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Wednesday's Business News

Economic Growth

The country's services sector grew in November for the 56th consecutive month. Services account for 80% of economic activity. Services growth in November was less than October's strong growth rate, but well above the expansion/contraction line. The country's manufacturing sector also grew in November.

Worker Productivity

Revised figures show American workers even were more productive in Q3 than originally reported. The labor force in Q3 posted a 6.3% gain in productivity, following a 2.2% productivity gain the prior quarter. Q2 was not bad, but Q3's showing was stellar. Unit labor costs dropped both in Q2 and Q3.

This all is very good news.

Higher productivity and lower unit labor costs portend less inflation. As such, for obvious reasons, these facts will not make the cut on tonight's network evening news broadcasts.

Misc. Business News

-- AMT Machinations in Congress

Read that entire article.

-- U.S.-Peru Free Trade Statute

That bill is headed to the Prez's desk and soon will be signed into law.

-- BP and Husky Energy Invest $5.5B in Canadian Oil Sands, Ohio Refinery

Mimicking last year's $10.7 billion deal between American refiner ConocoPhillips and Canada's biggest oil and gas producer, EnCana Corp., BP and Husky Energy will exchange stakes in Husky's Sunrise oil sands venture in Alberta and BP's Toledo, Ohio, refinery through a pair of joint ventures.

There's more:

Canada is the biggest crude oil exporter to the United States, accounting for nearly a fifth of its southern neighbor's imports, and there's a deepening of already strong ties between the two countries. ConocoPhillips and EnCana kicked off the trend in October 2006, while Marathon Oil Corp. recently closed its takeover of Western Oil Sands Inc., a minority partner in the vast Athabasca, Alberta, oil sands project led by Royal Dutch Shell.

Ah, yes, Canada.

The oil. The natural gas. The women. The ice hockey. The timber. The epic rock bands Rush and Triumph.

What more could you want from a potential military conquest, er, I mean, from a key economic trading partner?


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Comments (8)

"As such, for obvious reaso... (Below threshold)
P. Bunyan:

"As such, for obvious reasons, these facts will not make the cut on tonight's network evening news broadcasts."

I always enjoy reading your posts Jayson and I noticed 2 things that seem common to them. One is that they receive few comments and the other is that you usually write something similar to the quote above. And I can't argue with those statements?

I was just wonerding if there ever was an occasion when one of the neo-coms who often comment on this blog have ever posted a rebuttal to your comments about the biased news reporting? And I don't mean some stupid factless denial full of typical leftist falacies; I mean one with actual evidence proving your prediction or statment about the press wrong.

Anyone? JFO? Barney? Hooson? Mantis? Nogo? Bueler? Bueler? Bueler?

P. Bunyan-Well- us... (Below threshold)
Rory:

P. Bunyan-

Well- usually Jayson's posts have empirical evidence and statistics, something that sends Liberals screaming away because they can't handle it.

They'd rather believe the John F. Kerry mantra-

It's Hooverville.

Liberals are terminally negative.

Stunned ..shocked...and ..s... (Below threshold)
nogo war:

Stunned ..shocked...and ..surprised...

Maybe ya all do not remember the the S&L bailout.
Maybe you have forgotten the Clinton dot com BS..

The same approved greed is taking place now.
A simple question...
Can you find who holds YOUR mortgage?

Look back at Dow or Nas in 2003...
If the Bush years have been so great...

But hey...
Let Republican candidates in 2008 run on the
economy ...

Gotta love the hand waving ... (Below threshold)
Farmer Joe:

Gotta love the hand waving and misdirection there.

Well, ok nogo....<... (Below threshold)

Well, ok nogo....

Can you find who holds YOUR mortgage? ...probably the same sort of institutions that held it in 2003 or 1993. Mortgage securitizations and resales have been very common since 1982...that's when they were invented. The reason there is no S&L debacle today is because of distributed risk....brought to you by the above mentioned asset backed securities market.


Look back at Dow or Nas in 2003...
If the Bush years have been so great...

Looks pretty good to me.In fact, I wish I had bought more then:

http://moneycentral.msn.com/investor/charts/chartdl.aspx?C6=2007&PeriodType=8&D3=0&CP=0&PT=8&CE=0&&ShowChtBt=Refresh+Chart&DateRangeForm=1&Symbol=%24INDU&C8=2007&C5=12&C7=12&ComparisonsForm=1&D5=0&D4=1&ViewType=0&C9=2&DisplayForm=1

Hooverville! Actually, I ca... (Below threshold)

Hooverville! Actually, I can't take credit for it. Jayson himself used to use it as a headline for posts like this back when he was a coblogger at some other nondescript site. Right, Jayson?

Actually, nogo, profits are... (Below threshold)

Actually, nogo, profits are looking pretty good, and business inflation is practically undetectable right now. Productivity is growing fast, and the November employment numbers will be the stuff of headlines (or would if a Democrat were in the White House).

The subprime mortgages in default represent less than 0.5% of all mortgages. The current efforts by the President and Congress to "help" are likely to make matters somewhat worse. For instance, when those in default will get favorable refinancing, many of those who aren't in default might be tempted. The idea of a "freeze" on interest rate hikes on adjustable-rate mortgages amounts to a raid on the treasuries of the mortgage holders (if rates go up during that time - will the "freeze" apply equally if rates go down? I bet not!).

Nonetheless, it's a problem which will sort itself out. The deficit is shrinking - without tax increases! The widely feared-to-be-coming "recession" isn't appearing. Growth marches on - and this in spite of "mortgage crises," the costs of the Iraq and Afghanistan wars, the costs of increased security, and the artificially high price of energy and other commodities.

So much for the good news: ... (Below threshold)
John S:

So much for the good news: More service (Walmart & McDonalds) jobs and higher productivity. Productivity is a nice word for less pay for more hours of work. And the bad news this week?




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