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joewp wrote:Obama may be rattling the sabres at Iran to cover for the run-up in oil prices (which are currently "down"), but so did Bush and so will the next president, whoever he might be. ]
The Chicago Federal Reserve reported today that its Midwest Manufacturing Index increased 1.0% in February, to a three and-a-half year high of 90.1 (2007 = 100), following a revised 2.1% monthly gain in January. Here are some highlights of manufacturing activity in the 7th Federal Reserve district covering Illinois, Indiana, Iowa, Michigan, and Wisconsin:
1. Manufacturing output in the Midwest region rose 10.1% from a year earlier in February, almost twice the 4.7% increase in national manufacturing output over the same period (see chart).
2. Regional machinery output in February gained 10.9% from its year-earlier level, compared to a 4.8% increase in machinery output at the national level.
3. Regional steel output improved 13.9% from its February 2010 level, compared to an 9.8% increase in national steel output over that period.
4. The Midwest’s automotive output increased 18.7% in February from its year-ago level, compared to a 12.9% gain in national automotive output.
Ben Bernanke has said the US economy is yet to fully recover from the impact of the global financial crisis and warned of new risks to the money markets.
Mr Bernanke said that more regulatory action was needed to ensure the stability of the financial markets.
However, he warned that as these procedures are put in place, new risks may emerge.
Mr Bernanke's comments come amid calls for a tighter control of the sector to avoid a repeat of the financial crisis.
"Even as we make progress on known vulnerabilities, we must be mindful that our financial system is constantly evolving and that unanticipated risks will develop over time," Mr Bernanke said.
Plantagenet wrote:IMHO thats very stupid policy and a wrong-headed approach. Obama's plan to block Iranian oil exports will inevitably drive energy prices even higher and inflict damage on the US economy and the global economy.
SeaGypsy wrote:Paradoxically the most expensive oil to get at is currently by far the cheapest, WTI lagging a solid $20+ all year behind more freely available Tapis & Brent. While I agree the price needs to go up, the way it's doing so is weird and not helpful.
Plantagenet wrote:joewp wrote:Obama may be rattling the sabres at Iran to cover for the run-up in oil prices (which are currently "down"), but so did Bush and so will the next president, whoever he might be. ]
1. Oil prices aren't down---they are up. Oil prices have more than doubled since 2009 and are at record highs in europe and near record highs in the USA....
since the Great Oil Peak of '08 .
Did private non farm employment grow in March by only 121K (per the establishment survey), or by a very impressive 318K (per the household survey)? In the 30+ years during which I have been following these two monthly surveys, there have been many times when they have diverged. Over time they tell the same story, but over shorter periods of a few months or even a few years, they can tell different stories. One shorthand way of resolving the problem of a divergence is to simply split the difference, since the truth is likely to be somewhere in the middle. Doing that for March gives you a private sector payroll gain of 225K, which is right around where expectations were, and which is also consistent with what we've seen in the past few months. I don't see any reason to think that the unexpected slowdown in jobs growth that surfaced in the establishment number reflects any actual slowdown in the economy; the economy never turns on a dime without there being a number of indicators suggesting that something big is going on.
TheAntiDoomer wrote:LOL. You mean that great peak that has already been surpassed in 2012?
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