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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (8607)	7/2/2004 8:20:43 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

China needs to relax money tightening to avoid hard landing - report Friday, July 2, 2004 1:13:52 AM SHANGHAI (AFX-ASIA) - China's central government needs to relax measures to cool the overheating economy if a hard landing is to be avoided, the Financial Times quoted a senior government researcher as saying. Xia Bin, head of the Development Research Center under the State Council, China's cabinet, was quoted as saying that administrative action was necessary to stop overheating in some sectors, but warned that the central bank's 17 pct loan growth target was too small for China's investment-hungry economy. "I think that this kind of tight money supply is somewhat too fierce to maintain, so I am stressing that we must not have a hard landing," he said Economic data have shown a marked slowdown since the end of April when the government implemented stricter measures to control the economy. Fixed asset investment growth fell to 18.3 pct in May from 34.7 pct in April and 43.5 pct in March. Xia warned that government-imposed controls on lending have threatened viable investment projects which ran the risk of collapse, creating more bad loans for the already indebted banking sector "There may be a rapid rise in non-performing loans," Xia said. "Some projects have been too tightly restricted and the loans on these projects may not be repaid "I have heard that many private enterprises complain that they can't get loans, and that not only do the banks not lend, but they call in loans they have already made."

To: Elroy Jetson who wrote (8607)	7/2/2004 8:38:30 AM
From: mishedlo	Read Replies (1) \| Respond to of 116555

U.S. job growth slows to 112,000 in June By Rex Nutting WASHINGTON (CBS.MW) - Job growth in the United States slowed in June after three months of robust hiring, the Labor Department estimated Friday. Nonfarm payrolls rose by 112,000 in June, less than half the 244,000 expected by Wall Street economists surveyed by CBS MarketWatch. Employment fell by 11,000 in the manufacturing sector after four months of growth. The unemployment rate remained at 5.6 percent as expected. Average hourly wages rose by 2 cents to $15.65, a 0.1 percent increase, less than the 0.3 percent expected. Payroll growth in April and May was revised lower by a cumulative 37,000. The average workweek fell by two tenths of an hour to 33.6 hours. Total hours worked in the economy dropped 0.6 percent.

To: Elroy Jetson who wrote (8607)	7/2/2004 9:04:56 AM
From: mishedlo	Respond to of 116555

Employment report bls.gov Nonfarm payroll employment continued to rise in June, and the unemployment rate remained at 5.6 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Payroll employment increased by 112,000 in June, following larger gains in the prior 3 months. Unemployment (Household Survey Data) The number of unemployed persons, 8.2 million, was essentially unchanged in June, and the unemployment rate held steady at 5.6 percent. The unemployment rate has been 5.6 percent in all but one month this year. The unemployment rates for the major worker groups—adult men (5.0 percent), adult women (5.0 percent), teenagers (16.8 percent), whites (5.0 percent), blacks (10.1 percent), and Hispanics or Latinos (6.7 percent)—showed little or no change over the month. In June, the unemployment rate for Asians was 5.0 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.) Total Employment and the Labor Force (Household Survey Data) Total employment was 139.0 million in June, and the employment-population ratio—the proportion of the population age 16 and over with jobs—was about unchanged at 62.3 percent. The civilian labor force participation rate also was little changed at 66.0 percent. (See table A-1.)