Capitalism, The Fed and Economic Policy
Comments
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Microsoft tootempo_n_groove said:
They are coming though. 10k jobs from google, FB, Tesla, Amazon.mickeyrat said:tempo_n_groove said:The Jobs thing has me baffled too. All the big tech have announced layoffs in the thousands and not a ripple?have they happened yet? aside from twitter.so if not even a ripple, think how much better those numbers are if tech layoffs dont happen.....0 -
Biogen as well from what I've heard.mrussel1 said:
Microsoft tootempo_n_groove said:
They are coming though. 10k jobs from google, FB, Tesla, Amazon.mickeyrat said:tempo_n_groove said:The Jobs thing has me baffled too. All the big tech have announced layoffs in the thousands and not a ripple?have they happened yet? aside from twitter.so if not even a ripple, think how much better those numbers are if tech layoffs dont happen.....0 -
Bend over and take again! I said, take it again!
https://www.cnn.com/2023/01/26/business/nightcap-chevron-stock-buyback/index.html
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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https://apnews.com/article/russia-ukraine-exxon-mobil-corp-business-0de95b8421a658f020717a148a63c9c5Exxon profits at record high in 2022 as energy prices soaredBy CATHY BUSSEWITZToday
NEW YORK (AP) — Exxon Mobil posted record annual profits in 2022 as Americans struggled with high prices for gasoline, home heating and consumer goods.
The oil giant brought in $12.75 billion in profits in the fourth quarter, bringing annual profits to $55.7 billion. That exceeded Exxon's previous annual record of $45.22 billion in annual profits Exxon set in 2008, when a barrel of oil soared close to $150.
The Irving, Texas, company brought in $95.43 billion in revenue during the fourth quarter.
Recovering demand and tight energy supplies helped boost profit, the company said.
“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight,” said CEO Darren Woods. “We leaned in when others leaned out.”
Exxon achieved its best-ever annual refining throughput in North America and the highest globally since 2012, the company said. It mechanically completed the expansion of its Beaumont Refinery in Texas and expects to bring 250,000 barrels per day of crude oil distillation capacity to the market in first quarter of this year.
Exxon earned $3.09 per share in the quarter. That was lower than the expectations of analysts polled by Factset, who were anticipating $3.29 per share.
The price of oil ranged between $70 to $90 for a barrel of U.S. benchmark crude during the quarter. Domestic natural gas prices, which affect the cost of home energy and electricity, ranged from $6 to $7 per million British thermal units during the quarter, according to FactSet, which was a higher price than most Americans have paid in recent years.
Since Russia invaded Ukraine, Russia’s decreased its supply of natural gas to Europe, which resulted in higher prices of natural gas and its liquid counterpart, LNG, on the global market.
President Joe Biden has accused oil companies of profiting from the war Russia waged on Ukraine, and has previously raised the possibility of a war profit tax on oil companies. Exxon said it incurred $1.3 billion during the quarter associated with European taxes on the energy sector.
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Read an article about how everyones savings are now dried up that they saved during the pandemic, credit card debt is up, car sales are the lowest in ages(this one cracks me up because dealers are charging OVER sticker), house prices are as low as 2014(I think this is wrong too because my area isn't like that), food costs more, everything costs more yet people aren't buying now and prices for everything are higher.
This is a recipe for a recession.
Private builders won't be building new projects anytime soon because of the borrowing price on the dollar. Our Union Halls here in NY are getting filled.
Storm is a coming.0 -
It's not quite that bad. The main thing I disagree with in what you read is home prices being as low as they were in 2014. That's not remotely accurate. I believe there will be a mild recession later this year (it's indirectly what the fed is trying to induce) but it will not resemble anything close to what we saw back in '08/'09. People have equity in their homes. They have a way to get out of that credit card debt...they didn't back then.tempo_n_groove said:Read an article about how everyones savings are now dried up that they saved during the pandemic, credit card debt is up, car sales are the lowest in ages(this one cracks me up because dealers are charging OVER sticker), house prices are as low as 2014(I think this is wrong too because my area isn't like that), food costs more, everything costs more yet people aren't buying now and prices for everything are higher.
This is a recipe for a recession.
Private builders won't be building new projects anytime soon because of the borrowing price on the dollar. Our Union Halls here in NY are getting filled.
Storm is a coming.Post edited by The Juggler onwww.myspace.com0 -
I might have read the pricing wrong... It may have said lowest sales since 14 because yes, prices aren't down at all by me.The Juggler said:
It's not quite that bad. The main thing I disagree with in what you read is home prices being as low as they were in 2014. That's not remotely accurate. I believe there will be a mild recession later this year (it's indirectly what the fed is trying to induce) but it will not resemble anything close to what we saw back in '08/'09. People have equity in their homes. They have a way to get out of that credit card debt...they didn't back then.tempo_n_groove said:Read an article about how everyones savings are now dried up that they saved during the pandemic, credit card debt is up, car sales are the lowest in ages(this one cracks me up because dealers are charging OVER sticker), house prices are as low as 2014(I think this is wrong too because my area isn't like that), food costs more, everything costs more yet people aren't buying now and prices for everything are higher.
This is a recipe for a recession.
Private builders won't be building new projects anytime soon because of the borrowing price on the dollar. Our Union Halls here in NY are getting filled.
Storm is a coming.
When are companies going to see the writing on the wall and lower prices? It has to be slashed across the boards.
We will see what happens. People w equity having to use it up to stay afloat will just make everyone in debt again...0 -
recent remodel around the corner from me. basic shit._____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Maybe that was it.tempo_n_groove said:
I might have read the pricing wrong... It may have said lowest sales since 14 because yes, prices aren't down at all by me.The Juggler said:
It's not quite that bad. The main thing I disagree with in what you read is home prices being as low as they were in 2014. That's not remotely accurate. I believe there will be a mild recession later this year (it's indirectly what the fed is trying to induce) but it will not resemble anything close to what we saw back in '08/'09. People have equity in their homes. They have a way to get out of that credit card debt...they didn't back then.tempo_n_groove said:Read an article about how everyones savings are now dried up that they saved during the pandemic, credit card debt is up, car sales are the lowest in ages(this one cracks me up because dealers are charging OVER sticker), house prices are as low as 2014(I think this is wrong too because my area isn't like that), food costs more, everything costs more yet people aren't buying now and prices for everything are higher.
This is a recipe for a recession.
Private builders won't be building new projects anytime soon because of the borrowing price on the dollar. Our Union Halls here in NY are getting filled.
Storm is a coming.
When are companies going to see the writing on the wall and lower prices? It has to be slashed across the boards.
We will see what happens. People w equity having to use it up to stay afloat will just make everyone in debt again...
A lot of people are able to save money with cash out fha loans, knowing they can then streamline to a lower rate and save more once drop again.www.myspace.com0 -
We need a good, soft recession to reset market prices, consumer prices, etc. So long as unemployment doesn't spike too highly, it will be better for us in the long term.0
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That's be nice. The big 5 are all laying off 10K each in tech so that's a big hit and like I said, we have a bunch of people on the benches here.mrussel1 said:We need a good, soft recession to reset market prices, consumer prices, etc. So long as unemployment doesn't spike too highly, it will be better for us in the long term.
I still think we get a decent ripple.
Average price of a vehicle is 40K. I'm not paying 50k for a damn truck. My boss just spent 90K. That's just dumb.0 -
Agreedmrussel1 said:We need a good, soft recession to reset market prices, consumer prices, etc. So long as unemployment doesn't spike too highly, it will be better for us in the long term.www.myspace.com0 -
Enormous jobs number this morning. Recession on hold...www.myspace.com0
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Brandon sucksThe Juggler said:Enormous jobs number this morning. Recession on hold...0 -
Well now, hold the phone. This number is clearly due to the newly sworn in Republican congress.mrussel1 said:
Brandon sucksThe Juggler said:Enormous jobs number this morning. Recession on hold...www.myspace.com0 -
Particularly the new speaker.The Juggler said:
Well now, hold the phone. This number is clearly due to the newly sworn in Republican congress.mrussel1 said:
Brandon sucksThe Juggler said:Enormous jobs number this morning. Recession on hold...09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
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An unexpected job surge confounds the Fed's economic modelsBy CHRISTOPHER RUGABER5 mins ago
WASHINGTON (AP) — Does the Federal Reserve have it wrong?
For months, the Fed has been warily watching the U.S. economy's robust job gains out of concern that employers, desperate to hire, will keep boosting pay and, in turn, keep inflation elevated. But January’s blowout job growth coincided with an actual slowdown in wage growth. And it followed an easing of numerous inflation measures in recent months.
The past year's consistently robust hiring gains have also defied the fastest increase in the Fed's benchmark interest rate in four decades — an aggressive effort by the central bank to cool hiring, economic growth and the spiking prices that have bedeviled American households for nearly two years.
Instead, economists were astonished when the government reported Friday that employers added an explosive 517,000 jobs last month and that the unemployment rate sank to a new 53-year low of 3.4%.
“Today’s jobs report is almost too good to be true,” said Julia Pollak, chief economist at ZipRecruiter. “Like $20 bills on the sidewalk and free lunches, falling inflation paired with falling unemployment is the stuff of economics fiction.”
In economic models used by the Fed and most mainstream economists, a job market with strong hiring and a low unemployment rate typically fuels higher inflation. Under this scenario, companies feel compelled to keep boosting wages to attract and keep workers. They often then pass those higher labor costs on to their customers by raising prices. Their higher-paid workers also have more money to spend. Both trends can feed inflation pressures.
Yet even as hiring has been solid in the past six months, year-over-year inflation has fallen from a peak of 9.1% in June to 6.5% in December. Much of that decline reflects cheaper gas prices. But even excluding volatile food and energy costs, the Fed's preferred inflation gauge has risen at about a 3% annual rate over the past three months — not so far above its 2% target.
Those trends have raised questions about a core aspect of the Fed's higher interest rate policy. Chair Jerome Powell has said that conquering inflation would require “some pain.” And the Fed's policymakers have forecast that the unemployment rate would rise to 4.6% by the end of this year. In the past, an increase that much in the jobless rate has been associated with a recession.
Yet Friday's report suggests the possibility that the long-standing connection between a vigorous job market and high inflation has broken down. And that breakdown holds out a tantalizing possibility: That inflation could continue to decline even while employers keep adding jobs at a healthy pace.
“This does suggest that the traditional Fed models are not describing the current situation and that perhaps this time is actually different," Pollak said in an interview.
“The pandemic pushed the labor market into completely different territory," she continued. "And so the usual forces may just not operate here.”
Yet it's also possible that Friday's report could nudge the Fed in the opposite direction: The consistently strong job growth might convince Powell and other officials that, despite the signs that wage growth is slowing, a powerful job market will inevitably reignite inflation. If so, their benchmark rate would have to stay high to cool the pace of hiring.
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Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
This is what happens when companies, corporations start paying fair wages. It’s not rocket science. When you finally can make more actually going to work then staying home people do all kinds of strange things….like feeling respected enough to get up everyday.0
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I expected much steeper market declines today, considering the blowout report.0
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Insane... And just when you think you know the market...The Juggler said:Enormous jobs number this morning. Recession on hold...0
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