China Folds On Reforms - Bails Out 2nd Shadow-Banking Default After "Last Drop Of Blood" Threats

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China Folds On Reforms - Bails Out 2nd Shadow-Banking Default After "Last Drop Of Blood" Threats

Marc Faber "US Stocks Need To Drop 40% To Become Attractive"

“The market is way overdue for a 20 to 30% drop,” Marc Faber warns, “but that is not what worries him.” Sarcastically reflecting on the typical talking-head that appears on financial media, Faber adds you won’t “hear this view from someone who is fully invested,” as he “hopes the market drops 40% so stocks will become – from a value point of view – attractive.” The outspoken Faber channels Jim Grant as he exclaims, “the experience with quantitative easing is a complete failure. It has lifted asset prices and created asset inflation, but it hasn’t lifted the standard of living of most people in the U.S. nor worldwide.”

 

“I think the market is way overdue for a 20 to 30 percent correction,”

EMERGING MARKETS-Latam currencies drop for 2nd day on U.S. data

EMERGING MARKETS-Latam currencies drop for 2nd day on U.S. data
http://currenteconomictrendsandnews.com/wp-content/uploads/2013/11/5b98d__p-89EKCgBk8MZdE.gif

Tue Nov 26, 2013 12:30pm EST

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 SAO PAULO, Nov 26 (Reuters) - Latin American currencies weakened for a second consecutive session on Tuesday as strong U.S. housing data supported the case for an early withdrawal of U.S. stimulus, which could hurt investors" appetite for risk assets. Brazil"s real led losses in the region as investors, worried about a deterioration in the country"s fiscal fundamentals, have been punishing the currency harder. Other currencies also suffered after reports showed permits for future U.S. home construction rose to the highest level in nearly 5-1/2 years in October, while U.S. single-family home prices in September posted their strongest annualized gain in 7-1/2 years. "Today we have a slightly more negative risk perception by foreign investors," said Flavio Serrano, senior economist with Espirito Santo Investment Bank in Sao Paulo. * Brazil"s real lost 0.5 percent, crossing the mark of 2.3 per dollar, which seems to be a key resistance level as it is also its 14-day moving average. * Investors in the Brazilian real are bracing for Friday"s release of the government"s fiscal performance for October, after an unexpected primary deficit of 9 billion reais in September fanned concerns about President Dilma Rousseff"s commitment to fiscal targets. * Cushioning losses in the real were expectations that foreign oil companies will bring dollars from abroad to pay for a signing bonus related to an exploration concession for the offshore oil area of Libra. The deadline for the bonus payment is Wednesday. * Losses in the real were also curbed by regular central bank auctions of currency swaps, derivatives that mimic a sale of dollars in the futures market. On Tuesday the bank sold 10,000 swaps through its daily intervention program and another 20,000 swaps to roll over similar contracts that expire on Dec. 2. * Mexico"s peso lost 0.15 percent to 13.0640 per dollar, crossing without much conviction its 14-day moving average of 13.05 per dollar. * The Chilean peso lost 0.2 percent as the price of copper, the country"s main export product, slid 0.4 percent on the London Metal Exchange. Latin American currencies at 1645 GMT: Currencies daily % YTD % change change Latest Brazil real 2.2975 -0.48 -11.21 Mexico peso 13.0640 -0.15 -1.53 Chile peso 522.0000 -0.21 -8.30 Colombia peso 1926.0000 -0.06 -8.31 Peru sol 2.8030 0.00 -8.99 Argentina peso 6.0925 -0.16 -19.37 Argentina peso 9.8300 0.92 -31.03 





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Reuters: Bonds News

Read more about EMERGING MARKETS-Latam currencies drop for 2nd day on U.S. data and other interesting subjects concerning Bonds at TheDailyNewsReport.com

Maher’s advice to GOP: Drop your guns and learn to love pot

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Maher’s advice to GOP: Drop your guns and learn to love pot

Tax take is down: OK general revenue collections drop 10 percent in August

BEARER OF GLAD TIDINGS: Oklahoma state government tax revenues subject to appropriation were down in August, Finance Secretary Preston Doerflinger reports. The decline resulted from taxpayers accessing exemptions and credits allowed under state law, Tax Commission analysis showed.

By Patrick B. McGuigan | Oklahoma Watchdog

OKLAHOMA CITY — Oklahoma state government tax revenue subject to appropriation (known as general revenue receipts) declined in August, but that’s not a subtle hint of bad news for the economy.

Turns out, taxpayers in the Sooner State accessed exemptions and credits to keep more of their own money.

In his monthly analysis of general revenue fund (GRF) receipts, Secretary of Finance Preston L. Doerflinger said, “This was a single-month collection anomaly rather than any reflection of Oklahoma’s economy. One month does not diminish the strength Oklahoma’s economy has shown for going on three years now.”

Doerflinger and officials at the Oklahoma Tax Commission attributed the dip in direct revenue to reduced income tax collections, which were 27.9 percent ($ 40.2 million) below last year’s level.

Doerflinger stressed the commission “is processing far more corporate and personal income tax refunds at this time of the year than it normally does, which has led to temporary distortions of income tax collections. As a result, the GRF received no corporate income tax collections in August because corporate income tax refunds exceeded corporate income tax collections.”

His staff’s release on the August data continued, “Personal income tax collections fell $ 36.2 million or 25.9 percent from a year ago due in large part to an $ 11 million increase in personal income tax refunds processed compared to the same month a year ago.”

Total revenue for state government from all sources continues to be robust, previous analyses have found. The state has one of the lowest unemployment rates in the nation, at 5.3 percent.

You may contact McGuigan, bureau chief for the Watchdog.org in Oklahoma City, at Patrick@capitolbeatok.com

Please, feel free to “steal our stuff”! Just remember to credit Watchdog.org. Find out more

Watchdog.org

Tax take is down: OK general revenue collections drop 10 percent in August

Record 90.5 Million Out Of Labor Force As Half A Million Drop Out In One Month

zerohedge.com
September 6, 2013

While the Establishment survey data was ugly due to both the miss and the prior downward revisions in the NFP print, the real action was in the Household survey, where we find that the number of people not in the labor force rose by a whopping 516,000 in one month, which in turn increased the total number of people outside the labor force to a record 90.5 million Americans.

And what is even worse, the Labor Force Participation Rate declined from 63.4% to 63.2%: the is the lowest print since August 1978!

Whether or not this means the Fed will continue QE at this point is largely irrelevant: what is more relevant is that the Fed so far has failed miserably at its core mandate: to boost real employment.

This article was posted: Friday, September 6, 2013 at 8:33 am

Tags: domestic news, economics

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Infowars

Record 90.5 Million Out Of Labor Force As Half A Million Drop Out In One Month

U.S. durable goods post largest drop in nearly a year

WASHINGTON (Reuters) – Orders for long-lasting U.S. manufactured goods recorded their biggest drop in nearly a year in July and a gauge of planned business spending on capital goods tumbled, casting a shadow over the economy early in the third quarter.

Reuters: Top News

U.S. durable goods post largest drop in nearly a year

Jobless Claims Drop To Pre-Recession Level

Enlarge image i

The scene at a career fair held by the National Urban League last month in Philadelphia.

Mark Makela /Reuters /Landov

The scene at a career fair held by the National Urban League last month in Philadelphia.

Mark Makela /Reuters /Landov

There were 320,000 first-time claims for unemployment insurance filed last week, the Employment and Training Administration reports.

Not only is that 15,000 fewer than had been filed the week before, it’s also the lowest number for any single week since before the U.S. economy officially slipped into its most recent recession in December 2007.

According to historical data kept by the agency, the last time claims for jobless benefits were lower in any single week was in October 2007. The last time claims for a single week were within a couple thousand of last week’s level was in January 2008, just after the recession began, when they totaled 322,000 one week and 321,000 the next.

During the recession, which officially ended in June 2009, claims reached a peak of 670,000 one week in March 2009. For most of the past two years, they stayed in a range of 350,000 to 400,000 per week.

Bloomberg News says the decline last week signals that “the U.S. job market continues to mend.”

Reuters writes that the data are “hinting at a pick-up in job growth in early August.” It also notes that:

“The four-week moving average for new claims, which irons out week-to-week volatility, fell 4,000 to 332,000, the lowest level since November 2007.”

News

Jobless Claims Drop To Pre-Recession Level

Shares, dollar drop on Fed tapering uncertainty

Leah Schnurr
Reuters
August 7, 2013

The dollar fell to a 7-week low against the yen on Wednesday while U.S. and European stocks waned as investors mulled when the Federal Reserve may start to remove the massive stimulus it has injected into the economy and markets.

The greenback also fell steeply against the pound after the Bank of England said it did not plan to lift interest rates until British unemployment falls to 7 percent, a level unlikely for another three years. But some investors, expecting that level to be reached sooner, brought forward their expectations for a rate hike, supporting sterling.

“Market participants are currently observing a situation where the data suggests a better economic outcome than they expected just a month or two ago,” said Bob Lynch, head of G10 FX strategy for the Americas at HSBC in New York.

Read more

This article was posted: Wednesday, August 7, 2013 at 4:26 pm

Tags: economics

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Shares, dollar drop on Fed tapering uncertainty

McCain: We Might Drop Those 20,000 New Border Patrol Agents We Promised

Katie Pavlich
Town Hall.com
August 2, 2013

As the House of Representatives prepares to take up the issue of illegal immigration, the Senate is already prepping for conference negotiations with John McCain taking the lead.

It turns out, some of the most crucial aspects of border enforcement already passed by the Senate, including the addition of 20,000 new Border Patrol agents, are likely to be negotiated away, proving once again that the Gang of 8 was a complete sham.

Sen. John McCain (R-Ariz.) signaled Tuesday that the dramatic boost in border-security in the Senate’s comprehensive immigration bill could be one of the provisions that may be changed in a potential House-Senate compromise.

Read More

This article was posted: Friday, August 2, 2013 at 5:01 pm

Tags: economics, foreign affairs, government corruption

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McCain: We Might Drop Those 20,000 New Border Patrol Agents We Promised

Unemployment rates drop in most states, Illinois climbs

Job seekers stand in line to meet with prospective employers at a career fair in New York City, October 24, 2012.

Credit: Reuters/Mike Segar

WASHINGTON | Fri May 17, 2013 2:53pm EDT

WASHINGTON (Reuters) – Unemployment rates dropped in 43 out of the 50 U.S. states and in the District of Columbia in April from a year before, according to Labor Department data released on Friday.

A handful of states, including Illinois, Delaware, Indiana, Wisconsin, Mississippi and New Hampshire saw their jobless rates rise over the year. Illinois’ rate fell in April to 9.3 percent from 9.5 percent in March but rose from 8.8 percent a year before.

“April data reflects the unevenness of this recovery,” said the director of the Illinois employment department, Jay Rowell, in a statement. “This uneven path forward likely will continue until consumer and business confidence can be sustained at the national level.”

Even though Nevada registered the largest rate drop of all the states over the year, it still had the highest unemployment rate in the country at 9.6 percent in April. The state, which reaped economic fortune during the housing boom, saw its rate spike to 14 percent in September 2010, the highest on records going back to 1976, and then steadily drop.

After Nevada the next higher rates were Illinois, Mississippi and California. In California, where the economy is on the mend, the state unemployment rate continued its decline falling to 9 percent from 9.4 percent in March – a record low since December 2011.

North Dakota’s unemployment rate, the lowest in country for half a decade, inched up to 3.3 percent. The state is in the grips of a commodities boom, with North Dakota’s 28,600 mining and logging jobs in April 321 percent more than five years before.

Still, it was one of seven states where the jobless rate rose over the year. In April 2012, North Dakota’s jobless rate was 3 percent, and in March it was 3.2 percent. The increase may be due to its swelling labor force, which also grew since April 2012.

Seasonal factors could also be in play, according to Michael Ziesch, a manager of labor market information for the state, who noted “April rates have historically always posted a decrease from prior month, this year was no exception.”

“Current period rates are slightly higher than a year ago and reflect longer winter type weather in the period that delayed many outside projects,” he added.

From March, unemployment rates fell in 40 states and Washington, D.C., and were unchanged in seven. Rates rose in two other states besides North Dakota: Louisiana and Tennessee.

On Friday, President Barack Obama visited Maryland in a campaign-style stop on his “Middle Class Jobs & Opportunity Tour,” and was set to appear at a local manufacturer to promote job creation and education.

Situated close to the nation’s capital, Maryland is home to federal contractors and employees, and also has a burgeoning technology corridor. Some had warned that its employment would shrink once the across-the-board federal spending cuts known as sequestration took effect on March 1.

In April, its unemployment rate fell to 6.5 percent from 6.8 percent a year earlier, the lowest in more than four years, according to Governor Martin O’Malley. Over the last 12 months, 34,600 jobs have been added to payrolls in the state, as well.

Neighboring Virginia, which has also prospered from a strong federal workforce, had an unemployment rate of 5.2 percent, also the lowest in more than four years.

At the national level, the U.S. unemployment rate fell to the lowest since December 2008 in April, 7.5 percent, while nonfarm payrolls rose, according to a report released earlier this month.

Over the year, payrolls grew in 47 states and the District of Columbia. Since March, employment increased in 30 states, decreased in 18 and the District of Columbia, and was the same in two.

Texas gained the most jobs over the month, 33,100, followed by New York, 25,300 and Florida, 17,000. Wisconsin lost the most jobs from March at 24,100 followed by Minnesota at 11,400.

At one point during the recession, Michigan’s employment conditions were the worst in the nation with the struggling automobile companies that have long anchored its economy laying off hundreds of thousands of people. In April, its unemployment fell to 8.4 percent from 8.5 percent in March and 9.1 percent the year before.

“Michigan labor market indicators were relatively unchanged in April,” said Michael Williams, acting director of the Bureau of Labor Market Information and Strategic Initiatives, in a statement. “However, the number of unemployed in Michigan has declined for three consecutive months.”

(Additional reporting by Karen Pierog in Chicago, editing by Tiziana Barghini and Chizu Nomiyama)

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Reuters: Economic News

Unemployment rates drop in most states, Illinois climbs