Some key earnings reports that came in stronger than expected pushed markets higher Friday, to end the week with a gain.
There is another side to the U.S. unemployment problem: Believe it or not, there are three million jobs going unfilled.
Employers can’t seem to find the right match for more than 200,000 manufacturing jobs alone.
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Coming off the worst week of the year,…
Though tame through most of last year, food inflation has begun to surge again in 2013 – just as Money Morning Global Resources Specialist Peter Krauth predicted it would.
“Food inflation hasn’t reared its head for some time, and I think it’s about to start making headlines again before long,” Krauth wrote in a Jan. 18 note to subscribers of his Real Asset Returns investment service.
Sure enough, an inflation report yesterday (Wednesday) from the Labor Department showed that the biggest increase in January prices came in the food category.
Food prices – for both groceries and food eaten at restaurants – rose 0.7% in January, compared with December, accounting for more than three-fourths of the increase in the Producer Price Index (PPI).
The biggest driver of food inflation in January was the cost of vegetables, which rocketed 39%, withbroccoli, cauliflower and lettuce increasing the most.
The U.S. Department of Agriculture’s Economic Research Service is projecting food prices in 2013 will increase 3% to 4%, an annual increase the agency says is above the historical average.
The ERS said it expects animal-based food products (mostly meats) to be hit hardest, with cereals and bakery products also seeing above-average price increases.
The return of food inflation to the U.S. should come as no surprise, as it has become a worldwide trend over the past decade.
The Food Price Index developed by Food and Agriculture Organization of the United Nations has more than doubled from 97.7 in 2003 to 209.8 now following a decade of stability. (The index stood at about 102 in 1993.)
Now we know what Russia has been doing all these years with all its oil mega-profits: investing in gold.
A Bloomberg News article Monday reported that Russia’s central bank added 570 metric tons of gold in the past decade, making the country the world’s biggest gold buyer. That amount is a quarter more than the world’s second-biggest buyer, China.
The amount of gold Russia added to its stockpile is almost triple the weight of the Statue of Liberty, according to Bloomberg.
It certainly makes sense for Russia to add to its official gold reserves. Gold prices have gained about 400% over the past decade.
“The more gold a country has, the more sovereignty it will have if there’s a cataclysm with the dollar, the euro, the pound or any other reserve currency,” Evgeny Fedorov, a lawmaker for Putin’s United Russia party in the lower house of parliament, told Bloomberg in a telephone interview in Moscow.
If things are so fundamentally bad, can someone please explain CAT earnings to me? The last 3 years for construction, worldwide, have NOT been good. I simply don’t get it. Here in CA, contractors are trying to pay their debts with the barter of used…