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National Weather Service Analog Years

Discussion in 'Forex Daily News & Outlook' started by MTnews, Jun 2, 2011.

  1. MTnews

    MTnews Content Contributor

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    Daily Market Commentary for June 2, 2011

    International Research Institute for Climate and Society identified four “analog years” that may fit current conditions. (read more at Millennium-Traders.Com)
    http://www.millennium-traders.com/news/newscommentary.aspx

    According to the Labor Department, U.S. applications for unemployment benefits fell slightly last week but, new claims remained at a level typically associated with subpar hiring trends. The number of people nationwide who requested jobless benefits in week ended May 28 came in at 422,000. Previous weeks number was revised up to 428,000 from prior reports of 424,000. Economists had expected initial claims to decline to seasonally adjusted 418,000. Average new claims over past four weeks fell 14,000 to 425,500, the lowest level in more than a month. Initial claims fell to a three-year low of 375,000 in mid-February and have topped 400,000 mark for eight straight weeks.

    Labor Department did report that Q1 productivity rose 1.8%, up from originally reported 1.6%. Real output was revised slightly higher to 3.2%, while the increase in hours worked was unchanged at 1.4%. Unit labor costs rose 0.7%, compared with a prior estimate of a 1.0% increase in the first three months of 2011.

    June 1st market the start of Hurricane season in the Atlantic. Potential risks and concerns extend far beyond those living in the potential direct path. Businesses and investors everywhere have an eye on the potential of devastation ahead of us in Hurricane season. Increased concerns have been raised especially due to the extensive weather outbreaks stretching coast to coast. Its been reported that economic toll from the extreme weather in the United States is estimated in range of $15 billion. From blizzards this past winter, tsunamis, earthquakes, devastating tornados and massive flooding - is Mother Nature sending us a message?

    Goldman Sachs Group (NYSE: GS) was lower by 2% during the trading session after Manhattan DA issued subpoena regarding their role in the mortgage crisis.

    J.C. Penney (NYSE: JCP) was down 3% after reporting May sales at stores open at least one year fell 1%.

    Strayer Education (STRA) surged over 19% after new rules released by the Department of Education outlined stricter standards for institutions to qualify for federal financial aid.

    Apollo Group (NasdaqGS: APOL) was higher by 12% during the trading session, reacting to the new rules released by Department of Education.

    Corinthian Colleges (NasdaqGS: COCO) was higher by 33% during the trading session, reacting to the new rules released by Department of Education.



    Economic data released today:

    Initial Jobless Claims: U.S. May 21 Week Jobless Claims Revised to 428K from 424K; U.S. Jobless Claims -6K to 422K in May 28 Week compared to Survey -4K.

    Nonfarm Productivity: U.S. 1Q Non-Farm Productivity Consensus +1.7%; U.S. 1Q Non-Farm Productivity Revised +1.8% compared to Preliminary +1.6%.

    Unit Labor Costs: U.S. 4Q Unit Labor Costs Revised to -2.8%; U.S. 1Q Unit Labor Costs Consensus +0.8%; U.S. 1Q Unit Labor Costs Revised +0.7% compared to Preliminary +1.0%.

    Continuing Jobless Claims: U.S. May 21 Week Continuing Claims -1K to 3,711,000.

    Chicago Fed Index: Financial Conditions loosen to 14-Month Low and Chicago Fed Financial Conditions Index -0.54 in week to May 2.

    Bloomberg Consumer Confidence: U.S. Bloomberg Consumer Comfort Index -47.1 last week.

    Factory Orders: April Durable Goods Unrevised at -3.6%; April Factory Orders, Excluding Transportation, -0.2%; U.S. Factory Orders -1.2% In April vs. Consensus -1.0%; April Factory Orders Excluding Defense -1.2%.



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