American Households Lack Banking
According to a Federal Deposit Insurance Corporation survey released Wednesday,
more than a quarter of American households lack access to full banking services
or have no bank account while nearly 10 million U.S. households have no checking
or savings accounts at all. The FDIC reported that one in five U.S. households
or 24 million households with 51 million adults, are considered "under banked"
because they use problematic alternative services such as payday loans or
overdraft programs. The alternative services provide quick cash but carry high
fees or triple-digit interest rates.
The Commerce Department reported on Wednesday that prices paid for U.S. imports
rose 0.7% in August for the first increase in five months compared to a revised
0.7% drop during July after initial report of a drop by 0.6%. The increase in
imports was attributed to a 4.1% rise in imported fuels. Excluding fuel costs,
import prices fell 0.2%. The price of U.S.made goods exported to other nations
rose 0.9% in August after a 0.4% gain in July.
The Census Bureau reported Wednesday that during 2011 there were 46.2 million
people in poverty, down slightly from 46.3 million in 2010. The poverty rate
moved lower to 15% from 15.1%. Real median household income decreased 1.5% to
about $50,054 and those without health insurance decreased to 48.6 million in
2011 from 50 million in 2010.
Corn futures dropped to their lowest level in nearly two months on Wednesday,
retreating as traders reacted to a smaller-than-expected decline forecast for
the U.S. corn crop. The government’s updated crop outlook comes as farmers
contend with what’s been a severe summer drought in the Midwest. On the Chicago
Board of Trade corn for December delivery (CBC:CZ2) fell 12 cents or 1.5% to
$7.66 a bushel. Front-month September contracts (CBC:CU2) lost 11 cents or 1.4%
to $7.71 a bushel. The Department of Agriculture lowered its output forecast for
corn to 10.7 billion bushels, off less than 1% from the August forecast, in its
crop-production report. According to the USDA, the results are down 13% from
2011 and would be the lowest production seen in the United States since 2006.
The projected yield per USDA data stands at 122.8 bushels per acre, down 0.6
bushel from the August forecast. The USDA said lower corn “yields and production
in the U.S. Corn Belt and Central Plains are partly offset by increases
elsewhere, particularly across the South, where an early harvest is boosting
Markets saw extensive reaction across the board on news that U.S. ambassador to
Libya, Christopher Stevens, was killed on Tuesday September 11 as rioters
angered by the release of a film they considered insulting to Islam, burned down
the U.S. consulate in Benghazi, Libya. Three other U.S. personnel were killed in
the attack as well. In Egypt, protesters had earlier scaled the walls of the
U.S. Embassy in Cairo and replaced the American flag with an Islamic banner. "I
condemn in the strongest terms the attack on our mission in Benghazi today,"
Secretary of State Hillary Rodham Clinton said in a statement. "The U.S.
deplores any intentional effort to denigrate the religious beliefs of others.
Our commitment to religious tolerance goes back to the very beginning of our
nation. But let me be clear: There is never any justification for violent
attacks of this kind." President Barack Obama said Wednesday that the attack on
the U.S. consulate in Benghazi, Libya would not "break the bonds between the
United States and Libya." In a brief statement in the Rose Garden, flanked by
Secretary of State Hillary Clinton, Obama said the U.S. would work with the
Libyan government to bring the attackers to justice. "Make no mistake, justice
will be done," President Obama said.
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Sept 12, 2012