A White House report released Friday indicated that the $787 billion economic stimulus and recovery act has saved or created at least 640,000 jobs, with Vice President Joe Biden suggesting that the number could be as high as 1 million. Biden, flanked by California Gov. Arnold Schwarzenegger and Maryland Gov. Martin O’Malley, said that reports from recipients of the federal funds indicated that the stimulus had directly saved or created 640,329 jobs.
October 31, 2009
October Consumer Sentiment Revised Up But Still Down From September
While Reuters and the University of Michigan released a report on Friday showing an upward revision to their reading on consumer sentiment in the month of October, the index still came in below the final reading from September.
Chicago PMI Indicates Unexpected Expansion In Manufacturing Activity
Activity in the Chicago-area manufacturing sector unexpectedly expanded in the month of October, according to a report released by the Institute for Supply Management - Chicago on Friday, with the index of activity in the sector rising to its highest level in over a year. The report showed that the index of activity in the manufacturing sector rose to 54.2 in October from 46.1 in September, with a reading above 50 indicating growth in the sector.
Personal Savings Rate Increases In September As Spending Falls
With consumers saving more as a result of economic uncertainty, the Commerce Department released a report on Friday showing that personal spending decreased in September, while personal income came in nearly unchanged. The report showed that personal spending fell by 0.5 percent in September following an upwardly revised 1.4 percent increase in August. The moderate pullback in personal spending came in line with the expectations of economists.
Eurozone Inflation Stays Negative, Jobless Rate Highest Since 1999
Eurozone annual inflation stayed negative for a fifth consecutive month in October, but the pace of decline in consumer prices slowed, preliminary data released by the Eurostat showed Friday. Separately, the statistical agency said the jobless rate rose to its highest level in more than a decade.
German Retail Sales Drop For Second Month In September
German retail sales decreased for the second consecutive month in September amid weak domestic demand and private consumption.
Lithuanian Economic Sentiment Falls In October
Friday, Statistics Lithuania announced that the economic sentiment indicator stood at minus 27 in October compared to minus 26 in September. A year ago, the index stood at minus 12.
Italy’s Inflation Rises To 0.3% In October
Italy’s consumer price index or CPI including tobacco rose 0.3% year-on-year in October after rising 0.2% in September, a preliminary report from the Istat showed Friday. On a monthly basis, the CPI rose 0.1% after a 0.2% drop in the previous month.
UK House Prices Log First Annual Gain Since 2008: Nationwide
UK house prices posted first annual increase in nineteen months in October, while rising for the sixth time on a monthly basis, the Nationwide Building Society said Friday.
Cummins Q3 Profit Plunges 59%; Raises FY09 View - Update
Engine and power generation equipment maker Cummins Inc., on Friday reported a 59% drop in profit for the third quarter, as sales dropped 31% from last year amid continued economic weakness in many of its markets. Based on the third quarter results and forecast for the remainder of the year, the company raised its forecast for fiscal year 2009. Looking ahead, Cummins said though there are indications of improvement in some markets, it expects the economic climate to remain challenging.