All about the Benjamins

Paper money has circulated in North America since 1690, when the Massachusetts Bay Colony issued some to paper over — so to speak — the shortage of coins. But these were just promissory notes from governing bodies. That changed on this date in 1862, when Congress passed the Legal Tender Act, fixing paper money as a means of paying the government's considerable Civil War bills with something other than gold or silver. One result was that greenbacks became a means of exchange for all private transactions. Currently, there are about 1.6 trillion U.S. dollars in circulation. From that total, America's nearly 117 million households draw an average annual income of just over $50,000.

Consumer Confidence Index® Increases Slightly

The Conference Board Consumer Confidence Index® , which had decreased in March, improved in April. The Index now stands at 65.4 (1985=100), up from 63.8 in March. The Present Situation Index increased to 39.6 from 37.5. The Expectations Index rose to 82.6 from 81.3.

The monthly Consumer Confidence Survey® , based on a probability-design random sample, is conducted for The Conference Board by The Nielsen Company, a leading global provider of information and analytics around what consumers buy and watch. The cutoff date for April's preliminary results was April 14, 2011.

Says Lynn Franco, Director of The Conference Board Consumer Research Center: "Consumer confidence, which had declined sharply in March, posted a modest gain in April. Consumers' short-term outlook improved slightly, suggesting that the uncertainty expressed last month is easing. Inflation expectations, which had spiked, retreated somewhat in April. Although confidence remains weak, consumers' assessment of current conditions gained ground for the seventh straight month, a sign that the economic recovery continues."

Borders Bankruptcy Sales

Under authority of the U.S. Bankruptcy Court, store closing sales will begin on Saturday, February 19th at 200 Borders book stores in 35 states and Puerto Rico. Over $350 million of inventory including books, magazines, music and movie media, calendars, posters and more will be liquidated.

Discounts from 20% to 40% with limited exceptions are offered on all merchandise at every closing location. Consumers will benefit from very significant savings on the entire stock of books in every category, including new releases, best sellers, text books, rare and collectible books and children's books. There are also substantial price reductions on, thousands of music CDs and video DVDs, calendars, posters, puzzles and arts and crafts items.

US recovery still in early stages

U.S. credit appears to be on the mend, but the recovery is still in its early stages. That is the key message of a report released today by TD Economics highlighting a number of positive developments in U.S. credit markets over recent months.

In October, responses to the Federal Reserve's Senior Loan Officer Survey showed that commercial banks' willingness to lend to consumers is hovering around its highest level in the last five years. The easing of credit standards has coincided with a drop in delinquency rates, signalling a general improvement in credit quality. Although delinquencies on real estate loans remain elevated, delinquencies on unsecured loans to consumers and businesses have seen a steady, downward trend since 2009.

11 promising careers for 2011

As people look to the coming year with hopes of continued economic recovery and increased job creation, new research may hold clues as to what the most promising positions will be in 2011. According to the Salary Guides released from Robert Half, 11 roles representing several fields -- including accounting and finance, technology, creative, legal and administrative services -- show increases in starting salaries and growing demand among employers.

"The common thread among the jobs highlighted in our research is that they help businesses improve efficiency and profits, and foster a more positive customer experience," said Max Messmer, chairman and CEO of Robert Half International. "The most successful job candidates bring multiple skill sets, a track record of success and a strong sense of accountability to their roles."

Commercial real estate showing signs of recovery

Following sharp declines and painful deleveraging in the wake of financial and economic turmoil, commercial real estate (CRE) is showing signs that the deterioration of industry transactions and fundamentals has started to plateau, and early stages of recovery may be imminent, according to Deloitte's "Commercial Real Estate Outlook: Top 10 Issues in 2011 - Generating Momentum for Recovery ."

"Uncertainty is the most significant issue for commercial real estate in the post-recession environment, as market participants — owners and operators, lenders, investors, developers, and tenants — look for a signal that economic and industry fundamentals have hit bottom and started a sustainable recovery," said Bob O'Brien, vice chairman and real estate sector leader, Deloitte LLP. "While this signal remains elusive, positive developments like increased deal flow, improved real estate capital markets, stabilizing office, apartment, industrial and hotel fundamentals, and the REIT rebound offer hopeful signs of recovery."

Statement of Secretary of Labor Hilda L. Solis on November employment numbers

Secretary of Labor Hilda L. Solis issued the following statement on the November 2010 Employment Situation report released Dec. 3:

"This past November, nonfarm payroll employment increased by 39,000 jobs, and the unemployment rate increased to 9.8 percent. Furthermore, the job numbers for the months of September and October were revised upward 38,000. This year, we've seen the creation of 1.2 million private sector jobs – steady growth averaging 106,000 new private sector jobs each month.

Employee Confidence Index on the Rise

The SFN Group Employee Confidence Index edged up 0.6 points to 50.7 in November. The index, which measures workers' confidence in their personal employment situation and optimism in the economic environment, shows that although less than a quarter (22 percent) of workers believe the economy is getting stronger, nearly three-fourths (73 percent) believe it is unlikely they will lose their jobs in the next 12 months.

"We are pleased to see a continuing upward trend in our Employee Confidence Index," said Roy Krause, president and CEO of SFN Group, Inc. "Workers are showing increased optimism in their ability to find new jobs and in the security of their current positions. Although November's job numbers were below expectations, our Report mirrors improvements in several macroeconomic areas, including early indications of healthy retail sales and third quarter productivity revised higher. With the economy adding an average of 86,000 jobs each month since last December and the four-week average of new jobless claims declining to its lowest figure since August 2008, we believe the economy entered the retail holiday shopping season on a reasonably optimistic note. This could indicate a return to healthier hiring activity sooner than anticipated."

CEOs focus on women's advancement in business

DEAUVILLE, France, Oct. 15 /PRNewswire/ -- An inaugural group of more than 20 CEOs and leaders came together in a private meeting to discuss how male and female leaders should continue to make progress on women's advancement through specific and measurable actions. In addition, a CEO plenary session highlighted the outcomes of the private meeting.

The meeting, held during the Women's Forum Global Meeting in Deauville, France, resulted in six commitments agreed upon by the CEOs.

The six CEO Champion commitments:

1)
As CEO, be visibly committed and embed women's advancement into business strategy

Build women's advancement into the strategy of the company operations, driven by the CEO and leadership team. Change our workplace culture and mindset and empower both men and women to drive women's initiatives.
2)
Require diverse candidates as a priority

Recruit, develop, and retain diverse candidates as a priority. When considering candidates for leadership positions, at least one woman will be on every candidate slate.
3)
Hold ourselves accountable for progress

Define stretch goals around increasing women in our boards, executive committees, or running major parts of our businesses. We will each measure progress and present a thoughtful game plan at Women's Forum in 2011.
4)
Build the CEO Champion network

Work together to increase the dialogue among our peers - and create peer pressure - to build our network of CEO Champions, including a "plus one" strategy for next year's Women's Forum (each CEO to bring one or more of their peers).
5)
Create a catalogue of best practices and engage in cross-company mentoring of talented women.
6)
Develop ways to foster balance between personal and professional lives for men and women in our workforces (focusing on all generations in the workforce).

Retail sales up slightly for third month in a row

ARLINGTON, Va., Oct. 15 /PRNewswire-USNewswire/ -- Retail sales climbed slightly in September for the third consecutive month with slight increases spread across nearly all segments of the industry, according to the Retail Industry Leaders Association (RILA).

Monthly retail sales figures for September released today by the Department of Commerce reported an increase of 0.6 percent over August sales and 7.3 percent over September 2009. Retail sales excluding auto sales were up 0.4 percent over the previous month and 5.4 percent over August 2009.

Electronics and appliance retailers reported the largest gains in August with 1.5 percent increase over the previous month. Clothing stores saw a slight decline in September sales on the heels of strong gains in August thanks to back-to-school shoppers. Other retail segments including home improvement, grocery, and home furnishings saw increases of roughly 0.5 percent.

You can bank on it

Ever wanted to look at banking careers? There are actually classes you can take that will increase your chances of catching the interest of a bank as far as hiring you as a full time bank employee. Classes that are offered go beyond being a bank teller, they also provide additional learning for those interested in loans or any of the other services that banks offer. Most of the classes don't require a long term educational commitment...

Opinions on HUD to ads and more

The ways you can share material that you blog, and make a bit of revenue at the same time continues to grow. You can learn about adsense revenue sharing and the opportunities as far as where you can blog and earn revenue.

You can also find a variety of other things, even things like how to find HUD apartments for rent in your area. There is a huge amount of information out there related to social services.

Even advice on selling structured settlement can be found on the net. You should always look at the credentials of the person who is giving advice, especially if it's not anecdotal in nature. That written, at times we can learn from the experiences of others as far as what to do and what to avoid.

Leading Risk Factor in US Debt Leverage

Debt Leverage Still Leading Risk Factor in American Economy, Says GARP Risk Index

- Quarterly survey of risk management professionals also finds market volatility, macroeconomic factors among top influences on economic risk

- Perception of Systemic Risk falling, but more acute than overall risk

- Risk Managers in China among the most optimistic about U.S. economic risk

NEW YORK and LONDON, Oct. 1 /PRNewswire-USNewswire/ -- Debt leverage is still the key risk factor affecting the American economy, despite the increased influences of a "jobless recovery" and other macroeconomic factors, according to the second quarterly Risk Index from The Global Association of Risk Professionals (GARP, www.garp.org), released today. The Risk Index, a quarterly gauge of global perception of the risk factors affecting the U.S. economy, found overall perception of the riskiness of the economy unchanged, as the Central Risk Index remained steady at 109.

What's preventing action on tax cut legislation?

The answer is a simple one, election year politics. It's unfortunate that the expiration of the tax cuts is taking place during an election cycle. It's the time when partisan politics takes over and little action is taken. It's one of the flaws in the election process for the US House of Representatives, since they are elected every two years, instead of every four like the Senate, it increases the rhetoric.

This CNN article goes into more detail...

Russia and the IPO's

MOSCOW, September 17, 2010/PRNewswire/ --
- Institute for Development of Financial Markets is Holding IPO&SPO-2010 Forum in Moscow
The Forum is the biggest Russian annual event designed to address IPO challenges and prospects for Russian companies which will be held on September 23, 2010 at Valdaysky Conference Hall, Marriott Moscow Tverskaya Hotel.
With Russian IPO market increasing, the Forum will continue the dialogue about issues of attracting capital in Russia at a drastically new level. The key difference of this year's Forum is discussing totally new experience in IPO organizing. Forum participants will have the opportunity to get information about further IPO market development from regulators, stock exchanges (both Russian and foreign ones), financial consultants and issuers themselves. The Forum will also give an overview of new financial products and instruments offered to Russian issuers. Special attention will be paid to new services designed to encourage IPOs by mid-caps.
IPO&SPO-2010 Forum speakers and participants are professionals involved in IPO and SPO processes - representatives of the Federal Financial Markets Service, Bank of Russia, Russian Ministry of Finance, Ministry of Economic Development, Federal Antimonopoly Service, as well as issuers, bank underwriters, legal and consulting companies, rating agencies, investment companies, and, most importantly, a number of stock exchanges - both Russian and foreign ones.
The organizer of the Forum is the Institute for Development of Financial Markets.

Poverty rate jumped in 2009

On Thursday the Census Bureau released information that shows the poverty level rose by quite a bit in 2009. Forty-four million people in the United States, or one in seven residents, lived in poverty in 2009, an increase of 4 million from 2008.

The poverty rate climbed to 14.3 percent, the highest percentage since 1994. It was 13.2 percent in 2008. Children are impacted the most, one in five under 18 living below the poverty line.

You can read the full report - Here

Intel chief executive officer says stimulus didn't do enough

Interesting interview, from the CEO of the company one of my children works for -- Intel CEO: Stimulus didn't work. Part of:

"The decisions so far have not resulted in either job growth or increased confidence. When what you're doing isn't working you rethink it and I think we need to rethink some plans," he said at the Intel Developers Forum in San Francisco.

Otellini credited the White House for listening to him and other business leaders. "I really think they're trying," he said, adding that he doesn't think there is anti-business sentiment from the administration.

But Otellini said the $787 billion economic stimulus package passed last year has not done enough to solve problems in the job market. He argued that money not yet spent from that program might be better off allocated elsewhere and took the administration to task for focusing on short-term projects.

Fair World Project & For a Better World

The Organic Consumers Association (OCA) launched the Fair World Project (FWP) Sept. 10 to promote fair trade in commerce, especially in organic production systems in developing countries as well as at home, and to protect the term "fair trade" from dilution and misuse for mere PR purposes. The OCA's new project fills the critical need for a watchdog of misleading fair trade claims, and a cheerleader for dedicated fair trade mission-driven companies. Through FWP, OCA will focus on promoting projects that connect the environmental and health benefits of organic agriculture with the social benefits derived from fair trade.

The Fair World Project's inaugural publication of For a Better World will debut at the Fair Trade Futures Conference, September 10-12 at the Boston Marriott Hotel-Quincy. Fifty thousand copies will be distributed to fair trade outlets such as co-ops and organic markets nationwide. The publication features candid articles on the fair trade movement, including different approaches to fair trade certification, exceptional fair trade projects abroad and at home in the West, as well as how to reintegrate fair trade back into the organic movement.

"As demand from conscious consumers expands the market for fairly traded products we must ensure that claims made by companies hold up to fair trade standards and that marketing and labeling of these products are accurate," says Dana Geffner, Executive Director of the Fair World Project. "With new fair trade certifiers joining the movement, seasoned certifiers enabling questionable opportunistic fair trade claims and "fairwashing" practices more common, the Fair World Project aims to discuss and dissect," adds Geffner.

The FWP intends to encourage critical thinking rather than blind faith regarding fair trade claims and certification schemes. Through publications, events, and targeted campaigns the group articulates and advances the issues involved in fair trade, with the goal of helping consumers, business owners, employees and activists make informed decisions about where and on what to spend their money and resources - to build a better and more just world. The FWP's new website provides a space and forum where consumers can discuss issues within the Fair Trade movement, ask tough questions and share information.

"We will celebrate corporations that are adopting fair trade into their business models, but at the same time hold 'fair-washers' accountable and insist on keeping fair trade's integrity. We will make sure fair trade certifiers and membership organizations maintain high standards to keep fair trade meaningful, not just in the wording of their standards but also in their inspection and certification processes. We will pressure our schools, employers and other institutions to adopt fair trade purchasing practices with regard to food and other consumer products.

"We will confront corporations, especially those already dealing in certified organic products, and government agencies everywhere to compel them to implement fair trade practices in their supply chains. We look forward to a day when all trade is fair," adds Geffner.

China now second largest economy...

China has edged out Japan and become the second largest economy as reported by the New York Times.

The milestone, though anticipated for some time, is the most striking evidence yet that China’s ascendance is for real and that the rest of the world will have to reckon with a new economic superpower.

The recognition came early Monday, when Tokyo said that Japan’s economy was valued at about $1.28 trillion in the second quarter, slightly below China’s $1.33 trillion. Japan’s economy grew 0.4 percent in the quarter, Tokyo said, substantially less than forecast. That weakness suggests that China’s economy will race past Japan’s for the full year.

Experts say unseating Japan — and in recent years passing Germany, France and Great Britain — underscores China’s growing clout and bolsters forecasts that China will pass the United States as the world’s biggest economy as early as 2030. America’s gross domestic product was about $14 trillion in 2009.

Perhaps we should start learning how to speak Chinese...

1.21 million people considered "discouraged workers"

From CNN (link):

A record 1.21 million people want to work, but said they aren't looking because of the weak labor market, according to federal statistics released Friday. The June figure is up from 793,000 a year ago.

The labor force, in general, has shrunk over the past two months, contracting by 974,000 people as they lost confidence in their employment prospects. That reverses part of the gain of 1.7 million workers in the first four months of 2010, when a wave of optimism flowed through the nation.

More people may have stopped looking for work because their jobless benefits are expiring, wrote Deutsche Bank economists Joseph LaVorgna and Carl Riccadonna in a note. To collect unemployment benefits, people must be actively seeking work.

As the labor force contracts, the unemployment rate falls. This is one reason why it dropped in June from 9.7% the month before.

"The decline in the unemployment rate is not a reflection of strength, but rather a sign of discouragement among the ranks of the unemployed," the economists said.

This is why it's important to remember when the unemployment rate drops that it is the total number of jobs and the number employed that need to be taken into account. Some estimate the number of those who have given up searching for a job to be much higher.