Daily News Roundup

Posted by vriz on 05/07/2009

The Obama Administration has revealed the details of the 2010 fiscal year budget, total cost $3.4 trillion, and 121 federal programs lighter. The administration is planning to save $17 billion from cutting these programs. Some reviews are already in: fiscal rhetoric exceeds the results, and “is this a start of a joke?" The new jobless claims unexpectedly fell last week by 34,000 to 601,000. This is the fourth decline in jobless claims in 5 weeks. Unemployment numbers for the month of April will be released tomorrow. U.S. stock markets closed down today: the Dow fell by 102 points, or 1.2%; S&P 500 closed down 12 points, or 1.3%; and NASDAQ 42 points, or 2.4%. Stocks fell on financials’ performance and tech companies lower projected sales estimates. China’s credibility when it comes to the quality of its official statistics has been questioned on many occasions. Even Chinese officials themselves have said: "The basis of our statistics is still weak, and the quality of statistical data needs to be further improved." Pretty bland statement, but the very admission is almost Earth-shattering. The Chinese government is planning to organize an overhaul of its statistics apparatus, starting the economic census. The nationwide census aims to get complete financial statements from around eight million businesses and organizations, as well as 40 million sole business proprietors.

Related recent Blogs

@KeepitMadeinUSA on Twitter