R.T.M. <chow-chow> : June 11th-15th > 24th ed. ~ Growth at a snail's pace....

[Argent Dragon]

Bankers See Only Moderate Growth for US, Jobless Staying Above 8%

The economy will grow this year but a soft pace and if it can overcome risks from a potential European implosion as well as hefty fiscal alterations due to hit at the end of year, the Economic Advisory Committee of the American Bankers Association warned. "Although economic growth will pick up, downside risks have become more pronounced," said committee chairman George Mokrzan. “The economy isn't growing rapidly enough to push the unemployment rate below 8 percent by year-end." [Full Story]



Related Stories

• Spain Vulnerable Despite $125 Billion Bank Bailout
• Global Market Relief Rally on Spain Rescue Fades
• Italy Stuck in Deep Economic Recession, Feels Market Pressure
• Greece's Third Trading Plunge Threatens Wall Street Jobs
• Wien Shrugs Off US Stock Slump, Joins Birinyi Seeing Rally

[Argent Dragon]

• Wall Street Shrugs as JPMorgan’s Trading Erases $27 Billion
• Goldman Poised to Sell Hedge Fund Administration Unit
• Liechtenstein Informs Bank Clients of Obama's Tax-Evasion Probe
• British Finance Chief Osborne: Eurozone Crisis ‘Killing’ UK Recovery
• Eurozone to Lend Spain $125 Billion to Save Banks
• Europe Said to Work on New Eurozone Bond Plan
• Moody’s: Spanish, Greek Turmoil May Trigger Downgrades

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 11 , 2012

The Clark County School District Las Vegas - 400+ Layoff Notices

Alpha Natural Resources, Inc - plans to curtail mining in Kentucky and eliminate 150 jobs

Luca Technologies Inc - 9

Ketchikan Shipyard Alaska - Reduced Workforce about 23

The Social Development Commission Wisconsin Works Staff - Proposes 35 Layoffs



Bankruptcy
June 11 , 2012

Allied Systems Holdings Inc - Chapter 11



Closing
June 11 , 2012

Blue Cloud Abbey, a monastery and retreat center in northeast South Dakota

The Milpitas Save Mart grocery store in Milpitas CA

Update: Banchero's Italian Dinners in Hayward CA

Nearly New Shop at 234 Nassau St in Princeton, New Jersey

[Argent Dragon]

Baucus: US on 'Dangerous Path' to European-Style Fiscal Crisis

The United States is on a "dangerous path" that could lead to a European-style fiscal crisis, the Senate's top tax legislator warned, while calling for more tax revenue and ending corporate incentives to shift profits and jobs overseas. Democrat Max Baucus urged fellow lawmakers to resolve by the end of 2012 a host of "crucial spending and tax decisions" that will arise immediately after the Nov. 6 presidential and congressional elections. [Full Story]



Related Stories

• Austrian Minister Says Italy Too May Need Bailout
• IMF's Lagarde Urges Eurozone to Take 'Decisive Steps'
• US States Forecast Highest Tax Revenue in 5 Years
• Buffett Buys Cessna, Bombardier Jets for $9.6 Billion
• Prices of U.S. Goods Imports Decrease by Most in Two Years
• Fed: US Wealth Fell Nearly 40% in 2007-2010 on Housing Losses

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 12 , 2012

Cabrillo College - 8 classified employee positions

Weirton Medical Hospital in W.Va - 20

Three of Alabama’s largest daily newspapers - 400

Hospital of Saint Raphael Conn. - 200 Possible Layoffs

Hammond Indiana School Teachers - 200 Layoff Notices

Slant Six - 26 Temporary Layoffs

CH2M Hill Plateau Remediation Co - 58 Hanford Workers

Giant Food - 20 Warehouse Support Workers in Jessup

Silicon Knights - Some Layoffs


Closing
June 12 , 2012

Blitz USA Closing Plant in Miami

Becky's Carpet and Tile Superstore in St Louis

Cruchelow Jewelry & Loan, located at Cobb Parkway and Mack Dobbs Road in Kennesaw

[Scorpio]

Retail sales post biggest fall in two years


ReutersReuters – 15 mins ago


WASHINGTON (Reuters) - Retail sales fell for a second straight month in May as demand for building materials tumbled and declining gasoline prices weighed down on receipts at service stations, a government report showed on Wednesday.

Retail sales slipped 0.2 percent, the Commerce Department said, after easing by the same margin in April. Sales in April had previously been reported to have edged up 0.1 percent.

The drop last month was in line with expectations. Motor vehicle sales surprisingly rose 0.8 percent, although manufacturers reported weak unit sales during the month.

Excluding autos, sales fell 0.4 percent, the biggest decline in two years, after dropping 0.3 percent the prior month.

(Reporting by Lucia Mutikani; Editing by Andrea Ricci)

http://news.yahoo.com/retail-sales-e...-business.html

[Meetzos]

Retail sales post biggest fall in two years]

This news should come as no surprise to readers of GIM2 with all the info put in one place, it isn't hard to see what is going on.

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 13 , 2012
Ameren Corp. - 44

Purolator ( International ) - 23

Radford Army Ammunitions plant Va - 840


Closing
June 13 , 2012

Update: All three McVan’s Video Games locations in Fort Wayne Indiana

The United Colors of Benetton store at La Encantada AZ

Piggly Wiggly to Close Sheboygan Store - 108 Jobs Lost

Kraft Foods Inc. plans to close a cheese plant in Waupaca Wis.

Little Deer’s Family Child Care and Preschool Ridgecrest California

Romanza Gifts and Home Decor (2206 NW Market St) in Seattle

[Argent Dragon]

Experts: Weak Retail Sales Point to Slow Spending in Stalling Economy

Retail sales fell for a second straight month in May and wholesale prices dropped by the most in three years, raising prospects of additional monetary policy easing from the Federal Reserve to spur economic growth. The reports added to a raft of other data, including employment and manufacturing, pointing to a downshift in the economic recovery. The sales data led a number of economists to cut forecasts for second-quarter growth. [Full Story]




Related Stories

• Greeks Pull $1 Billion From Banks, Stockpile Food Ahead of Vote
• Italian Borrowing Costs Surge at Bond Auction
• Spain Battles ECB for Loans as Italy Urges More EU Action
• China Growth May Dip Below 7%, Government Adviser Warns
• Nasdaq Exchange Immunity May Limit Losses From Facebook Claims

[Ishkabibble]

That plane is the best analogy for the conomy I've seen yet. Just as adding fuel would not save that plane, gassing the conomy won't give it new wings. I was recently reflecting on the 'FREE MARKET' economy and its:

2 bouts of publicly announced quantitative easing (Budget bailouts)
Countless bank bailouts
PIIGS et al. National bailouts
Industry bailouts (ie. GM)
Low-income bailouts (99 weeks)

Bailouts no longer instill confidence. The whole of the conomy is subsidized by bailouts and the only thing rising is debt. So thanks for the plane. That's US. There was a little upward momentum when the engine blew. But we've used it and no matter how much gas is poured on the engine, we know where it's going. Even my least astute friends who were in denial are calling, asking how much longer they have before this fails.

[Scorpio]

Consumer prices drop, jobless claims rise
ReutersBy Jason Lange | Reuters – 51 mins ago


WASHINGTON (Reuters) - Consumer prices fell in May by the most in more than three years as households paid less for gasoline, possibly giving the U.S. Federal Reserve more room to help an economy that is showing signs of weakening.

Another government report on Thursday pointed to persistent weakness in the labor market as the number of Americans filing new claims for unemployment benefits last week rose for the fifth time in six weeks.

"The data shows that there is skepticism on the part of companies that are hiring," said Peter Cardillo, an economist at Rockwell Global Capital in New York.

The Labor Department said its Consumer Price Index dropped 0.3 percent last month after being flat in April. May's decline was the sharpest since December 2008.

Outside the volatile food and energy category, inflation pressure appeared to be modest. Core CPI climbed 0.2 percent higher, as expected, matching the increase posted in April.

Prices for U.S. government debt pared losses following the publication of the data.

While the European debt crisis poses a big threat to the global economy and President Barack Obama's November reelection bid, it has also pushed world oil prices lower.

Last month, gasoline prices fell 6.8 percent, the most in more than three years.

That amounts to something of a silver lining for Obama and the wider economy because it suggests workers will fell less stress about driving costs while having a little more money to spend on other things.

Also helping out households, natural gas prices dropped 4.1 percent in May. Prices also fell for fuel oil, while food prices were unchanged.

But the overall tenor of recent economic data has been gloomy.

A combination of the worsening debt crisis in Europe and uncertainty over whether Congress will manage to stave off the scheduled expiration of various lower tax rates at year-end, dubbed the "fiscal cliff," is souring business and consumer confidence. Job growth has slowed in the past four months, with employers adding the fewest jobs in a year in May.

Last week, initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 386,000, the Labor Department said in a separate report.

On Thursday there were sign's Europe's woes were getting worse, as Spain's 10-year bond yields hit a euro-era record of 7 percent. Yields above that rate have forced other struggling euro-area nations to seek an international bailout.

The slackening U.S. recovery has increased expectations of a further easing of monetary policy by the Fed, although economists are divided on whether the central bank will act when it holds its next policy meeting on Tuesday and Wednesday.

Overall consumer prices rose 1.7 percent year-on-year through May, the lowest reading since January and down from 2.3 percent in April. In the 12 months to May, core prices rose 2.3 percent, matching the pace clocked in April.

But while overall inflation is cooling, stickiness in the core reading could give pause to some Fed policymakers as the central bank considers possible measures to help the economy.

(Additional reporting by Lucia Mutikani in Washington and Angela Moon in New York; Editing by Padraic Cassidy)


http://news.yahoo.com/weak-sales-inf...-business.html

[Scorpio]

Nokia to Cut 10,000 Jobs and Close 3 Facilities
By KEVIN J. O`BRIEN
Published: June 14, 2012



BERLIN — Nokia said Thursday it would slash 10,000 jobs, or 19 percent of its work force, by the end of 2013 as part of an emergency overhaul that includes closing research centers and a factory in Germany, Canada and Finland, and the departures of three senior executives.

The company also warned investors that its loss was likely to be greater in the second quarter, which ends June 30, than it was in the first, and that the negative effects of its transition to a Windows-based smartphone business would continue into the third quarter.

Nokia, based in Espoo, Finland, posted a loss of €929 million, or $1.2 billion, in the first quarter as sales plummeted 29 percent. Once the undisputed global leader in the mobile phone business, Nokia has been outcompeted by Apple, as well as by Samsung and other makers of handsets running Google’s Android operating system.

In February 2011, Nokia and Microsoft announced an alliance to produce a line of smartphones called Lumia running the Windows operating system.

Since then, the Finnish company has seen its sales fall and profit evaporate as consumers and operators have avoided, or demanded discounts on, smartphones running Nokia’s in-house Symbian operating system, which the company is phasing out. Although Lumia devices have won critical praise, sales have not been strong enough to offset declines in its main business.

“These planned reductions are a difficult consequence of the intended actions we believe we must take to ensure Nokia’s long-term competitive strength,” said Stephen Elop, the Nokia chief executive and a former Microsoft executive. “We do not make plans that may impact our employees lightly, and as a company we will work tirelessly to ensure that those at risk are offered the support, options and advice necessary to find new opportunities.”

more here:
http://www.nytimes.com/2012/06/15/te...acilities.html

[Scorpio]

Foreclosures spike 9% in May
By Les Christie @CNNMoney June 14, 2012: 5:54 AM ET




NEW YORK (CNNMoney) -- Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.


The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April.
Homebuying at most affordable level in decades

Robo-signing put the methods used by the banks to repossess homes under intense scrutiny. That forced lenders to slow the foreclosure process to make sure their paperwork was legal and proper.

Once the banks reached a massive $26 billion settlement with state attorneys general over processing abuses, it was expected that they would step up their foreclosure efforts.

"With the settlement, it makes sense that the lenders would feel more confident pushing delinquencies through to foreclosure in May," said Daren Blomquist, a spokesman for RealtyTrac.

There was also a 12% jump in foreclosure starts. "The jump in May foreclosure starts shows that it's going to be a bumpy ride down to the bottom of this foreclosure cycle," said Brandon Moore, CEO of RealtyTrac.
Bank of America offering up to $30,000 for short sales

Georgia had the highest foreclosure rate, the first month since February 2006 that the state led all others. Arizona was second, Nevada third and California fourth.

Riverside, Calif. had the highest rate of any of the 20 largest U.S. metro areas, followed by Atlanta, Phoenix and Chicago.

There has been a gradual change in how foreclosures are ultimately disposed of: Homes with delinquent loans are now more likely to exit the foreclosure process as a short sale than in the past, according to Blomquist.
Foreclosures made up 26% of home sales in first quarter

"Short sales are driving down bank repossession numbers," he said.

And short sales also produce tangible benefits for both the banks and the market, according to Moore.

Sales of pre-foreclosures aren't as damaging to neighborhood home values as bank-owned sales can be, he said. And they're also better for lenders and servicers, since they sell at a higher average price point than bank-owned homes," Moore added.

http://money.cnn.com//2012/06/14/rea...ntent=My+Yahoo

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 14 , 2012

Wagoner Public Schools - 23 Layoffs Likely

Nokia - Layoff 10,000 and Close 3 Facilities

Intermec - 170

Mississippi Valley State University - 21

Foxwoods Resort Casino - 77 from Engineering Dept.

Electric Energy - 44

Utica NY Teachers - 157

Getco LLC - 40 Last Week



Closing
June 14 , 2012


The West Side Clothing store in Bloomington

Strack & Van Til will close its Joliet store

Unilever ( International ) - Plans to Close Sites in England and Wales - 800 Jobs Lost

The Honquest Furniture for Living store in Barrington IL

ESPN is closing its high school business unit

Weatherby’s Cafe at 1000 N. Main St. in Jacksonville IL

The TTi Floor Care North America plant in Canton Ohio

Spin Cycle in Gainesville FL

Music Center of San Francisco CA

Polliwogs Children’s Boutique in Greensboro NC

[Argent Dragon]

Jobless Claims Spike Higher as Labor Market Stays Sluggish

More Americans sought unemployment aid last week, suggesting hiring remains sluggish. The Labor Department said that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week. The four-week average, a less volatile measure, rose for the third straight week to 382,000. That's the highest in six weeks. [Full Story]



Related Stories

• Weak Economy, Dismal Job Market May Force Fed to Act
• Looming Repossession Spike Threatens Housing Recovery
• Greek Jobless Rate Hits Record 22.6% as Election Looms
• Govt: Child Born in 2011 May Cost $234,900 to Raise
• Nokia to Cut 10,000 Jobs by End of 2013

[Argent Dragon]

Even little Timmy knows what's going on...........or at least he can read the cue cards



Geithner: Dismal 2% Growth Can't Create Enough Jobs, Sustain Recovery

The economy isn't growing fast enough to create the number of jobs the country needs to achieve a stronger recovery, says Treasury Secretary Tim Geithner.... [Full Story]

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 15 , 2012

AM General - 75 Temp. Layoffs

Bent County Correctional Facility in Las Animas Colo. - 18

Crowley County Correctional Facility in Olney Springs Colo. - 36

Update: Reading School District PA - 87 More Layoff Notices

CVS distribution center in Patterson CA - 100+

The Massachusetts Career Development Institute - 6

Los Angeles County court system - 431 Layoffs, Work Reductions


Closing
June 15 , 2012

Rhode Island's Department of Labor and Training is closing one of its five one-stop unemployment centers at 175 Main St. in Pawtucket RI

Trapnell Road Farms LLC in Plant City FL - 600 Workers to be Laid Off

Dillard's is closing its store at Southpark Mall in Colonial Heights Va

Burd Ford

Ace Express is closing its downtown Honolulu restaurant

Morning Star Books and Gifts in downtown Lombard IL

[Argent Dragon]

Weak Factories, Sour Sentiment Pushing US Into 'Ugly Situation'


Manufacturing output contracted for the second time in three months and families took a dimmer view of their economic prospects in signs the economy's recovery is on shaky ground. Factory production shrank 0.4% last month. "The U.S. economy is slowing," said Justin Hoogendoorn of BMO Capital Markets. "It's an ugly situation." [Full Story]

Related Stories

• Consumer Sentiment Hits 6-Month Low on Job, Europe Fears
• UK Fights Eurozone Threat With $155 Billion Credit Boost
• Moody’s Downgrades Dutch, Belgian Banking Groups
• Global Central Banks Ready to Act as World Prepares for Greek Vote
• Harvey Golub: Obama's Tax-Code Philosophy 'Simply Wrong'
• Ex-Goldman Director Gupta Found Guilty of Insider Trading (surprise anyone ?)

[Meetzos]

http://www.dailyjobcuts.com/

Bank Failures
3 Bank Failures For 6/15/2012

The Farmers Bank of Lynchburg, Lynchburg, TN

Security Exchange Bank, Marietta, GA

Putnam State Bank, Palatka, FL


Layoffs
June 16 , 2012

Trailblazer in Denison - up to 460 Layoffs Possible in Nov.

Sports Illustrated - Layoffs, Buy Outs in Editorial Staff

City of Glendale - 37 Possible Layoffs


Bankruptcy
June 16 , 2012

The Meadow Creek Golf Club of Dracut, Mass.

Atrinsic, Inc.

Christ the Rock International


Closing
June 16 , 2012

Skye lounge in Peoria

Chris' Critters at 9210 Baltimore Ave. in College Park MD