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Thread: Wal-Mart: Our shoppers are 'running out of money'

  1. #631
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    Re: Wal-Mart: Our shoppers are 'running out of money'

    today:

    Corporate profits contracted in the first quarter for the first time in more than two years and the economy grew at the same pedestrian pace as previously estimated, government data showed on Thursday.

    Signs of the economy's struggle to regain speed were highlighted by an unexpected rise in the number of Americans applying for unemployment benefits last week.

    After-tax corporate profits fell at a rate of 0.9 percent, the Commerce Department said, after rising at a 3.3 percent pace in the fourth quarter.

    In its second estimate of the economy, the department said gross domestic product growth was unrevised at annual rate of 1.8 percent, below economists' expectations for a 2.1 percent pace.

    However, the rise in initial claims last week suggested the pace of hiring might be slowing. Initial claims for state unemployment benefits climbed to 424,000 from 414,000 the prior week, a separate report from the Labor Department showed.

    Economists had forecast claims slipping to 400,000. Last week marked the seventh straight week in which claims topped the 400,000 level.
    Corporate profits fall, jobless claims up | Reuters

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    Re: Wal-Mart: Our shoppers are 'running out of money'

    today:

    Sales of homes in some stage of foreclosure declined in the first three months of the year, but they still accounted for 28 percent of all home sales — a share nearly six times higher than what it would be in a healthy housing market.

    Foreclosure sales, which include homes purchased after they received a notice of default or were repossessed by lenders, hit the highest share of overall sales in a year during the first quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.

    "It's an astronomically high number," said Rick Sharga, a senior vice president at RealtyTrac. "In a normal market, you're looking at the percentage of homes sold in foreclosure to be below 5 percent."

    The pace at which homes are entering the foreclosure process has slowed in recent months amid bank and court delays. But distressed properties remain a fixture of a housing market still searching for a sustained recovery. The properties, often in need of repair, typically sell at a discount, weakening prices for other types of homes.

    While the number of bank-owned properties sold declined, they grew as a share of all home sales. Bank-owned homes accounted for nearly 19 percent of all sales, up from 17 percent in the fourth quarter and up from 18 percent a year ago, the firm said.

    RealtyTrac estimates there are 872,000 homes that have been repossessed by lenders, but have yet to be sold. At the first-quarter's sales pace, it will take three years to clear the inventory of 1.9 million properties already in some stage of foreclosure.

    For bank-owned properties alone, that amounts to a 2-year supply.
    Foreclosure sales slow, but remain very high - Business - Personal finance - Real estate - msnbc.com

    hamp, anyone?

  3. #633
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    Re: Wal-Mart: Our shoppers are 'running out of money'

    Yet the administration and demo hacks continue to tout the economy improving lie.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: Wal-Mart: Our shoppers are 'running out of money'

    Quote Originally Posted by j-mac View Post
    Yet the administration and demo hacks continue to tout the economy improving lie.

    j-mac
    No, it is doing great... there are still people that are living in their homes. /sarcasm.

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    Re: Wal-Mart: Our shoppers are 'running out of money'

    today:

    Americans are losing faith that the economy will keep improving, according to a monthly survey.

    The Conference Board's Consumer Confidence Index fell to a six-month low of 60.8 from a revised 66 in April, a sign of the toll that high gas prices, a choppy job outlook and a moribund housing market are taking on people's psyches. Economists had expected an increase to 67.

    The index, released Tuesday, is still far from the reading of 90 that indicates a healthy economy. It hasn't approached that level since the recession began in December 2007.
    The results paint a different picture than earlier this year, when many hoped the economic recovery was gaining steam. In February, consumer confidence hit a three-year high. But since then, consumers have started paying more for food and gasoline and are seeing a "double dip" in the housing market.
    Consumer confidence falls unexpectedly in May - Yahoo! Finance

  6. #636
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    Re: Wal-Mart: Our shoppers are 'running out of money'

    Quote Originally Posted by UtahBill View Post
    Republic, not republican, there is a difference...
    Damn, someone call James Madison, there's been a huge ****up.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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