Elastic Tapes: August 2008 Archives

WASHINGTON - Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink.

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The Commerce Department reported Tuesday that new-home sales rose by 2.4 percent last month to a seasonally adjusted annual rate of 515,000 units, the most since April. But sales in June had plummeted to a pace of just 503,000 — down from previous estimates of 530,000 — to mark the worst showing since September 1991. Economists forecasted sales to drop in July, but expected the pace to be around 525,000. Given June's sharp downward revision, the level of home sales in July turned out to be less than analysts were anticipating.

Full Story: New-home sales rose slightly in July, prices fell (AP)

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slowed to a crawl and personal incomes plunged in July, reflecting the waning impact of $93 billion in economic stimulus payments .

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The Commerce Department report Friday showed that consumer activity got off to a shaky start in the third quarter, raising new worries that the economy could falter in coming months due to rising unemployment, a continuing credit crisis and the deepest housing slump in decades. Personal incomes fell by a bigger-than-expected 0.7 percent in July, the biggest drop in nearly three years, while consumer spending edged up a modest 0.2 percent, just one-third the 0.6 percent gain in June.

Full Story: Incomes drop sharply in July while spending slows (AP)

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WASHINGTON - The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday.

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Meanwhile, the Commerce Department said Thursday that the economy grew at a 3.3 percent annual rate in the second quarter, faster than analysts expected. Still, jobless claims remain at an elevated level. There were 332,000 initial claims for benefits in the year-ago period.

Full Story: Jobless claims fall for 3rd straight week (AP)

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WASHINGTON - The economy pulled out of a dangerous rough patch in the spring, thanks largely to strong exports, but the rebound isn't expected to last. Economic slowdowns overseas could make exports tail off just as Americans are hunkering down after the bracing impact of rebate checks wanes, plunging the country into another rut later this year.

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"There will be heavy sledding for the U.S. economy during the next couple of quarters," predicted Lynn Reaser, chief economist at Bank of America's Investment Strategies Group. Gross domestic product , or GDP, grew at a 3.3 percent annual rate in the April-June quarter, its fastest pace in nearly a year, the Commerce Department reported Thursday. The revised reading was much better than the government's initial estimate of a 1.9 percent pace and exceeded economists' expectations for a 2.7 percent growth rate.

Full Story: Spring's economic rebound unlikely to last (AP)

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WASHINGTON - U.S. factories saw a surprisingly hefty increase in their orders for big-ticket products in July, reflecting continued strength in export sales and a boost to business investment from the government's tax stimulus package.

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Economists, however, remain worried that spreading economic weakness overseas and a rebound in the value of the dollar could spell an end to the export boom later this year. The Commerce Department said Wednesday that orders for durable goods rose 1.3 percent last month, far above the slight 0.1 percent increase Wall Street had been expecting.

Full Story: Durable goods post strong gains in June, July (AP)

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WASHINGTON - Orders for big-ticket manufactured goods turned in a second consecutive strong monthly performance in July, a far bigger-than-expected gain led by a huge jump in demand for commercial aircraft.

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The Commerce Department said Wednesday that orders for durable goods rose 1.3 percent last month, far above the slight 0.1 percent increase economists had been expecting. The July increase matched a 1.3 percent rise in June, which was revised up from an earlier reading of 0.8 percent. Both months turned in the strongest gains since a 4.1 percent surge last December.

Full Story: Durable goods post strong increases in July, June (AP)

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The poverty rate held steady at 12.5 percent, not statistically different from the 12.3 percent registered in 2006. The median — or midpoint — household income rose slightly to $50,233. And the number of uninsured dropped to 45.7 million, down from 47 million in 2007.

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The numbers represent a kind of scorecard on President Bush's stewardship of the economy at the kitchen-table level. However, they only go as far as the end of last year, before the current economic downturn started gathering force. Indeed, they could come to be seen as a snapshot taken at the high point of the administration's tenure. median household income of $50,233 was not significantly different from the figure for the year 2000, which was $50,557. "The American work force is baking a bigger economic pie, but the slices haven't grown at all," said Bernstein.

Full Story: Number of uninsured drops; poverty holds steady (AP)

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WASHINGTON - Construction of homes and apartments fell in July to the lowest level in more than 17 years, the government reported Tuesday.

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The Commerce Department said that builders broke ground on 965,000 housing units on an annualized basis. That was down from a pace of 1.08 million in June and the weakest showing since March 1991. However, July's performance was better than analysts expected. Wall Street economists forecast that housing starts would drop to a pace of 950,000.

Full Story: Housing starts dip to lowest level since March '91 (AP)

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MEXICO CITY - Mexico's economy expanded 2.8 percent in the second quarter, up slightly over 2.6 percent growth in the first three months of the year.

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A Thursday statement from the National Statistics Institute said the farming sector led gains, posting 4.4 percent growth from a year earlier amid rising food prices. Mexico expects growth to slow as the U.S. economy cools, prompting the Finance Ministry cut its 2008 growth estimate to 2.8 percent from 3.7 percent.

Full Story: Mexico GDP grows 2.8 percent in 2nd quarter (AP)

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LONDON - British economic growth ground to a halt between April and June, ending more than 15 years of continuous expansion, the government said Friday, as many fear the country is headed for recession.

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The growth figure of 0.0 percent is below even the modest 0.2 percent that the Office for National Statistics had predicted. It ends a run of 63 consecutive quarters — nearly 16 years — of growth since the April to June period of 1992, when Britain's gross domestic product shrank.

Full Story: UK economic growth ground to a halt in Q2 (AP)

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REEDSVILLE, W.Va. - Mud is flying, smoke and steam are rising, and the deafening roar of V-8 engines all but drowns out 5-year-old Shelby Scott's screams.

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"Get out of there! Get out of there!" she yells at the driver of a battered blue Ford LTD spray-painted with the words "Hillbilly Beer Wagon." But car No. 42 stalls in the center of the tire-ringed oval, stranded while 11 others smash into each other, over and over, until only one is moving. Then Dave Cumpston climbs out of No. 29 through the space where the windshield should be and grabs a shiny trophy at the Valley District Fair Demolition Derby .

Full Story: Demolition derbies take hit from high scrap prices (AP)

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fell more than expected last week, the second straight drop from a six-year high, according to government data released Thursday.

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The Labor Department reported that applications for jobless benefits dropped to 432,000, down by 13,000 from the previous week. It was a bigger improvement than analysts expected. But claims remain elevated compared with recent years. The four-week average climbed to 445,750, the highest level in almost seven years.

Full Story: Jobless claims fall for second straight week (AP)

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TOKYO - Japan's trade surplus in July fell 86.6 percent from a year earlier as spending on imports grew because of higher prices for oil and other commodities, the government said Thursday.

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The surplus shrank to 91.1 billion yen ($830.6 million), marking the fifth straight month of decline, the Finance Ministry said. Overall imports grew 18.2 percent to 7.54 trillion yen ($68.7 billion) in July, while exports rose 8.1 percent to 7.63 trillion yen ($69.6 billion), the ministry said.

Full Story: Japan's trade surplus falls 86.6 percent in July (AP)

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announced Wednesday. The number of worker deaths dropped to 5,488 last year — the fewest since the Bureau of Labor Statistics began keeping track in 1992. That's down 6 percent from the 5,840 deaths reported in 2006.

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Still, the government found significant increases in some types of fatal injuries: a record number of workers died from falls and the number of workplace homicides increased 13 percent. The nation's most dangerous jobs , according to the Bureau of Labor Statistics? Fishers and related fishing workers (with a rate of 111.8 fatal injuries per 100,000 workers), logging workers (86.4), aircraft pilots and flight engineers (66.7) and structural iron and steel workers (45.5).

Full Story: Labor Dept: Fewer workers killed on job in 2007 (AP)

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WASHINGTON - Wholesale inflation surged in July, leaving prices for the past year rising at the fastest pace in 27 years, according to government data released Tuesday.

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The Labor Department reported that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy, motor vehicles and other products. The increase was more than twice the 0.5 percent gain that economists expected. Core prices, which exclude food and energy, rose 0.7 percent. That increase was the biggest since November 2006 and more than triple the 0.2 percent rise in core prices that had been expected.

Full Story: Wholesale prices rising at fastest pace since 1981 (AP)

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TOKYO - Japan's economy shrank in the second quarter, the government said Wednesday, as slowing exports and waning consumer demand pushed the world's No. 2 economy to the brink of recession.

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Japan's gross domestic product, or the total value of the nation's goods and services, dropped at an annual pace of 2.4 percent in the April-June period, a marked downturn from a 4.0 percent rise registered in the January-March period. The new numbers — the first negative reading in four quarters — bolstered growing evidence that Japan 's six-year expansion was over.

Full Story: Japan's economy shrinks in second quarter (AP)

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Growth in the 15 economies that share the euro currency contracted by 0.2 percent from the first quarter, expanding just 1.5 percent from the same period a year ago, the EU statistical agency Eurostat said in a first estimate that it may change at a later date.

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Germany, the region's largest economy, shrank 0.5 percent in April-June from the previous quarter with France and Italy both down 0.3 percent. German growth dropped for the first time in nearly four years. The world's biggest exporter had so far weathered the economic storm brewing in Europe despite high inflation hitting spending at home and a slowing world economy and a strong euro hurting exports to the U.S.

Full Story: EU: Euro economy shrinks in second quarter (AP)

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The Labor Department reported Thursday that applications for jobless benefits dropped to 450,000, down by 10,000 from the previous week. That was a smaller decline than had been expected and left the four-week average for claims at the highest level in six years.

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The big jump in the four-week average for claims was attributed to a number of factors, including a surge in layoffs and increased publicity surrounding an extension of benefits provided by a law Congress passed in June. The four-week average reached 440,500, up 19,500 from last week's revised average of 421,000. A year ago, that number stood at 315,500.

Full Story: Jobless claims fall less than expected (AP)

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WASHINGTON - Industrial output rose in July at a slightly better pace than expected as a further rebound in the auto industry offset a big plunge in output at the nation's utilities.

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The Federal Reserve reported Friday that industrial production edged up 0.2 percent last month. That was half the pace of the 0.4 percent gain in June, but it did surpass analysts' expectations for flat production in July. These gains were not seen as signaling a sustained rebound, however, given the problems facing the auto industry this year. Instead, the rebound in auto activity was viewed as a temporary improvement because a strike ended at parts supplier American Axle .

Full Story: Industrial output up 0.2 percent in July (AP)

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WASHINGTON - Inflation is running at the fastest pace in 17 years, the job market is under further strain and foreclosure filings are surging.

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A raft of gloomy economic data on Thursday represented a setback for those hoping to see signs of better times ahead and it may keep the Federal Reserve jammed between rising inflation and slowing growth. The Labor Department reported that consumer prices shot up by 0.8 percent in July, double the increase that economists had expected. The rise was only slightly lower than the 1.1 percent surge in June that had been the second-highest monthly increase in the last 26 years.

Full Story: Consumer prices surge, job market remains strained (AP)

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WASHINGTON - Government data show businesses added to their inventories in June at the fastest pace in five months, a bigger gain than had been expected.

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The Commerce Department reported Wednesday that stockpiles held by businesses on shelves and backlots rose by 0.7 percent in June, nearly double the 0.4 percent rise in May. It's the biggest increase since a 1 percent rise in inventories in January and is bigger than the 0.5 percent rise that economists had been expecting.

Full Story: Business inventories post 0.7 percent increase (AP)

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WASHINGTON - Retail sales fell in July, the weakest performance in five months, as shoppers shunned autos and other big ticket items.

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The Commerce Department reported Wednesday that retail sales dipped 0.1 percent last month when a variety of economic woes combined to blunt the impact of billions of dollars in government stimulus payments to U.S. households. It was the first decline since sales had fallen by 0.5 percent in February and it was a worse showing than the flat reading economists had been expecting. The new report did revise higher the estimate for June, showing sales rose by 0.3 percent that month rather than the 0.1 percent initial reading.

Full Story: Retail sales drop for first time in 5 months (AP)

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WASHINGTON - Farmers are on pace to produce the second largest corn crop and fourth largest soybean crop in history, the government said Tuesday.

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In its first estimates this year based on actual field visits and farmer surveys, the U.S. Department of Agriculture raised its estimate of corn production and said improved weather has helped Midwestern farmers recover from June's devastating floods. That recovery is expected to lead to lower prices for corn, soybeans and wheat, providing some relief to meat producers who use corn and soybeans for feed and for makers of corn-based ethanol.

Full Story: USDA raises corn harvest estimates, cuts soybeans (AP)

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WASHINGTON - More banks are tightening lending standards on home mortgages and other consumer and business loans as a deepening credit crisis exerts a heavier toll on the economy.

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The Federal Reserve said Monday the percentage of banks reporting tighter lending standards rose across various loan types in its July survey. In April, the central bank had found that the percentage of banks reporting tighter lending standards was already near historic highs. The new survey, conducted in early July, found that about 75 percent of the banks surveyed indicated they had tightened their lending standards for prime mortgages. That was up from about 60 percent of banks who said they were tightening lending standards for prime mortgages in the previous survey.

Full Story: Federal Reserve finds deepening credit crisis (AP)

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The bank says annual inflation rose to 5.39 percent in July, the highest since November 2004 .

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It said Thursday that the soaring cost of foods such as eggs and apples, and of gasoline, electricity and public transportation contributed to the spike. The central bank had set a 3 percent inflation target for 2008. On July 30, the bank said that won't be likely met until 2010 due to rising commodity prices.

Full Story: Mexico's annual inflation hits 3-year high in July (AP)

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NEW YORK - The outlook for the back-to-school shopping season looked grim Thursday, as retailers' July sales reports showed an increasing shift toward buying necessities like food and household supplies at discounters and away from discretionary splurges on clothing.

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With the benefits of the government stimulus checks fading, the big worry is how much shoppers — squeezed by high gas and food prices — will retrench in the critical months ahead. As the nation's retailers reported monthly sales, Wal-Mart Stores Inc . and Costco Wholesale Corp . posted solid gains.

Full Story: Retailers report mixed sales results in July (AP)

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WASHINGTON - Rising prices, falling home values, stagnant wages and tight credit. It's a potent combination that has struck the American consumer hard.

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In June, the second biggest rise in prices in nearly three decades muted the impact of billions of dollars in government stimulus payments, government figures showed Monday. Incomes barely budged in June and consumer spending retreated after taking into account the higher prices for food, energy and other items, the Commerce Department data show.

Full Story: Rising prices stifle impact of stimulus payments (AP)

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has decided to remain on the sidelines and leave interest rates alone. In the opinion of many economists, that stance may prevail not only for the rest of this year but well into 2009.

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The thinking is that the Fed doesn't want to cut interest rates further because of concerns about inflation. However, at the same time, the majority of Fed officials don't want to start raising interest rates because the economy is still hobbled by mounting job losses, a prolonged housing slump and a severe credit crisis. The Fed cited both worries about inflation and weak economic activity in the statement it released after Tuesday's meeting explaining its decision to leave its target for the federal funds rate, the interest that banks charge each other, unchanged at 2 percent.

Full Story: Fed leaves rates alone for second straight meeting (AP)

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The single European currency in late-day trade was at 1.5469 dollars against 1.5580 late Monday in New York .

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Oil prices fell below 119 dollars a barrel on Tuesday on concerns that a US economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products. That position benefited the US dollar and the yen in particular as the economies of the United States and Japan are seen as gaining the most from lower oil prices.

Full Story: Dollar holds firm as Fed decision awaited (AFP)

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Economists said that the Federal Open Market Committee (FOMC) will likely stand firm, despite a report Monday showing a cooldown in consumer spending and a spike in inflation pressures.

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Analysts say the Fed is caught between a rock and a hard place because a cut in the federal funds rate could trigger increased inflationary pressures while a rate hike could strangle fragile economic momentum. Thus, Fed chairman Ben Bernanke and his fellow central bankers are expected to sit on their hands during Tuesday's policy meeting.

Full Story: Fed likely to keep rates on hold amid economic uncertainty (AFP)

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SAN FRANCISCO (Reuters) - California's battered homes market may be hitting bottom, suggesting a national housing recovery may follow, veteran banking analyst Charles Peabody said on Friday, citing a rebound in home sales as renters become owners.

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In many parts of California, buying a house, especially at auction, makes more financial sense than paying rent so home sales have been on the rise recently. "The key is to try to get some stability in the price of homes, which appears to be happening in California," Peabody, of the independent research firm Portales Partners, told Reuters by phone on Friday.

Full Story: California hints at bottom to housing slump (Reuters)

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Rating Services warned against mortgage-related debt products in internal e-mails that, in one case, called the complex financial deals "ridiculous," the Wall Street Journal reported in its weekend edition.

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The Journal cited a draft revision of a U.S. Securities and Exchange Commission report on bond-rating firms that was first released on July 8. Copyright © 2008 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Full Story: S&P emails slammed mortgage debt products: report (Reuters)

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climbed to a four-year high of 5.7 percent in July as employers cut 51,000 jobs, dashing the hopes of an influx of young people looking for summer work.

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Payroll cuts weren't as deep as the 72,000 predicted by economists, however. And, job losses for both May and June were smaller than previously reported. July's reductions marked the seventh straight month where employers eliminated jobs. The economy has lost a total of 463,000 jobs so far this year.

Full Story: Jobless rate rises to 4-year high of 5.7 percent (AP)

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PORTLAND, Oregon (Reuters) - As high gas prices force U.S. drivers to share city streets with a growing legion of cyclists, tensions are mounting between the two groups who blame each other for failing to find a peaceful balance.

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A number of violent confrontations in recent weeks between cyclists and drivers have weighed on Portland's reputation as America's most bike-friendly city, while accidents and "road rage" incidents are prompting other cities to try and make the roads safer for bikes and ease the hostility. In mid-July, an angry driver chased down a Portland cyclist and carried him for several blocks on the car's hood. Before that, a cyclist, upset at a driver who yelled at him for riding through a stop sign, threw his bike at the car and then attacked the driver.

Full Story: Cyclists and drivers struggle for harmony (Reuters)

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