Tag Archives: Percent
U.S. economy grew at tepid 1.9% during first quarter
New York, NY, United States (AHN) – The United States economy grew at a slow 1.9 percent pace during the first quarter of the year a slowdown in growth that Federal Reserve policy makers hope will only be a temporary.
In contrast, the economy grew at a more robust 3.1 percent rate in the previous quarter. Still the 1.9 percent figure was better than the 1.8 percent rise in gross domestic product predicted for the first quarter by government officials last month.
Real gross domestic product is the total output of goods and services produced by labor and property located in the U.S.
“The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased,” the U.S. Department of Commerce Bureau of Economic Analysis said in a statement.
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Payrolls in 27 states show May decreases
Washington, D.C., United States (AHN) – Troubling statistics released by the US Bureau of Labor Statistics on Friday revealed that payrolls decreased in 27 states during May.
California showed the largest decrease in jobs with a drop of 29,200 followed by New York that shed 24,700 jobs, Pennsylvania with a drop of 1,4200, Michigan lost 13,400 and Maryland shed 13,300.
However, the jobless rate only fell in 24 states while it rose in 13.
Leading the pack of states that gained in the payroll department was Florida with 28,000 more jobs and Ohio with an additional 12,000.
This report comes on the heels of a report by the International Monetary Fund adjusting its forecast for economic growth in the US downard to 2.5 percent from the 2.8 percent it forecast in April.
Because 70 percent of economic growth comes from consumer spending in the US, until hiring picks up it is unlikely that the economy will grow much. A consumer is simply an American with a job and a paycheck that is sufficient to allow for discretionary spending.
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Refis Strengthen During Holiday Week
Inquiries for refinances rose 4 percent this week, according to the U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com for the week ended June 3. Refinance share, meanwhile, expanded to 53 percent from 49 percent. The improvement in refinance activity came on the heels of Memorial Day.
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Bad Values Lead to Big Discounts on 2005-2007 Vintages
Standard & Poor’s Ratings Services analyzed distressed sales on non-agency loans originated between 2000 and 2007. S&P found that 4 to 5 percent for loans originated between 2005 and 2007 were discounted by more than 25 percent. “Large variances between loan origination and sale amounts generally suggest … that original home values were overstated on mortgage applications and not corrected during the originators’ review of the property value,” an S&P managing director said in the report.
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AIG to price share sale for Treasury sell-down
The U.S. Treasury will take the first step toward exiting its 92 percent stake in American International Group Inc <AIG.N> on Tuesday when the insurer prices its stock offering.
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Why We Are Losing Our Film Heritage
Did you know that we have lost 80 percent of the theatrical feature films made in America during the silent era and half of the feature films produced before 1950, according to the Library of Congress? Other sources have estimated…
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Retreating Rates Stimulate Refis
Overall new mortgage inquiries rose 3 percent this week based on the latest U.S. Mortgage Market Index from Mortech Inc. and MortgageDaily.com . Lifting this week’s activity were refinances. The Refinance MMI climbed to 116 from 106 seven days prior.
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Akerson buys $1M GM shares
The U.S. government may not be selling, but General Motors Co. CEO Dan Akerson is buying. The U.S. Treasury is waiting to sell off its 26.5 percent stake in GM until at least August, and may not relinquish all of its shares until 2012, two people briefed on the matter said Thursday.
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