U.S. Economic Data "Falls Off Cliff"

[BlueHen86]

Just last year a bridge near my house that crosses the Schuykill River failed an inspection and is now closed indefinitely. This is the sort of thing that the stimulus should have been used for. I understand people not liking the idea of stimulus spending, but even the people who supported the idea can't be thrilled with the results.

Can you be more specific on this bridge? I've found several bridges over the Schuykil River that are or will receive stimulus money. Not sure if yours is one of them.

It's the Keim Street bridge connecting North Coventry Township, Chester County to Pottstown Borough, Montgomery County. If it's due to receive stimulus money that's news to the local paper! Last I heard they were still discussing whether to repair it or replace it.

[BDKJMU]

Dow Average Has Its Longest Weekly Slump Since 2004

"U.S. stocks fell this week, sending the Dow Jones Industrial Average to its longest streak of losses since 2004, after worse-than-estimated reports on jobs and manufacturing fueled concern earnings growth will slow.
All 10 Standard & Poor’s 500 Index groups dropped,........"
http://www.bloomberg.com/news/2011-06-0 ... onomy.html" onclick="window.open(this.href);return false;

Thats 5 straight weeks of declines in the markets.....

Now make that 2002, as Dow falls for 6th straight week...

"NEW YORK—Another dose of anguish about the global economic recovery sent the Dow Jones Industrial Average to the first close below 12000 since mid-March, capping the blue-chip index's longest weekly slump since 2002.

Another dose of anguish about the global economic recovery sent the Dow to the first close below 12000 since mid-March, capping the blue-chip index's longest weekly slump since 2002. Paul Vigna discusses.

The Dow industrials sank 172.45 points, or 1.4%, to 11951.91, the sixth straight week of declines. The Standard & Poor's 500-stock index shed 18.02, or 1.4%, to 1270.98. That broad index also has notched six weeks of declines, the longest losing streak since 2008.

Two closely watched stock indexes turned negative for the year Friday. The Nasdaq Composite Index fell 41.14, or 1.5%, to 2643.73. The small-capitalization Russell 2000 fell 13.10, or 1.7%, to 779.54.

Investors were dour after U.S. May import prices showed a surprise rise of 0.2%, hinting at an inflation push coming into the U.S. from abroad. Overseas, sovereign-debt worries continued to rattle investors, pushing European stocks lower. A surprise interest-rate increase by the Bank of Korea weighed on Asian bourses.

The action follows a string of weak readings on the U.S. economy that have joined with pessimism about weaker global growth to weigh on major stock indexes. Unsurprisingly, the mood on the trading floor was grim.

"At the moment there doesn't seem to be any place to hide," said Ted Weisberg, president of Seaport Securities. "Best-case scenario, [traders] don't know what to do. Worst case, they're simply throwing in the towel because they're frustrated. Nothing seems to work."

The declines comes as more on Wall Street are talking about a full-blown stock-market correction. Market analysts generally consider stocks to be in a correction if indexes sink more than 10% from their recent closing highs. On a closing basis, the blue-chip Dow is 6.7% below its multi-year closing high in late April. The S&P 500 has fallen 6.8% from its own mark.

"There's a growing idea that perhaps this slowdown is not as temporary as it looks," said John Brady, senior vice president at MF Global........"

http://online.wsj.com/article/SB1000142 ... TopStories" onclick="window.open(this.href);return false;

[BDKJMU]

IMF cuts U.S. growth forecast, warns of crisis

SAO PAULO (Reuters) - The International Monetary Fund cut its forecast for U.S. economic growth on Friday and warned Washington and debt-ridden European countries that they are "playing with fire" unless they take immediate steps to reduce their budget deficits.
The IMF, in its regular assessment of global economic prospects, said bigger threats to growth had emerged since its previous report in April, citing the euro zone debt crisis and signs of overheating in emerging market economies.
The Washington-based global lender forecast that U.S. gross domestic product would grow a tepid 2.5 percent this year and 2.7 percent in 2012. In its forecast just two months ago, it had expected 2.8 percent and 2.9 percent growth, respectively......."

http://ca.news.yahoo.com/imf-cuts-u-gro ... 29571.html" onclick="window.open(this.href);return false;

[BDKJMU]

Wall Street Braces for New Layoffs as Profits Wane

"Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act..........."

http://www.cnbc.com/id/43435919" onclick="window.open(this.href);return false;

[houndawg]

Wall Street Braces for New Layoffs as Profits Wane

"Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act..........."

http://www.cnbc.com/id/43435919" onclick="window.open(this.href);return false;

Bullshit.

Everything is fine and executive bonuses will be higher than ever.

[Appaholic]

Wall Street Braces for New Layoffs as Profits Wane

"Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act..........."

http://www.cnbc.com/id/43435919" onclick="window.open(this.href);return false;

Sooo....some Wall STreet Investment Bankers might lose their job due to the weak economy?..........yep, I tried...no tears at all....welcome to the club, boys...

[Grizalltheway]

Wall Street Braces for New Layoffs as Profits Wane

"Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs.

The cutback plans are emerging even as Wall Street firms have mostly recovered from the financial crisis and are reporting substantial profits again. But those profits are not as big as they were before the crisis, and it is expected that in the coming months it will be even more difficult for firms to make money. Worries about debt in Europe and the shape that the Dodd-Frank financial overhaul rules will ultimately take, combined with the usual summer doldrums, are prompting banks to act..........."

http://www.cnbc.com/id/43435919" onclick="window.open(this.href);return false;

Sooo....some Wall STreet Investment Bankers might lose their job due to the weak economy?..........yep, I tried...no tears at all....welcome to the club, boys...

Yeah, I'm sure they'll be signing up for unemployment and food stamps...right after they get back from sailing the Mediterranean..

[AZGrizFan]

Sooo....some Wall STreet Investment Bankers might lose their job due to the weak economy?..........yep, I tried...no tears at all....welcome to the club, boys...

Yeah, I'm sure they'll be signing up for unemployment and food stamps...right after they get back from sailing the Mediterranean..

Hey, they may MAKE a lot of money, but they SPEND a lot of money too.

It's all fun and games until New York City's economy collapses.

[Grizalltheway]

Yeah, I'm sure they'll be signing up for unemployment and food stamps...right after they get back from sailing the Mediterranean..

Hey, they may MAKE a lot of money, but they SPEND a lot of money too.

It's all fun and games until New York City's economy collapses.

'Spose they can always move to Hong Kong.

[native]

... It's about manufacturing and agriculture, people...

...wake the **** up.

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