Oil Prices Falling|
Ahead of the upcoming holiday travel season into the end of December, on the
New York Mercantile Exchange, oil for January delivery fell 62 cents or 0.7%, to
settle at $87.88 a barrel with upcoming travelers yelling 'fall baby fall' in
hopes of lower prices at the pump. For the week ended November 30 the U.S.
Energy Information Administration reported a bigger-than-expected fall in crude
supplies but also reported a hefty climb in gasoline inventories.
Reports from Citigroup Inc. (C) on Wednesday indicate the financial institution
will cut another 11,000 jobs around the world. Additionally, Citi reportedly
will take $1.1 billion of pre-tax charges in its latest attempt to cut expenses.
By 2014, Citi said it expects to cut $1.1 billion of annual expenses, while
reducing revenue by less than $300 million a year. Citigroup said 25% of the
charges are expected in the Securities & Banking unit, with another 10% in
Transaction Services or 1,900 jobs will be cut. The company also said nearly 35%
of charges and 6,200 job cuts, will come from its Global Consumer Banking
business while remaining job cuts are spread across the firm.
More top officials from the Securities and Exchange Commission have announced
plans on Wednesday, to leave the agency. According to the SEC, Robert Cook, the
director of division of trading and markets of the SEC as well as General
Counsel Mark Cahn plan to leave the agency. The announcement comes just one day
after SEC Division of Corporate Finance chief Meredith Cross said she is leaving
the agency at the end of the year to return to the private sector.
The U.S. Commerce Department reported Wednesday that during October, factory
orders rose 0.8% for a much stronger than expected. Durable goods during October
were revised higher to a 0.5% gain from prior estimate that orders were flat.
Other news from Commerce for October include: new orders for nondurable goods
increased 1.1%; orders for nondefense capital goods increased 1.8% and shipments
and inventories both gained 0.4%.
According to the Institute for Supply Management on Wednesday, the U.S. services
sector grew at a slightly faster pace in November, from October. The survey of
purchasing managers from the ISM said the executives who buy supplies for their
companies rose to 54.7% during November from 54.2% in October. Of the 18
industries tracked by the ISM, eleven reported growth during November. The ISM's
new-orders index rose 3.3 points to 58.1%; production rose by 5.8 points to
61.2% and the employment gauge fell 4.6 points to 50.3%.
The U.S. Labor Department reported that the increase in U.S. productivity during
Q3 was revised up to 2.9% from initial reading of 1.9% as a result of companies
generating more goods and services than originally estimated. During the July to
September period, output reportedly rose 4.2%, up from prior estimate of 3.2%.
Hours worked last quarter remained unchanged at an increase of 1.3%. Unit-labor
costs fell by a much larger amount than originally reported by a drop of 1.9%
versus initially reported 0.1% decline. For Q2, unit-labor costs were revised
lower to a 0.5% decline instead of a 1.7% advance previously reported. For Q3,
hourly wages rose 0.9% instead of 1.8%. Wages fell 1.4% versus initial reading
of a 0.4% decrease when adjusted for inflation, for the largest drop since Q4
2011. Decline in manufacturing productivity was revised down to 0.7% from 0.4%.
Productivity remained unchanged at a 1.9% increase for Q2.
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