March 15, 2012 |
The ports of Los Angeles and Long Beach saw more of a decline in cargo traffic in February than other ports around the nation, perhaps proving there is one month out of the year in which there's little advantage in having China as a primary trading partner. That's because of the annual Chinese New Year celebration. Chinese factories traditionally close for the celebration for a week or more. This year, the factory slowdown hit trade traffic in February. The ports of Los Angeles and Long Beach, the busiest U.S. seaport complex, move 40% of the nation's Asian imports, and most of that comes from China.
February 10, 2012 |
In another sign that the job market is gaining momentum, the number of workers filing for unemployment benefits fell further last week — down to levels last seen in the early months of the recession. The Labor Department said Thursday that first-time jobless claims dropped by 15,000 to 358,000 last week, although week-to-week changes can be volatile. The average for the last four weeks, a more reliable measure, dropped to 366,000 — the lowest four-week average since April 2008.
January 9, 2012 |
General Motors Co. and its joint ventures in China recorded record sales last year in the world's largest automotive market, despite a marked cool-down in growth. The company sold 2.55 million vehicles in 2011, up 8.3% from the year before, GM said Monday. "GM stayed ahead of the competition despite a slowdown in the growth of industry demand thanks to our broad portfolio of appealing vehicles," Kevin Wale, president and managing director of the GM China Group, said in a written statement.
November 24, 2011 |
Despite the struggling global economy, investors for the last two years have gotten used to corporate America generating robust earnings gains. But the profit picture now is getting cloudier: Although third-quarter results again were stellar, Wall Street analysts have slashed estimates for the current quarter and the first period of next year. "Earnings growth is very quickly decelerating," said David Rosenberg, chief market strategist at money manager Gluskin Sheff & Associates in Toronto.
November 10, 2011 |
General Motors Co. saw its profit slide in the third quarter, hurt by losses in Europe and a slowing global economy. Although the nation's largest automaker has posted a string of seven consecutive profitable quarters, its earnings in the latest period fell 15% to $1.7 billion, or $1.03 per share, from $2 billion, or $1.20 a share, in the same period last year. Revenue rose 7.6% to $36.7 billion. "We produced a solid quarter generating our best results in North America and China, the world's most important auto markets and where GM is a market leader," said Dan Akerson, GM's chief executive.
August 26, 2011 |
Even if the U.S. economy avoids sliding back into recession, the continuing weakness is beginning to inflict long-term damage on many families and businesses that will make a full-blown recovery much harder to achieve. The devastating recession that started four years ago hit a nation flying high on a housing boom and helium-inflated clouds of consumer spending. But the current slowdown is striking a nation already on its economic knees. "That's the danger right now: You've got an economy that didn't recover," said Ethan Harris, Bank of America's chief economist for North America.
June 16, 2011 |
Stocks tumbled on a fresh batch of troubling economic data and mounting fears over Europe's debt crisis. The Dow Jones industrial average fell 178 points Wednesday to a 12-week low. The slide erased Tuesday's 123-point gain. Traders also bailed out of many commodities. Crude oil futures sank below $95 a barrel for the first time since February. Some investors rushed back to U.S. Treasury bonds, pushing their yields down. The 10-year T-note's yield fell to 2.97% from 3.1% on Tuesday.
June 3, 2011 |
Shoppers appeared to be more cautious last month in spending for clothing and other items as rising gas and food prices took up a bigger chunk of their disposable income, raising some concern about a possible slowdown in sales over the summer. Major retail chains reported a modest 4.9% gain in sales last month compared with a year earlier, below analysts' predictions of a 5.4% rise, according to Thomson Reuters' tally of 24 retailers released Thursday. At the Westfield Culver City mall, shoppers said that rising temperatures had put them in the mood to browse for swimsuits and other summer apparel.
May 7, 2011 |
The American economy created a healthy batch of new jobs in April for the third straight month, allaying fears of a stall in hiring due to higher oil prices and concerns about an economic slowdown. The Labor Department said Friday that employers last month added 244,000 new net jobs across a broad spectrum of industries. That was similar to the payroll growth numbers in March and February. But the unexpectedly strong report on hiring was clouded by the news that the jobless rate for April edged up to 9%, from 8.8% in March after dropping continuously since November's rate of 9.8%.
April 29, 2011 |
Two new snapshots of the economy — one showing a sharp slowdown in first-quarter economic output and the other a surge in weekly unemployment claims — underscored the fragility of the recovery, its vulnerability to global shocks and the long road still ahead for millions of American workers. Many analysts shrugged off the report that gross domestic product grew just 1.8% in the first part of the year — down from 3.1% in the fourth quarter last year. Economists said the slowdown was caused mostly by temporary factors such as the harsh winter weather and a surge in oil and food prices, which took a bite out of consumer spending and the nation's trade.