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Economy - Latest Headlines
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Nearly 700k U.S. Jobs Disappeared in December, ADP Survey Says
(CEP News) - A survey of private employment in the U.S. shows that December was the worst month in decades for the labour market. Nearly 700,000 jobs vanished in the private employment survey - suggesting that forecasts for half a million job losses in Friday's official statistics may be an...
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U.S. Preview: New Methodology in ADP Survey to Provide Clearer Jobs Picture
(CEP News) - The ADP private employment survey, once considered a key tool to predict the official employment statistics in the U.S., has underestimated the official figures since the economic downturn began, but a revised methodology announced mid-December has garnered increased attention from forecasters.
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U.S. Planned Job Cuts Nearly Triple From Last Year, Says Challenger
(CEP News) - Planned job cuts in the United States continued to surge forth in December, with one study suggesting U.S. firms planned to nearly triple layoffs compared to last year.
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U.S. Interbank Lending Rates Lower After FOMC Minutes
(CEP News) - U.S. interbank lending rates continued their slow and steady decline on Wednesday one day after the Federal Open Market Committee's minutes from the Dec. 16 meeting confirmed that the economy could be in store for a longer-than-expected recession.
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Wednesday's Events: ADP Report Preludes U.S. Employment Report on Friday
(CEP News) - Automatic Data Processing Inc.'s employment report is the key data point of the day as a precursor to the all important nonfarm payrolls from the United States on Friday, but comments from U.S. Treasury Secretary Henry Paulson and the auction of a record $30 billion in U.S....
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U.S. MBA Mortgage Applications Fall in Week Ending January 2
(CEP News) - Weekly mortgage applications in the United States fell in the week ending Jan. 2, according to data released from the Mortgage Bankers Association (MBA) on Wednesday, which reported an 8.2% week-over-week decrease in applications.
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What's Priced in: Current Market Expectations for Future Monetary Policy
(CEP News) - Markets are currently pricing in the following probabilities for future interest rate moves as of the close on Tuesday:
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The Day Ahead U.S. and Canada: ADP Employment, TSY's Paulson to Speak
(CEP News) - Market participants will be awaiting the release of the U.S. ADP employment report on Wednesday. The report precedes the highly anticipated nonfarm payrolls release from the Bureau of Labor Statistics later this week.
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ABC Consumer Confidence Stalled At -49 Reading
(CEP News) - The weekly ABC News Consumer Confidence Index remained unchanged at -49 for the week ending January 4. Consumer confidence has continued to languish in negative territory for the past 74 weeks.
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U.S. Preview: New Methodology in ADP Survey to Provide Clearer Jobs Picture
(CEP News) - The ADP private employment survey, once considered a key tool to predict the official employment statistics in the U.S., has underestimated the official figures since the economic downturn began, but a revised methodology announced mid-December has garnered increased attention from forecasters.
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Engineer: Tenn. ash spill warning signs ignored (AP)
The nation's largest government-run utility ignored two small leaks that could have provided a warning years before a coal ash pond collapsed, flooding a neighborhood with a billion gallons of sludge, a former federal regulator contends.
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Stock futures sink further on Intel warning (Reuters)
Stock index futures sank further, hitting session lows on Wednesday as technology bellwether Intel Corp warned about its outlook, adding to worries about the deepening economic slump.
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Predictions for 2009: BlackRocks Bob Doll Predicts Equities Will Advance by Double Digits but Remain...
NEW YORK----Equities will remain highly volatile but achieve a double digit percentage gain for 2009 overall, with the support of increasingly attractive valuations and massive sideline cash, according to Robert C.
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Two reports say labor market battered in December (CNNMoney.com)
Separate employment reports released Wednesday showed the labor market continued to get battered in December.
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Private sector cut 693,000 jobs in December (Reuters)
Private-sector employers shed 693,000 jobs in December, a private employment service said on Wednesday in a report that was far worse than expected and pointed to more ugly news from the government's jobs data due later this week.
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David M. Perlman Joins Bracewell & Giulianis Energy Practice (Business Wire)
WASHINGTON----Bracewell & Giuliani LLP today announced that David M. Perlman has joined the firm’s Washington, D.C. office as a partner in its Energy practice. Mr. Perlman brings extensive experience in both regulatory and transactional aspects of the industry.
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Renewable Biofuels Can Create Green Jobs, Contribute to a New Energy Economy, BIO Says (Business...
WASHINGTON----Funding existing research and development programs and extending tax credits for clean energy production can speed completion of renewable energy projects that create jobs and generate economic activity.
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China announces jobs programs for college grads (AP)
China announced a series of measures Wednesday aimed at helping millions of recent college graduates find work amid the country's grim employment outlook and the deepening impact of the global financial crisis.
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Madoff lawyer due to answer call to jail financier (AP)
A defense lawyer for Bernard Madoff is expected to submit written arguments Wednesday to a judge who is probing whether the disgraced Wall Street financier should be jailed before trial.
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Taiwan cuts interest rate after exports drop (AP)
Taiwan's central bank cut the island's key lending rate by half a percentage point Wednesday, its sixth rate cut in three and half months, to support the export-dependent economy.
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Opec production cuts boost prices
Oil prices rose above $50 a barrel amid a growing belief that the cartel is succeeding in delivering cuts in production
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Onerous issuance
Public finances: Governments can borrow cheaply for now - but funding economic stimulus plans will test the appetite of bond market investors
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Choices made in 2009 will shape the globe's destiny
Some entertain hopes of restoring the globally unbalanced economic growth of the middle years of this decade. They are wrong. Our choice is between a better balanced world economy and disintegration. And it must be made this year, writes Martin Wolf
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The world must go beyond Doha
A wider multilateral agenda is need to head of protectionist threats, say Aaditya Mattoo and Arvind Subramanian
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US tops innovation rankings
Despite its current economic woes, the United States remains the world's most innovative economy, with unrivalled business sophistication and competitiveness, according to a new study by INSEAD, the Paris-based business school
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Belarus on track to receive $2.5bn IMF loan
The authoritarian state which has experienced a sharp decline in exports would be the fifth former communist country to obtain IMF support in recent months amid the global economic crisis
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Lamy set to keep top role at WTO
No candidate has come forward to challenge the reappointment of the trade organisation's director-general whose four-year term expires later this year
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China eyes developed mine assets
Beijing is set to expand its mining and metals holdings in developed economies as global mining companies in financial distress search for cash-rich, long-term investors.
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Spanish and Italian inflation tumbles
Figures from Spain and Italy show inflation is receding in two of the eurozone's largest economies, raising expactations that interest rates will be cut from the current 2.5%
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Money surprise
While state dollars may land in consumers' pockets through rebates or tax cuts, it is money's place in the overall system that will be in the spotlight
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Croatia: 3Q Balance of Payments
3Q C/A surplus narrowed 11% y/y Current account surplus in 3Q08 stood at EUR 1.85bn, hence confirming poor balance of payments trends and being 11% y/y lower. As expected merchandise account only confirmed negative monthly trade balance figures with deficit reaching EUR 2.7bn (+18% y/y). Exports accelerated with respect to...
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China: Manufacturing PMI recovers slightly in December
Overview: In light of the very poor data for industrial activity released recently in Asia (see Flash Comment - Japan: Sharpest-ever drop in industrial activity), the slight recovery in manufacturing PMI in December was a relief. Export orders improved after the near collapse in November and inventories are being cut...
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Croatia: 3Q GDP
GDP growth moderated to 1.6% y/y in 3Q08 3Q GDP data showed expected moderation of economic activity posting 1.6% y/y growth , thus being slightly below our expectations (ESBe: 1.8% y/y) and presenting lowest figure since 4Q00. More detailed look at the numbers offers relatively little surprise. As monthly frequency...
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Japan: Sharpest-ever drop in industrial activity
Overview: Data released during the Christmas break paint a very bleak picture of the Japanese economy. According to industrial production figures, Japan is currently experiencing the fastest deceleration in industrial activity since the Second World War in the wake of a near collapse in exports. Although we do see signs...
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Japan: Biggest plunge in exports ever
In volume terms, exports plunged by an astonishing 14.5% m/m in November. This is the largest monthly drop in exports ever recorded since Japan started compiling this data in 1975. Import volumes fared better in November and only declined 2.3% m/m. The very weak November export figures are consistent with...
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Inflation Chartbook: December 2008
Assessing the Risks of Deflation Only a few months ago concerns about inflation were significant enough that many forecasters were worrying the Federal Reserve would be unable to lower interest rates fast enough or far enough to fight the collapsing credit markets and rapidly weakening economy. Without a doubt, the...
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Poland: Sharp drop in industrial production
The Polish economy is slowing dramatically. This was further underlined today when numbers for industrial production in November were published. Hence, industrial production fell by 8.9% y/y in November - significantly below the consensus expectation of a negative 6% y/y and lower than our (initial) forecast of minus 8% y/y.
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Euroland: Worst Ifo since 1993
Overview: The German Ifo has fallen further. The climate index dropped sharply from 85.8 to 82.6 in November (consensus 84, DB 83.5). Consequently, it declined for the seventh month in a row and is now at its lowest since German unification. Germany is already in recession and the Ifo signals...
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South Africa: Inflation drops slightly less than expected
Statistics South Africa today released CPIX inflation figures for November. As expected, CPIX inflation - which excludes mortgage interest payments and is targeted by the South African Reserve Bank (SARB) - decelerated further in November, down to 12.1% y/y from October's 12.4% y/y. Nonetheless, deceleration was slightly less than consensus...
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US: Inflation implosion, consumption in motion
Overview : The consumer price index fell much more than expected for a second month, posting downside surprises in both the headline and the core reading. Headline consumer prices declined by 1.7% m/m, forcing annual price growth further down from 1.5% to 1.1%. Core inflation came in flat on the...
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