Hard hitting global and local news
December 20, 2012 : France Faces Growing Pension Deficit; French Youth Lose Hope; Politicians in Denial; Bond Market Patience Can’t Last Illusion of Eurozone Stabilization There is no real stabilization and there is no healing.
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See original article: China Manufacturing PMI Shows Modest Growth; Don’t Expect Bounce to Last
Following many months of gloom – and seven consecutive quarters of declining growth – the Chinese stock markets are permitting themselves a frisson of excitement after China’s official manufacturing PMI rose to a seven-month high of 50.6 in November, from 50.2 in October. The higher PMI was propelled (unfortunately, I think) by a surge in construction activities
Continue Reading: Small Business Owners’ Hiring Intent Plunges to 2008 Lows; Don’t Blame Sandy or Fiscal Cliff
A modest carbon tax has modest carbon reduction results Been meaning to highlight Brad Plumer’s post on a paper about the effect of a carbon tax on emissions (full paper here ). Â A tax of $20/ton, with an inflation-adjusted 4% annual increase, knocks emissions down 14% by 2020, and a larger number in 2050 if you believe economic projections that far in the future
Read More: ISM Manufacturing in Contraction; Expect Conditions to Worsen
Output and new orders both continue to decline Capital goods producers register sharpest falls in production and sales Inventories and employment cut amid subdued economic outlook Summary: Operating conditions in the Japanese manufacturing sector continued to worsen in November. The deterioration was driven by falls in output, new orders and employment as the economic climate remained difficult. Amid an uncertain outlook, manufacturers also cut inventory levels and lowered purchasing activity.