Wednesday, January 6, 2010

Eurozone inflation up to 10-month high in Dec


LONDON: The annual inflation rate in the 16 countries that use the euro rose to a ten-month high in December but still remains way below the European Central Bank's ceiling, official figures showed Tuesday.

In its flash estimate for the month, Eurostat, the EU's statistics office, said consumer prices increased 0.9 percent in the year to December, up from November's 0.5 percent.

Eurostat did not provide an immediate reason for the increase, which was towards the top end of market expectations. However, analysts were expecting a rise given the recent spike up in oil prices, in particular — a year ago a barrel of benchmark crude on the New York Mercantile Exchange was exchanging hands at around $40, half the current price.

December's rate was the highest since February's 1.2 percent.

From June to October 2009, prices had fallen as the previous year's sharp increase in energy prices dropped out of the annual comparison and the severity of the economic recession dampened inflationary pressures throughout the eurozone.

Analysts doubt that runaway inflation will become a major headache for the European Central Bank — it is tasked to set interest rates to aim for annual price increases of just below 2 percent — given high unemployment levels and relatively subdued consumer demand.

Frederik Ducrozet, eurozone economist at Calyon Credit Agricole, said base effects, particularly related to global energy prices, are likely to be less relevant in the coming months, while inflationary pressures in Greece, Spain and Ireland continue to ease amid mounting economic problems.

"We are only looking for a modest rise in eurozone inflation to around 1.5 percent by mid-year," said Ducrozet.

Against this subdued inflationary background, analysts expect the European Central Bank to keep its benchmark interest rate unchanged at the historic low of 1 percent when it meets next week.

A more complete breakdown of the December figures will be published on Jan. 15.

Tuesday, January 5, 2010

The Country Of 8041 People

    : The Country Of 8041 People      

Americans' job satisfaction falls to record low


WASHINGTON – We can't get no job satisfaction.

Even Americans who are lucky enough to have work in this economy are becoming more unhappy with their jobs, according to a new survey that found only 45 percent of Americans are satisfied with their work.

That was the lowest level ever recorded by the Conference Board research group in more than 22 years of studying the issue. In 2008, 49 percent of those surveyed reported satisfaction with their jobs.

The drop in workers' happiness can be partly blamed on the worst recession since the 1930s, which made it difficult for some people to find challenging and suitable jobs. But worker dissatisfaction has been on the rise for more than two decades.

"It says something troubling about work in America. It is not about the business cycle or one grumpy generation," says Linda Barrington, managing director of human capital at the Conference Board, who helped write the report, which was released Tuesday.

Workers have grown steadily more unhappy for a variety of reasons:

• Fewer workers consider their jobs to be interesting.

• Incomes have not kept up with inflation.

• The soaring cost of health insurance has eaten into workers' take-home pay.

If the job satisfaction trend is not reversed, economists say, it could stifle innovation and hurt America's competitiveness and productivity. And it could make unhappy older workers less inclined to take the time to share their knowledge and skills with younger workers.

Nate Carrasco, 26, of Odessa, Texas, says he's been pretty unhappy in most of his jobs, including his current one at an auto parts store.

"There is no sense of teamwork in most places any more," Carrasco gripes.

When the Conference Board's first survey was conducted in 1987, most workers — 61 percent — said they were happy in their jobs. The survey of 5,000 households was conducted for the Conference Board by TNS, a global market research company.

One clue that may explain workers' growing dissatisfaction: Only 51 percent now find their jobs interesting — another low in the survey's 22 years. In 1987, nearly 70 percent said they were interested in their work.

Workers who find their jobs interesting are more likely to be innovative and to take the calculated risks and the initiative that drive productivity and contribute to economic growth, Barrington says.

"What's really disturbing about growing job dissatisfaction is the way it can play into the competitive nature of the U.S. work force down the road and on the growth of the U.S. economy — all in a negative way," says Lynn Franco, another author of the report and director of the Conference Board's Consumer Research Center.

Conference Board officials and outside economists suggested that weak wage growth helps explain why workers' unhappiness has been rising for more than 20 years. After growing in the 1980s and 1990s, average household incomes adjusted for inflation have been shrinking since 2000.

Also, compared with 1980, three times as many workers contribute to the cost of their health insurance — and those contributions have gone up. The average employee contribution for single-coverage medical care benefits rose from $48 a month to $76 a month between 1999 and 2006.

Workers under 25 expressed the highest level of dissatisfaction. Roughly 64 percent of workers under 25 say they were unhappy in their jobs. The recession has been especially hard on young workers, who face fewer opportunities now and lower wages, some analysts say.

The most satisfied were those ages 25 to 34, who may see some opportunities for upward mobility as baby boomers retire. Around 47 percent of workers 25 to 34 say they were happy in their jobs.

Some other key findings of the survey:

• Forty-three percent of workers feel secure in their jobs. In 2008, 47 percent said they feel secure in their jobs, while 59 percent felt that way in 1987.

• Fifty-six percent say they like their co-workers, slightly less than the 57 percent who said so last year but down from 68 percent in 1987.

• Fifty-six percent say they are satisfied with their commute to work even as commute times have grown longer over the years. That compares with 54 percent in 2008 and 63 percent in 1987.

• Fifty-one percent say their are satisfied with their boss. That's down from 55 percent in 2008 and around 60 percent two decades ago.

Carrasco said he wishes his bosses would take time to listen to workers' ideas — and their difficulties on the job.

"Most of the time they only listen to what their bosses are saying," he says. "Bosses need to come down to the employee level more and see what actually goes on, versus what their paperwork tells them is happening in the stores."

It wouldn't be fair to blame low job satisfaction solely on bad bosses, Barrington says.

"It is two-way responsibility," she says. "Workers also have to figure out what they should be doing to be the most engaged in their jobs and the most productive."


Mixed economic data, higher dollar press stocks


NEW YORK – Investors turned cautious on the second trading day of the year as a pair of economic reports gave mixed signals about how the recovery was going.

Major stock indexes ended little changed a day after the Dow Jones industrials soared more than 150 points on upbeat manufacturing reports in the U.S. and China. Uncertainty over key reports this week on employment and the service industry also kept buyers at bay.

The economic news on Tuesday was muddled. The Commerce Department reported that factory orders rose by more than twice what had been expected in November, reflecting demand in the steel, computer and chemical industries. The gain of 1.1 percent easily beat the 0.5 percent forecast of analysts polled Thomson Reuters.

Meanwhile, the number of buyers who agreed to purchase previously occupied homes fell sharply in November, an indication that sales will fall this winter. The National Association of Realtors said its index of pending home sales fell 16 percent, the first drop after nine months of gains. Some decline had been expected as investors raced to buy homes ahead of a tax credit deadline, which was later extended.

A strengthening dollar also held stocks to modest moves. A strong dollar makes commodities and shares of the companies that produce them less attractive to foreign buyers. It also hurts the profits of companies that do business overseas.

Investors are looking for clues about the direction of the economy in 2010 after a nine-month rally pushed stocks to steep gains for 2009. Now, analysts say, further signs of strengthening in the economy are needed to help stocks hold their gains. Major stock indexes stand at 15-month highs.

The Dow industrials slipped 11.94, or 0.1 percent, to 10,572.02. The broader Standard & Poor's 500 index rose 3.53, or 0.3 percent, to 1,136.52, its highest close since Oct. 1, 2008. The Nasdaq composite index edged up 0.29, or less than 0.1 percent, to 2,308.71.

Three stocks rose for every two that fell on the New York Stock Exchange, where consolidated volume rose to 5.2 billion shares from 4.1 billion Monday.

Bond prices rose, pushing interest rates lower. The yield on the benchmark 10-year Treasury note fell to 3.76 percent from 3.83 percent late Monday.

Crude oil rose 26 cents to settle at $81.77 a barrel on the New York Mercantile Exchange.

The early days of January are when many investors, from pension funds to individuals, pump money into the markets as they set up their investment strategies for the year. Markets often rise as the new money arrives.

However Nick Kalivas, vice president of financial research at MF Global in Chicago, said investors are cautious ahead of reports on the service industry and employment later in the week because they want to confirm that economy is healing.

"There is a lot of data out the next couple of days that people want to see before they chase a market at its highs," Kalivas said.

The Institute for Supply Management will report its index of activity in the service industry on Wednesday, and on Friday the market will get the most important economic reading of the month, the Labor Department's employment report.

Ford Motor Co.'s shares jumped after the automaker said its December sales jumped 33 percent fed by demand for midsize cars like the Ford Fusion, whose sales rose 83 percent. Ford also had its first full-year gain in U.S. market share since 1995. Ford rose 68 cents, or 6.6 percent, to $10.96.

The Russell 2000 index of smaller companies fell 1.61, or 0.3 percent, to 638.49.

Britain's FTSE 100 rose 0.4 percent, Germany's DAX index fell 0.3 percent, and France's CAC-40 slipped less than 0.1 percent. Japan's Nikkei stock average rose 0.3 percent.

Kashmiri People observed Self Determination Day today

Kashmiri People observed Self Determination Day today on 5th February. Protests took place all over Indian occupied Kashmir on  Self Determination Day for freedom. Protesters raised slogans against India and in favor of Pakistan and Freedom. Kashmiri people are struggling for freedom from last 60 years but India is occupying Kashmir with force. Every year on 5th February Kashmiri people observes Self Determination Day.

Asif Zardari tune suddenly changed on Kashmir


President Asif Zardari tune is suddenly changed on Kashmir and he has started giving statements in favor of Kashmiri's rights and in response to India. Today President Zardari said we have got the Pakistan now we will get Kashmir, Kashmir is our Shahrag, we will coutinue to support Kashmiri's till end. Yesterday President Zardari said that our wish of Peace must not be considered weakness. we days ago also Zardari gave statements in support of Kashmiri's.

This is the same Zardari who last year even  declared Kashmiri Mujahideen as terrorists and was not ready to respond any Indian statement again Pakistan or in support of Kashmir. Why this sudden change. i just can guess i think it is army Pressure. anyway the good thing is that Zardari has spoken in support of Kashmiri's leave it aside why?

Oil touches $80 in Asia

SINGAPORE: Oil prices touched $80 a barrel Monday in Asia on optimism a gradual US economic recovery in 2010 will boost demand for crude.

Benchmark crude for February delivery was up 63 cents at $79.99 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange after briefly changing hands at $80. The contract added 8 cents to settle at $79.36 on Thursday. Trading was closed Friday for the New Year holiday.

Oil has jumped from $69 a barrel last month on signs the US economy may be improving. The unemployment rate fell to 10 percent in November from 10.2 percent in October, and the government is scheduled to announced December's results later this week

Colder weather has also lifted crude prices recently by boosting demand for heating oil, Shum said.

Oil prices rose 78 percent last year.

In other Nymex trading in February contracts, heating oil rose 2.52 cents to $2.14 a gallon and gasoline gained 2.11 cents to $2.07 a gallon.

In London, Brent crude for February delivery rose 67 cents to $78.60 a barrel on the ICE Futures exchange.