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- $KOPN: Solid 2Q10 Lays the Ground for a Better 2H10 http://bit.ly/bPNFIU
- Getting ready for the July employment report http://bit.ly/aadu2D
- $IIVI Bookings for the quarter increased 120% to a record $125,985,000 compared to $57,245,000 in the fourth quarter of last fiscal year
- Big Lots 2Q revenue comparison rises http://bit.ly/cSdVvJ $BIG
- Smartphone demand drives 54% year-on-year growth in Kopin’s III-V revenue in Q2 http://bit.ly/cGKhkB $KOPN $SWKS
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Posts Tagged ‘Bernanke’
All eyes over the past week have once again turned toward the job picture. A surprise? I think not for several reasons. The least of which was the weekly jobless claims number released on Thursday showed higher than expected initial claims. The real driver of renewed interest and pundit positioning on jobs is the monthly employment report for July, which arrives on Friday. This will be the latest score card for not only the health of the economy but also for how effective the current administration and its stimulative efforts have been.
Per Briefing.com, consensus expectations call for an unemployment rate of 9.6 percent in July, up slightly from 9.5 percent in June. The uptick reflects the shared view that the economy shed 70,000 jobs in July. Economists estimate that the private sector created 100,000 jobs but government employment fell 170,000, as more temporary census jobs disappeared.
The notion that private-sector jobs were created in July was backed up by the ADP employment report for July. That report showed the sixth straight month of job gains in the private sector. Thats the good news. The bad news is that the increase was only 42,000 jobs for July and the six-month average is 37,000. Both of those figures are a far cry from not only monthly job losses but also pale in comparison with new weekly unemployment claims.
This morning, Chris Versace, the Thematic Investor, will be on America’s Morning News to talk the economy, budget deficits, Bush tax cuts, housing, unemployment, investing and whatever else hosts John McCaslin and Amy Holmes want to talk about.
Corporate earnings continued at a fast and furious pace this week, and we started to hear from a wider variety of companies.
Again, however, it was a mixed bag. Solid earnings and outlooks from the likes of Apple Inc., Qualcomm Inc., Morgan Stanley and eBay Inc. were offset by disappointing earnings, outlooks or both by Yum Brands, Starbucks, IBM, Goldman Sachs Group and others. This resulted in a topsy-turvy stock market, which should be expected. Not only is that one of the trials and tribulations of any earnings season, but it is amplified by where we are in the domestic economic recovery.
Or not.
While some may cut to the quick and ask, “How can he say that?” I would quickly point to Federal Reserve Chairman Ben S. Bernanke’s semiannual report to the Senate Banking, Housing and Urban Affairs Committee on Wednesday. At the heart of Mr. Bernanke’s testimony, he stated that the Fed continues to forecast moderate growth for the domestic economy this year despite a “somewhat weaker outlook.”
Mr. Bernanke went on to pronounce the outlook as “unusually uncertain.”