Commodity Corner: Oil Declines on GDP Data

- Commodity Corner: Oil Declines on GDP Data

Tuesday, August 16, 2011
Rigzone Staff
by Matthew V. Veazey

The WTI and Brent contracts settled lower Tuesday after the release of a key European Union economic indicator supported a pessimistic outlook for global crude oil demand.

Light sweet crude oil for September delivery lost $1.23 to end the day at $86.65 a barrel while Brent slipped 44 cents to settle at $109.47 a barrel. Eurostat, the statistical arm of the EU, on Tuesday announced that gross domestic product throughout the bloc rose by only 0.2 percent in the second quarter. GDP growth during the first quarter was a more robust 0.8 percent; however, Eurostat pointed out that the latest second quarter figure beats that of the corresponding period in 2010 by 1.7 percent.

The WTI contract price fluctuated from $85.62 to $87.93 during Tuesday's session.

Front-month natural gas lost nine cents to settle at $3.93 per thousand cubic feet. Forecast models show milder temperatures from the Midwest to the Northeast through the remainder of this month, chilling cooling demand projections for the regions.

The September natural gas contract traded within a range from $3.90 to $4.04 Tuesday.

The price of a gallon of reformulated gasoline fell two cents to end the day at $2.85. September gasoline peaked at $2.87 and bottomed out at $2.83.

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Commodity Corner: Mfg. Data Stoke Oil Demand Fears

- Commodity Corner: Mfg. Data Stoke Oil Demand Fears

Monday, August 01, 2011
Rigzone Staff
by Matthew V. Veazey

The September contract price for light sweet crude oil settled at $94.89 a barrel Monday. The WTI traded within a range from $93.42 to $98.60.

The 81-cent day-on-day loss followed the release of disappointing July manufacturing figures by the Institute of Supply Management (ISM). ISM, which bases its findings on surveys of manufacturing supply managers, reported that the U.S. manufacturing sector expanded at a slower rate in July. The organization's closely monitored Purchasing Manager's Index (PMI) fell from 55.3 to 50.9 from June to July; a value above 50 generally means that the manufacturing sector is expanding.

"Production and employment also showed continued growth in July, but at slower rates than in June," ISM Manufacturing Business Survey Committee Chair Bradley J. Holcomb said in written statement. "The New Orders Index registered 49.2 percent, indicating contraction for the first time since June of 2009, when it registered 48.9 percent." Holcomb also pointed out that export sales were very strong and domestic sales were sluggish last month.

Brent futures edged upward Monday, gaining seven cents to settle at $116.81 a barrel. The Brent contract price peaked at $119.95 and bottomed out at $114.86.

Weather forecast models are projecting above-normal temperatures throughout the eastern half of the U.S. through the middle of next week, and cooling demand is expected to increase as a result. September natural gas gained 4.3 cents to end the day at $4.19 per thousand cubic feet.

A new weather system in the Caribbean could also have an effect on natural gas prices over the next several days. The National Hurricane Center in Miami reported Monday afternoon that a "vigorous" tropical wave has formed near the Lesser Antilles and will likely to develop into a tropical cyclone by the middle of the week. The system, which was moving west-northwestward at 15 to 20 miles per hour at 2 p.m. EDT Monday, would be named Emily if it strengthens into a tropical storm.

September natural gas traded within a range from $4.13 to $4.20 Monday.

Gasoline for September delivery lost a penny Monday to settle at $3.05 a gallon after fluctuating from just under $3.01 to $3.145. The August contract, which expired Friday, settled at $3.11.

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Commodity Corner: Oil Settles Higher on Bullish Stocks Data

- Commodity Corner: Oil Settles Higher on Bullish Stocks Data

Wednesday, July 20, 2011
Rigzone Staff
by Matthew V. Veazey

The price of light sweet crude oil gained 64 cents Wednesday to settle at $98.14 a barrel on news of a larger-than-expected drop in U.S. oil stocks. The Brent benchmark gained $1.09 to end the day at $118.15 a barrel.

The U.S. Energy Information Administration reported Wednesday that the country's commercial crude oil inventories fell nearly 1.1 percent last week to 351.7 million barrels. The 3.8 million-barrel draw was well above analysts' expectations. For instance, a Platts survey of analysts projected a draw of only 1.3 million barrels.

WTI futures fluctuated from $96.80 to $99.02 during Wednesday's session. The Brent contract peaked at $118.56 and bottomed out at $117.06.

Americans from the Upper Midwest to the South to the East Coast are seeking air-conditioned relief from high heat and humidity. Triple-digit heat indices are common throughout the eastern half of the country, and such conditions are expected to continue into next week. In spite of the sweltering heat, natural gas futures edged downward Wednesday to $4.50 per thousand cubic feet.

Front-month natural gas traded within a range from $4.43 to $4.60.

Gasoline futures ended the day higher at $3.15 a gallon—the intraday high. The intraday low for gasoline was $3.10.

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Amerisur to Begin Data Interpretation at San Pedro Block

- Amerisur to Begin Data Interpretation at San Pedro Block

Wednesday, July 13, 2011
Amerisur Resources plc

Amerisur announced an update on operations in Colombia and Paraguay.

Platanillo

The Company applied for a modification of the Platanillo Global Environmental License to the Ministry of Environment, Housing and Territorial Development (MAVDT) on January 21, 2011. That modification contemplated the construction of an access road to the southern part of the field and 8 new drilling locations within that section. The Company has maintained a close contact with MAVDT and has promptly provided all the information and assistance required by the environmental authorities. The proposal is under review by MAVDT.

It is expected that the drilling program will be underway during 4Q 2011. Given the delays occasioned by the permitting process the Company expects to complete 3 new wells during 2011, however the drilling program would continue consecutively should results merit, thus completing the total of 6 new wells during 1H 2012.

San Pedro Block Paraguay

The 13,000 km Aeromagnetometry program was completed on time and on budget and Fugro is well advanced with the data processing. The Company expects to begin interpretation during July 2011.

John Wardle, CEO, said, "The tremendous growth of activity in the Petroleum and Mining sectors in Colombia has placed an unprecedented load upon regulatory resources. This is an extraordinary situation, never seen before in the Colombian industry and has had an extraordinary effect upon the operations of all Operators in the country. Our respect for the environment where we work is paramount and is an integral part of our business. I believe we have maintained these high standards in our work and proposals to date. All preparations for the drilling program are complete, and have been so for some time, hence once we receive the approval of the environmental modification I expect to achieve rapid progress."

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Commodity Corner: WTI Loses 2.5% on Jobs Data

- Commodity Corner: WTI Loses 2.5% on Jobs Data

Friday, July 08, 2011
Rigzone Staff
by Matthew V. Veazey

Following the release of anemic U.S. employment growth figures Friday, the price of light sweet crude oil on the New York Mercantile Exchange fell 2.5 percent to end the day at $96.20 a barrel.

The U.S. Department of Labor reported a slight increase in non-farm payrolls for June: a net gain of only 18,000 non-farm payrolls. The figure is based on the addition of 57,000 private-sector jobs offset by a 39,000-job reduction by local, state, and federal governments during the period.

The net gain for June was far lower than what economists had expected. For instance, Bloomberg reported that its survey of economists anticipated 105,000 additional jobs under the most bearish scenario. Dampening the outlook for crude oil demand further, the Labor Department also reported that the national unemployment rate for June rose to 9.2 percent—a 0.1 percentage point increase from the previous month.

The WTI traded within a range from $95.60 to $99.18 Friday. The Brent futures contract on the IntercontinentalExchange lost 26 cents to settle at $118.33. The Brent price fluctuated from $117.18 to $119.79.

Natural gas futures ended the day higher, settling at $4.205 per thousand cubic feet. The 6.5-cent increase in the August contract price stems from weather forecast models anticipating above-normal temperatures from the Southwest to the Northeast well into next week.

Front-month natural gas peaked at $4.21 and bottomed out at $4.12.

Gasoline for August delivery settled at $3.09 a gallon. The contract price fluctuated from $3.07 to $3.13.

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Nonfarm Payrolls Rose By 18,000 In June, Missing Consensus Estimates For A Rise Of 125,000

- Nonfarm Payrolls Rose By 18,000 In June, Missing Consensus Estimates For A Rise Of 125,000



Jul 8, 2011

The U.S. economy added jobs at a slower pace in June than in May, suggesting that the slowdown in the economy might be longer-lasting and more severe than previously expected.

Nonfarm payrolls rose by 18,000 in June, below consensus estimates for a 125,000 gain.

Job gains in May were revised down to 25,000 in May from the initial estimate of 54,000.

The unemployment rate rose to 9.2% in June from 9.1% in May, reaching the highest level since December. Economists had expected the unemployment rate to remain steady.

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Commodity Corner: Oil Rises on Economic Data

- Commodity Corner: Oil Rises on Economic Data

Thursday, July 07, 2011
Rigzone Staff
by Saaniya Bangee

Propelled by forecasts that better days—and improved petroleum demand—are ahead for the global economy during the second half of this year, oil prices ended the day higher Thursday.

The front-month WTI contract price rose 2.09 percent Thursday, settling at $98.67 a barrel. Positive employment news contributed to the increase. According to the U.S. Labor Department, claims for unemployment benefits fell by 14,000—the lowest level in seven weeks. Meanwhile, payroll processor ADP said private-sector employment grew by 157,000 jobs last month. This is more than double of what economic experts had anticipated.

In addition, top U.S. retailers reported better-than-average sales for the month of June.

Light, sweet crude oil futures traded between $96.99 and $99.42—the highest intraday since June 15.

Its European counterpart gained nearly 5 dollars, settling at $118.59 per barrel on the ICE futures exchange. Brent prices fluctuated between $114.20 and $118.68 Thursday.

Natural gas for August delivery fell 8.8 cents Thursday on EIA reports. The U.S. Energy Information Agency reported a 634,000 barrel-decline in gasoline stocks, while distillate stocks fell by 191,000 barrels. Prices for natural gas peaked at $4.25 and bottomed out at $4.11, before settling at $4.138 per thousand cubic feet.

Gasoline futures added 9.23 cents a gallon, ending the trading session at $3.09 a gallon.

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Economic Data Reveals Positive Outlook in Jobs and Unemployment

- Economic Data Reveals Positive Outlook in Jobs and Unemployment



Jul 7, 2011

Exciting news in economic data today....

The Labor Department reported that people applying for unemployment benefits fell last week to the lowest level in seven weeks. Applications for benefits dropped by 14,000 to a seasonally adjusted 418,000.

Claims for the prior week were revised up to 432,000 from an original reading of 428,000. Economists had expected new requests for jobless benefits to drop to 424,000. The average of new claims over the past four weeks fell by 3,000 to 424,750.

Continuing claims fell 43,000 to 3.68 million in the week ended June 25. Overall, 7.46 million people received some form of state or federal benefit in the week of June 18, down 61,327 from the prior week.

Not only were jobless claims down in the month but private sector jobs were up.

Private sector companies in the U.S. increased adding 157,000 jobs in the month of June, according to the Automatic Data Processing Inc. (ADP) report.

The job reading in June is higher than what analysts had expected of a increase of 70,000. The ADP announced that the goods-price sector totaled 27,000 jobs in June along with 24,000 in manufacturing. As for the service sector, it added 130,000 jobs.

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Argos Reports Progress on Seismic Interpretation

- Argos Reports Progress on Seismic Interpretation

Tuesday, July 05, 2011
Argos Resources Ltd.

Argos Resources reported encouraging progress on the processing and interpretation of its recently acquired 3D seismic data over its 100% owned license PL001.

In April 2011, the Company announced the completion of the acquisition of 1,415 net square kilometers of 3D seismic data, including coverage over the entire license area, a halo outside the license boundaries and tie-ins to key wells. The 3D data covering the northeastern quarter of the license was prioritised to be processed on a fast-track basis. This processing was completed in May and interpretation of the data is now well advanced. The structural prospects Zeus and Demeter have been confirmed and are considered to be robust closures. In the Competent Person's Report of June 2010 these prospects were attributed Best Estimates of unrisked prospective resources of 258 mmb and 63 mmb of oil respectively, based on 2D seismic data. New stratigraphic prospects and leads have also been identified and are subject to ongoing detailed mapping.

One of the principal features of the northern part of the North Falkland Basin in the vicinity of licence PL001 is the presence of a major delta system that has prograded southwards across the license area, but does not appear to extend beyond the southern boundary of the license. This delta is at least age-equivalent to the organic rich oil source rock, the presence of which can be mapped with improved confidence across the license area. The 3D data quality over the delta is excellent and the Company is now using that data to identify new stratigraphic prospects in what is expected to be a sand-prone deltaic sequence

The fast track processing results have been so encouraging that the Company has commissioned similar fast track projects on the southeastern quarter and western half of its license, with results due for interpretation in July and August respectively. The final processed data for the entire survey area is due around year end.

Commenting on this progress, Ian Thomson, Chairman of Argos, said, "Through sharing costs and seismic acquisition with adjacent operators, and being able to tender for a larger seismic program as a consequence, we have been able to acquire more 3D data and at lower cost than was envisaged at the time of the flotation in July of last year. The 3D seismic we have obtained is the best quality data seen in the basin to date, allowing us to map prospects with confidence.

As expected, we are also seeing from this data new stratigraphic prospects and leads which were not evident on the old 2D data. This was one of the objectives in acquiring 3D seismic, so we are very encouraged that additional prospectivity is being identified in the license area and we can reasonably expect that further new prospects should be identified as the remainder of the 3D data is processed and interpreted.

By committing to fast track processing of the 3D data in the rest of the license we expect to gain at least three months on the schedule for the complete project. This will greatly assist in our objective to be ready to drill in late 2011/2012 in order to have the option to contract the Ocean Guardian drilling rig which is currently operating in the area."

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Commodity Corner: Oil Falls Amid Sluggish Manufacturing Data

- Commodity Corner: Oil Falls Amid Sluggish Manufacturing Data

Friday, July 01, 2011
Rigzone Staff
by Matthew V. Veazey

The price of a barrel of light sweet crude oil fell 48 cents Friday on reports of weaker demand in China and Europe.

The August WTI contract ended the day at $94.94 after the China Federation of Logistics and Purchasing reported a 1.1-percent drop in its Purchasing Managers Index (PMI) for June. The latest PMI figure of 50.9 percent marks the slowest rate of manufacturing expansion in the Chinese economy in 28 months, according to China's official news agency Xinhua.

Separately, JPMorgan and London-based Markit Economics reported Friday that PMIs throughout the eurozone fell last month. In addition, JPMorgan's Global Manufacturing PMI reportedly slipped from 53.0 in May to 52.3 in June. The new statistic represents the lowest Global PMI number—and the slowest rate of manufacturing expansion—in 23 months.

The August WTI fluctuated between $93.45 and $95.39 during pre-Independence Day trading. The Brent futures price settled at $111.77 a barrel after peaking at $111.85 and bottoming out at $109.94.

Natural gas for August delivery lost six cents to settle at $4.31 per thousand cubic feet. The intraday high and low prices were $4.39 and $4.30, respectively.

Front-month gasoline also fell by six cents, ending the day at $2.97 a gallon. The August contract traded within a range from $2.91 to $2.98

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Q1 GDP Growth Revised up to 1.9%

- Q1 GDP Growth Revised up to 1.9%



Jun 24, 2011

The Bureau of Economic Analysis revised real gross domestic product growth up to an annual rate of 1.9% for the first quarter of 2011 today, in the agency's 3rd estimate.

Economists had been expecting first quarter growth to be revised up to 2.0%. As of now, the consensus expects Q2 growth to accelerate slightly to 2.3%.

The estimate released today is based on more complete source data than was available last month for the second estimate, in which growth was estimated at 1.8%.

The revision was due primarily to a downward revision to imports and a larger inventory buildup than was first recorded.

Core inflation was revised higher, to 1.6% in the quarter, from the 1.4% estimate released last month.

Corporate profits increased $48.7 billion in the first quarter, outpacing the $38.2 billion increase in the fourth quarter of 2010.

The Q1 growth reflected positive contributions from personal consumption expenditures, private inventory investment, exports, and nonresidential fixed investment, that was offset by negative contributions from federal government spending and state and local government spending.

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Marcellus Shale Health Data To Be Tracked

- Marcellus Shale Health Data To Be Tracked

Thursday, June 16, 2011
Knight Ridder/Tribune Business News
by Paul McMullen, The Pittsburgh Tribune-Review

The state Department of Health wants to initiate a system of tracking health and environmental data related to gas drilling in the Marcellus shale.

The department, which made several recommendations to Gov. Tom Corbett's Marcellus Shale Commission, aims to work with the panel to develop research that will make it easier to investigate complaints of illness that may be associated with gas drilling, said Brandi Hunter-Davenport, deputy press secretary for the department.

"If the department would find that the health of the citizens of this commonwealth were in jeopardy due to drilling or any other activity within our borders, steps will be taken to alert the public and advise on appropriate health responses," she said. "In the meantime, the department continues to do its due diligence to thoroughly investigate any concerns it receives."

Recommendations made to the commission include allowing the department to investigate concerns raised by citizens, routinely evaluate environmental data about Marcellus shale-related activities and educate the public and providers on the drilling process and whether or not they have the potential to cause human illness. It also wants to oversee the creation of a registry to follow people who live in close proximity to drilling sites or are occupationally exposed.

Dr. Bernard Goldstein, interim director of the Center for Healthy Environment and Communities at the University of Pittsburgh, agrees with the recommendations, which express the need for more investigation and collection of centralized resources.

He recommends performing prospective rather than retrospective investigations in order to keep up with any possible health or environmental concerns that could arise. By doing this, evaluations will be more accurate because they will pinpoint specific negative elements as they happen rather than finding them later on and attributing them to the Marcellus shale, he said.

Copyright (c) 2011, The Pittsburgh Tribune-Review

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CPI Rises 0.2% in May, Gas Drops for First Time in 11 Months

- CPI Rises 0.2% in May, Gas Drops for First Time in 11 Months



Jun 15, 2011

The Consumer Price Index (CPI) increased a seasonally adjusted 0.2% in May, the Bureau of Labor Statistics reported today, showing prices moderating somewhat from the 0.4% increase in April.

Economists had expected a 0.1% increase. The index has now increased 3.6% over the last twelve months.

The core CPI, which excludes food and fuel actually increased at a faster rate in the month, rising 0.3%. Economists had been expecting a 0.2% rise.

That's the largest increase in the core rate since July of 2008. Apparel, shelter, new vehicles, and recreation all contributed to the increase, more than offsetting declines in the prices for airline fares, tobacco, and personal care.

The food index rose as well, with the food at home index gaining 0.5% for the second month in a row.

The energy index declined 1.0%, with gasoline falling 2% alone. It's the first decline in the gas index since June of 2010.

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Commodity Corner: Oil Rallies on Economic Data

- Commodity Corner: Oil Rallies on Economic Data

Tuesday, June 14, 2011
Rigzone Staff
by Saaniya Bangee

Oil prices surged Tuesday on brighter economic news and the dollar's decline. Light, sweet crude futures gained $2.07 to settle at $99.37 a barrel on the New York Mercantile Exchange (NYMEX).

According to U.S. government reports, retail sales dropped for the first time in 11 months. A decline in car sales, which were affected by the earthquake in Japan, caused retail sales to fall by 0.2 percent. However, ruling out auto sales, purchases rose by 0.3 percent. Additionally, the U.S. Labor Department reported a decrease in food costs.

For the first time in two weeks, the Dow Jones Industrial Average, Nasdaq and the S&P 500 were up by more than 1 percent.

On Tuesday, the greenback declined against the euro and other foreign currencies after Chinese economic reports eased concerns about global demand. As the dollar drops, the dollar-denominated commodity becomes cheaper amongst foreign buyers.

The intraday range for oil was $96.51 to $99.44 a barrel.

Prices for front-month gasoline surged 2.3 percent, settling at $3.065 a gallon Tuesday. The increase came on news of BP’s 457,000 bpd refinery being shut down Monday night and an upset at Shell's 327,000 bpd refinery. Both refineries are located in Texas. The 6.78 cent-gain came after fluctuating between $2.997 and $3.07 Tuesday.

Meanwhile, natural gas for July delivery fell 6.5 cents to settle at $4.581 per thousand cubic feet. Natural gas prices traded between $4.56 and $4.65 Tuesday.

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U.S. Employment Rose Far Less than Expected

- U.S. Employment Rose Far Less than Expected



Jun 3, 2011

Reuters reported that the US employment climbed less than expected in May to record its weakest reading since September. The unemployment rate increased 9.1 percent as cost of energy prices are higher and the impact of the Japan earthquake and tsunami bogged down the economy.
In a poll conducted by Reuters, economists had expected payrolls to increase 150,000 and private hiring to improve. The government even adjusted employment figures for March and April to confirm that 39,000 fewer jobs were created than previously estimated.

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Commodity Corner: Oil Falls on Weak Economic Data

- Commodity Corner: Oil Falls on Weak Economic Data

Thursday, May 19, 2011
Rigzone Staff
by Saaniya Bangee

Oil prices fell below the $100-mark Thursday on weak economic reports.

Front-month crude lost $1.66, settling at $98.44 a barrel Thursday. At its quarterly meeting, the International Energy Agency (IEA) urged oil producers to increase supply. The agency, which acts as a watchdog for 28 industrialized nations, claimed that the high oil prices are hindering global economic recovery. Additionally, the Conference Board reported an unexpected decline in April's index of U.S. leading economic indicators. This marks the first decline in nearly a year.

Other U.S. economic data showed a decrease in home sales for the month of April while Mid-Atlantic manufacturing activity barely grew in May.

Although the U.S. Department of Labor announced a decrease in unemployment filings for the second straight week, traders were unable to get past the bigger picture. Oil prices bottomed out at $98.16 Thursday.

June natural gas futures plummeted to their lowest in nearly six weeks. Prices for natural gas settled 10.4 cents lower at $4.09 per thousand cubic feet. The 2.5 percent-drop came after the Energy Information Administration (EIA) reported that inventories grew by 92 billion cubic feet for the week ended May 13, almost 11 percent lower than the previous year. As the seasonal maintenance for nuclear power plants nears its end this month, some analysts predict the size of gas inventory builds may increase over the next few weeks.

The intraday range for natural gas was $4.09 to $4.20 Thursday.

RBOB gasoline prices fell by 2.95 cents Thursday. Prices traded within $2.91 to $3.00, before settling at $2.93 a gallon.

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Commodity Corner: Oil Drops on Weak Economic Data

- Commodity Corner: Oil Drops on Weak Economic Data

Tuesday, May 17, 2011
Rigzone Staff
by Saaniya Bangee

Oil prices continued to fall Tuesday on disappointing economic data and concerns about the euro's stability.

Light, sweet crude futures dropped $1.34, settling at $96.03 a barrel Tuesday. According to the U.S. Commerce Department, housing starts declined by 10.6 percent in April to 523,000. Additionally, the Federal Reserve reported a 0.4 percent decrease in April's industrial production—the first drop in 10 months. A decrease in industrial production represents a weak economic situation, signifying a lower demand for goods including crude oil.

Earlier in the day, the dollar received a boost as concern escalated on the instability of the euro. The euro retreated from earlier losses but remained vulnerable on anticipation that Greece may restructure its debt.

The intraday range for June crude was $95.02 to $97.81.

Likewise, gasoline futures also fell again Tuesday. Traders continued to sell Tuesday as fears eased over the effect of the Lower Mississippi River flooding on the refinery corridor from Baton Rouge to New Orleans. Front-month gasoline traded between $2.84 and $2.95 before settling a penny lower at $2.92 a gallon.

A report that industrial production declined in April caused natural gas prices to decrease for the first time in four days. Analysts worry that the data may cause the demand for fuel to soften. Natural gas futures settled at $4.25 per thousand cubic feet, down seven cents from Monday. Prices peaked at $4.33 and bottomed out at $4.16 Tuesday.

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March Consumer Spending Grows 0.6%, Personal Income Up 0.5%

March Consumer Spending Grows 0.6%, Personal Income Up 0.5%



Apr 29, 2011

March consumer spending was better than many had feared, showing a 0.6% rise in current dollar terms according to the Commerce Department, slightly higher than the 0.5% increase economists' had expected.

When adjusted for inflation, spending increased 0.2% in the month after rising 0.5% in January.

Consumer spending in both January and February was revised higher, with February spending getting bumped to 0.9% from 0.7%, and January spending to 0.5% from an initially estimated 0.3% increase.

It was feared higher energy prices could more severely slow consumers' spending. The personal consumption index (PCE) rose 0.4% in March after an increase of the same amount in February. Year-over-year the PCE is up 1.8%.

Core PCE, which excludes food and fuel, was up only 0.1% in March, after rising 0.2% in February, and is up 0.9% year-over-year.

Personal income for the month rose 0.5% in March, beating the expectation for a 0.3% gain.

Fed Lowers 2011 GDP Growth Estimate, Raises Core Inflation Expectation

Fed Lowers 2011 GDP Growth Estimate, Raises Core Inflation Expectation



Apr 27, 2011

The US Federal Reserve on Wednesday lowered its expected rate of growth for the US economy in 2011, citing a slower pace than anticipated for the start of the year. In an unprecedented press conference after a meeting of the Fed's Board of Governors, Chairman Ben Bernanke said that the employment picture appears to be better than expected. January's unemployment rate forecast of 8.8- 9% was lowered to 8.4-8.7% for the end of the year.

Concerns about jobs and inflation eased in April

Concerns about jobs and inflation eased in April



Apr 26, 2011

The Associated Press is reporting that a monthly survey by The Conference Board says concerns about jobs and inflation eased in April. According to the report, the Consumer Confidence index rose to 65.4 from a revised 63.8 in March. Economists expected a smaller rise to 64.8. This comes after an unexpected drop in March stemming from worries about rising gas prices and other household items. The index is still far from the reading of 90 that indicates a healthy economy. The AP says it hasn't approached that level since the recession began in December 2007.