It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
If you haven't heard of the U.S.-China Economic and Security Review Commission you should. If you care about our massive trade deficit and U.S. jobs, this commission has written some absolutely frightening reports on China trade and security.
Tonight's movie is a long interview with the Commission member Patrick Mulloy, giving an overview on some of the commission's findings.
The BLS has released their Regional and State Unemployment Report for May 2011. California lost 29,200 jobs in a month. New York lost -24,700 more jobs and Michigan continues to not get a break, they just lost another -13,400 jobs. Overall the BLS reports there is little change in the May State employment figures. This is the mantra, persistent economic malaise and a never ending jobs crisis.
The May 2011 Residential construction report showed Housing starts increased 3.5% from April 2011 to a level of 560,000. This is -3.4% below May 2010. This economic metric has error rates much above the actual percentage change increases quoted. April had a -8.8% decline, revised upward from -10.6%.
Initial weekly unemployment claims decreased to 414,000. While the DOL reports this is a decrease of 16,000, last week was revised upward by 3,000, from 427,000 to 430,000. The 4 week moving average is 424,750, which is unchanged. A weekly average above 400,000 does not indicate job growth and we now have a pattern of perpetual disaster for U.S. citizens trying to earn a living.
The Federal Reserve's Factory Production report shows a measly 0.1% increase for May 2011 Industrial Production, otherwise known as output for factories and mines. Manufacturing industrial production rose 0.4% yet had dropped -0.5% in April. Japan is still affecting autos and without them, which declined -0.5%, manufacturing would have increased +0.6%. April would have been only a -0.1% drop and they note the terrible tornadoes in the South affecting manufacturing.
The Consumer Price Index for May 2011 increased 0.2% from last month, but core CPI rose 0.3%, the largest jump since July 2008. Core CPI removes food and energy cost increases and is the number the Federal Reserve watches for inflation. For the year, not seasonally adjusted, the Consumer Price Index for all Urban Consumers (CPI-U) has risen 3.6%. The March CPI monthly increase was 0.4%.
At the moment, things look bad for Bank of America but this too shall pass.
Yves Smith wrote a nice summary of the latest on ForeclosureGate . This includes just released information concerning HUD assistant regional inspector general William Nixon. Supposedly, he is after BofA for significantly hindering an investigation into wrongfully filed claims on failed mortgages, about $6 billion worth.
Smith reminds us that she saw the BofA purchase of Countrywide as a real loser. Her reference to a prescient column by Gretchen Morgenson from August 27, 2007 contains this gem:
The Wisconsin State Supreme Court just overthrew a ruling stopping the Republican assault on collective bargaining. It was a 4:3 decision and unions are livid.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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