- Greenspan Warns of Risks From U.S. Debt
- U.S. Stock Investors Ready For Earnings Start
- Yellen Says Fed Asset Purchases Avert Deflation, to Create 3 Million Jobs
- A Tale of 2 Employment Surveys, at a Glance
- Facing Scrutiny, Banks Slow Pace of Foreclosures
- BP to Cut Alaskan Oil Production
- Duke Is Said to Be Near Deal to Buy Progress Energy
In an interview Friday with The Wall Street Journal, Mr. Greenspan said that eventually Congress would pass a budget that includes many proposals by a White House debt-reduction panel. “I think that the type of budget agreement that was put together by Alan Simpson and Erskine Bowles is the type of budget that will be passed by Congress,” Mr. Greenspan said. “The only question is, will it be before or after the bond-market crisis.”
Expectations for some retailers may come down following largely disappointing holiday-sales growth, but Wall Street analysts have been busily raising their profit targets across the board. The biggest jump is expected to come from financial services, with profit growth of 250%, according to Standard & Poor’s, followed by energy at 118%, materials at 70% and consumer discretionary at 63%.
Yellen gave the most detailed accounting yet of the benefits the central bank sees from its November decision to start a second round of asset buying, adding her voice to a defense of the policy by Chairman Ben S. Bernanke and other officials. Republican lawmakers and officials in China, Germany and Brazil have criticized the policy, saying it threatens to weaken the dollar and stoke asset-price bubbles.
The number of unemployed fell by 556,000 to 14.5 million last month, according to the household survey. Slightly more than half, or 297,000, of those people said they had found jobs. That’s many more than the 103,000 new jobs that employers said they created. The two figures vary month to month but over time they tend to even out. The rest of the drop in the number of unemployed came from people who left the work force. As jobs remain scarce, many people who are out of work and have looked for months give up.
The Obama administration, in its most recent housing report, said foreclosure activity fell 21 percent in November from October, the biggest monthly decline in five years. Here in Phoenix, foreclosures fell by more than a third in the same period, reflected in the severe drop in foreclosed homes being auctioned on the courthouse plaza. “There’s no product, just nothing to buy,” complained Sean Waak, an agent for investors, during a recent auction.
Michelle Egan, a spokeswoman for Alyeska, said that Saturday morning at 8:15, personnel at pump station 1 discovered oil leaking into the station’s booster pump building. The leak appeared to be from a section of piping at the station that is encased in concrete. Alyeska shut down the Trans Alaska Pipeline at 8:50 a.m. and crews are currently on site to assess the situation and isolate the source of the leak.
Duke is weighing a stock merger valuing Raleigh, North Carolina-based Progress at slightly more than its Jan. 7 market value of $13.1 billion, and may be prepared to announce a deal by tomorrow, said one of the people, who spoke on condition of anonymity because the talks are private. Progress’s market capitalization is based on the last closing price of $44.72 on the New York Stock Exchange.
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