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Nadeem
Veteran Investor
Joined: 11 Jul 2004
Posts: 639
Cash Points ££ 13955.74
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 Posted: Sun Jan 07, 2007 2:01 am Post subject: U.S. economy is fizzling whilst Stock Markets are sizzling! |
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You know what I think of when I look at the U.S. markets right now? The Charles Dickens' masterpiece, A Tale of Two Cities . Here's why ... For many parts of the “real” U.S. economy — America's factories, employers, shopping malls, and homeowners — it's looking like the worst of times.
Signs of an economic slowdown are everywhere:
The Institute for Supply Management's manufacturing index sank to a 43-month low of 49.5 in November. It managed a minor bounce in December, but several index components remained below the crucial 50 level, including order backlogs, inventories, and employment.
On Wednesday, ADP Employer Services said U.S. companies eliminated 40,000 jobs in December. This is the first employment drop since April 2003. Wall Street expected a gain of 120,000 jobs.
Construction spending slumped again in November. It's been weak for four out of the last five months.
New home sales dropped more than 15% year-over-year, while existing home sales sank almost 11%.
And U.S. retail sales gained just 3.1% in December, the worst holiday performance in two years.
Meanwhile, for the “finance” side of the U.S. economy, it's the best of times. Takeovers ... mergers ... and rampant speculation are all off the charts. In fact, Wall Street's rainmakers are partying like it's 1999! Just look at the numbers:
Worldwide merger and acquisition volume surged 38% last year to $3.79 trillion. That topped the previous record from 2000.
Riskier “alternative investments” like hedge funds and private equity funds are swimming in investor money — $3 trillion worth.
Companies have so much cash that they spent more money in the first nine months of 2006 buying back their own shares ($327 billion) than they spent investing in equipment for their businesses!
On the surface, it's hard to understand why Wall Streeters are celebrating in the penthouse as the foundation of the building is rotting away. But I have an answer ...
Full Article http://www.marketoracle.co.uk/Article202.html |
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