Market Movers Friday: Goooooooold! Q1GDP, GS…

Update: Calculated Risk expands on the GDP number and the PCE:

…Here are some Q1 numbers (all annualized):

  • Personal consumption expenditures (PCE) increased $130.7 billion
  • Personal saving declined $88.5 billion.
  • Government social benefits to persons increased $61.1 billion. So the boost in PCE came from the decline in saving and the increase in benefits. That is not sustainable….
  • Up $11.40 to $1180.20….likely on Greece fears and the PCE number

    which finally showed some inflation- (hiring costs rising)..

    …you know what that means…it’s been a while….

    PS it has leaked that the Feds have a criminal probe into Government Slacks…poor bastards really bet on the wrong horse didn’t they? GS down another 7% to 148, several firms putting hold or sell ratings on now…

    1Q GDP came in at 3.2%, slightly below expectations

    Consumer Sentiment fell in April

    April 30, 2010. Tags: , , , , , . Economy, Entertainment, Film, Music, Politics, Wall St. Comments off.

    Market Mover Thursday: Bernanke under subpoena on the Hill, Jobless claims up, Final GDP for 1Q -5.5%…

    Rep. Darrell Issa, R-Calif., says the Federal Reserve failed to disclose details about its involvement in Bank of America’s controversial acquisition of Merrill Lynch, and today Fed Chairman Bernanke will testify before the House Oversight Committee about the deal. Rep. Issa discusses the allegations with CNBC.

    Vodpod videos no longer available.

    *FD- MiM are shareholders of BofA (and Merrill now also BofA, lol)

    On this week’s jobless claims and GDP revisions (CNBC):

    The number of people filing new jobless claims jumped unexpectedly last week, and the total unemployment benefit rolls rose to more than 6.7 million. In related news, the economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now.

    The department said initial claims for jobless benefits rose last week by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000, according to Thomson Reuters. The number of people continuing to receive unemployment insurance rose by 29,000 to 6.74 million, slightly above analysts’ estimates of 6.7 million. The four-week average of claims, which smooths out fluctuations, was largely unchanged, at 616,750.

    Extended Benefits Unemployment Numbers up also:

    Millions of Americans also are receiving jobless benefits through a federal extension enacted by Congress last year. For the week ending June 6, more than 2.4 million people received benefits under the extension, which adds 20 to 33 weeks on top of the 26 weeks typically provided by states. About 288,000 people also are receiving benefits under state emergency programs, bringing the total jobless benefit rolls to nearly 8.8 million that week. The extended benefits data lags initial claims by two weeks.

    GDP:

    …Gross domestic product, which measures total output within U.S. borders, dropped at a 5.5 percent annual rate in the first quarter after shrinking 6.3 percent in the fourth quarter of last year and 0.5 percent in the third quarter. The GDP reading was the final one for the first quarter. The Commerce Department initially said it contracted 6.1 percent, then revised that to 5.7 percent and finally to a 5.5 percent fall. GDP is expected to decline again in the current quarter ending June 30 though less severely than in the first quarter.

    The Consumer:

    …Consumer spending, which fuels two-thirds of U.S. economic activity, increased at a downwardly revised 1.4 percent rate instead of the 1.5 percent previously estimated….

    more about “Issa on Bernanke Allegations – CNBC.com“, posted with vodpod

    June 25, 2009. Tags: , , , , , , , , , , , . Economy, Finance, Politics, Unemployment Statistics, Wall St. Comments off.

    Market Mover Friday: GDP drops 5.7%….

    They are celebrating like it’s over. I say it aint over…Roubini expects a double bottom, seems likely the way they are throwing money around, if you add enough liquidity there will be a temporary boost in GDP, but it isnt organic GROWTH, not real JOBS, therefore unsustainable, especially if it is a false bump based on money printing antics, then the second bottom will hurt all the more..

    Why the hexx cant they just let recessions happen and not frak with them? It is part of the economic cycle, we have safety nets to help people get through it after all, that is what the safety nets are for!!

    CNBC:

    Gross domestic product, which measures total goods and services output within U.S. borders, dropped at a 5.7 percent annual rate, the department said, less than the 6.1 percent estimated by the government last month.The revisions were below market expectations for a 5.5 percent contraction for the January-March quarter.

    Output has declined for three straight quarters for the first time since 1974-1975.

    The Commerce Department’s preliminary report also showed corporate profits after taxes increased 1.1 percent in the first quarter, the first increase in a year, after plummeting 10.7 percent in the fourth quarter. Analysts polled by Reuters had forecast profits dropping 7 percent.

    Economic activity in the first quarter was dragged down by cutbacks in business, federal government, residential and nonresidential investment as well as a drop in exports.

    Gold is on fire BTW as Oil also continues to rise on the weak US dollar…now at 79- level not seen since December..

    GOLD up 14.70 to 976.20 now…my GOLD is still on its run

    Oil up 1.15 to 66.23

    May 29, 2009. Tags: , , , , , , , . Economy, Finance, Music, Popular Culture, Uncategorized, Wall St. Comments off.

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