US unemployment aid applications surge

THE number of people seeking US unemployment benefits rose 68,000 last week to a seasonally adjusted 368,000, the largest increase in more than a year.

The surge in first-time applications could be a troubling sign if it lasts. But it likely reflects the difficulty adjusting for delays after the Thanksgiving holiday.

The Labor Department said on Thursday that the less volatile four-week average rose 6,000 to 328,750. That is close to pre-recession levels and generally a positive sign for job gains.

Applications had tumbled in recent weeks to nearly six-year lows, partly because of a late Thanksgiving holiday that may have distorted the government's seasonal adjustments. Economists believe this week's jump in claims was a dose of payback for those declines.

"What the seasonals give in one month they have to take back the next, hence today's number," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Applications for unemployment aid are a proxy for layoffs. A steady decline over the past year suggests that fewer Americans have lost their jobs.

Economists will track the next few weeks closely to see if that trend is reversing, or if the surge is a temporary blip caused by seasonal adjustments.

The recent drop in layoffs has coincided with a pickup in hiring. The economy has added an average of 204,000 jobs a month from August through November, up from an average of 146,000 in May through July.

Employers added 203,000 jobs last month and the unemployment rate dropped to a five-year low of 7 per cent, the government said on Friday.

Four straight months of robust hiring have raised hopes that 2014 will be the year the economy returns to normal.

As more Americans draw a pay cheque, incomes and consumer spending generally increase. About 70 per cent of economic activity comes from consumer spending.

However, the unemployment rate remains above the historic averages of 5 per cent to 6 per cent that are associated strong job markets.

08.17 | 0 komentar | Read More

Nigella judge in Cameron rebuke

JURORS in the trial of two former personal assistants accused of defrauding Nigella Lawson and Charles Saatchi have been warned to ignore comments made by British Prime Minister David Cameron about the celebrity cook.

Judge Robin Johnson told jurors in the trial of Elisabetta and Francesca Grillo at Isleworth Crown Court in London that it was "of regret" when public figures commented about someone involved in a trial and urged them to only decide the case based on the evidence in court.

The Grillo sisters are accused of abusing their positions by spending STG685,000 ($A1.2 million) on credit cards belonging to the celebrity couple to buy designer goods and luxury holidays for themselves.

Elisabetta Grillo, referred to as Lisa, 41, and sister Francesca, 35, each deny a single count of committing fraud by using a company credit card for personal gain between January 1, 2008, and December 31 last year.

The judge told the jury of five women and seven men that he had been shown a number of press reports about comments made by Cameron about Lawson.

"They centre on the prime minister commenting about a prosecution witness, Ms Lawson, during an interview with a journalist.

"It is of regret when people in public office comment about a person who is involved in a trial which is in progress."

He said the defendants felt "aggrieved" by the comments, even though they did not specifically deal with matters in the trial, adding: "The fact they they may feel aggrieved is not without justification."

He told jurors: "You will realise that what public figures may feel about this case or a witness in this case can have no bearing on your own views."

He urged them to heed instructions given at the start of the trial.

08.17 | 0 komentar | Read More

Fewer US homes entering foreclosure path

THE number of US homes entering the path to foreclosure or winding up repossessed by lenders has fallen to levels not seen in more than six years.

While foreclosures remain a concern in select states, the trend is the latest sign foreclosures are becoming less of a national factor on the housing recovery and more of a state and metropolitan-area concern.

Lenders initiated foreclosure action against 52,826 US homes in November, down 10 per cent from the previous month and a drop of 32 per cent from November last year, according to new data from foreclosure listing firm RealtyTrac Inc.

The last time the tally of monthly foreclosure starts was lower was in December 2005, the firm said.

Foreclosure starts increased last month on an annual basis in 15 states, including Pennsylvania, Delaware, Maryland and Oregon.

While fewer homes entered the foreclosure pipeline in November, the number of homes completing the foreclosure process also declined.

All told, lenders took back 30,461 homes last month, down 19 per cent from October and a decline of 48 per cent from November last year, RealtyTrac said.

Overall, completed foreclosures sank to the lowest level since July 2007, the firm said.

The number of homes repossessed by banks increased on an annual basis in only five states: Delaware, Maryland, Connecticut, Maine and Iowa - all states where the courts must sign off on foreclosures, a factor that typically draws out the process longer than in other states.

Some of the decline in foreclosure activity last month was due to a seasonal slowdown as the end of the year draws near. That could mean a bump in homes sold at auction or repossessed by banks early next year, said Daren Blomquist, a vice president at RealtyTrac.

"Regionally and locally, there are going to be some jumps in foreclosure numbers in 2014, but nothing we anticipate will threaten the housing recovery," Blomquist said. "It's very safe to say that the foreclosure crisis is over and behind us."

The decline in foreclosures has come about as more homeowners are keeping up with their mortgage payments. At the same time, the US housing market has emerged from a deep slump, aided by rising home prices, steady job growth and fewer troubled loans dating back to the housing-bubble days.

08.17 | 0 komentar | Read More

US retail sales rise 0.7 per cent

US consumers ramped up spending in November on cars, appliances and furniture and made more purchases online, signalling growing confidence in the economy during the holiday shopping season.

The Commerce Department says retail sales rose 0.7 per cent, the biggest gain in five months. October's figure was also revised higher to 0.6 per cent.

Two straight months of healthy sales suggests steady hiring is encouraging Americans to spend more this holiday season, particularly on big-ticket items.

Car sales jumped 1.8 per cent and furniture purchases rose 1.2 per cent.

Excluding the volatile categories of cars, petrol and building materials, sales rose a solid 0.5 per cent in November.

Americans also are shifting more spending to online and catalog retailers.

Online and catalog sales rose 2.2 per cent last month, the most in nearly 18 months.

08.17 | 0 komentar | Read More

US retail sales rise 0.7 per cent

US consumers ramped up spending in November on cars, appliances and furniture and made more purchases online, signalling growing confidence in the economy during the holiday shopping season.

The Commerce Department says retail sales rose 0.7 per cent, the biggest gain in five months. October's figure was also revised higher to 0.6 per cent.

Two straight months of healthy sales suggests steady hiring is encouraging Americans to spend more this holiday season, particularly on big-ticket items.

Car sales jumped 1.8 per cent and furniture purchases rose 1.2 per cent.

Excluding the volatile categories of cars, petrol and building materials, sales rose a solid 0.5 per cent in November.

Americans also are shifting more spending to online and catalog retailers.

Online and catalog sales rose 2.2 per cent last month, the most in nearly 18 months.

08.17 | 0 komentar | Read More

US unemployment aid applications surge

THE number of people seeking US unemployment benefits rose 68,000 last week to a seasonally adjusted 368,000, the largest increase in more than a year.

The surge in first-time applications could be a troubling sign if it lasts. But it likely reflects the difficulty adjusting for delays after the Thanksgiving holiday.

The Labor Department said on Thursday that the less volatile four-week average rose 6,000 to 328,750. That is close to pre-recession levels and generally a positive sign for job gains.

Applications had tumbled in recent weeks to nearly six-year lows, partly because of a late Thanksgiving holiday that may have distorted the government's seasonal adjustments. Economists believe this week's jump in claims was a dose of payback for those declines.

"What the seasonals give in one month they have to take back the next, hence today's number," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.

Applications for unemployment aid are a proxy for layoffs. A steady decline over the past year suggests that fewer Americans have lost their jobs.

Economists will track the next few weeks closely to see if that trend is reversing, or if the surge is a temporary blip caused by seasonal adjustments.

The recent drop in layoffs has coincided with a pickup in hiring. The economy has added an average of 204,000 jobs a month from August through November, up from an average of 146,000 in May through July.

Employers added 203,000 jobs last month and the unemployment rate dropped to a five-year low of 7 per cent, the government said on Friday.

Four straight months of robust hiring have raised hopes that 2014 will be the year the economy returns to normal.

As more Americans draw a pay cheque, incomes and consumer spending generally increase. About 70 per cent of economic activity comes from consumer spending.

However, the unemployment rate remains above the historic averages of 5 per cent to 6 per cent that are associated strong job markets.

08.17 | 0 komentar | Read More

Cate Blanchett nominated for Golden Globe

CATE Blanchett had better find a gown to wear to the Oscars, although Hugh Jackman, Geoffrey Rush and Chris Hemsworth likely won't have to worry about tuxedos.

You have reached your weekly Guest Access
limit of 5^* FREE ARTICLES.

^*Subject to change

08.17 | 0 komentar | Read More