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Political Economy: August 8, 2010 - August 14, 2010

Goldman Sachs economists: No double dip (probably)

The economics research team at Goldman Sachs has done excellent work over the past few years; they were among the most prescient forecasters in seeing the economic damage that the housing bust and credit crisis would wreak. So their analysis...

By Neil Irwin  |  August 13, 2010; 10:24 AM ET  |  Permalink  |  Comments (4)
Categories:  U.S. Economy  
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Morning briefing: Strong GDP growth in Eurozone, Germany, Hong Kong

1. The 16-country Eurozone economies expanded by a better-than-expected 1 percent during the second quarter while Germany expanded at its fastest pace since reunification. 2. East European economies grew faster than a year earlier on increasing demand for consumer goods...

By Ariana Eunjung Cha  |  August 13, 2010; 8:35 AM ET  |  Permalink  |  Comments (1)
Categories:  *Morning briefing  
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Economic agenda: Friday, Aug. 13, 2010

At 8:30 a.m -- The Labor Department issues data on inflation for July. Economists surveyed by Bloomberg are expecting a 0.2 percent increase in the consumer price index from June. Excluding volatile food and energy prices, the CPI is...

By Mike Shepard  |  August 13, 2010; 8:05 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Dow futures falling after rocky day in Europe

Wall Street appeared headed for its fourth straight day of losses after a rocky day in Europe. Dow futures were down 20 points following drops in London's benchmark index (0.6 percent), Germany's (0.7 percent) and France's (1 percent) despite good...

By Ariana Eunjung Cha  |  August 13, 2010; 8:03 AM ET  |  Permalink  |  Comments (3)
Categories:  International Economics  
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Diversions: The closing credits of 'The Other Guys'

The closing credits have a business twist. Check it out here. TIP: Concentrate on the bigger graphics instead of the text. Courtesy of Cinemablend.com...

By Sakina Rangwala  |  August 12, 2010; 4:52 PM ET  |  Permalink  |  Comments (2)
 
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Stocks fall for third day on increase in jobless claims, foreclosures

Stocks fell on Wall Street for the third day after more disappointing corporate earnings reports and government economic data flowed in from around the world. In the United States, the number of people filing unemployment claims jumped unexpectedly to a...

By Ariana Eunjung Cha and Sonja Ryst  |  August 12, 2010; 12:16 PM ET  |  Permalink  |  Comments (2)
Categories:  U.S. Economy  
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Morning briefing: Dollar strengthens, European markets muted

1. The Japanese yen weakened on speculation that the country will take measures to temper gains. Japanese Finance Minister Yoshihiko Noda said Thursday that the government will "respond appropriately" to a surge in the yen that sent it to a...

By Ariana Eunjung Cha  |  August 12, 2010; 7:45 AM ET  |  Permalink  |  Comments (0)
Categories:  *Morning briefing  
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Economic agenda: Thursday, Aug. 12, 2010

At 8:30 a.m. -- Labor Department reports weekly jobless claims At 8:30 a.m. -- Commerce Department announces import prices for July...

By Ariana Eunjung Cha  |  August 12, 2010; 7:06 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Bottom keeps falling out of trade data

Wednesday morning's international trade data are pretty depressing. It was one thing when the trade deficit widened in the May numbers; that could have been a fluke. The pattern has now repeated: Imports rose 3 percent in June and exports fell 1.3 percent, causing the trade deficit to widen to $49.9 billion from $42 billion in May.

By Neil Irwin  |  August 11, 2010; 12:09 PM ET  |  Permalink  |  Comments (47)
Categories:  Trade , U.S. Economy  
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U.S. stocks in the red after Fed announcement

Stocks plummeted Wednesday morning after the U.S. trade deficit widened unexpectedly and a string of weak economic reports from Asia and Europe deepened concerns that the global recovery is veering off track. The Dow Jones Industrial Average fell 217 points,...

By Ariana Eunjung Cha and Sonja Ryst  |  August 11, 2010; 11:15 AM ET  |  Permalink  |  Comments (38)
Categories:  U.S. Economy  
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Has the Fed entered a new policy regime?

By Neil Irwin A lot of the chatter around yesterday's Federal Reserve policy statement latched onto the idea that we're in a new world for Fed policy, one in which it targets a size of the balance sheet as a...

By Neil Irwin  |  August 11, 2010; 8:00 AM ET  |  Permalink  |  Comments (2)
Categories:  Federal Reserve  
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Morning briefing: Citing a 'choppy recovery,' British central bank lowers GDP forecast

1. The Bank of England lowered its GDP growth forecast for 2011 to 3 percent annually, down from 3.4 percent saying the country faces a "choppy recovery." 2. China's industrial growth slowed and its inflation rate spiked 3.3 percent in...

By Ariana Eunjung Cha  |  August 11, 2010; 7:36 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Economic agenda: Wednesday, Aug. 11, 2010

At 8:30 a.m. -- The Commerce Department releases data on international trade for June. Economists surveyed by Bloomberg are predicting that the trade deficit will stay roughly the same at $42.1 billion. At 9 a.m. -- The Securities and...

By Mike Shepard  |  August 11, 2010; 7:07 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Fed will resume asset purchases, sees pace of recovery as 'more modest'

By Neil Irwin Federal Reserve officials, concerned about an apparent slowdown in economic growth, Tuesday announced a new step to try to boost the economy by resuming purchases of long-term assets. "The pace of recovery in output and employment has...

By Neil Irwin  |  August 10, 2010; 2:42 PM ET  |  Permalink  |  Comments (24)
Categories:  Federal Reserve  
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Indian government calls H1B visa fee hike 'discriminatory'

The government of India is protesting a bill in Congress that passed the House today and the Senate last week that would significantly raise U.S. visa fees for skilled workers. In a letter to U.S. Trade Representative Ron Kirk, India's Commerce Minister Anand Sharma said the bill unfairly targets Indian companies and estimated it would cost the country's firms an extra $200 million a year. "It is inexplicable to our companies to bear the cost of such a highly discriminatory law," Sharma wrote.

By Ariana Eujung Cha  |  August 10, 2010; 1:05 PM ET  |  Permalink  |  Comments (64)
 
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Morning briefing: China's trade surplus widens, Japan keeps rates steady

1. China said its trade surplus has widened over the last year. Exports grew 38.1 percent in July compared to 12 months earlier while imports fell, in a sign of further weakness in demand for China's imports. Economic growth slowed...

By Ariana Eunjung Cha  |  August 10, 2010; 8:10 AM ET  |  Permalink  |  Comments (1)
Categories:  *Morning briefing  
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Economic agenda: Tuesday, Aug. 10, 2010

At 8:30 a.m. -- The Labor Department releases data on productivity for the second quarter. At 9 a.m. -- Federal Reserve policymakers meet to discuss the economy and interest rates At 9 a.m. -- House lawmakers meet to consider...

By Mike Shepard  |  August 10, 2010; 7:12 AM ET  |  Permalink  |  Comments (0)
Categories:  *Economic agenda  
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Econosphere: Obama's unemployment problem

By Dylan Matthews The Obama administration's inability to lower the unemployment rate is renewing concerns about a stalled recovery. The House is scrambling this week to pass a $26 billion bill to prevent tens of thousands of teachers and state...

By Dylan Matthews  |  August 9, 2010; 1:50 PM ET  |  Permalink  |  Comments (1)
Categories:  *Econosphere  
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FOMC Preview: What to look for

By Neil Irwin For the first time in months, it is an open question what Fed policymakers will do at their monetary policy meeting, which is to occur on Tuesday. They will, as they have since December 2008, keep their...

By Neil Irwin  |  August 9, 2010; 12:15 PM ET  |  Permalink  |  Comments (3)
Categories:  Federal Reserve , U.S. Economy  
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Diversions: Jodie Fisher, actress and single mom, is woman behind ouster of HP's Mark Hurd

Jodie Fisher, the woman who made the sexual harassment accusations against Hewlett-Packard CEO Mark Hurd, also goes by Jodie Coady and Jodie Codie-Fisher. She's a reality TV contestant and actress who has also served as vice president of a commercial...

By Ariana Eunjung Chia  |  August 9, 2010; 8:51 AM ET  |  Permalink  |  Comments (9)
Categories:  *Diversions  
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Week ahead: Federal Reserve committee meets

By Sonja Ryst A Federal Reserve meeting and reports this week on prices and consumer sentiment should provide new hints for those scrutinizing the state of the U.S. economic recovery. Tuesday The Fed's Federal Open Market Committee plans to meet,...

By Sonja Ryst  |  August 9, 2010; 8:07 AM ET  |  Permalink  |  Comments (0)
Categories:  Federal Reserve  
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