Saturday, April 28, 2012

Economic News - #3844 - Rush Limbaugh: Obama Has Destroyed the U.S. Economy (2) New Residential Homes Sales Fall 7.1% in March. UPDATE: USA: Predicts 'Subpar" Economic Growth This Year - Hot Air (3) Homes Prices Drag New Buyers Under Water - Reuters (4) US Economy Grows at Tepid 2.2% Pace; Misses Estimates - CNBC (5) Durable Goods Orders Drop 4.2% in March - Hot Air (6) Jobless Claims Stay Elevated as Labor Market Gains Stall - CBC (7)1 in 2 New Graduates are Jobless or Under Employed - Yahoo

RUSH: Folks, you know, Open Line Friday's kind of loosy-goosy sometimes, and a lot of us are fatigued at the end of the week, looking for lightheartedness. But this is some serious stuff, and it confirms every instinct that every person alive in this country knows. There isn't any economic growth. There's government growth, but there isn't any private sector growth. There's no growth in jobs: 120,000 jobs were created last month, according to the news from yesterday. It's just pathetic. It is why Obama is running around making things up about the "War on Women" and now the student loan interest rate doubling. Which, by the way, Boehner, the Republicans are gonna vote today on a bill to make sure that the interest rate does not double on July 12th. And remember again that's a Democrat law, 2007, the Democrats ran both the House and the Senate, that's when they took over the House. They won the elections in 2006. Pelosi was Speaker, and the Democrats, looking forward to 2012 being an election year, they thought that Hillary was gonna be president, 2007. They thought they'd successfully demonized all Republicans with the never ending assaults on George W. Bush. So they were confident they were gonna have a Democrat in the White House in 2012, they gonna win in 2008.......So all this is being used by Obama to divert attention from what is a destroyed US economy. I don't know how else to describe it. We're living in an era where the president of the United States and his party have launched an all-out assault on the United States private sector economy. They've been pretty successful. They have not failed. Not from their perspective. GDP growth revised down to -- well, not revised down, at 2.2%.  Read more........

New Residential Home Sales Fall 7.1% in March. UPDATE: USA Today Predicts "Subpar" Economic Growth this Year - Hot Air - The string of bad economic news to close out Q1 continued today with the Census/HUD announcement of new residential sales in March. The seasonally-adjusted annual rate of sales fell 7.1% from February, although there are a few glimmers of good news in the decline:  Sales of new single-family houses in March 2012 were at a seasonally adjusted annual rate of 328,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 7.1 percent (±20.7%)* below the revised February rate of 353,000, but is 7.5 percent (±19.6%)* above the March 2011 estimate of 305,000.  Read more......

Home Prices Drag New Buyers Under Water - Reuters - More than 1 million Americans who have taken out mortgages in the past two years now owe more on their loans than their homes are worth, and Federal Housing Administration loans that require only a tiny down payment are partly to blame. Read more......

US Economy Grows at Tepid 2.2% Pace; Misses Estimates - CNBC - Gross domestic product expanded at a 2.2 percent annual rate, the Commerce Department said on Friday in its advance estimate, moderating from the fourth quarter's 3 percent rate.  Read more.......

Durable Goods Orders Drop 4.2% in March - Hot Air - New orders for manufactured durable goods in March decreased $8.8 billion or 4.2 percent to $202.6 billion, the U.S. Census Bureau announced today. This decrease, down two of the last three months, followed a 1.9 percent February increase. Excluding transportation, new orders decreased 1.1 percent. Excluding defense, new orders decreased 4.6 percent. Read more......

Jobless Claims Stay Elevated as Labor Market Gains Stall - CNBC - New U.S. claims for unemployment benefits fell slightly last week but a trend reading rose to its highest since January, the latest sign of a weaker pace of healing in the still-struggling labor market. Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week's figure was revised up to 389,000 from the previously reported 386,000.  Read more.......  

1 in 2 New Graduates are Jobless or Underemployed - Yahoo -   The college class of 2012 is in for a rude welcome to the world of work. A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don't fully use their skills and knowledge.  Read more.....

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