The U.S. December 2012 monthly trade deficit imploded by -20.7% to $38.54 billion. This is the lowest monthly trade deficit since January 2010 when global trade was still affected by the recession. We estimate Q4 GDP will be revised significantly upward as a result.
Congress is focused on all the wrong things to get people back to work. We hear day after day the drone of budget deficits, yet not a word is mentioned on the trade deficit. This is the problem Congress should be obsessed with. Our massive trade deficit is stunting economic growth and costing America millions of jobs.
ECS is the emergency communications system for seventeen states, with plans to add seven new states this year. ECS estimates it holds 40 percent of America’s state-chartered banks as its users.
The Department of Justice filed a civil lawsuit against Standard and Poor's for fraud. Will the DOJ finally nail credit rating agency Standards and Poor's for slapping AAA ratings on rigged CDOs backed by mortgage toxic waste? Or will justice be just another slap on the wrist?
The January 2013 ISM Non-manufacturing report shows the overall index decreased, -0.5 percentage points, to 55.2%. The NMI is also referred to as the services index and the decline indicates slower growth for the service sector. The index also shows more inventory contraction. For those believing the Q4 GDP inventory shed was just temporary should read on.
While the Dow hit 14,000 and Wall Street cheered, economic indicators cast a broadening dark shadow. Wall street is partying like it is March 2000. Yet Q4 GDP showed economic contraction.
The Manufacturers' Shipments, Inventories, and Orders report shows factory new orders increased 1.8% for December. Without transportation equipment, new orders increased 0.2%. November showed a -0.3% decline whereas October had a 0.8% increase.
For months now, the words which describe the jobs crisis are little change. It is like the United States is stuck in time when it comes to the never ending dire unemployment statistics.
The January 2012 ISM Manufacturing Survey shows PMI increased by 2.9 percentage points to 53.1% and is in expansion for the 2nd month in a row. This is the 4th time in eight months manufacturing PMI has been in expansion. Overall the report is actually modest expansion, although all five indexes which make up PMI were on the positive side.
The December to January BLS employment report is always a strange beast. Yet this year we magically have gained 647,000 jobs which previously did not exist. Below is the difference between the previously reported jobs in December to the payroll tally for January 2013.
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