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Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Tuesday, March 29, 2011
Wednesday, April 29, 2009
Optimism About Economy Grows - CNN Poll
CNN/Opinion Research survey shows fewer people see current conditions as poor.
By Paul Steinhauser, CNN Deputy Political Director
April 29, 2009: 11:04 AM ET
WASHINGTON (CNN) -- Americans are becoming slightly more optimistic about the nation's economy, a CNN/Opinion Research Corporation survey showed Wednesday, but the glow surrounding President Obama is wearing off for some as the president marks his first 100 days in office.
Some 37% of the people questioned in the poll say the current economic conditions in the country are very poor -- a figure that's down from 48% last month and 66% in December. Another 17% now say economic conditions are good, up six points from last month. Fifty-five percent say the economy is the most important issue facing the country today, down eight points from March.
"When the economy is bad, it is the top issue on the public's mind," said CNN Polling Director Keating Holland. "So when the number who say the economy is the number-one problem facing the country goes down, it may be a leading indicator that things are looking up a bit."
The survey also suggests that nearly two in three Americans think Obama has the right priorities and has paid enough attention to the country's most important problems. The 63% who feel that way is 17 points higher than those who felt that way about George W. Bush's performance 100 days into his presidency in 2001 and 26 points higher than the numbers for Bill Clinton in 1993.
About 68% also say Obama is doing a good job keeping important promises he made during his campaign for the White House, with three in 10 saying he's doing a poor job. Only one in three thought Clinton did a good job keeping his promises.
"On almost every measure, Obama is having a much better first hundred days than Bill Clinton, the last Democrat in the White House. Clinton was seen as unfocused and unable to keep his promises. Obama isn't getting criticized on either of those measures," added Holland.
The poll suggests that 19% of those questioned are personally thrilled that Obama is president. That's down nine points from January, when Obama was inaugurated. Forty-two percent are happy with Obama as president, 20% unhappy, 7% depressed and 11% don't care.
"For about one in ten Americans, the thrill is gone," said Holland.
The CNN/Opinion Research Corporation poll was conducted Thursday through Sunday, with 2,019 adult Americans questioned by telephone. The survey's sampling error is plus or minus two percentage points.
By Paul Steinhauser, CNN Deputy Political Director
April 29, 2009: 11:04 AM ET
WASHINGTON (CNN) -- Americans are becoming slightly more optimistic about the nation's economy, a CNN/Opinion Research Corporation survey showed Wednesday, but the glow surrounding President Obama is wearing off for some as the president marks his first 100 days in office.
Some 37% of the people questioned in the poll say the current economic conditions in the country are very poor -- a figure that's down from 48% last month and 66% in December. Another 17% now say economic conditions are good, up six points from last month. Fifty-five percent say the economy is the most important issue facing the country today, down eight points from March.
"When the economy is bad, it is the top issue on the public's mind," said CNN Polling Director Keating Holland. "So when the number who say the economy is the number-one problem facing the country goes down, it may be a leading indicator that things are looking up a bit."
The survey also suggests that nearly two in three Americans think Obama has the right priorities and has paid enough attention to the country's most important problems. The 63% who feel that way is 17 points higher than those who felt that way about George W. Bush's performance 100 days into his presidency in 2001 and 26 points higher than the numbers for Bill Clinton in 1993.
About 68% also say Obama is doing a good job keeping important promises he made during his campaign for the White House, with three in 10 saying he's doing a poor job. Only one in three thought Clinton did a good job keeping his promises.
"On almost every measure, Obama is having a much better first hundred days than Bill Clinton, the last Democrat in the White House. Clinton was seen as unfocused and unable to keep his promises. Obama isn't getting criticized on either of those measures," added Holland.
The poll suggests that 19% of those questioned are personally thrilled that Obama is president. That's down nine points from January, when Obama was inaugurated. Forty-two percent are happy with Obama as president, 20% unhappy, 7% depressed and 11% don't care.
"For about one in ten Americans, the thrill is gone," said Holland.
The CNN/Opinion Research Corporation poll was conducted Thursday through Sunday, with 2,019 adult Americans questioned by telephone. The survey's sampling error is plus or minus two percentage points.
Monday, March 2, 2009
Dow Falls Below 6800 Amid Broad Retreat
The stock market closed at a 12 year low today amid increasing fear and uncertainty. Following is an exerpt from today's Wall Street Journal Online -- March 2, 2009
Stocks broadly sold off on Monday amid fears that a recovery for the global economy and the banking system may still be a long way off, sending market benchmarks past another set of milestones.
The Dow Jones Industrial Average declined 299.64 points, or 4.2%, to 6763.29, its lowest close since April 25, 1997. The stock measure has fallen four straight days and in 10 of the last 12 sessions, declining 14.8% in that span. The Dow is down 25% from its January 2 peak for this year and down 52.25% from its high of 14164.53 on Oct. 9, 2007.
Markets on the Move
Mr. Battipaglia said that the market continues to take most of its clues from weakness in credit markets and the financial sector. While certain pockets of debt instruments have seen improvement since November, he notes it's only in the areas where the government has directly infused capital.
The broad selloff pushed the Standard & Poor's 500 Index down 34.27 points, or 4.7%, to 700.82, its lowest close since Oct. 30, 1996.
Stocks broadly sold off on Monday amid fears that a recovery for the global economy and the banking system may still be a long way off, sending market benchmarks past another set of milestones.
The Dow Jones Industrial Average declined 299.64 points, or 4.2%, to 6763.29, its lowest close since April 25, 1997. The stock measure has fallen four straight days and in 10 of the last 12 sessions, declining 14.8% in that span. The Dow is down 25% from its January 2 peak for this year and down 52.25% from its high of 14164.53 on Oct. 9, 2007.
Markets on the Move
Mr. Battipaglia said that the market continues to take most of its clues from weakness in credit markets and the financial sector. While certain pockets of debt instruments have seen improvement since November, he notes it's only in the areas where the government has directly infused capital.
The broad selloff pushed the Standard & Poor's 500 Index down 34.27 points, or 4.7%, to 700.82, its lowest close since Oct. 30, 1996.
Wednesday, January 28, 2009
Instant Analysis of Today’s FOMC Decision
Instant Analysis of Today’s FOMC Decision
by Dr. Scott Anderson, Senior Economist for Wells Fargo & Company
The Fed sees economic fundamentals continuing to deteriorate and credit conditions for households and firms as "extremely" tight. In the December statement they only characterized credit conditions as tight. They still anticipate that economic activity will begin later this year, but see the downside risks out-weighing the upside risks at this point.
The Fed kept the federal funds target rate in its present range of 0 to ¼ of a percentage point, and promised to keep the Fed funds target rate at "exceptionally low levels for some time."
The statement acknowledges that the economy has weakened further since December, citing steeply declining industrial production, housing starts, and employment, as consumers and businesses cut back on spending.
The FOMC added a comment about global prospects, perhaps a nod to the IMF’s substantial downward revision in their global growth forecasts today from 2.2 percent to 0.5 percent in 2009, the worst global growth performance in the post-war period. The FOMC statement says today that "global demand appears to be slowing significantly."
Finally, the Fed doesn’t mention the word deflation in the statement, but did highlight the prospect for inflation to persist below rates that best foster economic growth and price stability in the long-term. That’s central bank code for a period of deflation!
Expect further expansion and utilization of the Fed’s existing credit facilities, as well as the addition of new ones in 2009 as the Fed moves further down the path of "credit easing". The FOMC said it was prepared to purchase longer-term Treasury securities if it could help improve credit conditions in private credit markets. This will be somewhat of a disappointment for the bond market, which was hoping for an actual announcement of the plan today.
I believe there are some members of the FOMC that want to move slowly on the plan to buy long-term Treasuries, since in doing so the Fed is basically "monetizing" the debt, trading government IOUs for Federal Reserve IOUs, that could ultimately be destabilizing for the dollar and U.S. inflation down the road.
Right now, 10-Yr Treasury bond yields are up about 13 basis points from yesterday’s close, though stocks are holding on to substantial gains.
by Dr. Scott Anderson, Senior Economist for Wells Fargo & Company
The Fed sees economic fundamentals continuing to deteriorate and credit conditions for households and firms as "extremely" tight. In the December statement they only characterized credit conditions as tight. They still anticipate that economic activity will begin later this year, but see the downside risks out-weighing the upside risks at this point.
The Fed kept the federal funds target rate in its present range of 0 to ¼ of a percentage point, and promised to keep the Fed funds target rate at "exceptionally low levels for some time."
The statement acknowledges that the economy has weakened further since December, citing steeply declining industrial production, housing starts, and employment, as consumers and businesses cut back on spending.
The FOMC added a comment about global prospects, perhaps a nod to the IMF’s substantial downward revision in their global growth forecasts today from 2.2 percent to 0.5 percent in 2009, the worst global growth performance in the post-war period. The FOMC statement says today that "global demand appears to be slowing significantly."
Finally, the Fed doesn’t mention the word deflation in the statement, but did highlight the prospect for inflation to persist below rates that best foster economic growth and price stability in the long-term. That’s central bank code for a period of deflation!
Expect further expansion and utilization of the Fed’s existing credit facilities, as well as the addition of new ones in 2009 as the Fed moves further down the path of "credit easing". The FOMC said it was prepared to purchase longer-term Treasury securities if it could help improve credit conditions in private credit markets. This will be somewhat of a disappointment for the bond market, which was hoping for an actual announcement of the plan today.
I believe there are some members of the FOMC that want to move slowly on the plan to buy long-term Treasuries, since in doing so the Fed is basically "monetizing" the debt, trading government IOUs for Federal Reserve IOUs, that could ultimately be destabilizing for the dollar and U.S. inflation down the road.
Right now, 10-Yr Treasury bond yields are up about 13 basis points from yesterday’s close, though stocks are holding on to substantial gains.
Economist: $825B Plan May Avert 'Depression'
Wednesday, January 28, 2009.
Inman News
The House of Representatives is expected to vote today on an $825 billion stimulus bill that could save millions of jobs and prevent foreclosures, but which might also make the recession worse if the government's growing debt sends interest rates up and the dollar plummeting.
President Obama urged fast passage of the bill, saying new statistics being released every day "underscore the urgency of the economic situation."
"The American people expect ... us to put together a recovery package that puts people back to work (and) creates investments that assure our long-term energy independence, an effective health care system (and) an education system that works," Obama said.
House Republican Leader Rep. John Boehner called the stimulus plan "wasteful and unfocused" and said it would be "irresponsible to pass this massive debt onto our children and grandchildren." Boehner and other Republicans are pushing for an approach that puts more emphasis on tax relief and less on government spending to stimulate the economy.
H.R. 1, the American Recovery and Reinvestment Act of 2009, would earmark money for a range of federal programs and increase or extend benefits payable under Medicaid, unemployment and food-stamp programs. The bill also includes an estimated $165 billion in tax cuts for individuals and $110 billion for businesses.
Inman News
The House of Representatives is expected to vote today on an $825 billion stimulus bill that could save millions of jobs and prevent foreclosures, but which might also make the recession worse if the government's growing debt sends interest rates up and the dollar plummeting.
President Obama urged fast passage of the bill, saying new statistics being released every day "underscore the urgency of the economic situation."
"The American people expect ... us to put together a recovery package that puts people back to work (and) creates investments that assure our long-term energy independence, an effective health care system (and) an education system that works," Obama said.
House Republican Leader Rep. John Boehner called the stimulus plan "wasteful and unfocused" and said it would be "irresponsible to pass this massive debt onto our children and grandchildren." Boehner and other Republicans are pushing for an approach that puts more emphasis on tax relief and less on government spending to stimulate the economy.
H.R. 1, the American Recovery and Reinvestment Act of 2009, would earmark money for a range of federal programs and increase or extend benefits payable under Medicaid, unemployment and food-stamp programs. The bill also includes an estimated $165 billion in tax cuts for individuals and $110 billion for businesses.
Monday, December 15, 2008
Fed Ready to Slash Rates
AP
Fed ready to slash rates as deepening recession leaves more unemployed, nest eggs in shambles
WASHINGTON (AP) -- As unemployment rises painfully higher and nest eggs are shattered, the Federal Reserve is prepared slash a key interest rate -- perhaps to an all-time low -- in a desperate bid to stem the country's economic slide.
With the Fed's key rate dropping ever closer to zero, the central bank is moving into uncharted territory. Nonetheless, Fed Chairman Ben Bernanke has made it clear the Fed isn't running out of ammunition to fight the worst financial crisis since the 1930s. It is exploring using tools -- other than rate cuts -- to revive the economy. New insights on that front could be revealed when Bernanke and his colleagues wrap up a two-day meeting Tuesday.
"The message is simply the Fed stands ready to do everything in its power to stop the economy's free fall," said Richard Yamarone, economist at Argus Research.
In its battle against a recession that started last December, the Fed already has cut the target for the federal funds rate, its main tool for influencing economic activity, to 1 percent, a level seen only once before in the last half-century.
Many economists predict the Fed will cut the funds rate in half -- to just 0.50 percent. A few think the Fed could opt for an even more forceful action -- lowering rates by a whopping three-quarters percentage point or more. If that larger cut occurs, it would be the lowest on records that track the monthly average of the funds rate going back to 1954. The funds rate is the interest banks charge each other on overnight loans.
The benefit of another Fed rate reduction, though, may be mostly psychological, rather than economic. "It's a feel-good thing," said economist Ken Mayland, president of ClearView Economics. "Hopefully this a bridge to better confidence."
Slammed by the financial crisis, worried banks have hoarded their cash and been extremely reluctant to lend money to customers. Fearful consumers, watching jobs vanish and their investments tank, have sharply cut back their spending, including on big-ticket purchases like homes and cars that typically involve financing.
In response to the Fed's expected action, the prime rate -- now at 4 percent -- for many consumer and small-business loans would drop by a corresponding amount. The prime lending rate is used to peg rates on home equity loans, certain credit cards and other consumer loans. Cheaper rates could give pinched borrowers a dose of relief.
The goal of lower borrowing costs is to entice people and businesses to spend more, which would revive the economy. So far, though, the Fed's aggressive rate reductions have failed to stabilize the economy.
Bernanke says the Fed is weighing other ways to aid the economy given that it can lower the funds rate only so far -- to zero.
For example, the Fed could buy longer-term Treasury or agency securities on the open market in substantial quantities. This might lower rates on these securities and help spur buying appetites.
A Fed program announced late last month to buy $600 billion in debt and mortgage-backed securities from mortgage giants Fannie Mae and Freddie Mac already has helped pushed mortgage rates down.
By boosting the quantity of money in the financial system, the Fed has engaged in so-called "quantitative easing" to provide economic relief. The Fed's balance sheet has ballooned to $2.2 trillion, from close to $900 billion in September, reflecting efforts to mend the financial system.
"Never in the postwar history has the Fed acted as lender of last resort to this degree," Mayland said. In fact, with all the lending by the Fed, the actual funds rate has fallen at times well below its current 1 percent target.
As housing, credit and financial problems persist, the economic rubble mounts higher. Shell-shocked employers axed 533,000 jobs in November alone. That drove the unemployment rate up to 6.7 percent, a 15-year high. Since the start of the recession, the economy has shed nearly 2 million jobs. Analysts predict another 3 million more will be lost between now and the spring of 2010. Last week alone, Bank of America Corp., tool maker Stanley Works and Sara Lee Corp., known for food brands such as Jimmy Dean and Hillshire Farm, announced job cuts. General Motors Corp. and Chrysler LLC, are in danger of running out of money within weeks and are seeking government aid. The White House is exploring ways to throw a lifeline to Detroit after rescue efforts collapsed in Congress.
With the employment market eroding and consumers retrenching, the economy could stagger backward at a shocking 6 percent rate in the current October-December quarter, analysts predict. It shrank at a 0.5 percent pace in the third quarter.
President-elect Barack Obama is advocating an economic recovery plan that includes spending on big public works projects to bolster jobs. His plan also includes tax cuts to spur consumers to spend more and businesses to step up investment and hiring.
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