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Jul 16, 2012

DealBook | DealB%k Afternoon Edition: Google's Marissa Mayer Tapped as Yahoo's Chief



Monday, July 16, 2012
TOP STORY
Google's Marissa Mayer Tapped as Yahoo's Chief Marissa Mayer, one of the top executives at Google, will be the next C.E.O. of Yahoo, making her one of the most prominent women in Silicon Valley and corporate America.
  • DEALBOOK »
  • DEALBOOK HIGHLIGHTS
    DreamWorks Said to Bid for Owner of 'Casper the Friendly Ghost' DreamWorks Animation is leading the bidding for Classic Media, the closely held owner of characters like Casper the Friendly Ghost and the Lone Ranger, according to a person briefed on the matter.
    Occupy Hong Kong's Fate Now in a Court's Hands The Occupy movement, whose members have been encamped outside HSBC's headquarters in Hong Kong for nine months, on Monday fended off a first legal bid by HSBC seeking to evict the protesters.
    Jerry del Missier, former chief operating officer of Barclays, arriving to give testimony to parliament on Monday.
    Former Senior Barclays Executive Faces Scrutiny in Parliament Jerry del Missier, a former senior Barclays executive, indicated that he had instructed bank employees to report lower Libor rates at the behest of regulators.
    TPG to Buy Par Pharmaceutical for $1.9 Billion TPG Capital has agreed to buy the generic drug maker Par Pharmaceutical in a $1.9 billion leveraged buyout, as merger activity in the health care industry continues to heat up.
    Regis Agrees to Sell Hair Club for $163.5 Million The Regis Corporation agreed to sell its Hair Club for Men and Women division to the Japanese wig maker Aderans for $163.5 million in cash.
    Barton M. Biggs, Market Prognosticator, Is Dead at 79 Mr. Biggs, a money management veteran whose decades of successful predictions at Morgan Stanley included calling the rise of bull markets and the dissolution of the dot-com era, died on Saturday. He was 79.
    Another View: Capital Can't Be the Only Line of Defense Opponents of the Wall Street Reform Act have discovered newfound enthusiasm for strong capital requirements in recent weeks, while attacking other crucial elements of reform, writes Neal S. Wolin, deputy secretary of the Treasury Department.
    Thermo Fisher to Buy Diagnostics Firm for $925 Million Thermo Fisher Scientific, the life sciences instrument maker, has agreed to buy transplant diagnostics company One Lambda for $925 million in cash.
    Citigroup's Profit Down 12%, but Beats Estimates The bank reported profit of $2.9 billion, or 95 cents a share, although its revenue fell to $18.6 billion. Profit beat analyst estimates.
    U.S. Consumer Watchdog to Oversee Credit Bureaus The Consumer Financial Protection Bureau will examine and make rules covering about 30 credit reporting companies, including the big three - Equifax, Experian and TransUnion.
    BUZZ TRACKER
    Labor Dept. Tightens Security for Market-Sensitive Data Fearing leaks to high-speed traders, the government is overhauling its "lockup room," where news media wait to hear the latest inflation numbers, jobless rates and other critical economic data, John H. Cushman Jr. reported for The New York Times.
    LOOKING AHEAD
    Economic Reports Data released on Tuesday will include the Consumer Price Index for June.
    Corporate Earnings Companies scheduled to report results on Tuesday include Coca-Cola, Goldman Sachs, Johnson & Johnson, Intel and Yahoo.
    In the United States A Senate Homeland Security and Governmental Affairs subcommittee will conduct a hearing on Tuesday on money laundering and terrorist financing, with a focus on HSBC. Ben S. Bernanke, the Federal Reserve chairman, will testify before the Senate Banking Committee. Gary Gensler, the chairman of the Commodity Futures Trading Commission, will testify before the Senate Agriculture Committee on the effect of the Dodd-Frank financial overhaul law.
     
    DealBook Video
    Business Day Live: Where the Artists Have Superpowers The International Monetary Fund cuts its global growth forecast. | At Image Comics, the artists have superpowers. | Microsoft and NBC complete their Web divorce.

Stocks and markets in the News | Wall Street at Close: Dow, S&P 500 end lower for 7th in 8 sessions, MarketWatch

By Kate Gibson

NEW YORK (MarketWatch) -- U.S. stocks declined Monday after retail sales fell in June for a third month, though stock indexes closed off their lows as the euro improved against the dollar. The Dow Jones Industrial Average DJIA -0.39% fell 49.88 points, or 0.4%, to 12,727.21. The S&P 500 inde SPX -0.23% declined 3.14 points, or 0.2%, to 1,353.64. The Nasdaq Composite COMP -0.40% lost 11.53 points, or 0.4%, to 2,896.94. "There is worry about the China demand story and then we have a game of chicken between Congress and the fiscal cliff, and then there's is [Federal Reserve Chairman] Ben Bernanke and monetary policy, knowing he can't do it all by himself," said Art Hogan, a managing director at Lazard Capital Markets.

NYT: Selected Afternoon Business News: Yahoo Hires Google's Mayer as CEO: Source




Selected Afternoon Business News

Yahoo Hires Google's Mayer as CEO: Source
In Key Category, 'Today' Narrowly Beats 'GMA'
Despite Deal With TPG, Speculation That Par Could Garner Higher Bids


BUSINESS
DealBook

Former Senior Barclays Executive Faces Scrutiny in Parliament

By MARK SCOTT
Jerry del Missier, a former senior Barclays executive, indicated that he had instructed bank employees to report lower Libor rates at the behest of regulators.

Labor Dept. Tightens Security for Market-Sensitive Data

By JOHN H. CUSHMAN Jr.
Fearing leaks to high-speed traders, the government is overhauling its "lockup room," where news media wait to hear the latest inflation numbers, jobless rates and other critical economic data.
DealBook

Citigroup's Profit Down 12%, but Beats Estimates

By NELSON D. SCHWARTZ
The bank reported profit of $2.9 billion, or 95 cents a share, although its revenue fell to $18.6 billion. Profit beat analyst estimates.

I.M.F. Clips Global Growth Forecast for 2013 to 3.9%

By ANNIE LOWREY
The fund left its 2012 outlook steady at 3.5 percent, though it warned that without greater action on the European debt crisis its forecasts might prove optimistic.
DealBook

U.S. Consumer Watchdog to Oversee Credit Bureaus

By VICKIE ELMER
The Consumer Financial Protection Bureau will examine and make rules covering about 30 credit reporting companies, including the big three - Equifax, Experian and TransUnion.

CBS NEWS | Political Hotsheet Top Stories: In pursuit of delegates, Ron Paul comes up short

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
Unable to win a majority of delegates in Nebraska, Paul's long-shot candidacy winds down
Read full story
In pursuit of delegates, Ron Paul comes up short

Obama sings President Obama on Monday sang "Happy Birthday" to a supporter during a campaign event at the Cincinnati Music Hall

Romney camp: No VP yet, despite reports Mitt Romney's campaign knocks down reports that the GOP candidate has chosen his running mate, but decision will nevertheless come soon

Sarah Palin still awaiting convention invite The 2008 vice presidential nominee is a polarizing figure but could rally skeptical conservatives at Republican National Convention

Report: Romney may name VP pick this week Mitt Romney could name his vice presidential pick as early as this week, the New York Times reports

BIV Today's Business News: Canadian, U.S. leaders gather for Pacific North-West economic summit



Mining and Energy

Charles Reid

BC Hydro acting CEO officially takes on role

BC Hydro's former head bean-counter is now officially the utility's CEO – a job he's held on an interim basis since former CEO Dave Cobb's hasty exit nearly a year ago.

Economy and Finance

 

Canadian, U.S. leaders gather for Pacific North-West economic summit

B.C. parliamentary secretaries John Les, Richard T. Lee and Rob Howard are in Saskatoon this week for the 22nd Annual Summit of the Pacific NorthWest Economic Region (PNWER), promoting the development of markets for B.C.’s clean energy and hoping to improve the flow of people, goods and services across the Canada-U.S. border.

Potential of U.S. recession number one concern among Canadian investors

Many Canadians are anxious about how the rest of the world’s financial challenges could affect their investment portfolios as they approach the second half of 2012, according to a study from BMO Harris Private Banking.

Technology

 

B.C. government announces new technology strategy

The B.C. government will adopt a preferential procurement policy aimed at supporting made-in-B.C. technology and provide $7 million to help high-tech companies access scientists at B.C. universities under a new technology strategy announced Friday.

Red Giant buys local film software company

Singular Software, a Vancouver company that specializes in audio-video synching software, has been bought by Red Giant, a U.S. firm that develops effects tools for film, television and web.

Real Estate and Development

 

Vancouver luxury home sales down, up across Canada: Sotheby's

Despite the continued momentum of top-tier home sales across Canada, Vancouver's luxury housing market faltered in the first half of 2012, according to a report released today by Sotheby's International Realty Canada

MarketWatch | Personal Finance Daily How 2012’s top money ideas have fared so far



By MarketWatch
Don’t miss these top stories:
From dividend strategies and small-cap stocks to gold and the presidential cycle, MarketWatch’s Jonathan Burton looks at how 10 key investment themes have done so far this year, along with ideas on how to play the rest of 2012.
Also on MarketWatch, Jeanette Pavini looks at mechanical-breakdown insurance and under what conditions you might need such coverage.
Anne Stanley , managing editor, Personal Finance

Do you need car-breakdown insurance?

Is mechanical-breakdown insurance — which pays you in the event your car breaks down — one of those policies you need, or should you skip it?
Read more: Do you need car breakdown insurance?

INVESTING

How 2012’s top money ideas have fared so far

As the year began, investors were encouraged to stick with 2011’s winners — chiefly defensive, dividend-paying U.S. stocks that offered safety and income. What goes around has come around again. Many of the economic and political concerns that plagued global markets in 2011 are even more acute.
Read more: How 2012’s top money ideas have fared so far.

Radical gold bugs vindicated?

Gold rebounds — and the radical bugs are on a roll.
Read more: Radical gold bugs vindicated?

10 fund favorites in technology

The technology sector is home to many of the most attention-grabbing stocks in the market. Here are the 10 most popular stocks in the tech sector among hedge funds.
Read more: 10 fund favorites in technology. 
 
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Money Show Investors Daily Alert: Has China Reached a Bottom?, Jim JubacK

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Jim Jubak on MoneyShow.com

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Money Show Traders Daily Alert | Gold levels Smart Traders are Watching

Traders Daily Alert


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Options Idea

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Stocks and Markets in the News | European Markets at Close: Europe stocks end higher after choppy session, MarketWatch

Europe

 

Europe stocks end higher after choppy session European stocks end a highly volatile trading session with moderate gains, as investors grappled with mixed economic signals from the U.S. and global growth worries, while drug makers push higher.

ADVFN III World Daily Markets Bulletin


ADVFN III World Daily Markets Bulletin
Daily world financial news



US Market Reports
Stocks Staging Recovery Attempt After Seeing Early Weakness
After moving notably lower in early trading, stocks have regained some ground over the course of morning trading on Monday. The major averages have climbed well off their lows for the session but currently remain in negative territory.
The early weakness on Wall Street was partly due to release the release of a report from the Commerce Department showing an unexpected drop in retail sales in the month of June. Sales fell for the third consecutive month, adding to recent concerns about the economic outlook.
Nonetheless, a relatively upbeat report on New York manufacturing activity helped to limit the downside for the markets along with a positive reaction to Citigroup's (C) quarterly results.
While many of the major sectors have bounced off their worst levels since then, significant weakness remains visible among networking stocks. The NYSE Arca Networking Index is down by 1.3 percent after hitting a three-year intraday low.
Trucking stocks also remain under pressure, with the Dow Jones Trucking Index down by 1.3 percent. Steel, defense, and chemical stocks also continue to see weakness, while strength has emerged among airline and biotech stocks.
The major averages have shown a notable move to the upside in the past few minutes, climbing back near the unchanged line. The Dow is down 28.16 points at 12,748.93, the Nasdaq is down 0.37 points at 2,908.10 and the S&P 500 is down 0.20 points at 1,356.58.

Canadian Market Report
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TSX Flat Amid Cautious Trade - Canadian Commentary
Canadian stocks were little changed Monday morning with traders awaiting cues from the Federal Reserve Chairman Ben Bernanke's testimony to Congress, this week. Meanwhile, the IMF today slashed its 2013 growth forecast for the global economy. In an update to its twice-yearly World Economic Outlook, the lender cut the world growth forecast for next year to 3.9 percent from 4.1 percent predicted in April. The outlook for this year was left unchanged at 3.5 percent.
The S&P/TSX Composite Index slipped 9.12 points or 0.08 percent to 11,505.41.
The Diversified Materials Index was the major loser, shedding close to 2 percent. Ivanhoe Mines lost nearly 5 percent First Quantum Minerals and Teck Resources slipped around 1 percent each.
The price of Crude oil edged up Monday morning as traders await cues from the Federal Reserve Chairman Ben Bernanke's testimony to Congress, this week. Crude for August was up $0.15 to $87.25 a barrel.
In the oil patch, Petrominerales and Celtic Exploration were down around 3 percent each.
Meanwhile, MEG Energy soared 6 percent after announcing expansion plans. Niko Resources moved up 4 percent.
The price of gold was ticking lower Monday morning amid a steady U.S. dollar. gold for August eased $1.50 to $1,590.50 an ounce.
Among gold plays, Royal gold and Agnico-Eagle Mines lost about 2 percent each. Centerra gold surrendered nearly 4 percent.
BlackBerry maker Research In Motion lost just over 2 percent after it said it would pay $147.2 million in a litigation against Mformation Technologies Inc.
The Canadian government on Sunday approved Swiss commodities trader Glencore International plc's C$6.1 billion acquisition of the nation's biggest grain handler Viterra Inc. (VT.TO). Shares of Viterra eased 0.25 percent.
Meanwhile, real estate company Madison Pacific Properties Inc. (MPC.TO) soared 18 percent.
In economic news, Statistics Canada said non-residents acquired a record $26.1 billion of Canadian securities in May, mainly in the form of government debt securities. Canadian investors made a modest $1.3 billion purchase of foreign securities in the month, following a divestment in April.
From south of the border, U.S. retail sales posted an unexpected and severe drop for June, according to the Commerce Department. Advance estimates for U.S. retail sales for June came in at a seasonally adjusted level of $401.5 billion, a 0.5 percent drop from May levels. Most economists had expected retail sales, which fell 0.2 percent in May, to rebound in June rather than continuing to contract, with the consensus forecast predicting 0.2 percent growth.
Elsewhere, euro zone inflation was 2.4 percent in June, unchanged from the previous month, the latest report from Eurostat showed. The figure matched the preliminary estimate. The rate was the lowest since February 2011. On a monthly basis, the harmonized index of consumer prices fell 0.1 percent.
A separate report from the Eurostat revealed that trade surplus in the region rose more than expected by economists in May. The trade balance was in a surplus of EUR 6.9 billion in May, higher than EUR 3.7 billion in April. Economists expected the surplus to rise to EUR 4 billion.

European Market Report
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European Markets Mostly Lower
The European markets are mostly lower in afternoon trading Monday, after comments made by China's Premier Wen Jiabao over the weekend evoked global reaction. Carmakers were apprehensive on China growth fears. The major Asian markets ended mostly higher as investors averred that Jiabao's remarks might be followed by stimulus measures.
Jiabao warned that the country's economic recovery is yet to gain momentum and the economic strains may continue for some more time, the official Xinhua news agency reported Sunday. Economic recovery is not yet stable and economic hardships may continue for a period of time, he said during an inspection tour in southwest Sichuan province over the weekend.
The euro Stoxx 50 index of eurozone bluechip stocks is falling 0.32 percent, while the Stoxx Europe 50 index, which includes some major U.K. companies, is gaining 0.06 percent.
The German DAX is down 0.04 percent, the UK's FTSE 100 is losing 0.07 percent the French CAC 40 is falling 0.26 percent. However, Switzerland's SMI is gaining 0.20 percent.
In Frankfurt, Adidas is declining 1.5 percent. Commerzbank is losing 1 percent and Deutsche Bank is down 0.6 percent.
BMW, Volkswagen and Daimler are in negative territory.
SolarWorld is declining 7.8 percent. The stock was cut to "Sell" from "Hold" at Commerzbank.
Infineon Technologies is advancing 3.1 percent and Lufthansa is rising 1.3 percent.
Metro is gaining 2 percent after UBS raised the stock to "Neutral" from "Sell."
Basf is marginally higher. Nomura raised the stock to "Buy" from "Neutral."
In Paris, BNP Paribas and Credit Agricole are moderately lower while Societe Generale is flat.
Carrefour is up 0.3 percent. Berenberg raised the stock to "Buy" from "Sell."
In London, Smiths Group announced the disposal of its minority stake in Cross Match Technologies Inc. for up to $77 million. The stock is up around 2 percent.
G4S is declining 9 percent after the security firm regretted its inability to deliver the promised security staff for the London Olympics. The company would record up to 50 million pounds charge in the current year, related to this contract.
Software firm Sage Group said its trading performance since April 1 remains broadly in-line with its expectations, despite a "toughening" economic environment. The firm remains cautious on the outlook for Europe. The stock is losing over 3 percent.
Rio Tinto and Anglo American are falling over 1 percent in response to growth fears in China.
Barclays is losing 2.9 percent amid more scrutiny into the Libor manipulation scandal.
National Grid is declining 2.3 percent. Noting that Ofgem has published high level details of its initial proposals, the firm said there are several vital areas where Ofgem's proposals differ substantially from National Grid's comprehensive business plan submissions for transmission and gas distribution.
In Stockholm, apparel retailer Hennes & Mauritz is falling over 1 percent after it said total sales in June, including value added tax, increased 13 percent in local currencies, with a 3 percent rise in comparable units sales.
Shares of Skandinaviska Enskilda Banken AB or SEB are surging over 7 percent after the bank reported higher profit before credit losses in its second quarter.
PostNL is losing 4.7 percent in Amsterdam while Delta Lloyd is climbing 1.7 percent.
Clariant is gaining 1.7 percent in Zurich. Nomura upgraded the stock.
In economic news, inflation in Eurozone was 2.4 percent in June, unchanged from the previous month, the latest report from Eurostat showed. The figure matched the preliminary estimate.
Meanwhile, Eurozone's trade surplus rose more than expected by economists in May. The trade balance was in a surplus of 6.9 billion euros in May, higher than 3.7 billion euros in April. Economists expected the surplus to rise to 4 billion euros.
Across Asia/Pacific, major markets ended mostly higher. Australia's All Ordinaries gained 0.60 percent and Hong Kong's Hang Seng rose 0.15 percent. However, China's Shanghai Composite index bucked the uptrend and retreated 1.7 percent after Jiabao's comments.
In the U.S., futures point to a lower open on Wall Street. In the previous session, the major averages saw continued strength going into the close, ending the day firmly in positive territory. The Dow jumped 1.6 percent, the Nasdaq surged up 1.5 percent and the S&P 500 soared 1.7 percent.
In the commodity space, Crude for August delivery is falling $0.36 to $86.74 per barrel and August gold is losing $8.1 to $1583.9 a troy ounce.

Asia Market Reports
Asian Stocks Mixed Amid China Concerns
Asian stocks turned in a mixed performance on Monday, as positive sentiment following strong earnings from JPMorgan Chase & Co and Wells Fargo & Co tempered concerns about an impending Chinese economic slowdown. With several U.S. companies reporting results this week and Spain's bond auctions due on Tuesday and Thursday, investors await fresh directional cues from Fed Chairman Ben Bernanke's congressional testimony on July 17 and 18.
A slew of key U.S. corporate second-quarter earnings announcements are due this week, with Citigroup reporting results before the open of Wall Street later today, while Coca-Cola, Goldman Sachs Group, Intel, Johnson & Johnson and Yahoo Inc. are scheduled to announce their quarterly results tomorrow.
Commodities such as copper and Crude edged lower and the euro eased against the dollar after German Chancellor Angela Merkel said the question of liability for future aid to troubled banks in Europe has not yet been decided.
China's Shanghai Composite index tumbled 1.7 percent to end at a more than three-year low on growth concerns after Chinese Premier Wen Jiabao warned that the country's economic rebound was not yet stable and economic hardship may persist for a while.
However, spurring speculation of more stimulus measures, Wen said that the government would "fine tune" policy in the second half to support growth, according to the official Xinhua News Agency. Hong Kong's Hang Seng index rose a modest 0.2 percent, with mainland oil stocks pacing the gainers.
Australian shares rose notably despite caution ahead of Bernanke's semi-annual testimony before the U.S. lawmakers on the state of the economy on Tuesday and Wednesday. Paring some early gains, both the benchmark S&P/ASX 200 and the broader All Ordinaries index ended the session up about 0.6 percent each.
Miners BHP Billiton and Rio Tinto ended up 1 percent and 0.8 percent, respectively, while smaller rival Fortescue climbed 2.4 percent and gold miner Newcrest added 1.7 percent. Among the big banks, ANZ, Commonwealth and Westpac rose about half a percent each, but NAB eased 0.4 percent.
The Australian dollar held on to its gains made on Friday as investors looked ahead to the release of the minutes of the Reserve Bank of Australia's June 3 board meeting due out tomorrow for clues on whether the central bank will cut its cash rate next month.
Seoul shares rose modestly, with the benchmark Kospi average rising 0.3 percent, as investors looked for direction from U.S. and domestic corporate earnings. Battered petrochemical shares such as LG Chem and SK Chemicals rose 2-4 percent, while heavyweights Samsung Electronics and Hyundai Motor rose about a percent each, extending Friday's gains.
Shipbuilder Hyundai Heavy Industries tumbled 2.9 percent, extending its losing streak for a seventh consecutive session on concerns that its second-quarter operating profit may miss estimates.
New Zealand shares extended declines from a two-month high, as investors fretted about a weak earnings season. Telecom, the biggest company on the exchange, tumbled 3.1 percent, Chorus, Telecom's demerged infrastructure arm, retreated 3.7 percent and Fletcher Building, the nation's largest construction company, lost 1.7 percent.
Among the prominent gainers, insurer Tower and carpet maker Cavalier rose about 3 percent each. gold miner OceanaGold added 1.3 percent after providing a progress report on its Didipio gold and copper project in the Philippines. The benchmark NZX-50 index slid 0.8 percent.
Elsewhere, the Japanese market was closed for a public holiday. India's benchmark Sensex was last trading down 0.2 percent in volatile trading after government data showed the nation's headline inflation slowed to its lowest level in five months in June. However, at 7.25 percent, the inflation is still way above the Reserve Bank of India's 6 percent target.
Indonesia's Jakarta Composite index was up 0.7 percent and Malaysia's KLSE Composite rose 0.6 percent, while Singapore's Straits Times was down marginally and the Taiwan Weighted average eased 0.2 percent.
On Wall Street, stocks rose sharply on Friday, with economic data from China as well as JPMorgan's strong quarterly results underpinning sentiment. Traders largely shrugged off a report from Thomson Reuters and the University of Michigan that showed an unexpected decline in consumer sentiment to the lowest level this year in July. The Dow rallied 1.6 percent, the tech-heavy Nasdaq gained 1.5 percent and the S&P 500 added 1.7 percent.


Commodities
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Eurozone Trade Surplus Surges On Higher Shipments, Weak Imports
Eurozone trade surplus surged notably in May on rising exports and weak imports to exceed expectations, a report from Eurostat showed Monday.
Due to an increase in exports and the continuing fall in imports, the trade surplus grew to EUR 6.9 billion from EUR 3.7 billion in April. Economists had expected the surplus to rise to EUR 4 billion.
A year ago, the balance of trade in goods was in a deficit of EUR 1.2 billion. In seasonally adjusted terms, the trade surplus was EUR 6.3 billion, bigger than April's EUR 4.5 billion surplus and consensus forecast of EUR 5 billion.
IHS Global Insight's economist Howard Archer said the trade surplus masks generally worrying trends. The improved surplus primarily occurred due to a fall in imports and the slight growth in exports does little to dilute concern that weakened global growth is hitting foreign demand for Eurozone goods.
On a seasonally adjusted monthly basis, Eurozone exports rose 0.3 percent, reversing April's 1.4 percent drop. Meanwhile, the downward trend in imports continues in May, which was down 0.9 percent.
Non-seasonally adjusted data showed that annual export growth remained steady at 6 percent, while imports remained flat in May.
The extra-EU27 trade in goods balance was a EUR 3.8 billion deficit, compared with EUR 14.5 billion shortfall in May.
In a separate communique, the statistical office confirmed 2.4 percent inflation in June, which was the lowest since February 2011.

U.S. Department of Commerce | Advance Monthly Sales for retail and foos services June 2012: Adjusted for seasonal variation and holidad and trading-day-differences, but not for price differeces down of 0.5% (+/- 0.5%)..





U.S. Department of Commerce
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal


variation and holiday and trading-day differences, but not for price changes, were $401.5 billion, a decrease of 0.5 percent (±0.5%)*


from the previous month, but 3.8 percent (±0.7%) above June 2011. Total sales for the April through June 2012 period were up 4.7


percent (±0.5%) from the same period a year ago. The April to May 2012 percent change was unrevised from -0.2 percent (±0.2%)*.


Retail trade sales were down 0.5 percent (±0.5%)* from May 2012, but 3.5 percent (±0.7%) above last year. Nonstore retailers sales


were up 10.9 percent (±3.1%) from June 2011 and furniture and home furnishings stores were up 7.8 percent (±2.8%) from last year.


The advance estimates are based on a subsample of the Census Bureau’s full retail and food services sample. A stratified random


sampling method is used to select approximately 5,000 retail and food services firms whose sales are then weighted and benchmarked


to represent the complete universe of over three million retail and food services firms. Responding firms account for approximately 65%


of the MARTS dollar volume estimate. For an explanation of the measures of sampling variability included in this report, please see the


Reliability of Estimates section on the last page of this publication.


For full Information please click here:

www.census.gov/.../marts_current.pdf

 


The Washington Post | Selected Articles: get both or neither.




What’s so special about equality of opportunity?

Larry Summers has an op-ed in the Washington Post this morning arguing that our economic policy should be centered around maximizing equality of opportunity, rather than equality of outcomes. This is a common sentiment across the political spectrum. Rep. Paul Ryan, for one, has repeatedly defended his budget as promoting equality of opportunity.

Which is funny, because the distinction between equality of opportunity (usually phrased in terms of upward income mobility) and equality of outcomes (the raw distribution of income or wealth in an economy) is not as big as it sometimes appears. More specifically, countries with high inequality of outcomes (as measured by the Gini index of economic inequality) tend to have low social mobility (as measured by the association between parents’ and childrens’ incomes) as well. This was the point of chief Whited House economist Alan Krueger’s famed (or at least famed among wonks) “Great Gatsby” curve, which plotted various countries’ Gini indices against social mobility. At the time of Krueger’s speech, economist Miles Corak – whose work Krueger cited – put together this more comprehensive chart:

Now, obviously this correlation isn’t perfect, and the countries below the regression line have figured out how to have more social mobility than their Gini coefficient would suggest. What’s more, Krueger’s numbers have encountered some criticism (which, in my humble opinion, is unfounded). But the fact remains that every country with substantially more mobility than the U.S. is more equal in terms of outcomes as well. The distinction between equality of outcomes and opportunity has some theoretical appeal, but in practice, you get both or neither..