Initial weekly unemployment claims increased to 429,000. While the DOL reports this is a increase of 9,000, last week was revised upward by 6,000, from 414,000 to 420,000. The 4 week moving average is 426,250. 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.
Q1 GDP 2011 came in at 1.9% for the third revision, one tenth of a percentage point higher than the second revision. Here is the original BEA GDP report.
New Orders in Durable Goods increased +1.9% for May 2011. April was significantly revised to -2.7% from -3.6%.
Core capital goods new orders increased +1.6%, after declining -0.8% last month. Core capital goods is an investment gauge for the bet the private sector is placing on America's future economic growth.
For all transportation equipment, new orders jumped +5.8%. Our volatile air-o-planes caused the increase, up 36.5%. Defense aircraft increased also, 5.5% and motor vehicles survived with a 0.6% increase.
We now have two increases in new orders for the last three months, with April being the plunge from hell.
Just unbelievable. Seems by hook or by crook Obama is doing exactly what his corporate donors demand he do. That's import more foreign workers to take American jobs.
New America Foundation's Barry Lynn & Philip Longman talk about monopolies, anti-trust and how that's killing job creation. One topic overlooked is massive consolidation. We've seen this many a time, large multinationals buy up the competition and then slash and burn the staff with massive layoffs and outsourcing. Right now we have AT&T buying T-Mobile and how many cannot find decent cell service for less than $100 a month?
Welcome to the weekly roundup of great articles, facts and figures. These are the weekly finds that made our eyes pop.
Since 1953, the Communist Party of China has used a series of five-year plans to guide China’s economic and social development. In its newly-adopted 12th Five-Year Plan China makes clear that it hopes to move up the manufacturing value chain by making explicit mention of Strategic Emerging Industries, which the Chinese government would like to see dominated by Chinese firms. These industries are: New-generation information technology, high-end equipment manufacturing, advanced materials, alternative-fuel cars, energy conservation and environmental protection, alternative energy, and biotechnology. China’s goal is to take the Strategic Emerging Industries from a current combined share of 3% of Chinese GDP to 8% by 2015 and 15% by 2020.
Anyone name America's 5 year plan? Beyond destroying the U.S. middle class and American workforce, can anyone even think of one? China, on the other hand, is methodically going about dominating a host of advanced technology industries and capturing our jobs in that process.
