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Currency War? Cheap Chinese goods about to get cheaper

Chinese renminbi

The Chinese central bank cut the value of the renminbi (yuan) by 1.9% sending other Asian currencies downward and making Chinese exports even cheaper for foreign consumers. Australia, Singapore and South Korea saw their currencies drop more than one percent as speculators expect those governments to cheapen their currencies to keep the price of exports competitive with China. The People’s Bank of ...

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Treasury Admits Regulation Hurts Business


For years adherents to the Austrian school of economics have been making the case that regulation bars access to economic opportunity, making it harder for the average producer to access and process from the boons of capitalist interactions. Now validation of that principle is coming from an unlikely place: the federal government. A report recently released by the Office of ...

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Why U.S. companies can’t find skilled workers


U.S. companies are reporting that they are increasingly struggling to find workers with the proper skills for the labor market, suggesting a serious problem with the American education system. The National Association for Business Economics’ latest business conditions survey showed that more than one third of those polled reported that their companies were unable to find workers with appropriate skills. ...

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Wholesale inventories up, sales and consumer data disappoint


Wholesale numbers and credit card data don’t look so good “unexpectedly”. Expectations were for a .3% growth in inventories and a .6% increase in sales for the just released May numbers. Instead, inventories grew .8% and sales only saw a .3% rise. Along with weak sales data at the wholesale level, Bank of America card data shows that American consumers shut down ...

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TD Ameritrade experienced ‘widespread’ order-routing problems Friday

TD Ameritrade routing issue

According to a statement by the office of the President of TD Ameritrade, the brokerage started experiencing widespread order-routing problems on Friday morning. Customers reported issues on twitter and TD Ameritrade has responded that they are aware of the problems and are working on them. @GrowthAndPride Hi – we are researching and working to resolve ASAP. ^MH — TD Ameritrade (@TDAmeritrade) ...

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U.S. Jobless claims rise most since February

The top line jobless claims number rose above estimates and to the highest level since February, but that’s not the most disturbing news. Digging into the numbers, it appears that more people are suddenly having to find work (initial claims) and they are finding that it is taking longer than previously to get a job (continuing claims.) Jobless claims jumped to ...

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NYSE floor trading resumed at 3:10pm after a 4 hour outage

NYSE floor

Trading has resumed on the floor of the NYSE as of 3:10pm eastern. The re-open occurred after a 4 hour-long outage of the trading floor caused by a technical issue. The late open will at least allow the NYSE to record an accurate close.

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NYSE’s Farley says not a hack, floor to be trading between by 3:10pm

NYSE floor

NYSE Group President Tom Farley told CNBC that they will be re-opening of trading on the NYSE floor shortly. Farley confirmed reports that the outage was not caused by hacking and that it was completely an internal technical issue. Trading is expected to resume by 3:10pm, according to Farley, and a customer notification will go out shortly.  

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Greece is given lifeline, but Sunday could be the end

greek flag

Greek ministers met with the EU, ECB and IMF leaders on Tuesday. The meeting resulted in a short-term loan to keep their banks afloat, but only until Sunday. Greece’s banks had almost completely run out of money. To help Greece survive until the meeting on Sunday, the European Central Bank (ECB) offered a small run of liquidity to Greek banks in trade for increased ...

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Suprise! San Francisco minimum wage hike causes food price hike


San Francisco implemented the first of several minimum wage hikes in May and a research firm has found evidence that it causes prices to rise to cover the cost – who’d a thunk? Liberals argue that raising the minimum wage is a “rising tide that lifts all boats” and that somehow, companies don’t need to increase prices just to pay ...

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Disrespect for Property at Heart of Global Debt Crisis


In the aftermath of Greek voters’ overwhelming rejection of a deal with the European Central Bank, many options are being discussed to prevent the much discussed Grexit. Demonstrating that nothing is absolute in politics, especially when money is concerned, approximately a month will transpire before the actual repercussions of the vote are known, as European leaders must meet and discuss ...

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Greek Finance Minister gives resignation letter [full text]

Greek finance minister Yanis Varoufakis has, according to blog post with his name, resigned. After having kept a broke financial system working for months, Varoufakis submitted a letter saying that because his attendance at meetings with EU, IMF and ECB financiers had been viewed as objectionable, he is relinquishing his position. The referendum of 5th July will stay in history as ...

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Eurogeddon – Greece gives EU the one finger salute

Greek protester

The polls are in and Greece’s citizens have decided to reject the austerity measures required by European creditors to secure more credit. In a sort of nationalistic pride, the ‘no’ vote seems to have won as citizens agreed with Greek Prime Minister Tsipras that EU leaders were acting like terrorists. Citizens see the austerity measures as blackmail – forcing them ...

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June Unemployment = Cold Porridge


The Bureau of Labor Statistics released the monthly employment situation for June this morning and a mixed top line almost hides some really scary internals. The headline numbers were that June added 223k jobs which, by government counting standards, dropped the unemployment rate to 5.3%. Black unemployment still leads all other demographics at 9.5%. Some important revisions to the April and ...

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BLS June 2015 Employment Situation Report [Full Text]

Transmission of material in this release is embargoed until USDL-15-1274 8:30 a.m. (EDT) Thursday, July 2, 2015 THE EMPLOYMENT SITUATION — JUNE 2015 Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, health care, retail trade, ...

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