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MTnews

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President Obama Key Infrastructure Projects
« on: August 31, 2011, 03:46:24 PM »
Daily Market Commentary for August 31, 2011

President Barack Obama said he wanted to have a 'serious conversation' with Congress in September, about funding key infrastructure projects. (read more at Millennium-Traders.Com) http://www.millennium-traders.com/news/newscommentary.aspx

The Commerce Department reported orders for goods produced in U.S. factories rose 2.4% in July. Factory orders fell a revised 0.4% in June, down from a prior estimate of a 0.8% decline. Orders for durable goods which consist of products meant to last at least three years, climbed 4.1% in July and orders for nondurable goods edged up 1.0%.

According to the ADP employment report released, private-sector payrolls increased 91,000 in August, led by the service-producing sector and small businesses. The expansion for July was revised down to 109,000 from a prior estimate of 114,000. The report suggests the trend in employment moderated somewhat in August at a pace below what would be consistent with a stable unemployment rate. According to ADP, service-sector employment rose 80,000 in August, compared with 11,000 for the goods-producing sector. Small-business employment rose 58,000, compared with 30,000 for medium businesses and 3,000 for large businesses.

Challenger Gray & Christmas reported that U.S.-based employers announced plans to cut more than 50,000 workers in August, down 23% from July. Government agencies announced plans to cut more than 18,000 workers, almost twice July’s level. “In August, the private sector once again took a back seat to the government sector, which saw job cuts surge to the second highest monthly total this year,” said John Challenger, chief executive of the Chicago-based outplacement consultancy, in a statement. “Unlike previous months, the government job-cut announcements in August were not dominated by state and local agencies. Instead, the federal level led the way with heavy reductions among the civilian and officer ranks across three branches of the military.” The level in August was 47% higher than in the prior year. However, so far this year, employers have announced 2.9% fewer planned layoffs than during the same period last year.

Statistics Canada reported Canada's GDP registered a sharp slowdown during the April to June period after a revised 3.6% reading in Q1. The Canadian economy shrank 0.4% in Q2 - the first contraction since the recession, as supply disruptions slammed exports. The report comes after both Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney sought to reassure Canadians earlier this month, reporting that Canada will likely avert any recession, and that they are prepared to act if they are wrong. Minister Flaherty described the reading as a 'pause' and repeated that he sees modest growth for the remainder of the year. “The Canadian economy is still very fragile,” Mr. Flaherty said in Toronto, although the “fiscal fundamentals in this country are good.” Domestic demand remains strong, with robust business investment and solid consumption, he added. The economy expanded 0.2% during June which was an encouraging sign that activity picked up in Q3. Economists had been expecting a flat reading for the quarter and a 0.1% increase in June. Contraction during Q2 is the first time the economy shrank since the Q2-2009. The weak reading suggests the central bank will not raise interest rates at its meeting next week. Oil and gas extraction tumbled 3.6% during the quarter due to disruptions of petroleum production and manufacturing output fell 0.9% as auto and auto parts production took a hit due to Japan’s woes. Still, business investment in plant and equipment rose 3.7% during the quarter - a sixth straight quarterly increase. Government and consumer spending both rose.


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