Obama to create 110,000 jobs for US youths

The President of United States of America Barack Obama is to create 110,000 jobs for youths this summer. This is a decision that could boost the chances of the president among the youths in November elections.

This is an initiative which the president is partnering with cities of San Francisco, Chicago and Philadelphia. The initiative is to create 110,000 jobs, in addition to the mentorships and internships which would amount to 180,000 works during this summer. The people who are likely to benefit from this are 16-24 year old youths.

The program would make it possible for some government agencies such as the Department of Education and some programs like the Blue Shield Association as well as the Blue Cross, UBS, Johnson and Johnson to provide paying jobs for the youths as well as mentorships. They are also to provide other training programs for the youths.

The size of the unemployed youths in the country always increases between April and July. This is because of the students in colleges and high schools look for jobs during this period of the year. The president is trying to address this problem by this new initiative.

Recession crops up in Europe says report

Business survey released showed that the performance of the euro zone economy worsened in April. This is contrary to the prediction by the European Central Bank President Mario Draghi who saw prospect in the economy.

The outcome of the Purchasing Manager’s Index, which cover services disclose that a recession is cropping up in Europe. That means that the recession which is affecting Europe could go beyond the time it was expected to end.

The survey indicated that Chinese companies are healthy. The prospect of growth for US was not as expected because 115,000 non farm jobs were created in the country in the month of April. This is less than the 170,000 expected for the month.

Although the president of the European Central Bank has predicted gradual growth of the economy across the euro zone, it appears that the PMIs have better tools of monitoring and tracking the performance of the economy.

A look at the economies of the countries in the euro zone would suggest that it is far from recovering. A look at the economy of Spain would suggest that the economy is far from recovering. It appears that the euro zone economy is contrasting.

G20 steps in with $430 billion to help IMF

The leading economies of the world G20 countries have pledged the sum of $430 billion to the International Monetary Fund to boost its capacity. The move by the G20 countries is to protect the world economy from the current debt crisis that is hitting the euro Zone.

The promised funds including those from the emerging economies of the world are aimed at strengthening the capability of IMF to respond to the threat to the global economy.  The problem of the debt crisis which is presently threatening many countries in the euro zone is the major target of IMF. It is aimed at protecting the fragile world economy that is just recovering from major recess.

Reacting to the development the Managing Director of IMF Christine Largarde said that the Fund is now empowered. She commended the collective resolve of the world to fight threats to the world economy. She said that the organization has a trillion dollars which include the existing funds and the recent donations.

With the new fund IMF is now in a position to bail out any country that is in need of help. It appears that the debt crisis is the major factor that is driving the donors for the various amounts they have contributed to the fund.

Microsoft profits surpass Wall Street predictions

The Microsoft Corporation has surpassed the prediction of Wall Street by making sales more than the Wall Street forecast for the company. The sales of Microsoft personal computers are more than expected and this makes its shares to climb to 2.5 percent in just hours.

The result is boosting the company which is at verge of launching of new user friendly tablet version of Windows. Microsoft is presently the largest software maker in the world.

The company wants to give challenge to the dominance of Apple and Google in the production of tablets mobile operating systems. The company wants to achieve that feet within the coming holiday season.

The company is happy with the development describing it as better than what they were expecting to achieve. The revenue accruing to the company has increased by six percent and this is happening before the new products arrive to the market later in October this year.

The share of Microsoft software is also on the rise, it reaches $32.95 last month which is the highest the company has attained for the past four years. The company is making plan to release its new version Windows 8 operating system in October this year. This would be a big challenge to the Apple product ipad. It is also expected that the Smartphone of Windows would be released at the same period.

Federal Reserve show consumer credit fails to grow

 

The report issued by Federal Reserve showed that the consumer credit did not grow as was expected in the month of February. The report showed that people were still borrowing to do basic things such as going to school and buying of cars.

 

The report which was released for the month of February indicated that the consumer installment credit grew by $8.73 billion. This is not up to the figure for the month of January. According to the report, this figure is less than $18.60 billion that was recorded in the month of January. Within the same period the Revolving credit which measures the use of credit card decreased for a second time within the year. The figure was down by $2.21 in February as against the $2.95 billion decline in the month of January.

 

However, non revolving credit increased by $10.94 billion in February. This includes the non revolving credit on auto loans and the loan to students funded by the government. This is as result of the surge of the non revolving credit which was $21.56 billion in January.

 

 

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The report issued by Federal Reserve showed that the consumer credit did not grow as was expected in the month of February. The report showed that people were still borrowing to do basic things such as going to school and buying of cars.

The report which was released for the month of February indicated that the consumer installment credit grew by $8.73 billion. This is not up to the figure for the month of January. According to the report, this figure is less than $18.60 billion that was recorded in the month of January. Within the same period the Revolving credit which measures the use of credit card decreased for a second time within the year. The figure was down by $2.21 in February as against the $2.95 billion decline in the month of January.

However, non revolving credit increased by $10.94 billion in February. This includes the non revolving credit on auto loans and the loan to students funded by the government. This is as result of the surge of the non revolving credit which was $21.56 billion in January.

Gasoline price hike climbs $3.69 per gallon in US

The efforts to recover American economy from the long effects of recession seem to sink back again. Rising cost of crude petroleum owing to tense situation in the Middle East has again taken its toll over the US economy. The price of gasoline has again registered an increase of 18 cent per gallon in the United States within two weeks.

According to a national survey report, the price of gasoline in the United States rose to $3.69 for one gallon three days back. The experts have attributed this hike to the turmoils cause by unstable political situations in the Middle East countries.

Also, the concerns over Iran’s reluctance to withdraw its nuclear programs have risen the fears over oil prices. In case, Iran blocks shipping of oil in the Hormuz Strait, the situation in American market might lead to a total collapse. This will be eventual in case Israel attacks over Iran. The depreciation in value of dollar has worsened the worries over rising oil prices.

The US oil prices are likely to jump a few cents more in coming weeks to compensate with the imbalance in the global market supply.

Eurozone signs 130-bn euro Greek bailout deal

BRUSSELS: Euro zone countries on Tuesday signed a deal worth 130-billion euro to bail out Greece and avoid a probable default after pushing Athens toward adopting severe austerity measures.

Despite the agreement, doubts crop up from different quarters regarding a sustainable solution to the ongoing debt crisis. But for the moment the deal has been welcomed and considered as a step in the right direction.

Experts on the matter are of the view that Greece will certainly require more funds to tackle its debts and till the time the situation will remain grim for it.

After a long discussion among Euro zone finance ministers, a consensus has been reached on possible austerity measures to cut Greece’s debt to120.5 percent of GDP by 2020. This is the second bailout package for Athens in less than 2 years directed towards meeting a bond repayment in March.

Greece is bound to face tough time ahead as it has been seen that the adopted austerity measures have already been disliked by its people. Further protests by Greeks could worsen the situation for politicians as the unrest would examine their sincerity towards austerity drive.

The current Greek bailout deal will render extra time to the Euro zone countries in devising new measures in the coming months.

Govt report says California registers lower homicide rate in 2010

According to a report by California homicide rate in the state has declined appreciably by7.8 percent in 2010 due to reduction in crime and improvements in administration. This is lowest homicide rate in the state so far since 1966.

California is the most populous state of the United States, however due to high crime rate–4.7 per 100,000 population. According to a statement issued by the California Department of Justice, the present rate is much lower than that of 2009 i.e. 5.1.

Many cities in California have registered lesser murders and drug and gang violence such as Los Angeles. According to an FBI report, the United States witness 14, 748 murders in the country in 2010 which is about 4.2 percent lower than previous year’s crime rate in the country.

However, despite a decline of 8 percent in crime rate since 2001, crime experts consider this just a matter of statistics and do not agree to the state government report that the law and administration conditions have improved in California.

The experts cited that the economic conditions are worsening and this is likely to increase crime rate rather than decreasing it. Researchers said that the predictions of a positive correlation between crime rates and worsening economic conditions have proved wrong, as despite sluggish economic recovery, California has succeeded in controlling crime rates.

Chinese manufacturing slump overshadows US stocks

Due to a slump in Chinese manufacturing activity, which was in its’ weakest level in three years, saw U.S.S&Ps stock futures losses to more than 1 percent on early Wednesday morning.

At around 2:30a.m GMT, futures were down by 1.2 percent, which added to the misery after a downward revision of U.S. growth data raised fresh concerns about the faltering global economy.

In November a preliminary purchasing managers’ survey showed that Chinese factories are in their weakest low in 32 months, this has added to the worries that China may be skidding toward an economic hard landing and compounding global recession fears.

In November the HSBC flash manufacturing purchasing managers’ index (PMI), which is the indicator of China’s industrial activity, slumped to 48, a low which hasn’t been seen since March 2009.

The data showed that the world’s growth engine can be easily affected by economic troubles going abroad, also it can further unnerve financial markets which is already ruined by Europe’s debt crisis.

November’s PMI reading which is lower than October’s point of 51, is also an indicator that how much the Chinese factory output deteriorated in the month.  A PMI reading of 50 diffrentiates between expansion and contraction. The last time PMI hit below 50 was in September, with 49.9 points.

Americans cheer with added 103,000 Jobs

The United States reduces unemployment to cheer its citizens by reaching 103,000 jobs in September.

Despite the dark predictions about further negative impacts of recession on American economy, Obama administration can boast to defy all by this added employment. However, the addition in jobs has not changed the current unemployment rate, which remains on its August level– 9.1 percent.

The US economy is going through severe financial crisis since 2008 following the fall of two major US banks Lehman Brothers and Merill Lynch.

Meanwhile President Obama is trying hard to pass the jobs bill. According to the Labor Department, the Democrat’s are likely to face tough time with expectations to improve US economy in the midst of aggravating recession.

The country has gained 55,000 new jobs altogather in September. Following this the Labor Department has revised its statistics of zero job growth to a gain of 57,000 jobs since August.

Addressing a conference, President Obama called on Congress to cooperate in improving national economy and prevent job losses. He also urged diplomats to not bring politics in the way of job bill for national interests.