By JEANNINE AVERSA
ASSOCIATED PRESS
WASHINGTON — Industrial production logged a stronger-than-expected gain in April, more evidence that manufacturing is playing a lead role in powering the economic recovery.
The 0.8 percent increase in output at the nation's factories, mines and utilities reported by the Federal Reserve on Friday marked an improvement from the 0.2 percent rise registered in March. It was the best showing since a 1.2 percent jump in January. The performance of the industrial sector in April was even stronger than the 0.6 percent gain that economists were predicting.
Factories — the single biggest slice of industrial activity — ratcheted up production by a brisk 1 percent for the second straight month, the Fed reported.
Friday, May 14, 2010
Penney's 1Q profit more than doubles; outlook muted
By ANNE D'INNOCENZIO
ASSOCIATED PRESS
NEW YORK — J.C. Penney Co. reported that its first-quarter net income more than doubled as the department store operator benefited from sales improvements across most types of merchandise and tighter inventory.
The retailer raised its full-year guidance on Friday, but even the higher forecast and the second-quarter outlook was muted as its consumers remain “concerned about their budgets.”
The chain on Friday posted net income of $60 million, or 25 cents per share, for the quarter ended May 1. That compares with $25 million, or 11 cents per share, in the year-ago period.
Total revenue rose 1.2 percent to $3.93 billion. Revenue at stores opened at least a year rose 1.3 percent. The measure is considered a key indicator of a retailer's health.
ASSOCIATED PRESS
NEW YORK — J.C. Penney Co. reported that its first-quarter net income more than doubled as the department store operator benefited from sales improvements across most types of merchandise and tighter inventory.
The retailer raised its full-year guidance on Friday, but even the higher forecast and the second-quarter outlook was muted as its consumers remain “concerned about their budgets.”
The chain on Friday posted net income of $60 million, or 25 cents per share, for the quarter ended May 1. That compares with $25 million, or 11 cents per share, in the year-ago period.
Total revenue rose 1.2 percent to $3.93 billion. Revenue at stores opened at least a year rose 1.3 percent. The measure is considered a key indicator of a retailer's health.
BP tries tube to siphon spewing Gulf oil to tanker ...
By ALLEN G. BREED and CURT ANDERSON
ASSOCIATED PRESS
Undersea robots tried to thread a small tube into the jagged pipe that is pouring oil into the Gulf of Mexico early Friday in BP's latest attempt to cut down on the spill from a blown-out well that has pumped out more than 4 million gallons of crude.
The company was trying to move the 6-inch tube into the leaking 21-inch pipe, known as the riser. The smaller tube will be surrounded by a stopper to keep oil from leaking into the sea. BP said it hopes to know by Friday evening if the tube works and can siphon the oil to a tanker at the surface.
Since an April 20 drilling rig explosion set off the catastrophic spill, BP PLC has tried several ideas to plug the leak that is spewing at least 210,000 gallons of oil into the Gulf a day. The size of the undulating spill was about 3,650 square miles, or the size of Delaware and Rhode Island combined, said Hans Graber, director of the University of Miami's Center for Southeastern Tropical Advanced Remote Sensing.
ASSOCIATED PRESS
Undersea robots tried to thread a small tube into the jagged pipe that is pouring oil into the Gulf of Mexico early Friday in BP's latest attempt to cut down on the spill from a blown-out well that has pumped out more than 4 million gallons of crude.
The company was trying to move the 6-inch tube into the leaking 21-inch pipe, known as the riser. The smaller tube will be surrounded by a stopper to keep oil from leaking into the sea. BP said it hopes to know by Friday evening if the tube works and can siphon the oil to a tanker at the surface.
Since an April 20 drilling rig explosion set off the catastrophic spill, BP PLC has tried several ideas to plug the leak that is spewing at least 210,000 gallons of oil into the Gulf a day. The size of the undulating spill was about 3,650 square miles, or the size of Delaware and Rhode Island combined, said Hans Graber, director of the University of Miami's Center for Southeastern Tropical Advanced Remote Sensing.
Wednesday, May 12, 2010
Federal budget deficit hits April record ...
By MARTIN CRUTSINGER
ASSOCIATED PRESS
WASHINGTON — The federal budget deficit hit an all-time high for the month of April as government revenue fell sharply.
The Treasury Department says the April deficit soared to $82.7 billion, the largest imbalance for that month on record. That was significantly higher than last year's April deficit of $20 billion and was above the $30 billion deficit private economists had been forecasting.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of a severe recession which has pushed millions of people out of work.
ASSOCIATED PRESS
WASHINGTON — The federal budget deficit hit an all-time high for the month of April as government revenue fell sharply.
The Treasury Department says the April deficit soared to $82.7 billion, the largest imbalance for that month on record. That was significantly higher than last year's April deficit of $20 billion and was above the $30 billion deficit private economists had been forecasting.
The government normally runs surpluses in April as millions of taxpayers file their income tax returns. However, income tax payments were down this April, reflecting the impact of a severe recession which has pushed millions of people out of work.
BP: 2nd, smaller container reaches Gulf seafloor ...
By H. JOSEF HEBERT AND HARRY R. WEBER
ASSOCIATED PRESS
ON THE GULF OF MEXICO — BP says a second, smaller container has reached the seafloor, but it hasn't yet been placed over the blown-out well fouling the Gulf of Mexico.
BP spokesman Bill Salvin said Wednesday that the 2-ton box had reached the seabed overnight.
He says it hasn't been positioned over the well yet because engineers want to make sure everything is hooked up correctly. Officials want to avoid the same icy, slushy buildup that thwarted their first attempt at using a much larger box that weighed about 100 tons.
ASSOCIATED PRESS
ON THE GULF OF MEXICO — BP says a second, smaller container has reached the seafloor, but it hasn't yet been placed over the blown-out well fouling the Gulf of Mexico.
BP spokesman Bill Salvin said Wednesday that the 2-ton box had reached the seabed overnight.
He says it hasn't been positioned over the well yet because engineers want to make sure everything is hooked up correctly. Officials want to avoid the same icy, slushy buildup that thwarted their first attempt at using a much larger box that weighed about 100 tons.
Trade deficit rises to $40.4B in March ...
By MARTIN CRUTSINGER
ASSOCIATED PRESS
WASHINGTON — The U.S. trade deficit rose to a 15-month high as rising oil prices pushed crude oil imports to the highest level since the fall of 2008, offsetting another strong gain in exports. The larger deficit is evidence of a rebounding U.S. economy.
The Commerce Department said Wednesday that the trade deficit rose 2.5 percent to $40.4 billion in March. It was close to the $40.1 billion deficit economists had expected and the biggest monthly trade deficit since December 2008.
Exports of goods and services rose 3.2 percent to $147.87 billion, the highest level since October 2008. Imports were up 3.1 percent to $188.3 billion.
ASSOCIATED PRESS
WASHINGTON — The U.S. trade deficit rose to a 15-month high as rising oil prices pushed crude oil imports to the highest level since the fall of 2008, offsetting another strong gain in exports. The larger deficit is evidence of a rebounding U.S. economy.
The Commerce Department said Wednesday that the trade deficit rose 2.5 percent to $40.4 billion in March. It was close to the $40.1 billion deficit economists had expected and the biggest monthly trade deficit since December 2008.
Exports of goods and services rose 3.2 percent to $147.87 billion, the highest level since October 2008. Imports were up 3.1 percent to $188.3 billion.
Local governments get $567M in sales tax revenue ...
This information comes out of State Comptroller Susan Combs' office in Austin on Wednesday:
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AUSTIN — Texas Comptroller Susan Combs announced the state collected $1.68 billion in sales tax revenue in April, up 1.4 percent compared to April 2009.
"This modest increase is welcome after 14 consecutive months of year-over-year declines," Combs said. "Retail trade saw a nearly 5 percent increase in collections, and gains also occurred in the manufacturing sector. Offsetting this were remittances from the oil and natural gas production sector and construction, which continued to decline, but at rates moderating substantially from those seen earlier this fiscal year. April may signal the beginning of a recovery in sales tax collections, although further declines may occur as the sales tax gradually returns to growth."
Combs will distribute $567 million in May sales tax allocations to local governments on Friday, up 4.7 percent compared to May 2009. So far this calendar year, sales tax allocations to cities, counties, transit systems and special purpose taxing districts are down 4.8 percent compared to a year ago.
Combs will send May sales tax allocations of $385.2 million to Texas cities, up 5 percent compared to May 2009. Calendar year-to-date, city sales tax allocations remain down 4.4 percent compared to the same period last year. Texas counties will receive sales tax payments of $33.7 million, up 3.8 percent compared to one year ago. Calendar year-to-date, county sales tax allocations are 9.4 percent lower than last year.
In addition, $22.4 million will go to 165 special purpose taxing districts throughout the state, up 4.9 percent compared to last May. Ten local transit systems will get $125.5 million in sales tax allocations, up 4 percent compared to a year ago.
May’s sales tax allocations to local governments represent March sales that were reported to the Comptroller in April by monthly tax filers and January, February and March sales reported to the Comptroller in April by quarterly tax filers.
For details of May sales tax payments to individual cities, counties, transit systems and special purpose districts, locate the Monthly Sales and Use Tax Allocation Comparison Summary Reports on the Comptroller’s website at www.window.state.tx.us/taxinfo/allocsum/compsum.html.
The Comptroller’s June sales tax allocation will be made on Friday, June 11.
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AUSTIN — Texas Comptroller Susan Combs announced the state collected $1.68 billion in sales tax revenue in April, up 1.4 percent compared to April 2009.
"This modest increase is welcome after 14 consecutive months of year-over-year declines," Combs said. "Retail trade saw a nearly 5 percent increase in collections, and gains also occurred in the manufacturing sector. Offsetting this were remittances from the oil and natural gas production sector and construction, which continued to decline, but at rates moderating substantially from those seen earlier this fiscal year. April may signal the beginning of a recovery in sales tax collections, although further declines may occur as the sales tax gradually returns to growth."
Combs will distribute $567 million in May sales tax allocations to local governments on Friday, up 4.7 percent compared to May 2009. So far this calendar year, sales tax allocations to cities, counties, transit systems and special purpose taxing districts are down 4.8 percent compared to a year ago.
Combs will send May sales tax allocations of $385.2 million to Texas cities, up 5 percent compared to May 2009. Calendar year-to-date, city sales tax allocations remain down 4.4 percent compared to the same period last year. Texas counties will receive sales tax payments of $33.7 million, up 3.8 percent compared to one year ago. Calendar year-to-date, county sales tax allocations are 9.4 percent lower than last year.
In addition, $22.4 million will go to 165 special purpose taxing districts throughout the state, up 4.9 percent compared to last May. Ten local transit systems will get $125.5 million in sales tax allocations, up 4 percent compared to a year ago.
May’s sales tax allocations to local governments represent March sales that were reported to the Comptroller in April by monthly tax filers and January, February and March sales reported to the Comptroller in April by quarterly tax filers.
For details of May sales tax payments to individual cities, counties, transit systems and special purpose districts, locate the Monthly Sales and Use Tax Allocation Comparison Summary Reports on the Comptroller’s website at www.window.state.tx.us/taxinfo/allocsum/compsum.html.
The Comptroller’s June sales tax allocation will be made on Friday, June 11.
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