Finfacts Ireland Business & Finance Portal

US loses 54,000 jobs in August; The broad measure of unemployment rose to 16.7%
US nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6%, the US Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000). The broad measure of unemployment rose to 16.7%.

Markets News Friday: Fyffes reports fall in profits for the first six months of the year
Markets news on stocks, currencies and commodities; Fyffes reports fall in profits for the first six months of the year.

Eurozone service sector recovery led by France and Germany in August; Activity rose in Italy and Ireland but Spain fell back into contraction
Eurozone Service Sector: At 55.9 in August, up slightly from 55.8 in July, the Final Markit Eurozone Services Business Activity Index rose to a three-month high and was above the earlier flash estimate of 55.6. Business activity has now increased throughout the past year.

Friday Newspaper Review - Irish Business News and International Stories - - September 03, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Irish Services: Activity increased at weaker pace in August but new business growth accelerated
Irish Services: The seasonally adjusted Business Activity Index - - which is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago - - dropped to 52.9 in August, from 55.7. The reading signalled a fifth consecutive rise in business activity at Irish service providers, although the rate of expansion eased to the weakest since May. Where higher activity was recorded, respondents mentioned higher new orders from both domestic and external markets.

Irish pension funds fall back slightly in August
Irish pension managed funds fell back slightly in August, with an average return of -0.8% for the month, although some managers did stay in positive territory.

China’s markets excessively regulated; Less open to competition than other major economies says European Chamber of Commerce
The European Chamber of Commerce in China says in its annual report that European companies wish to have equal access to China’s markets but despite China’s 30 years of reform, it still remains excessively regulated and less open to competition compared to other major economies.

Irish Exchequer deficit at end-August 2010 was €12.1bn
The Irish Exchequer deficit at end-August 2010 was €12.1bn, according to the Department of Finance this afternoon. The Department said this compares to an Exchequer deficit of €18.7bn in the period to end-August 2009 and in overall terms, is generally in line with expectations and the Budget Day targets for 2010 remain valid. Tax revenues are just under €1.9bn or 9% below the corresponding period in 2009. Net voted expenditure is just under €1.8bn or 6% lower.

Trichet announces extension of emergency lending measures for banks into 2011; Upward revision in economic forecasts for 2010 and 2011
European Central Bank President Jean-Claude Trichet today announced the extension of emergency lending measures for banks into 2011. He also announced an upward revision in economic forecasts for 2010 and 2011.

Contracts for US second-hand houses unexpectedly rose in July; US retailers in August report rise in sales and discounts; New weekly jobless benefit claims dip by 6,000
The number of contracts to purchase US second-hand house unexpectedly rose in July, signalling the market may be starting to stabilize after a plunge in the aftermath of the expiration of a homebuyer tax credit last April. US retailers in August reported a back-to-school bounce but at the expense of big discounts and new weekly jobless benefit claims fell 6,000 last week.

European Central Bank keeps its benchmark interest rate on hold at 1.0%
The European Central Bank (ECB) as expected kept its benchmark interest rate on hold at 1.0%, at a meeting of the governing council in Frankfurt, today. The ECB president, Jean-Claude Trichet, will address a press conference and he is expected confirm the continuation of emergency funding for Eurozone banks into 2011.

Eurozone GDP in Q2 2010 confirmed at 1% - - outpacing US and Japan; Q1 growth revised up
GDP (gross domestic product) increased by 1.0% in both the Eurozone (EA16) and the EU27 during the second quarter of 2010, compared with the previous quarter, according to the latest estimates released by Eurostat, the statistics office of the European Union. In the first quarter of 2010, growth rates were +0.3% in both zones.  First quarter growth was revised up. Growth outpaced US and Japan.

Markets News Thursday: ECB expected to keep emergency bank support measures in place into 2011; Total Produce reports 5.5% rise in H1 2010 pre-tax profits
Markets news on stocks, currencies and commodities;  ECB expected to keep emergency bank support measures in place into 2011; Total Produce reports 5.5% rise in H1 2010 pre-tax profits.

Thursday Newspaper Review - Irish Business News and International Stories - - September 02, 2010
Principal news stories from the Irish Independent, Irish Times, Irish Examiner, Financial Times and New York Times.

Irish pension funds face a return to funding difficulties; Greece and Ireland posted double-digit market declines in August
Irish pension funds face a return to funding difficulties according to Hewitt Associates, the global pensions consultants, on Wednesday. Meanwhile, in New York, Standard & Poor's reported that in August, twenty-three of the 25 developed markets declined in August, with both Greece and Ireland posting double-digit declines.

Irish electricity price rise of 4.9% confirmed; Disconnections in 2010 surge to 10,678
The Commission for Energy Regulation (CER) on Wednesday confirmed a 4.9% hike in electricity prices as disconnections in 2010 surged to 10,678 customers.

Debt Default in Advanced Economies: IMF paper says default is unnecessary, undesirable, and unlikely
The IMF (International Monetary Fund) on Wednesday published three staff papers on the issue of public debt and the conclusion of a paper on default in advanced countries is that it is unnecessary, undesirable, and unlikely.

Global Manufacturing activity eased to 9-month low in August as sector recovery slowed further
Global manufacturing PMI (Purchasing Managers' Index) data signalled that the recovery in production extended into its fifteenth consecutive month in August. However, there were further signs that the upturn in the sector was losing momentum, reflecting slower growth of new orders and a waning boost from inventory rebuilding.

US manufacturing gathered strength and expanded for the 13th straight month in August; Private sector employment fell 10,000; Construction spending dipped to 10-year low
The US manufacturing sector gathered strength and expanded for the 13th straight month in August, according to an industry report released Wednesday.  Meanwhile, private sector employment decreased by 10,000 from July to August on a seasonally adjusted basis and construction spending fell in July to the lowest level in 10 years.

Irish retail sales volume index fell by 0.2% in month of July; Motor trade only main category with year-on-year value increases
The volume of Irish retail sales (i.e. excluding price effects) decreased by 0.1% in July 2010 when compared with July 2009 and there was a monthly decrease of 0.2%. The motor trade was the only main category which showed year-on-year value increases.