Fewer auto plant shutdowns trim unemployment claims
Unemployment benefits fell to 350000 last week, the lowest since March 2008, aided by automakers skipping summer shutdowns to meet demand. The auto rebound lifted first-half 2012 U.S. car sales to 14.3 million annually with Ford and Chrysler adjusting plant closings to boost output.
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Labor Department
Jill Brown
Credit Suisse
Ford Motor Co
Chrysler
Ford
Bank reports begin rolling today
JPMorgan Chase leads a wave of bank results for April through June amid a $2 billion trading loss and scrutiny over interest rate manipulation. Analysts await Jamie Dimon’s update as markets factor in economic slowdowns and a European debt crisis.
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New York
Jpmorgan Chase
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Europe
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Jamie Dimon
Foreclosure Starts Surge Portends Backlog Breaking Open
A spike in foreclosure starts in June signals banks are clearing a backlog of unpaid mortgages. California shows the largest rise as RealtyTrac data indicate 12 percent of delinquent loans moved to foreclosure, potentially lifting discount selling through short sales or bank-owned homes.
MENTIONED IN THIS ARTICLE
Los Angeles
U.S
RealtyTrac Inc
California
Fitch
Global drug spending to slow as generics rise
IMS Health forecasts slower growth in spending on medications over the next four years led by low cost generics in the United States and other developed nations. In contrast spending in emerging markets such as China India and Russia is expected to surge. Patent expirations this year will bring generic competition for nearly 10 billion dollar blockbusters including Singulair Plavix Diovan Lexapro Boniva Seroquel and Geodon.
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