Entries from Chemicals & The Economy tagged with 'unemployment'
US unemployment rate now 10.2%
The US accounts for 23% of global GDP. Its economy is 3 times larger than the No 2 country, Japan. And most critically for the chemical industry, 70% of US GDP is consumer-based. Developments in US housing/construction, auto and electronics...
The concept of "escape velocity"
This being Budget Week in the blog, it seems appropriate to look at the views of Larry Summers, US economics chief, to understand his expectations for an economic recovery. His main concept is of "escape velocity", whereby the economy will...
US unemployment 9.8%, 26 million seeking work
US unemployment has now reached 9.8%, and seems almost certain to reach 10% by year-end. In addition, 11 million people have either given up work, or have settled for part-time employment. Thus 26 million are now out of full-time work,...
US faces a jobless "recovery"
Today is Labor Day holiday in the USA. But sadly, the latest news on jobs remains deeply worrying. As the chart from the New York Times shows, jobs are still being lost (blue line), long after recovery had begun in...
Chemical production stabilises as destocking ends
The excellent weekly report from the American Chemistry Council (ACC) has a number of interesting insights: • As the chart shows, global chemical production seems to have bottomed. All regions are, however, now showing a decline versus 2008. • Separately,...
IEA warns on economic downturn, lower oil demand
Crude oil markets have risen 60% in recent months, as traders speculate on a quick V-shaped economic recovery. But there are growing signs that reality, in the shape of evidence of falling US and global oil demand, may be about...
Gasoline markets slip, financial markets stumble
Yesterday's financial market action was very revealing. As Olivier Jakob of Petromatrix perceptively describes it, "liquidation on gasoline led to a correction in crude oil, which in turn pressured equity markets". The problem is that financial markets now seem to...
US unemployment hits 9.4%
The US unemployment rate is now at its second highest level since records began in 1948. It was only higher in the early 1980's, at 10.9% in December 1982. It rose last month to 9.4%, and is now above the...
US Fed supports Wall Street earnings, ignores corporate sector risks
In July 2007, the US Federal Reserve warned that "credit concerns were spreading" and estimated that total bank losses due to US sub-prime loans could reach $100bn. Yet now, after the conclusion of its "stress tests", the Fed says total...
EU sees 11% jobless; US banks raise interest rates
The European Commission has again reduced its growth forecast for the EU. It now sees a 4% decline in GDP this year, and for the first time is suggesting that recovery will be delayed until mid-2010. As a result, it...
US housing starts stabilise
As the blog had hoped, US housing starts have stabilised in recent weeks. As the chart from Wall Street Journal shows, single-family home starts in March remained at c360,000 for the 3rd month running. Equally, the National Association of Home...
US auto sales start to bottom
The blog may be over-optimistic, but as with US house markets, it is hopeful that US auto market may have hit at least a temporary bottom. Spring should be a good period for sales, and March saw auto volumes down...
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