STOCK MARKET WATCH, Wednesday, June 1, 2011

[Pale Blue Dot]

Source: du

STOCK MARKET WATCH, Wednesday, June 1, 2011

AT THE CLOSING BELL ON May 31, 2011

Dow 12,569.79 +128.21 (+1.02%)
Nasdaq 2,835.30 +38.44 (+1.36%)
S&P 500 1,345.20 +14.10 (+1.05%)
10-Yr Bond... 3.06 0.00 (0.00%)
30-Year Bond 4.23 +0.01 (+0.14%)

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Market Conditions During Trading Hours

Euro, Yen, Loonie, Silver and Gold

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Bush Administration Officials Convicted = 2
Names: David Safavian, James Fondren
Dishonorable Mention: former House majority leader, Tom DeLay

Bush Administration Officials Charged = 1
Name(s): Richard Lopez Razo

Financial Sector Officials Convicted since 1/20/09 = 12

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

Read more: du

[Pale Blue Dot]

1. Today's Reports

Jun 01 07:00 MBA Mortgage Index 05/27 NA NA +1.1%
Jun 01 07:30 Challenger Job Cuts May NA NA -5.0%
Jun 01 08:15 ADP Employment Change May 190K 170K 179K
Jun 01 10:00 ISM Index May 57.0 57.6 60.4
Jun 01 10:00 Construction Spending Apr -1.0% -0.5% 1.4%

Read more: http://www.briefing.com/investor/calendars/economic/#ixzz1O1MXGkdS

[xchrom]

14. US economic data take center stage in markets

http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-01-06-51-27

LONDON (AP) -- Global stocks were steady Wednesday ahead of a raft of U.S. economic figures which will culminate in the key monthly jobs data at the end of the week, while the euro held on to recent gains on hopes Greece will get more help with its debts.

At the start of each month, investors have a slew of U.S. economic indicators to digest, in particular the monthly nonfarm payrolls data, which often set the tone in markets for a week or two after their release.

Before Friday's payrolls data, traders will on Wednesday focus on the May manufacturing survey from the Institute for Supply Management. The main index is expected to drop to around 57 from the previous month's 60.4, providing further evidence that the U.S. recovery is slowing down.

Concerns over the U.S. economic recovery and Europe's debt crisis, particularly whether Greece will get more emergency loans, have dominated market attention over recent weeks.

[DemReadingDU]

19. Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K;

6/1/11 Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K;

The latest economic data is out and it is horrendous: with expectations for the ADP employment number to come at 175K, following a downward revised 177K print previously, it tumbled to a puny 38K in May. While this number is extremely irrelevant in terms of correlating to the actual NFP number due out this Friday, expect to see a spate of downward NFP revisions on this latest confirmation that the US economy has stalled even with QE2 still in effect for another 29 days (and soon to be extended).

From the report: "Today’s ADP National Employment Report suggests that employment growth slowed sharply in May. Employment in the nonfarm private-business sector rose 38,000 from April to May on a seasonally adjusted basis. A deceleration in employment, while disappointing, is not entirely surprising. In the first quarter, GDP grew at only a 1.8% rate and only about 2¼% over the last four quarters. This is below most economists’ estimate of the economy’s potential growth rate and normally would be associated with very weak growth of employment." Precisely as expected by Zero Hedge.

more...
http://www.zerohedge.com/article/horrible-economic-data-continues-adp-plunges-38k-expectations-175k-downward-nfp-revisions-ne

[Fuddnik]

22. "While this number is extremely irrelevent".

Yeah, like it's always wrong. Always way off. And skewed heavily to the optimistic side.

It's looking more and more like some smelly brown substance is about to be tossed into the ventilation system.

[DemReadingDU]

24. Pay no attention, we're in recovery

:sarcasm:

[Demeter]

73. Sounds more like the Stinkin' Thinkin' of a Dry Drunk

[DemReadingDU]

23. Karl Denninger: ADP: Ok, This Officially Sucks

6/1/11 Karl Denninger: ADP: Ok, This Officially Sucks

If you've been following along here on the Ticker (and particularly on the forum) you know that I've mused in the last couple of weeks that with the jobless claims numbers we might get a negative payroll print this Friday - and if we do, it's going to have a very bad impact on the markets. The odds just went up quite a bit on that:

Employment in the nonfarm private business sector rose 38,000 from April to May on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from March 2011 to April 2011 was revised down slightly to 177,000 from the previously reported increase of 179,000. That's not bad, it's terrible.

What's worse is that goods producing employment actually printed red, with manufacturing being the entire decrease. Coming on the back of four straight crappy jobless claims numbers and a very soft Q1 GDP release the leading indicators for employment have all been getting crappy. Durables have confirmed this in the communications sector - net hiring and expansion of the workforce is led by these orders and that has been notably absent.

In the service sector the entirety of gains were in small and medium businesses - among large firms (think WalMart, McDonalds, etc) the net was zero.

I wouldn't be surprised if the BLS comes up with a monster "birth-death" adjustment, but in the household survey I expect to see the employment rate of the population decline, resuming its deterioration and negative contribution to public finances and deficits. The cliff is now visible up ahead.

http://market-ticker.org/akcs-www?post=187288


May 2011 ADP National Employment Report®
http://www.adpemploymentreport.com/pdf/FINAL_Report_May_11.pdf

[Pale Blue Dot]

29. Private sector employment up 38K in May, well below expectations

ROSELAND, N.J. -- Companies in the US private sector added only 38,000 jobs in May, according to ADP's employment report released Wednesday.

The reading was a shock to analysts, who had expected a gain near 175,000 jobs.

According to ADP, the goods-producing sector lost 10,000 jobs in May following six months of gains, while manufacturing employment fell 9,000 after seven consecutive monthly increases.

The service sector added 48,000 jobs, ADP stated.

Read more: http://www.nypost.com/p/news/business/private_sector_employment_up_in_24YaqfGRHE3SyQnu9TAHnO#ixzz1O1wXXYyh


The ADP report, FWIW.

[Demeter]

36. The Truth Hurts

When you've been selling a lie.

[Pale Blue Dot]

46. In case you're wondering about the sudden plunge at 10 AM,

The ISM Report was godawful at a 53.5, and the construction spending report wasn't much better.

[Pale Blue Dot]

48. ISM: KaBOOM!

"The PMI registered 53.5 percent and indicates expansion in the manufacturing sector for the 22nd consecutive month. This month's index, however, registered 6.9 percentage points below the April reading of 60.4 percent, and is the first reading below 60 percent for 2011, as well as the lowest PMI reported for the past 12 months. Slower growth in new orders and production are the primary contributors to this month's lower PMI reading. Manufacturing employment continues to show good momentum for the year, as the Employment Index registered 58.2 percent, which is 4.5 percentage points lower than the 62.7 percent reported in April. Manufacturers continue to experience significant cost pressures from commodities and other inputs."

And there you have it. The middle of last summer was when I started talking about the input price problem, and it's doing exactly what I would expect it to do - start hitting the economy in a bad way, and it is.

Everything in this series is down - there were no indicators that rose. The closest was exports, which were only down 1 point. Worst were backlogs, now almost gone and down 10.5 points to 50.5, new orders down 10.7 to 51 (almost into contraction territory) and inventories both on suppliers and customers, which are now contracting.

Customers were in front of this, as they usually are, as they see the final sale deterioration first. Now it's showing up in the producer side.

People have been wondering how long it would be before the market started paying attention to the rapidly and severely-deteriorating economic data. The answer appears to be "right about now."

http://market-ticker.org/akcs-www?post=187293

[Fuddnik]

49. Everything is a lot worse than expected today.

No spinning this.

How long has it been since ISM Manufacturing has been negative (-50)?

[DemReadingDU]

57. Unexpectedly worse

But most people aren't paying attention, and won't care until the DOW drops 500+ in one day.

[DemReadingDU]

51. Karl Denninger: ISM: KaBOOM! dupe

edit...
PBD beat me to posting!

[Pale Blue Dot]

2. Oil near $103 amid falling dollar, rising stocks

SINGAPORE – Oil prices hovered near $103 a barrel Wednesday in Asia as traders mulled whether a weakening dollar could help push crude back to 2 1/2-year highs.

Benchmark oil for July delivery was down 15 cents to $102.54 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract added $2.11 to settle at $102.70 on Tuesday.

In London, Brent crude for July delivery was down 27 cents to $116.46 a barrel on the ICE Futures exchange.

Crude has risen from $96 last week as a falling dollar made commodities cheaper for investors with other currencies. The euro rose to $1.4415 from $1.4378 late Monday in New York. The dollar weakened to 81.36 yen from 81.50 yen.

http://news.yahoo.com/s/ap/oil_prices

[xchrom]

15. Oil Trades Near Three-Week High; MF Global Says $105 Possible

http://www.thejakartaglobe.com/business/oil-trades-near-three-week-high-mf-global-says-105-possible/444498

Oil traded near the highest in three weeks on speculation shrinking U.S. crude supplies and Europe’s steps to stem its debt crisis will boost fuel demand.

Futures gained 2.1 percent yesterday and rose as much as 0.6 percent earlier today as analysts surveyed by Bloomberg News predicted U.S. inventories dropped last week. EU leaders will decide on additional help for the Greek economy by the end of this month, according to Jean-Claude Juncker, head of the group of euro-area finance ministers. Prices may rise to $105 a barrel in “a few days”, MF Global Holdings Ltd. said today.

“From a pure fundamental point of view, the market is going to tighten and that means over the next few months rising prices are more likely,” said Andy Sommer, a senior analyst at EGL AG in Dietikon, Switzerland. He predicts Brent, now trading near $117 a barrel, will rise to $125 by the end of the year.

Crude for July delivery was at $102.60 a barrel, down 10 cents, in electronic trading on the New York Mercantile Exchange at 10:37 a.m. London time. Prices climbed $2.11 to $102.70 yesterday, the highest since May 10. Oil slipped 9.9 percent in May, the first decline in nine months.

[Pale Blue Dot]

3. U.S. Stock-Index Futures Little Changed Before Jobs Report; DuPont Slips

U.S. stock-index futures were little changed, following four days of gains for the Standard & Poor’s 500 Index, as investors await reports that may show U.S. companies hired fewer workers, while manufacturing cooled.

DuPont Co., the third-biggest U.S. chemical maker, and Wal- Mart Stores Inc. slid in European trading.

S&P 500 future contracts expiring in June advanced less than 0.1 percent to 1,344.1 at 10:45 a.m. in London after the benchmark gauge rallied 1.1 percent yesterday. Dow Jones Industrial Average futures lost 17 points, or less than 0.1 percent, to 12,553 today.

“The ADP employment numbers ahead of the open will attract some interest, with some using them as a proxy to second guess Friday’s non-farm payrolls data,” said Yusuf Heusen, senior sales trader at IG Index in London. “With that event looming over markets and considering the strong gains made on Tuesday, we may be in for a couple of quiet days” of trading.

http://www.bloomberg.com/news/2011-06-01/u-s-stock-index-futures-little-changed-before-jobs-report-dupont-slips.html

[Demeter]

4. Cheat Sheet on Bank Investigations and the Probes That Have Petered Out

http://truthout.org/cheat-sheet-bank-investigations-and-probes-have-petered-out/1306604876

As we and many others have noted, no top banking executives have been successfully prosecuted in connection with the financial crisis: not for making the bad loans that fed the mortgage machine, not for lying about the quality of the mortgages, and not forforeclosing improperly when homeowners struggled to make loan payments.

But there have been many investigations. Some are still pending, others seem to have fallen by the wayside. Here’s our overview of what the banks have been accused of doing at each stage of the mortgage machine.

Let us know in the comments section if we’ve left off any significant investigations that have died quiet deaths or are still ongoing...

[Demeter]

5. America's Education Problems Way Deeper Than 'Good' or 'Bad' Teachers

http://www.alternet.org/story/150909/america%27s_education_problems_way_deeper_than_%27good%27_or_%27bad%27_teachers?page=entire

That basic imperative—just get the content to the kids—has emerged as the dominant rallying cry for education reform today. For decades, at least since Brown vs. Board of Education, advocates inside and outside of government have fiercely debated ways to get everyone a fair shot at learning. They’ve fought over integration, busing, funding, parental choices in schools and, of course, teachers’ unions. Meanwhile, inequities have persisted. Almost 40 percent of black and Latino students don’t graduate high school on time, according to White House figures, compared to a quarter of students overall. According to the latest numbers from the National Assessment for Educational Purposes, only 12 percent of black eighth graders are proficient in reading, where 44 percent of white males are considered proficient.

So now a new perspective has risen above the din, pushed by the Obama administration and heavily influenced by celebrity do-gooders, often from the private sector. In a word, it is simplicity. The existing school systems are rotten from decades of political and bureaucratic warring, these reformers assert, and the solutions are clear. We needn’t concern ourselves with overwhelming, unwieldy discussions about race and poverty. Only one thing need matter: Results. And to get them, we need to hold someone accountable: Educators.

Many teachers like Ochoa are in fact more than ready to take up the charge. But as Jose’s story shows, caring, dedicated educators are just not enough on their own. It turns out that there are enormous structural factors at work in kids’ lives that supercede teacher accountability. Whether it’s protracted parental unemployment, sudden homelessness or expensive family illness, many students are facing daunting barriers to learning that the current education debate has ignored, and that the heroics of even city’s best teachers cannot overcome...

[Demeter]

6. There's a Right Way and a Wrong Way to Deal With a Jobs Crisis -- Why Is Germany Doing It So Well?

http://www.alternet.org/story/151082/there%27s_a_right_way_and_a_wrong_way_to_deal_with_a_jobs_crisis_--_why_is_germany_doing_it_so_well?page=entire

Can we learn anything from countries that weathered the Great Recession better than we did? The experience of two countries --Denmark and Germany-- seems particularly informative. Denmark had a model labor market before the downturn, but ironically, offers a cautionary tale. Germany's economy has been up and down since unification in the early 1990s, but points one way out of our mess.

For most of the 2000s, Denmark had what was arguably the best labor-market performance in the world. Unlike most European countries, unemployment rates were at, or even below, US levels, and employment rates (the share of the population holding a job) were well above those here. Denmark managed this while offering high wages and comprehensive benefits such as health care, paid sick days, paid family leave, and union representation.

Denmark's success is widely attributed to its "flexicurity" system, which provides flexibility to employers and security to workers. Flexibility comes in the form of limited job protections for workers. In the United States, private-sector workers have almost no legal rights to their jobs and, absent a union contract, can legally be fired for almost any reason. In Europe, however, workers have a range of legal protections against dismissal. Denmark has more protections than we do here, but noticeably less than workers in the rest of Europe.

Danish workers accept less job security because they know that national unemployment benefits are generous and the system spends real money getting unemployed workers into new jobs. This is the "security" half of the "flexicurity" system...

[Demeter]

7. 4 Fantastically Stupid Projects Pushed By Republicans Aiming to Please Their Corporate Masters

http://www.alternet.org/story/151043/4_fantastically_stupid_projects_pushed_by_republicans_aiming_to_please_their_corporate_masters?page=entire

1. Kentucky’s $43 million Bible theme park

2. Texas’s tax breaks for yacht owners

3. Gov. Christie’s Money Pit

4. Public funding of union-busting corporations

DETAILS AT LINK

[Demeter]

8. Aren't We All?

Probably due to lack of practice.....

Last night was Prom Night. The school district hosts a party for all its students, past and present, honoring those who have aged out (graduated) that year. The Kid has a love/hate relationship with the event.

Early anticipation, followed by reluctance to go, followed by a really good time...she's got a new boyfriend now...and so, this parody of neurotypical life goes on...sometimes I just want to cry forever.

[xchrom]

10. ...

:hug:

[Demeter]

9. The Good Banker By JOE NOCERA

http://www.nytimes.com/2011/05/31/opinion/31nocera.html?_r=1&nl=todaysheadlines&emc=tha212

...a copy of the 2010 annual report to shareholders by a bank executive I’d never met: Robert G. Wilmers. For nearly 30 years, Wilmers has run the M&T Bank, based in Buffalo. When he took it over, M&T had $2 billion in assets; today, its assets exceed $68 billion, and it’s one of the most highly regarded regional bank holding companies. It has also been one of the best performing stocks in the Standard & Poor’s 500-stock index; indeed, M&T was one of only two banks in the S.& P. 500 that didn’t cut its dividend during the financial crisis.

Wilmers’s report, however, was less about the company’s numbers than about the dismal state of his beloved profession. Wilmers, it turns out, is that rarest of birds: a banker willing to tell harsh truths about banking. That, for instance, much of the money the big banks earn comes from trading profits “rather than the prudent extension of credit that furthers commerce.” That derivatives had helped bring about the crisis and needed to be regulated. That bank executives were wildly overpaid. That the biggest banks — the Too Big to Fail Banks — were operating, as he put it, an “unsafe business model.”
********************************

In person, Wilmers does not immediately strike one as a rabble-rouser. At 77, he is soft-spoken, a bit reticent, and almost excessively polite. “I personally believe that there isn’t a more honorable profession than the banking industry,” he began. “Most bankers are very involved in their communities, and they can stand up and be counted. I saw a poll recently,” he continued, “that showed we are now considered the third worst profession. That bothers me.”

On the other hand, it didn’t exactly surprise him. In the run-up to the financial crisis, the giant national banks — which he viewed as a distinct species from the typical American bank — had done things that deserved condemnation. And, he added, “They are still doing things that I don’t think are very good.”

[xchrom]

11. europe: EU Considers Sweeteners for Greek Debt Extension

http://www.bloomberg.com/news/2011-06-01/greek-aid-package-said-to-include-incentives-without-triggering-downgrade.html

Greece's next aid package may include incentives for bondholders to roll over maturing debt without triggering a credit-rating downgrade that would roil Europe’s banking system, two people with knowledge of the talks said.

Investors may be offered preferred status, higher coupon payments or collateral as inducements to buy bonds replacing Greek debt maturing between 2012 and 2014, said the people, who declined to be identified because the talks are in progress.

The sweeteners would be part of a revised aid package, to be decided by the end of June, amounting to a voluntary extension of Greece’s debt maturities that aims to skirt the technical definition of default, the people said.

European officials are trying to prevent the euro region’s first sovereign default as investors dump Greek bonds on concern the government in Athens won’t be able to meet its bond obligations. Greece’s financing needs beyond last year’s 110 billion-euro ($159 billion) package may be known tonight or tomorrow, as European and International Monetary Fund officials complete work on an assessment of Greece’s economy.

[xchrom]

31. UK manufacturing growth weakest since 2009

http://www.guardian.co.uk/business/2011/jun/01/uk-manufacturing-growth-weakest-2009

Britain's manufacturing sector showed its weakest growth for almost two years last month, raising fears that the economy is flatlining.

Chancellor George Osborne is hoping that manufacturers will bounce back strongly, aided by the weakness of sterling, to help "rebalance" the economy and drive growth. Osborne said in his March budget that we should be "carried aloft by the march of the makers".

But the Purchasing Managers Index (PMI), which checks the health of the sector, fell sharply to 52.1 in May from 54.4 in April – a reading that was itself revised down. The fall suggests the sector is still expanding, but only modestly.

Rob Dobson, senior economist at Markit, which compiles the survey, said manufacturing had moved "from rapid expansion to near-stagnation".

[xchrom]

32. Only one in 10 Britons confident about the economy, new survey finds

http://www.guardian.co.uk/business/2011/jun/01/only-one-in-ten-britons-confident-about-economy

Just one in 10 of Britain's battered consumers believe the economy is in good shape, one of the lowest readings of any developed country, according to new research by polling group Ipsos Mori.

In a fresh blow to George Osborne's claims to have steered the UK out of the doldrums and laid the foundations for recovery, economic confidence, at just 10%, is weaker than in all of the 23 other countries Mori surveys, apart from France, Spain, Hungary and earthquake-hit Japan.

While more than two-thirds of Germans and three-quarters of Indians are upbeat about the economic situation in their country, even the phlegmatic Brits are beginning to wilt under the pressure of falling real incomes, a stagnant housing market and stubbornly high unemployment.

Bobby Duffy, Ipsos Mori's managing director, said: "It's understandable that the majority of Britons in the current situation hold a negative view of the economy; house prices are absurd and the cost of living is increasing rapidly in comparison to earnings. There is rightly a lot of pessimism out there, which will have an impact on growth and our economic recovery."

[xchrom]

33. 'Jobless Paddy' spends life savings on billboard ad

http://www.guardian.co.uk/business/2011/may/31/jobless-paddy-ireland-billboard-ad

In response to mass unemployment and the prospect of having to emigrate, an unemployed Irish graduate has spent €2,000 (£1,745) on a massive billboard advertisement asking employers not to let him leave the republic.

Féilim Mac An Iomaire, who erected an advertising hoarding on the busy Merrion Road in south Dublin in an attempt to find a job, has said he has been overwhelmed by the response.

The ad contains a picture of the 26-year-old marketing graduate facing a number of famous landmarks from Sydney, London and New York with the message: "Save me from emigration."

His ad has struck a chord across Ireland at a time when about 50,000 citizens, many of them young graduates, are expected to leave this year for work abroad. There are still up to 400,000 jobless workers in Ireland due to the property crash and the country's fiscal crisis.

[xchrom]

35. Jobless rate hits 14.8% as number signing on rises

http://www.irishtimes.com/newspaper/breaking/2011/0601/breaking24.html

The seasonally adjusted Live Register rose by 2,600 in May, bringing the total number of people signing on to more than 443,000.

The increase pushed the standardised unemployment rate slightly higher in May to 14.8 per cent, compared with 14.7 per cent a month earlier. The rate is currently 1.6 per cent higher than that recorded in May 2010.

The Live Register also includes casual and part-time workers.The official unemployment rate is measured by the Quarterly National Household Survey, which showed the rate was 14.7 per cent in the fourth quarter of last year.

There was a monthly rise of 2,200 in the number of men signing on, with an additional 400 women joining the register in May. However, in the year to May, the number of men signing on fell by 0.7 per cent, or 2,095, to 288,290, while the number of women rose by 3.5 per cent, or 5,120, to 152,657.

[xchrom]

37. France's unemployment rate steady

http://www.irishtimes.com/newspaper/breaking/2011/0601/breaking11.html

France's unemployment rate held steady in the first quarter at 9.7 per cent compared to the final quarter of 2010, national statistics office Insee said today.

The latest reading, for all of France including overseas territories, was only slightly lower than a peak of 9.9 per cent registered in the fourth quarter of 2009 during the financial and economic crisis.

However, the unemployment rate for mainland France alone eased marginally to 9.2 per cent from 9.3 per cent in the final three months of 2010.

Less than a year from a presidential election, president Nicolas Sarkozy and his centre-right government are struggling to convince voters that stubbornly high unemployment will keep falling as the economy recovers.

[xchrom]

53. Spain losts over 500 jobs due to cucumber crisis

http://news.xinhuanet.com/english2010/world/2011-06/01/c_13904248.htm

MADRID, May 31 (Xinhua) -- The Spanish agricultural sector confirmed on Tuesday that it has cut around 550 jobs due to the outbreak of the E.coli bacteria in Germany, which was first linked to Spanish exported cucumbers.

According to the spokesman of the Federation of Associations of Agricultural Producing Companies in Andalusia (EOCHAL), Alfonso Zamora, EOCHAL has shedded 550 jobs since the crisis outbroke last Friday, as the health alert has paralysed the sale of fruit and vegetables in several European countries.

The infection has so far caused 16 deaths and over 1,000 cases of infection across Europe. Despite blames on Spanish cucumbers for the last few days, German officials admitted on Tuesday that latest tests showed the Spanish exports were not the cause of the outbreak.

The Spanish government was content with the finding, but the EOCHAL spokesman insisted that the current situation might lead to further job cuts and losses, and demanded the German authorities to "apologize and admit that they were hasty in blaming Andalusian cucumbers as the cause of the alert."

[xchrom]

54. Eurozone unemployment remains high at 9.9% in April

http://news.xinhuanet.com/english2010/business/2011-06/01/c_13904265.htm

BRUSSELS, May 31 (Xinhua) -- The unemployment rate in the euro zone remained high at 9.9 percent in April, unchanged compared with March, the European Union's (EU) statistical bureau Eurostat said on Tuesday.

It was down from 10.2 percent registered one year ago, a sign that the eurozone labor market was getting better when the economy is recovering, but the pace has been too slow.

For the 27-nation EU, the jobless rate dropped slightly to 9.4 percent after it stayed at 9.5 percent for four consecutive months. It was 9.7 percent a year ago.

Eurostat estimated that 22.547 million men and women in the EU, of whom 15.529 million were in the euro zone, were unemployed in April.

[xchrom]

55. Danish GDP falls by 0.5% in Q1 2011

http://news.xinhuanet.com/english2010/business/2011-06/01/c_13904239.htm

COPENHAGEN, May 31 (Xinhua) -- Denmark's gross domestic product (GDP) fell by 0.5 percent in the first quarter of 2011, compared to the fourth quarter of 2010, the Danish national statistical agency said on Tuesday.

The result marks a contraction in Danish GDP for two quarters in a row.

The country registered a seasonally adjusted real GDP growth of minus 0.5 percent in Q1 2011 compared to Q4 2010, which followed a 0.2-percent fall in GDP of Q4 2010 as against the previous quarter, according to data from Danmarks Statistik.

Private and public consumption, as well as investments, fell in the three months ending March 31, 2011. Both private and public sector spending declined by 0.8 percent, while gross investments fell by 8.3 percent.

[xchrom]

58. Dagong puts France's credit rating on negative watch

http://news.xinhuanet.com/english2010/business/2011-06/01/c_13905259.htm

BEIJING, June 1 (Xinhua) -- Dagong Global Credit Rating Co. put France's "AA-" credit rating on "negative watch," Wednesday over concerns about the country's sluggish domestic demand, high debt burden and fragile financial system.

The French government's fiscal status is likely to worsen in the mid-term as its debt burden will continue to swell, and the government has limited measures to reduce its deficit, it said.

Government debt accounted for 81.7 percent of France's gross domestic product (GDP) last year, up 17.9 percentage points from 2007.

Dagong expects the debt will continue to rise due to massive, rigid expenditures, including interest on debt.

[xchrom]

61. What we know about the government’s proposed triple taxes

http://www.thejournal.ie/water-property-charges-meters-universal-social-charge-tv-licence-triple-tax-tv-licence-146948-Jun2011/

THE GOVERNMENT HAS confirmed that consumers will soon face two separate taxes for water and property – with interim flat-rate charges being introduced because scaled systems won’t be in place quickly enough.

Environment minister Phil Hogan yesterday confirmed that Ireland would be introducing a property tax from next year, in line with its bailout agreement with the EU and IMF.

That deal, the Irish Times reports, requires Ireland to introduce a tax by 2012 and to increase it by 2013.

[xchrom]

62. Ireland can avoid a second bailout in 2012, says S&P

http://businessetc.thejournal.ie/ireland-can-avoid-a-second-bailout-in-2012-says-sp-146940-Jun2011/

IRELAND WILL HAVE a “good chance” of being able to return to regular cash borrowing on the world’s money markets next year – and being therefore able to avoid needing a second bailout.

That’s the verdict of a senior director at ratings agency Standard & Poor’s, Frank Gill, who last night told reporters there was good reason to think Ireland can avoid requiring a second programme of loans.

The bailout programme, Gill said, “contemplates that Ireland will partially fund itself in commercial bond markets next year”.

“I think there’s a high probability that they can do that,” Bloomberg quotes him as saying, before offering the caveat: “But it’s highly uncertain at this point. It depends on market conditions.”

[xchrom]

70. Weak UK data, ex-dividends knock FTSE 100 index

http://uk.reuters.com/article/2011/06/01/markets-britain-stocks-idUKLDE7500PV20110601

LONDON, June 1 (Reuters) - Weak UK manufacturing and housing data pressured Britain's top share index on Wednesday, while the likes of Vodafone (VOD.L) and Marks & Spencer (MKS.L) fell after going ex-dividend.

In total a hefty 16.83 points came off the FTSE 100 due to a number of stocks losing their dividend attractions, with Capital Shopping Centres (CSCG.L), Intertek (ITRK.L), National Grid (NG.L), and WPP (WPP.L) also trading ex-dividend.

There was little encouragement for investors to try to extend sharp gains in the previous session, as the bleak UK economic data dovetailed with poor consumer confidence figures in the U.S. on Tuesday.

Weak British manufacturing activity fuelled fears about the pace of the UK recovery, while mortgage approvals were also lower than expected in April.

[xchrom]

12. Bombardier Profit Rises on Demand for Business, Regional Planes

http://www.bloomberg.com/news/2011-06-01/bombardier-profit-rises-on-demand-for-business-regional-planes.html

Bombardier Inc. (BBD/B), the world’s third- biggest commercial jet maker, said quarterly profit rose 13 percent as it delivered more commercial and business aircraft.

Net income in the three months through April 30 increased to $220 million from $194 million, Montreal-based Bombardier said today in a statement. Adjusted profit of 12 cents a share beat the 9-cent average estimate of 17 analysts surveyed by Bloomberg. Sales rose to $4.7 billion from $4.3 billion.

Business-jet demand is rising as corporate profits recover while emerging areas such as India and China lead an anticipated recovery in airline demand, the company said May 18. Deliveries of business jets in the period rose to 61 from 56, while commercial plane deliveries rose to 23 from 16.

“Bombardier Aerospace has started to benefit from a stronger business aircraft market, especially at the high end,” Chief Executive Officer Pierre Beaudoin said in a statement. “Our commercial aircraft segment, although slower to recover, is seeing an improved level of interest from customers.”

[xchrom]

13. australia: Australia GDP Falls Most Since 1991

http://www.bloomberg.com/news/2011-06-01/australia-s-economy-shrinks-most-in-20-years-as-floods-hurt-coal-exports.html

Australia’s economy shrank in the first quarter by the most in 20 years as floods hurt exports, even as stronger business investment underscored the central bank’s forecast for a rebound in the second half of the year.

Gross domestic product fell 1.2 percent from the previous three months, when it rose a revised 0.8 percent, the Bureau of Statistics said in Sydney today. Exports slumped 8.7 percent, subtracting 2.1 percentage points from GDP growth, today’s report showed, while machinery and equipment spending jumped 6 percent, adding 0.4 point.

The nation’s dollar rose after the report showed the contraction was smaller than a drop of as much as 2 percent that economists including Goldman Sachs & Partners Australia Pty had forecast. While Reserve Bank of Australia Governor Glenn Stevens has held interest rates at 4.75 percent for the past five meetings to help Queensland state recover, investors today boosted bets he’ll raise borrowing costs by August.

“The market was braced for a really big negative so it’s a bit of a relief,” said Su-Lin Ong, senior economist at RBC Capital Markets in Sydney. “The report looks mostly to be reflecting the impact of the Queensland floods on exports; outside of exports, domestic demand is actually pretty resilient.”

[xchrom]

63. economy stuck in the doldrums

http://www.couriermail.com.au/business/economy-stuck-in-the-doldrums/story-e6freqmx-1226067430949

AUSTRALIA'S economic growth has come unstuck because of a first-quarter slump in coal exports and economists question how soon the country will get back on its feet after a summer of disasters.

Markets were almost unmoved by the gross domestic product data, which showed a 1.2 per cent decline for the March quarter.

The benchmark S&P/ASX200 index was down one point at 4707.30 points yesterday.

The Australian dollar, however, bounced higher on news the economic downturn was the first contraction in 21/2 years.

[xchrom]

16. Carbon Dioxide Emissions at Record High

http://www.allgov.com/Top_Stories/ViewNews/Carbon_Dioxide_Emissions_at_Record_High_110601

Worldwide emissions of carbon-dioxide increased to record levels last year, prompting scientists to warn that current energy production could make it difficult to meet the goal for slowing down the rate of global warming.

In 2010, CO2 emissions totaled 30.6 Gigatonnes, representing a 5% jump from 2008, the previous record year, according to the International Energy Agency (IEA).

The IEA also reported that 80% of projected emissions for 2020 are “already locked in,” which means the world has limited wiggle room to make adjustments for slowing down CO2 releases. World leaders had agreed at their climate change conference last year to keep global temperature increases to 2°C. But at the current pace of emissions, meeting this goal is questionable.

[xchrom]

17. Tyler Cowen, America's Hottest Economist

http://www.businessweek.com/magazine/content/11_23/b4231066695798.htm

Tyler Cowen sits with a cranberry juice and a pile of books he no longer intends to read. He's at Harry's Tap Room, near the Air France ticket counter in the main terminal of Dulles International Airport, on his way to São Paulo. Two days ago he e-mailed me his reading list for the trip—27 books—and I vowed to keep up with it. Already, before he boards, he has assembled a pile of discards. "Unger. I'd say I browsed it. I looked at every page," he says. "There's nothing wrong with the book. It's a good book to stir up leftists." Roberto Mangabeira Unger's The Left Alternative falls with a thud to the table.

Cowen, 49, has round features, a hesitant posture, and an unconcerned haircut. He handles each book as he ticks it off his list. "This I discarded. It appeared to get a good review, but there's no framework, just scattered vignettes. I looked at 20, 30 pages." Sarah Vowell's Unfamiliar Fishes, thud. Cowen's first rule of reading is as follows: You need not finish. He takes up books with great hope and no mercy, and when he is done—sometimes after five minutes—he abandons them in public, an act he calls a "liberation."

In January, Dutton published Cowen's e-book, The Great Stagnation. It has shown up twice on the New York Times' e-book bestseller list. Dutton, a Penguin imprint, will release a hardcover edition on June 9. David Brooks has called it "the most debated nonfiction book so far this year" and leaned on it for a column in the Times. "In terms of framing the dialogue," wrote Kelly Evans for the Wall Street Journal, "Tyler Cowen may well turn out to be this decade's Thomas Friedman." The year is young, but among wonks the book has reached that most coveted of states: It must be responded to.

[fasttense]

20. Tyler Cowen is just another apologist for the greedy uber rich heirs.

Tyler Cowen is just another "free" market spin Meister for the greedy.

"On May 9 a reader asked about the best books on American history and culture written by foreigners. Cowen suggested Vladimir Nabokov and Ayn Rand."

Ayn Rand? the psychopath? Really? The women who took a serial murderer's personality to be the best the world has to offer? Really? Cowen sounds more like someone trying to justify the wealthy's cruelty, ruthlessness and avarice, instead of a legitimate economist.

[Fuddnik]

21. Just what we need.

Another Thomas Friedman.

My list, currently, "Death of the Liberal Class", bu Chris Hedges.

"Washington Rules", by Andrew Bacevich.

I'm almost finished with both. I highly recommend both.

Now, What to start next week?

[xchrom]

25. agreed. i only posted because he's being bandied as the new darling.

that means he's drawing attention & being listened too.

[DemReadingDU]

27. ZeroHedge: Wall Street lemmings better known as "economists"

6/1/11 The Thundering Herd Of Wall Street Lemmings Begins To Move: NFP Forecast Cuts Galore

And so the thunderous herd of highly overpaid and always wildly inaccurate Wall Street lemmings better known as "economists" starts moving. Yesterday it was that paragon of the 0.000 batting average Joe LaVorgna who cut his NFP forecast from 300,000 to 225,000 (a number we expect will be cut to about 155,000 today, or indicative that little Joey was off by about 100% as usual), and today Morgan Stanley has already fired the reactionary salvo, trimming its NFP forecast for this Friday's number from 175,000, accompanied by Credit Suisse which cuts from 185,000 to 120,000.

And these lemmings are paid 7 digit salaries why again? So far the most resilient is Goldman's Jan Hatzius, who just threw up all over the ADP number, but has so far refused to cut his NFP prediction of 150,000. We give him at most 48 hours before he does following today's upcoming abysmal CPI number.

more...
http://www.zerohedge.com/article/thundering-herd-wall-street-lemmings-begins-move-nfp-forecast-cuts-galore

[xchrom]

38. ...

:mad: and everybody else finds so hard to find a job.

[Hotler]

18. k&r n/t

[xchrom]

26. New US commerce chief tasked with growing exports to India

http://www.firstpost.com/politics/new-commerce-secretary-18443.html

President Barack Obama announced on Tuesday that he has selected a former CEO of a California-based energy company to head the US Department of Commerce. To political observers, it’s a move seemingly aimed at placating the US business community, which has become increasingly disgruntled by what they view as unwieldy financial and healthcare regulations and anti-business tax policies.

Obama’s pick, John Bryson, is the former CEO of Edison International, and he currently sits on the corporate boards of Boeing and The Walt Disney Company. Bryson also co-founded the National Resources Defense Council, a legal organisation that tackles environmental causes.

“I am pleased to nominate John Bryson to be our nation’s Secretary of Commerce, as he understands what it takes for America to succeed in a 21st century global economy,” President Obama said in a statement. “John will be an important part of my economic team, working with the business community, fostering growth, and helping open up new markets abroad to promote jobs and opportunities here at home.”

If he is confirmed by Congress, Bryson will replace former Washington state governor Gary Locke, a Chinese-American who has been named US Ambassador to China. (Republicans, however, say they will block the Bryson appointment until Obama commits to supporting free trade agreements with Panama, Colombia, and South Korea.)

[xchrom]

28. asia: China manufacturing slows in power, credit squeeze

http://hosted.ap.org/dynamic/stories/A/AS_CHINA_MANUFACTURING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-06-01-00-16-20

SHANGHAI (AP) -- China's manufacturers suffered sluggish growth in orders in May as widespread power shortages and inflation-fighting curbs on credit dampened demand, surveys showed Wednesday.

The China Federation of Logistics and Purchasing said its purchasing managers index fell to 52 from 52.9 in April and 53.4 in March. The index has remained above 50, the benchmark for expansion, for 26 straight months.

Economists say the manufacturing trends reflect a moderation rather than a so-called hard landing.

London-based HSBC said its survey of 400 companies, which is adjusted for seasonal factors, showed manufacturers adding workers despite relatively slower output and new orders in May. Its index edged to a 10-month low of 51.6 in May, down from 51.8 in April.

[xchrom]

43. Japan jobless rate in April rises to 4.7%

http://timesofindia.indiatimes.com/business/international-business/Japan-jobless-rate-in-April-rises-to-47/articleshow/8657820.cms

OKYO: Japan's unemployment rate in April rose for the first time in six months, while the nation's factory output posted a weaker-than-expected rebound amid sluggish output following the March earthquake and tsunami.

The April jobless rate climbed to 4.7% from the March unemployment rate of 4.6%, the ministry of internal affairs and communications said on Tuesday.

The number of jobless people in Japan stood at 3.09 million in April, down 300,000 from a year earlier, the ministry said.

[xchrom]

59. China's industrial businesses' profits up 29.7 pct in January-April

http://news.xinhuanet.com/english2010/business/2011-05/27/c_13896950.htm

BEIJING, May 27 (Xinhua) -- The profits of China's industrial businesses rose 29.7 percent in the first four months year-on-year to 1.49 trillion yuan (229.11 billion U.S. dollars), the National Bureau of Statistics (NBS) announced Friday.

The growth rate, however, was 2.3 percentage points lower than that in the first quarter, the NBS said in a statement on its website.

The NBS figures showed that combined revenues of the industrial firms rose 29.5 percent to 24.11 trillion yuan in the first four months from the previous year.

The report was based on a survey of industrial companies with annual sales exceeding 20 million yuan each, higher than the previous (before 2011) threshold of 5 million yuan.

[xchrom]

60. China's futures transaction value rises to 56 trln yuan during Jan-May period

http://news.xinhuanet.com/english2010/china/2011-06/01/c_13905263.htm

BEIJING, June 1 (Xinhua) -- Trading in China's four commodity futures exchanges surged 22.58 percent year-on-year in the first five months of this year, the China Futures Association said on Wednesday.

The value of China's futures transactions rose to 56.6 trillion yuan (about 8.71 trillion U.S. dollars) in the Jan-May period.

In May alone, the volume of the futures transactions hit 93.81 million lots, and the transaction value gained 12.39 percent from one year earlier to 12.03 trillion yuan.

China has four futures exchanges, with agricultural commodities mainly traded on the Dalian and Zhengzhou commodity exchanges, while metals are mainly traded on the Shanghai Futures Exchange, and stock index futures contracts are traded on the China Financial Futures Exchange.

[xchrom]

64. Irregularities uncovered at three foreign banking units

http://joongangdaily.joins.com/article/view.asp?aid=2936977

Korea’s financial watchdog said yesterday that it has uncovered irregularities, such as illegal commissioning of derivatives trading, by local branches of three foreign banks.

The local branches of the three foreign banks - HSBC, Credit Agricole and an unnamed European investment bank - were found to have illegally commissioned out derivatives trading to their branches in Hong Kong and Singapore, according to the Financial Supervisory Service (FSS).

The FSS said it has imposed penalties on the Seoul branches of HSBC and Credit Agricole and is mulling imposing sanctions on the European investment bank.

The financial watchdog has conducted an extensive probe on the local branches of 19 overseas lenders since last year in a bid to boost market stability. Foreign banks’ excessive capital flows have often been cited as hurting the country’s market stability.

[xchrom]

65. Industrial output grows at slower pace in April

http://joongangdaily.joins.com/article/view.asp?aid=2936974

Korea’s industrial output continued to grow in April, but at a slower pace, raising concerns that the nation’s economic recovery may be losing momentum, a government report showed yesterday.

According to the report by Statistics Korea, production in the mining and manufacturing industries rose 6.9 percent last month from a year earlier, decelerating from a revised 9 percent growth in March.

On-year production expanded for the 22nd consecutive month since July 2009. However, the April output declined 1.5 percent from a month earlier, the report showed.

“Sluggish output of chemicals, automobiles, and visual and audio equipment led to the on-month 1.5 percent contraction,” the report said.

[xchrom]

66. Core inflation hits two-year high

http://joongangdaily.joins.com/article/view.asp?aid=2937031

Korea’s inflation surpassed the central bank’s target for the fifth consecutive month. The consumer price index climbed 4.1 percent in May from a year ago, according to Statistics Korea, the fifth month in a row that inflation has risen by over 4 percent.

Prices decelerated 0.1 percentage points on-month.

The nation’s core inflation - which excludes volatile oil and agricultural products - shot to its highest level since June 2009, rising 3.5 percent on-year and 0.5 percent on-month.

It gets worse if you have a sweet tooth: Prices of processed foods such as biscuits, ice cream and coffee soared last month after rises in the international raw materials prices caught up with local manufacturers.

[xchrom]

30. U.S. House Defeats Debt-Limit Bill Democrats Call ‘Charade’

http://www.businessweek.com/news/2011-06-01/u-s-house-defeats-debt-limit-bill-democrats-call-charade-.html

(Updates with credit default swaps in eighth to 10th paragraphs.)

June 1 (Bloomberg) -- A bill that would raise the U.S. debt limit by $2.4 trillion failed to win House approval yesterday in a vote Democrats said was rigged to ensure its defeat.

Last week, Republicans who control the House of Representatives announced the vote as a way to demonstrate that lawmakers don’t support extending the $14.3 trillion debt limit unless agreement is reached with President Barack Obama’s administration on significant spending cuts to curb government spending.

The vote on the debt-limit increase was 97 in favor, all Democrats, and 318 opposed -- 236 Republicans and 82 Democrats. Support for the increase not only failed to win a simple majority; it fell 180 votes short of the 277 votes, or two- thirds of those voting, that were needed for passage under the streamlined procedures Republicans used to bring the measure to the floor.

The House vote was held as congressional leaders continue to seek agreement on a package of spending cuts in negotiations led by Vice President Joe Biden in time to raise the debt ceiling by an Aug. 2 deadline. Biden has said that negotiators are trying to find savings of $1 trillion over 10 years.

[xchrom]

34. Canada tries to hide Alberta tar sands carbon emissions

http://www.guardian.co.uk/environment/blog/2011/jun/01/canada-tar-sands-carbon-emissions

Barely a day goes by it seems when someone from Stephen Harper's government is not touting the benefits of the Alberta tar sands.

But when it came to counting up the carbon emissions produced by the tar sands - big and growing bigger - a strange amnesia seems to have taken hold.

The Canadian government admitted this week that it deliberately left out data indicating a 20% rise in emissions from the Alberta tar sands when it submitted its annual inventory to the United Nations.

The deliberate exclusion does not amount to an attempt to deceive the UN about Canada's total emissions. Emissions from the tar sands were incorporated in the overall tally in the report. But it does suggest that the government is anxious to obscure the source of its fastest-growing source of climate pollution: the Alberta tar sands.

[xchrom]

39. south asia: Sensex up 106 points on rise in foreign trade, auto sales

http://timesofindia.indiatimes.com/business/india-business/Sensex-up-106-points-on-rise-in-foreign-trade-auto-sales/articleshow/8680275.cms

MUMBAI: The BSE benchmark index Sensex rose for the second straight session on Wednesday, gaining 105.53 points at 18,608.81 on sustained buying in blue chips amid rise in foreign trade and domestic auto sales.

The broad-based National Stock Exchange index Nifty also rose by 31.85 points to 5,592, after touching the day's high of 5,597.35.

Traders said the upsurge in Sensex, which had climbed 271 points in the previous session, was led by demand for software exporters, capital good, power, metal and auto sector stocks on better market moving reports.

The exports grew by 34.42 per cent to USD 23.8 billion, while imports picked up 14.13 per cent to USD 32.8 billion in April.

[xchrom]

41. Rupee off 3-wk high on choppy euro; dlr inflows support

http://timesofindia.indiatimes.com/business/india-business/Rupee-off-3-wk-high-on-choppy-euro-dlr-inflows-support/articleshow/8681566.cms

MUMBAI: Rupee surged on Wednesday in anticipation of large dollar inflows due to a planned takeover of Indian outsourcing company Intelenet by Britain's Serco , but the local unit pulled back from a near three-week high on a volatile euro.

Strong gains in local equities had underpinned the rupee through the day, traders said.

Serco is to buy Intelenet for up to 385 million pounds ($634 million) as part of a drive into higher-growth overseas markets.

"There were some foreign banks who were selling (dollars) on expectation of Intelenet inflows. But besides this, there was also some ECB (external commercial borrowings) related inflows," said a foreign bank dealer.

[xchrom]

40. PRECIOUS-Gold edges down on easing Greek debt fear

http://www.reuters.com/article/2011/06/01/markets-precious-idUSL3E7H106820110601

* Gold may retract to $1,514/oz-technicals

* Coming up: U.S. ISM manufacturing PMI, May; 1400 GMT

(Adds detail; updates prices)

By Rujun Shen

SINGAPORE, June 1 (Reuters) - Spot gold edged lower on
Wednesday, as easing worries about the Greek debt crisis
dampened some appetite for bullion, but a weaker dollar is
expected to provide support.

Gold came off a four-week high of $1,540.50 hit in the
previous session, as European officials met to sketch out
options for a second bailout package for Greece, boosting
investor risk appetite.

"Gold has retraced a little primarily as a result of the
easing in the Greece situation to certain extent," said Darren
Heathcote, head of trading at Investec Australia. "It's given
the market a little bit comfort that we might see a reasonable
resolution."

[xchrom]

68. Gold futures edge up after ADP disappoints

http://www.marketwatch.com/story/gold-futures-edge-up-after-adp-disappoints-2011-06-01

SAN FRANCISCO (MarketWatch) -- Gold futures climbed Wednesday, finding support after Automatic Data Processing Inc. /quotes/comstock/15*!adp/quotes/nls/adp ADP -0.38% reported that U.S. companies added 38,000 jobs last month, far below the 175,000 expected by analysts. August gold /quotes/comstock/21e!f:gc\q11 GCQ11 +0.57% climbed $1, or 0.1%, to $1,537.80 an ounce on the Comex division of the New York Mercantile Exchange. July silver /quotes/comstock/21e!f:si\n11 SIN11 -0.05% fell 35 cents, or 0.9%, to $37.96 an ounce, pulling back after posting gains over the past two sessions.

[Demeter]

42. PS: the weather is perfect!

I'm playing hooky.

[Fuddnik]

47. No hooky allowed.

Get down here and tend bar at the pool.

Wages are dog kisses.

[Demeter]

74. Got my Grandpuppy Today

Don't need to go mooching for dog kisses from furriners...

[Demeter]

75. Besides, I don't Know a Thing About Tending Bar

[Fuddnik]

79. Put ice in glass. Pour vodka until filled.

Perfection!

For lemonade, use tall glass.

Repeat as necessary.

[xchrom]

56. awesome! nt

[xchrom]

44. Retailers’ May sales may be strongest at high end

http://www.marketwatch.com/story/retailers-may-sales-seen-strongest-at-high-end-2011-06-01

NEW YORK (MarketWatch) — When retailers report their May sales this week, high-end retailers and wholesale membership clubs will likely emerge as the winners, continuing a recent trend, analysts said.

Membership warehouse chains like Costco Wholesale Corp. /quotes/comstock/15*!cost/quotes/nls/cost COST -0.90% , BJ’s Wholesale Club Inc. /quotes/comstock/13*!bj/quotes/nls/bj BJ -0.12% and Sam’s Club, a unit of Wal-Mart Stores Inc. /quotes/comstock/13*!wmt/quotes/nls/wmt WMT -0.80% , probably benefited from shoppers visiting their stores to buy cheaper gasoline and food, according to analysts.

High-end shoppers at Nordstrom Inc. /quotes/comstock/13*!jwn/quotes/nls/jwn JWN -0.24% and Saks Inc. /quotes/comstock/13*!sks/quotes/nls/sks SKS +0.27% , on the other hand, are more immune from inflationary pressures than shoppers at discount stores and midpriced department stores, including Wal-Mart, Target Corp. /quotes/comstock/13*!tgt/quotes/nls/tgt TGT -0.65% , J.C. Penney Co. /quotes/comstock/13*!jcp/quotes/nls/jcp JCP +0.56% and Kohl’s Corp. /quotes/comstock/13*!kss/quotes/nls/kss KSS -0.45% .

“We believe that the moderate department stores and discounters saw a deceleration in sales trends in May as higher gas prices negatively impacted consumers’ discretionary budgets and hurt sales in seasonal categories,” said Citigroup analyst Deborah Weinswig, who cut her May sales estimates on Penney, Target and Kohl’s and expects their growth for the month to be below the industry average.

[xchrom]

45. Treasury 10-year yields fall to 3% after ADP

http://www.marketwatch.com/story/treasury-10-year-yields-fall-to-3-after-adp-2011-06-01

NEW YORK (MarketWatch) — Treasury prices extended gains on Wednesday, pushing 10-year yields down to 3% for the first time since December, after payroll-processing company ADP said the U.S. economy added far fewer jobs last month than economists had expected.

Yields on 10-year notes /quotes/comstock/31*!ust10y UST10Y -1.80% , which move inversely to prices, fell 6 basis points to 3% — the lowest level in six months and from 3.05% before the data. A basis point is 1/100th of a percent.

Two-year yields /quotes/comstock/31*!ust2yr UST2YR -2.56% declined 3 basis points to 0.45%, also the lowest since December.

[xchrom]

50. africa: Kenya says taking steps to curb high food, fuel prices

http://news.xinhuanet.com/english2010/world/2011-06/01/c_13906113.htm

NAIROBI, June 1 (Xinhua) -- The Kenyan government on Wednesday assured citizens that it is taking both short and long term measures to cushion them from increased food and fuel prices.

President Mwai Kibaki and Premier Raila Odinga also appealed to Kenyans to remain patient as the government is put in place measures to cushion them from the severe effects.

In his address during the celebrations to mark the Independence Day, Kibaki cited the zero rating of duty on paraffin and a drastic reduction of duty on diesel as some of the government's efforts to alleviate the hardships being faced by Kenyans.

"I am fully aware of the hardships being faced by Kenyans due to increased food and fuel prices," President Kibaki said in Nairobi when leading the nation in marking the country's 48th Madaraka Day celebrations.

[xchrom]

52. OECD to offer Africa lessons in handling debt

http://af.reuters.com/article/southAfricaNews/idAFLDE7500QH20110601

JOHANNESBURG, June 1 (Reuters) - Rich OECD countries and South Africa are setting up a training centre for African treasury officials to improve debt management on the poorest continent and deepen its nascent domestic bond markets. The initiative, which will be most clearly visible in a debt management training centre near Johannesburg, is meant to build on the debt relief granted to many states five years ago and ensure they do not fall into the same trap again.

It is also a recognition of the increasing tendency of African states to look to international markets for financing, and of foreigners to see investment opportunities in high-yielding domestic debt in frontier African economies.

Both developments make managing a country's debt a very complicated affair that, if not handled properly, can go badly wrong.

"Debt managers from emerging market countries such as from Africa increasingly face challenges similar to those of their counterparts from advanced markets due to pressures from global finance," the Paris-based Organisation for Economic Cooperation and Development said.

[xchrom]

67. Will the economic slump last?

http://www.marketwatch.com/story/will-the-economic-slump-last-2011-06-01

WASHINGTON (MarketWatch) — The headwinds holding back the U.S. economy are getting stronger.

Most of the economic data released in the past month have been disappointing, to say the least.

The latest reading on the labor market from payroll provider ADP shows job growth weakening as the summer approaches, with just 38,000 private-sector jobs created in May. If you recall that government employment is declining by almost that much every month, the ADP report implies only a very small increase in total employment. Read our full story on the 38,000 increase in the ADP employment report.

This is no way to get the unemployment rate down from 9%.

[xchrom]

69. US STOCKS-Wall St falters after weak economic data

http://uk.reuters.com/article/2011/06/01/markets-stocks-idUKN0116639320110601

NEW YORK, June 1 (Reuters) - U.S. stocks fell on Wednesday as another round of weak economic data cast doubts on the strength of an economic recovery.

The S&P was off more than 1 percent after climbing in the four prior sessions. The gains came even as data showed a decline in growth in the second quarter, a trend supported by Wednesday's private employment and factory activity reports.

U.S. private employers added a scant 38,000 jobs in May, the lowest level since September 2010, according to ADP Employer Services data. For details, see

The Institute for Supply Management's index of national factory activity fell to 53.5 in May -- its worst since September 2009 -- from 60.4 the month before.

[xchrom]

71. GM Sales Fall 1.2% on Higher Gasoline Prices

http://www.bloomberg.com/news/2011-06-01/gm-may-u-s-vehicle-sales-decline-1-2-missing-estimate-of-1-5-increase.html

General Motors Co. (GM) said U.S. sales fell 1.2 percent in May, trailing analysts’ estimates, as higher gasoline prices and smaller discount offers deterred purchases.

Deliveries in the month dropped to 221,192 vehicles from 223,822 a year earlier, Detroit-based GM said today in a statement. The average estimate of three analysts surveyed by Bloomberg was for a 1.5 percent increase in sales.

Gasoline that has exceeded $3.50 a gallon since early March led some buyers to defer purchases, and GM reduced incentives by about 10 percent from April, said Don Johnson, vice president of U.S. sales. Industrywide deliveries may have dropped as much as 3 percent as other automakers’ inventories dwindled following the March 11 earthquake in Japan, Johnson said yesterday.

“Gas prices are moderating, but we think that a number of consumers are waiting to see where they will end up,” Johnson said on a conference call with reporters. GM repeated its forecast for U.S. industry deliveries of 13 million to 13.5 million this year, including medium- and heavy-duty trucks, as sales recover in the next few months.

[tclambert]

84. Not just gas prices. The earthquake in Japan affected car production.

Ford sales were almost the same as last May, GM down 1.2%, but Toyota sales went down 33%. You may remember there were supply problems due to supplier shutdowns in Japan.

"Fuel efficiency continues to sell cars like the Ford Focus (22,303), Chevrolet Cruze (22,711) and Hyundai Elantra (20,006). What's more, Eco editions accounted for about 15 percent of all Cruze sales, and Volkswagen reports that its TDI diesels managed to snag 22.2 percent of its share." (according to autoblog http://www.autoblog.com/2011/06/01/by-the-numbers-may-2011-as-the-earth-quakes-edition/ )

GM sold less than 500 Chevy Volts in May. I think this is less than they hoped. Not sure if it's a supply problem or a demand problem. The Nissan Leaf sold over 1,000 units. But that is a pure electric. You can't drive it to Florida, not even from South Carolina.

I cannot find sales data on the Fisker Karma.

[Demeter]

86. Your Dogma got run over by my Karma?

That kind of Karma?

[Fuddnik]

72. Tiffany's is going down. Did the Noot default?

Or is it just too many headaches?


http://money.cnn.com/quote/quote.html?symb=TIF

[DemReadingDU]

78. DOW down -236

Bad day today, where's that bloodbath picture?

[hamerfan]

80. DOW down 279 at 4PM, n/t

[plumbob]

87. This okay?

[DemReadingDU]

88. Yeh, that's a good one!

[Festivito]

76. Debt: 05/26/2011 14,345,440,513,979.37 (UP 4,339,782.93) (Thu, DOWN some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
I thought the other McDs was bad. This one has plexiglass and you have to be let into the bathroom.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,717,578,735,257.76 + 4,627,861,778,721.61
DOWN 5,228,052,393.61 + UP 5,232,392,176.54

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.18 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,092,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,965.39.
A family of three owes $137,896.18. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 1,783,913,315.36.
The average for the last 30 days would be 1,367,666,875.11.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 163 reports in 238 days of FY2011 averaging 4.81B$ per report, 3.29B$/day.
Above line should be okay

PROJECTION:
There are 605 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/26/2011 14,345,440,513,979.37 BHO (UP 3,718,563,465,066.29 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,817,483,087.60 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,202,073,030,785.61 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/06/2011 +000,087,184,054.82 ------------*******
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --

36,915,738,188.88 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4865021&mesg_id=4865268

[Festivito]

77. Debt: 05/27/2011 14,345,428,204,844.19 (DOWN 12,309,135.18) (Fri, UP a little.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Oh, and the guy serving, does not want to welcome me.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,717,863,843,755.13 + 4,627,564,361,089.06
UP 285,108,497.37 + DOWN 297,417,632.55

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,204.11 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,099,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,964.29.
A family of three owes $137,892.88. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 days.
The average for the last 23 reports is 2,186,973,001.52.
The average for the last 30 days would be 1,676,679,301.17.

There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 164 reports in 239 days of FY2011 averaging 4.78B$ per report, 3.28B$/day.
Above line should be okay

PROJECTION:
There are 604 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.5T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/27/2011 14,345,428,204,844.19 BHO (UP 3,718,551,155,931.11 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,805,173,952.40 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,197,024,638,044.46 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/09/2011 +000,429,272,774.96 ------------******** Mon
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********

37,113,662,631.43 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4869121&mesg_id=4869592

[Festivito]

91. Debt: 05/31/2011 14,344,668,281,211.01 (DOWN 759,923,633.18) (Tue, UP some.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Canada television seems so nicely real.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,723,456,023,743.74 + 4,621,212,257,467.27
UP 5,592,179,988.61 + DOWN 6,352,103,621.79

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,203.81 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,128,192 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,957.62.
A family of three owes $137,872.85. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 22 reports in the last 30 to 32 days.
The average for the last 22 reports is 2,592,646,767.63.
The average for the last 30 days would be 1,901,274,296.26.
The average for the last 32 days would be 1,782,444,652.75.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 165 reports in 243 days of FY2011 averaging 4.75B$ per report, 3.22B$/day.
Above line should be okay

PROJECTION:
There are 600 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
05/31/2011 14,344,668,281,211.01 BHO (UP 3,717,791,232,297.93 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,045,250,319.30 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,176,179,079,697.72 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/10/2011 +000,237,893,268.24 ------------********
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue

42,276,569,845.08 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4869121&mesg_id=4869592

[Festivito]

92. Debt: 06/01/2011 14,344,655,966,314.35 (DOWN 12,314,896.66) (Wed, UP a lot.)

(OVER the old debt limit of 14.294-trillion dollars by 51-billion dollars. Good day.)
Ahh, the smell of fried turkey burgers.
(Debt under Obama seems to jump up big then drop slowly maybe up a little and down a little for days--repeat.)
= Held by the Public + Intragovernmental(FICA)
= 9,736,528,968,465.76 + 4,608,126,997,848.59
UP 13,072,944,722.02 + DOWN 13,085,259,618.68

Source: Debt to the penny:
http://www.treasurydirect.gov/NP/BPDLogin?application=np

THINKING IN BILLIONS: Think 3 or 4 dollars per billion in a 312-Million person America.
If every American, man, woman and child puts in $3.20 THAT'S 1B$, and $3,203.74 makes 1T$.
A family of three: Mom, Dad, Child: $9.61, ABOUT TEN BUCKS for a 1B$ federal program.
I hope that is clear. However, I'd suggest using $3 per 1B$ to underestimate it.
Use $4 per 1B$ to overestimate the cost when thinking: Is the federal program worth it?
Aid to Dependant Children: 2B$/yr =$8/yr(a movie a year) Family of 3: $24/yr(an hour of bowling)

PERSONALIZED DEBT:
Every 12 seconds we net gain another American, so at the end of the workday of the report, there should be 312,135,392 people in America.
http://www.census.gov/population/www/popclockus.html ON 10/04/2010 04:37 -> 310,403,677
Currently, each of these Americans owe $45,956.52.
A family of three owes $137,869.56. (And that is IN ADDITION to their mortgage.)

ANALYSIS:
There were 23 reports in the last 30 to 33 days.
The average for the last 23 reports is 2,479,387,564.83.
The average for the last 30 days would be 1,900,863,799.71.
The average for the last 33 days would be 1,728,057,999.73.
There were 252 reports in 365 days of FY2007 averaging 1.99B$ per report, 1.37B$/day.
There were 253 reports in 366 days of FY2008 averaging 4.02B$ per report, 2.78B$/day.
There were 75 reports in 112 days of GWB's part of FY2009 averaging 8.03B$ per report, 5.38B$/day.
There were 174 reports in 253 days of Obama's part of FY2009 averaging 7.33B$ per report, 5.07B$/day so far.
There were 249 reports in 365 days of FY2009 averaging 7.57B$ per report, 5.16B$/day.
There were 251 reports in 365 days of FY2010 averaging 6.58B$ per report, 4.53B$/day.
There were 166 reports in 244 days of FY2011 averaging 4.72B$ per report, 3.21B$/day.
Above line should be okay

PROJECTION:
There are 599 days remaining in this Obama 1st term.
By that time the debt could be between 15.2 and 17.4T$.
It could be higher. It could be lower.

HISTORICAL:
President's term begins and ends on Jan 20.
(Guess who might want to hide the Reagan Bush years. Jan 20 data is missing before 1993.)
01/20/1993 _4,188,092,107,183.60 WJC Inaugural
01/22/2001 _5,728,195,796,181.57 WJC (UP 1,540,103,688,997.97)
01/20/2009 10,626,877,048,913.08 GWB (UP 4,898,681,252,731.43)
06/01/2011 14,344,655,966,314.35 BHO (UP 3,717,778,917,401.27 so far since Obama took office.)

FISCAL YEAR DEBT CHANGE, Sep 30 prior year to Sep 30 named year:
(One "* " for each 40B$ reached)
FY1994 +0,281,261,026,873.94 ------------* * * * * * * WJC
FY1995 +0,281,232,990,696.07 ------------* * * * * * * WJC
FY1996 +0,250,828,038,426.34 ------------* * * * * * WJC
FY1997 +0,188,335,072,261.61 ------------* * * * WJC
FY1998 +0,113,046,997,500.28 ------------* * WJC
FY1999 +0,130,077,892,735.81 ------------* * * WJC
FY2000 +0,017,907,308,253.43 ------------WJC
FY2001 +0,133,285,202,313.20 ------------* * * C&B
01-WJC +0,053,598,528,417.78 ------------* WJC 31% of FY, 40% of FY-Debt
01-GWB +0,079,686,673,895.42 ------------* GWB 69% of FY, 60% of FY-Debt
FY2002 +0,420,772,553,397.10 ------------* * * * * * * * * * GWB
FY2003 +0,554,995,097,146.46 ------------* * * * * * * * * * * * * GWB
FY2004 +0,595,821,633,586.70 ------------* * * * * * * * * * * * * * GWB
FY2005 +0,553,656,965,393.18 ------------* * * * * * * * * * * * * GWB
FY2006 +0,574,264,237,491.73 ------------* * * * * * * * * * * * * * GWB
FY2007 +0,500,679,473,047.25 ------------* * * * * * * * * * * * GWB
FY2008 +1,017,071,524,649.92 ------------* * * * * * * * * * * * * * * * * * * * * * * * * GWB
FY2009 +1,885,104,106,599.30 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B&O
09GWB +0,602,152,152,000.60 ------------* * * * * * * * * * * * * * * GWB 31% of FY, 32% of FY-Debt
09-BHO +1,282,951,954,598.70 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO 69% of FY, 68% of FY-Debt
FY2010 +1,651,794,027,380.00 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO
FY2011 +0,783,032,935,422.60 ------------* * * * * * * * * * * * * * * * * * * BHO
Endof11 +1,171,340,251,759.22 ------------* * * * * * * * * * * * * * * * * * * * * * * * * * * * * BHO

LAST FIFTEEN REPORTS OF ADDITIONS TO PUBLIC DEBT(NOT FICA):
05/11/2011 +000,200,317,592.65 ------------********
05/12/2011 -015,508,101,950.43 -
05/13/2011 +000,162,115,757.85 ------------********
05/16/2011 +051,422,548,961.68 ------------********** Mon
05/17/2011 -009,024,423,933.79 --
05/18/2011 +009,842,715,417.27 ------------*********
05/19/2011 -002,359,793,261.41 --
05/20/2011 +001,132,579,417.77 ------------*********
05/23/2011 -001,060,800,214.98 -- Mon
05/24/2011 -004,058,498,841.79 --
05/25/2011 +010,640,781,539.65 ------------**********
05/26/2011 -005,228,052,393.61 --
05/27/2011 +000,285,108,497.37 ------------********
05/31/2011 +005,592,179,988.61 ------------********* Tue
06/01/2011 +013,072,944,722.02 ------------**********

55,111,621,298.86 Total of 15 above reports.

Heavy borrowing seems to start after 09/18/2008 while Bush was in power JUST BEFORE fiscal year end.
Bush admin borrowed $962,245,245,654.01 in those last 124 days in office crossing two fiscal years.
$360,093,093,653.42 in last 12 days of FY2008, and $602,152,152,000.59 in subsequent 112 days before leaving office.

For a prettier and more explanatory view of our nation's debt:
http://www.brillig.com/debt_clock
http://www.usdebtclock.org/
DUer primer on National debt

(Debt to the penny keeps changing. Stuff is missing. Best to keep our own history.) LAST REPORT:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=4869121&mesg_id=4870126

[Fuddnik]

81. I go out to pay some bills and hit the gym for a couple of hours.

I get back, and you people have wrecked the economy.

Wait until Tansy gets here. She'll fix your asses!

[DemReadingDU]

82. Where has she been?

It seems weeks since she has been on DU. Is she on vacation? Writing a book?

[bread_and_roses]

90. yes, where is she? I miss her. and I missed all the action today

checked in this AM and it looked like they were playing "you made money yesterday, I'll make money today" again - but seems to have gotten a bit away from them. No crying here. No doubt they'll have the smoke and mirrors machine up and running soon. For a while yet, for a while ...

[hamerfan]

83. That'll learn ya

to hit the gym! :fistbump:

[tclambert]

85. "My health club--The International House of Pancakes!"

--Lewis Black. "You'll always feel good about your body when you go there -- no matter what your body is -- because there's always someone there who weighs 350 pounds more than you'll ever weigh."

Disclaimer: I personally love IHOP and my wife and I frequently have dinner there. That's right, I said DINNER! Who says you can't have breakfast food for dinner, anyway? Sometimes we have pancakes or omelets for dinner, sometimes real dinner food. Of course, they make real dinner food! Hamburgers, steaks, grilled tilapia. And if you want, you can pour syrup all over it! Sorry, channeling Lewis Black for a moment, which is weird because he's still alive.

The chicken florentine crepes are my personal favorite.

[DemReadingDU]

89. We have breakfast food for dinner too

and when daughter lived here growing up, sometimes she preferred supper food for breakfast.

:)