News
WSJ | China Boosts Lead in Global Exports
More than a year after China started letting its currency climb against the dollar, the nation is a bigger force in exports than ever, adding to its dominance as a trading power and complicating efforts by other nations to wrest away manufacturing jobs.
Market Watch | China GDP growth may slow on global weakness
China’s economic growth rate is decelerating, data due out later this week is expected to show, though analysts said the moderation is likely a part of a healthy cooling rather than a hard landing with destructive consequences.
WSJ | A Falling Dollar Pushes Exports, Draws Risks
Since hitting a peak in February 2002, the dollar is down about 28%, according to an inflation-adjusted index from the Federal Reserve based on the values of a wide variety of other currencies. That has helped boost U.S. exports—the latest international trade figures, for May, are due out Tuesday—and raised the dollar value of U.S. corporations' overseas earnings.
CNN: Money | China's trade gap widens
China recorded a $22.3 billion surplus in June, up from a $13.05 billion surplus in May, China's General Administration of Customs said Saturday. A trade surplus occurs when a country's exports outnumber its imports.
Econ Comments
Barron's | Beneficiaries of Trade: You and Me
America isn't the loser when imports exceed exports, despite popular perceptions to the contrary.
Financial Times | Don’t blame Moody’s for a messy euro crisis
The most interesting aspect of Moody’s rating was not the downgrade itself, but the reasoning. Moody’s expects that Portugal, like Greece, will need another loan. Moody’s also expects that the politics will be just as messy.
Barron's | Horror Story
For decades, the rise in the cost of living has been greater than official measurements indicate—but Washington is determined to ignore that fact.
Washington Times | GHEI: The unstimulated economy
Presidential spending binge brings more unemployment, not less.
Politico | Dodd-Frank blocks road to recovery
The Dodd-Frank Act has been described by supporters and opponents alike as the most sweeping reform of the financial services industry since the Great Depression. It can also be described as a story of the “good, the bad and the ugly.”
Blogs
Heritage Foundry | EPA Set to Implement Economically Ruinous Regulations on Power Plants
The Environmental Protection Agency announced Thursday that it has finalized a pair of new regulations on power plants expected to produce massive economic damage and unemployment in coming years. The regulations aim to reduce pollution in down-wind states, and replace similar regulations created by George Bush’s EPA in 2005 and struck down by a federal court.
Calculated Risk | Unofficial Problem Bank list increases to 1,004 Institutions
this is an unofficial list of Problem Banks compiled only from public sources. This post includes an update to stress rates at the state level .
Heritage Foundation | President Obama Admits Welfare Encourages Dependency
Of the more than 70 welfare programs in operation today, only one requires able-bodied recipients to work or look for work. The President’s suggestion that today “there are work obligations attached to welfare” is vastly out of touch with what is really taking place.
WSJ: Real Time Economics | Consumer Borrowing Jumped in May
U.S. consumer borrowing rose in May as credit-card debt climbed for only the second time since the financial crisis flared, sounding a rare positive note for an economy that is barely generating any jobs.
Calculated Risk | Schedule for Week of July 10th
Several key reports will be released this week: U.S. Trade, Retail Sales, Industrial Production, and the Consumer Price Index (CPI). In addition, Fed Chairman Ben Bernanke will present his semiannual Monetary Policy Report to Congress.
Heritage Foundation | From Hope to Defeatism: White House Changes Message on Economy
June’s job numbers– 9.2 percent unemployment and the creation of only 18,000 new jobs — has brought a fundamental shift in the White House’s message on the economy. The Heritage Foundation’s Michael Franc sums it up: “Bye-bye, hope and change.
Reports
RCM: Wells Fargo | Weekly Economic & Financial Commentary
This week’s employment report is a challenge to our view that the economy is leaving the spring slowdown behind and moving into a period of trend-like growth of 3 percent with moderate job growth as well.
