My Andkon Finance Blog

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Clunker Program Boosts August Retail Sales

http://www.washingtonpost.com/wp-dyn/content/article/2009/09/15/AR2009091500855.html?hpid=topnews

The US government’s highly popular cash for clunkers program boosted retail sales to their highest level in the past three years in August. The high sales level is, however, unlikely to be sustained in the coming months in the wake of the rising unemployment levels and tight credit conditions. The 2.7% increase in August retail sales was largely driven by a 10.6% increase in auto sales. The markets, however, believe that the auto sales were boosted at the cost of other purchases. Clothing witnessed a 2.4% month on month increase in sales while sales of sporting goods and books also rose by 2.3%. Retail sales after excluding the impact of auto, gas and restaurants was up 0.7% in August, the first gain in the past six months raising hopes of a revival soon.

US Leading Indicators Rise In July

http://money.cnn.com/2009/08/20/news/economy/LEI_economic_index_recession_over/?postversion=2009082013

A leading index of US economic indicators has continued to rise in July, the fourth consecutive increase, indicating that the current economic recession is nearing its bottom. According to the Conference Board, the leading Economic Index rose by 0.6% in July after having risen by 0.8% in June raising hopes of a recovery in the near future. The six of the ten components of the index that increased in July are: the interest rate spread, average weekly initial jobless claims, stock prices, the index of supplier deliveries, average weekly manufacturing hours and new orders for non defense capital goods. Meanwhile the consumer expectations, real money supply and building permits components of the index declined in July. The index indicates that a recovery is in its nascent stage but will take a long time to gain momentum.

Cash for Clunkers Boosts July Consumer Spending

http://online.wsj.com/article/SB125146105734166437.html?mod=googlenews_wsj

The US consumer spending continued to increase in July driven by the rising automobile demand fueled by the government’s cash for clunkers program and a 1.3% increase in the spending on durable goods. According to the latest figures released by the Commerce Department consumer spending in July was up by 0.2%, the third consecutive monthly increase while the consumer spending increase for June was revised upwards from the earlier announced 0.4% to 0.6%. Personal income during the month of July was flat while the real disposable income declined by 0.1% during the same month. Personal savings as a percentage of disposable personal income stood at 4.2% in July, down from 4.5% in June. Inflation remained subdued with the Core Personal Consumption Expenditure (PCE) Index increasing by a mere 0.1% in July over June.

US Home Values Continue To Decline, But At Slower Pace

http://www.reuters.com/article/ousiv/idUSTRE57A0K720090811

The value of the US homes continued to decline in the second quarter of 2009, albeit at a slower pace, according to real estate website zillow.com. According to the report that covers 161 metropolitan areas, the value of all US homes declined by 12.1% year on year to $186,500 in the second quarter. Home values in the first quarter of 2009 had declined by 12.4%. However, the slowdown in decline in home values does not indicate that the housing market is set for a recovery soon, the website said. Rising foreclosures and high level of underwater mortgages remain a concern area. Housing prices in most of the metropolitan cities covered by the zillow index are yet to bottom out. Although housing sales have improved in recent months, it has been largely driven by foreclosure sales that dampen the overall home values, the website said.

Jobs, That’s What Every American Wants

http://news.yahoo.com/s/ap/20090728/ap_on_bi_ge/us_economy;_ylt=AivkqoSnE6RVxBXWZChvXR.yBhIF;_ylu=X3oDMTJmc3F1czdiBGFzc2V0A2FwLzIwMDkwNzI4L3VzX2Vjb25vbXkEY3BvcwM1BHBvcwMyBHNlYwN5bl9oZWFkbGluZV9saXN0BHNsawNqb2J3b3JyaWVzcGU-

Recent economic indicators are positive. Home prices have shown their first monthly increase in three years. However, such numbers are not translating into increased confidence levels in the average American. The Consumer Confidence Index at present levels is almost at half of what is viewed as an indication that the economy is strong.

So why this lack of confidence? It is because of the one thing which affects every man and woman on the street, that is, the high unemployment rate. There is no improvement in this number, and the expectation is that it will continue to get worse. Added to job cuts are reduced working hours. So technically, a person may still be holding a job, but because his or her number of working hours per week has been reduced, the income has declined. Definitely, not a confidence inspiring situation!

Will The New GM Make It?

http://news.yahoo.com/s/ap/20090714/ap_on_bi_ge/us_gm_sales

Targets for sustainability and profitability are much lower for the new GM as compared to the old GM. The new GM is expected to be profitable if the annual sales volume for the industry is at about 10 million per year. For the current year so far, the industry has been running below this level.

The company is however hopeful. Sales numbers though weak are not so far off the mark. It should have a new model pitched against Japanese models such as the Lexus and Acura in the showrooms very soon. The company is also banking on some of the incentives of the February stimulus bill to help the auto industry.

The company has put behind itself a torrid six months. For all concerned, we hope the future will be brighter.

Any Thing To Keep Your Home

http://news.yahoo.com/s/nm/20090701/bs_nm/us_financial_housing

The Obama administration has been working relentlessly to help home owners refinance their mortgages. Towards this end, mortgage finance companies Fannie Mae and Freddie Mac will now refinance up to 125% of the home value, up from the earlier 105%. This is the loan to value ratio.
The trauma of being homeless or having to share a home with somebody else can be long lasting. Hence efforts aimed at preventing this should be lauded.

The economic downturn started with the upheaval in the housing market and the recovery path will also start from here. Preventing foreclosures is the first step on that path.

Hard Times For Banks

http://news.yahoo.com/s/nm/20090620/bs_nm/us_financial_failures

As of Friday, June 19th, forty banks have been closed in 2009 owing to bank failures. Loans going bad in the continued recession are the cause.

Let us examine the effects of these bank failures. The first is the effect on the customer, the person with a deposit in the bank. The FDIC insurance insures up to $250,000 per account for member banks and financial institutions. So if you had a deposit above that amount, you stand to lose that much.

The next person in the line of fire is the man/woman who works at the bank. If the bank branches are taken over by another bank, then he/she retains his/her job, or else there is more added to the already long unemployed list. And finally, one must not forget the burden on the insurance companies.

Home Sales Picking Up; What Does It Mean?

http://news.yahoo.com/s/ap/20090602/ap_on_bi_ge/us_economy

Data from the National Association of Realtors for April 2009 has shown the highest monthly increase in sales of previously occupied homes in eight years. The slump in the housing market three years ago was the start of the economic downturn. Do these data indicate that this segment is now on the road to recovery?

Closer perusal would indicate that is not quite the case.  Foreclosures are still increasing, layoffs continue, and the debt consolidation and reorganizing program launched by President Obama has not really shown significant results.  With prices of homes, particularly those on the market owing to foreclosures continuing to drop, this is a good time for people with the funds in the bank to buy a home. You are likely to get a dream home at dream prices!