress Tuesday the fragile economy is facing "numerous difficulties" including persistent strains in financial markets, rising joblessness and housing problems — despite the Fed's aggressive interest rate reductions and other fortifying steps.

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At the same time, Bernanke, testifying before the Senate Banking Committee, sounded another warning that rising prices for energy and food are elevating inflation risks. The situation, he said, poses "significant challenges" for Fed policymakers as they try to chart the best course for keeping the economy growing, while making sure inflation doesn't dangerously flare up. All the economy's problems, including slumping home values, which threaten to make people feel less wealthy and less inclined to spend in the months ahead, represent "significant downside risks" to economic growth.

Full Story: Bernanke: economy faces 'numerous difficulties' (AP)

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WASHINGTON (Reuters) - Fannie Mae (FNM.N) and Freddie Mac (FRE.N) said on Friday that their finances were sufficiently sound to withstand the housing crisis as government officials scrambled to restore confidence in the country's two largest mortgage finance companies. U.S. Treasury Secretary Henry Paulson indicated that a bailout of Fannie and Freddie was unlikely despite financial market concerns that the agencies, which finance nearly half of U.S. homes, may have trouble raising enough money to keep buying mortgages. A key senator said the U.S. Federal Reserve was considering allowing Fannie and Freddie to borrow directly from the central bank, spurring speculation that the Fed may take action as early as this weekend. Fannie and Freddie shares, after taking a beating, recovered some of their earlier losses but ending lower on the day.

Full Story: Fannie, Freddie say they have plenty of capital (Reuters)

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WASHINGTON - The U.S. trade deficit narrowed in May as exports — including industrial supplies and consumer goods — climbed to all-time highs. The latest snapshot of trade activity, reported by the Commerce Department on Friday, showed that the nation's trade gap, thanks largely to the declining dollar, decreased to $59.8 billion. That was down 1.2 percent from April's trade deficit and was the best showing since March. Exports of U.S.-made goods and services totaled an all-time high of $157.6 billion in May. That marked a 0.9 percent increase from April. The declining value of the U.S. dollar relative to other currencies, especially the euro, is helping to make U.S. exports cheaper and thus more attractive to foreign buyers. Growth in exports has been one of the few bright spots for the U.S. economy, which has been pounded by housing, credit and financial crises.

Full Story: Trade deficit ebbs as exports rise to record high (AP)

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Chesapeake Bay city of idled crab processing plants and costly vacation homes has had a not-too-distant history of racial strife. But when Cambridge elected its first black mayor this week, residents said their worries about joblessness and the economy were foremost on their minds — not the race or gender of the winning candidate. Decades after the demise of segregation, this sleepy city on Maryland's Eastern Shore has elected not only its first black mayor but also its first woman to the post. For Cambridge, the choice of Victoria Jackson -Stanley signaled just how much times have changed. "I didn't set out to make history, but here it is," said the 54-year-old social worker, who ousted an eight-year incumbent in a nonpartisan election.

Full Story: Md. city with edgy racial past elects black mayor (AP)

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Toyota Motor Corp said on Thursday it would start building its Prius hybrid in the United States in 2010 and suspend production of slow-selling big trucks for three months in a sharp reversal of strategy forced by slumping sales and high gas prices. Toyota, which has faced widening shortages of fuel- efficient small cars in recent months, will start building its top-selling hybrid at a new Mississippi plant, originally scheduled to produce the Highlander sport utility vehicle . The unusual and costly moves by Toyota, now the global auto sales leader, underscored the pressure across the industry as major automakers scuttle truck production and take steps to ramp up output of passenger cars to keep up with a dramatic shift in U.S. buying patterns.

Full Story: Toyota to build Prius in U.S., slash truck output (Reuters)

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finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent. Crude prices tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange , bringing oil's two-day drop to more than $9. Other commodities also pulled back. JPMorgan Chase & Co . Chief Executive Jamie Dimon gave the market some reassurance about the financial sector. Investors have been concerned this week about the health of government-backed lenders Fannie Mae and Freddie Mac; the two companies' troubles helped send prices lower on Monday, but they also helped lead the rebound Tuesday.

Full Story: Dow ends up 152 on decline in oil, Bernanke talk (AP)

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That was slightly better than Wall St. estimates, while April's rise in consumer credit outstanding was revised down to $7.8 bil. Credit card and other revolving debt grew by $5.7 bil after April's drop of $424 mil. Auto, boat and other nonrevolving loans rose $2.1 bil. Wholesale inventories rose 0.8% in May, more than expected after a 1.4% gain in April. But sales jumped 1.6% for a 2nd month, pushing the stock-to-sales ratio to a record-low 1.08 months. Richmond Fed President Jeffrey Lacker said inflation is "unacceptably high" and said the Fed should hike rates as the economy improves. U.K. recession talk mounting The service sector is in its worst shape since Britain's last recession in the early '90s, while unemployment could rise by up to 300,000 by the end of '09, according to the British Chambers of Commerce's Q2 survey. A Mon. report said U.K. industrial output suffered a sharp 0.8% decline, while other data show mortgage activity falling sharply. But rising inflation makes it hard for the Bank of England to justify lowering borrowing costs. European Central Bank is more worried about inflation than the Fed and why it hiked rates last week.

Full Story: Economy - Tuesday (Investor's Business Daily)

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fluctuated Tuesday amid sinking oil prices , as investors remained jittery about the ailing financial system and weak economy ahead of second-quarter earnings.

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The drop in crude oil also arrives amid escalating worries about deteriorating lending conditions and the still-slumping housing market. Late Monday, cash-strapped IndyMac Bancorp Inc . said it is no longer accepting new mortgage loan submissions and is cutting 3,800 jobs — more than half its work force. IndyMac shares fell 34 cents, or 48 percent, to 37 cents a share. Meanwhile, the National Association of Realtors said Tuesday that pending sales of U.S. homes fell by 4.7 percent in May from the previous month. The worsening housing market not only stifles consumer spending, but also hurts the chances of a recovery at the banks that make loans and are invested in risky mortgage debt.

Full Story: Stocks fluctuate after Bernanke talk; oil down (AP)

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's top auto maker, said on Sunday it had cut its local sales target for this year by 6 percent as record-breaking oil prices are hitting consumer sentiment in Asia's fourth-largest economy.

But its affiliate Kia Motors Corp (000270.KS) and the country's No.2 car maker said it had raised its domestic sales target by 11 percent, helped by the popularity of its fuel-efficient mini-car and new model launches. Hyundai, which controls about half of the South Korea's car market, said in a statement that it aimed to sell 630,000 vehicles in the higher-margin domestic market, compared to its previous target of 670,000 units.

Full Story: Hyundai cuts, Kia lifts domestic sales target (Reuters)

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President George W. Bush said on Sunday the American economy was not growing as quickly as he would like and that his administration supported a strong dollar policy.

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The U.S. economy grew at a 1 percent annual rate in the first quarter amid soaring oil and commodity prices. In a sign of continuing weakness, the Labor Department reported last week U.S. employers cut jobs for the sixth straight month in June.

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The Bush administration has come under pressure from abroad to take action to stabilize the weak U.S. dollar, another issue likely to come up during the G8 meetings at the lakeside resort of Toyako July 7-9, after complaints the weakness has contributed to soaring food and fuel prices.

Full Story: Bush says backs strong dollar policy (Reuters)

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SAPPORO, Japan - Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week.

The outlook has darkened dramatically since last year's summit in Germany , when the leaders declared the global economy was in "good condition" and oil cost $70 a barrel — which seemed high at the time. Since then, the U.S. subprime mortgage crisis has erupted, roiling markets and battering major financial firms. Oil has doubled to above $140 and food prices have jumped, hurting the poor in particular and raising the threat of political instability .

Full Story: G-8 meets as economy storm clouds thicken (AP)

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caused service businesses to shrink in June, as falling new orders and rising costs hit the nation's coffee shops, paper mills and corner stores.

The Institute for Supply Management said Thursday that the services sector index fell to 48.2 in June from 51.7 in May. It missed economists' prediction of a reading of 51.0, according to the consensus estimate of Wall Street economists surveyed by Thomson Financial/IFR. A reading above 50 signals growth.

The sector had been growing modestly, while much of the rest of the economy stalled. June's decline in the sector, coupled with Thursday's employment report showing the sixth straight month of job losses, added to the recent streak of bad news about the economy.



Full Story: Service sector contracts as orders fall (AP)

1 The 6th straight monthly payrolls drop was in line with forecasts, though April and May payrolls were revised lower. That bodes ill for the economy, but recessions typically have bigger job cuts. Unemployment stayed at 5.5%, defying forecasts for a dip after May's spike. Factories and home builders slashed staff. Rising jobless claims signal more job losses ahead.

Oil Nears $146, Backs Off A Bit 3 Aug. crude futures rose as high as $145.85 a barrel, closing up $1.72 to $145.29. The dollar's rally temporarily curbed oil, which briefly turned negative. But a rally in the final hour of Nymex trading pushed energy closer to its intraday peak. Ahead of the Fourth of July holiday, retail gasoline averaged $4.098 a gallon.

Nasdaq fell 0.3% as Nvidia's post-warning 31% dive hit chip stocks. The Dow rose 0.7%, the NYSE composite 0.2% and the S&P 500 0.1%. It was the major indexes' 5th straight week of losses. The 10-year Treasury yield rose 1 basis point 15 3.98%.



Full Story: IBD's Top 10 - Thursday (Investor's Business Daily)

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aren't the only thing skyrocketing on this Fourth of July . The price of gas has hit another all-time high.

The AAA fuel-gauge report puts the national average price of a gallon of regular at a fraction over $4.10.

A month ago, regular was going for $3.98 a gallon and a year ago you could gas up for $2.95 a gallon.



Full Story: Gas prices hit another high for holiday weekend (AP)

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"Our view is that we continue to have confidence in the long-term fundamentals but we're going through a very rough period," Kimmitt said at a conference on transatlantic relations in Berlin .

"I'm quite optimistic about the future." Economists are worried about the outlook for the U.S. economy which has suffered from a sharp housing downturn and seen related strains in credit markets.

There are also fears about the inflationary effect of rising oil and commodity prices on the world economy .



Full Story: Kimmitt confident in economic fundamentals (Reuters)

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Japan next week, but solving the problem requires more than just a strong message from rich nations.

supply and demand of oil , officials from member countries said. It will also aim for closer cooperation with oil producers.

When leaders from the G8 -- the United States, Britain , Canada, France, Germany, Italy, Japan and Russia -- gather at the July 7-9 summit in Hokkaido, northern Japan, they will discuss concerns that a weaker dollar is a factor behind high oil prices.



Full Story: G8 to tackle inflation, but concrete action elusive (Reuters)

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SAPPORO, Japan - Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week.

The outlook has darkened dramatically since last year's summit in Germany , when the leaders declared the global economy was in "good condition" and oil cost $70 a barrel — which seemed high at the time.

Since then, the U.S. subprime mortgage crisis has erupted, roiling markets and battering financial firms. Oil has doubled to above $140 and food prices have jumped, hurting the poor in particular and raising the threat of political instability .



Full Story: G-8 leaders face ominous economic woes this year (AP)

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, but food, in areas where there is poverty, this is a huge problem," Paulson added, noting that despite concerns over inflation, he was "very supportive" of interest rate cuts by the Federal Reserve .

On the comparisons between America's present-day economic woes and the Great Depression, Paulson insisted the United States had "strong long-term economic fundamentals" and described the comparison as "hyperbole".

"In the Great Depression, we had foreclosures at 50 percent, today they're two percent in the US. Over 90 percent of the people are making their mortgage payments on time," Paulson said.



Full Story: Inflation, not credit crunch, is top concern worldwide: Paulson (AFP)

AP - The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future.

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Full Story: 62,000 jobs lost, off nearly half-million for year (AP)

WASHINGTON (Reuters) - U.S. employers cut workers for a sixth straight month in June for the longest such streak since 2002 and vast service sector unexpectedly contracted, underscoring the economy's frailty.

A separate report showed new applications for jobless benefits hurdling to 404,000 last week, a level associated with past recessions. It also suggested the labor market would continue to weaken.

"It shows that the labor market still is very soft. We're not seeing dramatic job cuts, but clearly companies are trying to hold the line on costs," said Gary Thayer, senior economist at Wachovia Securities in St. Louis.



Full Story: Economy extends job loss streak (Reuters)

WASHINGTON - Employers cut payrolls by 62,000 in June, the sixth straight month of nationwide job losses, underscoring the economy's fragile state. The unemployment rate held steady at 5.5 percent.

The latest snapshot of business conditions, released by the Labor Department on Thursday, showed continued caution on the part of employers who are chafing under high energy prices and are uncertain about how long the economy will be stuck in a sluggish mode, reflecting fallout from housing, credit and financial troubles.

Heavy job losses in construction, manufacturing and financial services, along with cutbacks in retailing, eclipsed job gains in education and health services, leisure and hospitality, and government.



Full Story: Employers cut jobs for sixth straight month (AP)

said Wednesday that the US economy was enduring "a rough period" and warned that home foreclosures would likely remain high in the near future.

crude oil prices , a widespread credit crunch and a two-year long housing market slump had taken some of the wind out of the sails of the US economy.

"The US economy is going through a rough period. US foreclosures will remain elevated and we should not be surprised at continued reports of falling home prices," Paulson warned during a speech in London.



Full Story: Paulson says US economy enduring 'rough period' (AFP)

WASHINGTON - Orders to U.S. factories turned in the slowest performance in three months in May as a surge in demand for commercial aircraft was not enough to offset weakness in autos, heavy machinery and steel.

Factory orders rose by 0.6 percent in May, less than half the gains turned in during April and March, the Commerce Department reported Wednesday. It was the poorest showing since factory orders had fallen by 0.4 percent in February.

Analysts said the figures for the past three months have been inflated by big increases in the cost of refined petroleum and related products such as chemicals, which have been soaring because of the rising cost of global oil prices .



Full Story: Factory orders see 0.6 percent gain in May (AP)

NEW YORK (Reuters) - U.S. private employers slashed 79,000 jobs in June while planned layoffs at U.S. firms rose nearly 50 percent above year-ago levels, according to data that may spell bad news for a government payrolls report this week.

Wednesday's data brought some brighter news as well, however, with a boost in demand for aircraft lifting new orders at U.S. factories by an unexpectedly large 0.6 percent in May.

Also, U.S. mortgage applications rose last week with help from lower home loan rates , though the bounce follows a 6-1/2-year low the prior week.



Full Story: U.S. jobs picture grim, housing struggles (Reuters)

NEW YORK - Stocks gave up a brief rally Wednesday and resumed the selling seen in recent weeks after factory orders showed their the weakest performance in three months in May and as energy prices rose.

The Commerce Department's report that factory orders rose by 0.6 percent — in line with a consensus of Wall Street economists surveyed by Thomson Financial — offered investors little incentive to make big moves either way. The increase follows a gain of 1.3 percent for April and showed weakening demand for autos, heavy machinery and steel.

The data offer further evidence that higher energy prices are causing some businesses and consumers to pare their spending. The report comes a day ahead of the June employment report from the Labor Department , which is expected to show the sixth month of jobs losses but a slight improvement in the unemployment rate. Employment is crucial because consumer spending accounts for more than two-thirds of U.S. economic activity.



Full Story: Stocks decline after rise in factory orders (AP)

UNITED NATIONS - Rich and poor nations have more in common this year — a growing sense of economic insecurity, the U.N. says in an annual survey of world economic and social trends released Tuesday.

Their shared anxiety is largely due to "trade shocks" from rising oil and food prices, rattled financial markets, natural disasters and armed conflicts, the report said.

"The food riots that broke out in a number of countries in early 2008 have laid bare the fragility of economic livelihoods for those at the bottom of the development ladder," the report says.



Full Story: UN: economic insecurity hits rich and poor nations (AP)

The Medford, Oregon-based dealer withdrew forecasts for the second quarter and for the year. It plans to discuss more details of the restructuring plans later in July.

U.S. carmakers and dealers have been struggling with what has now been described as a permanent shift in consumer demand toward cars and crossovers and away from large trucks and SUVs in the face of rising gas prices and a slumping U.S. economy.

Automakers reported a plunge in sales for June, especially in the larger trucks and SUVs, and a constrained supply of the smaller vehicles that customers were seeking.



Full Story: Lithia withdraws outlook, cites weak car sales (Reuters)

gasoline prices have dramatically changed Americans' views on energy and the environment with more people now viewing oil drilling and new power plants as a greater priority than energy conservation than they did five months ago, according to a new survey.

The poll released Tuesday by the Pew Research Center shows nearly half of those surveyed — or 47 percent — now rate energy exploration, drilling and building new power plants as the top priority, compared with 35 percent who believed that five months ago.

The Pew poll, conducted in late June, showed the number of people who consider energy conservation as more important declined by 10 percentage points since February from a clear majority to 45 percent. People are now about evenly split on which is more important.



Full Story: Gas prices change views on energy (AP)

NEW YORK - Each week, Ira Cooper opens a letter from another supplier with the same message as the last: We're raising our prices, effective immediately. We can't tell you how long the new prices will last.

Institute for Supply Management said Tuesday that its index of prices manufacturers pay for raw materials hit 91.5 in June, up from 87 in May and the highest reading since 1979.

Its overall index of manufacturing activity was 50.2, barely breaking a four month contraction streak. Any reading above 50 signals growth.



Full Story: Manufacturers struggle to overcome rising prices (AP)

will shut its St Louis minivan plant, cutting production of its top-selling vehicle and 2,400 factory jobs in a sign of the automaker's troubles with a market reeling from record gas prices .

The third largest U.S automaker, which relied on sales of trucks (which include minivans) and SUVs for almost 70 percent of its sales, said it expected to post a significant decline in sales in June.

Chrysler's production cuts follow similar steps from larger rivals General Motors Corp (GM.N) and Ford Motor Co (F.N), both of which have cut truck production in response to weaker sales in recent weeks.



Full Story: Chrysler to shut minivan plant as sales slump (Reuters)