If you thought last weeks economic good news was great with President Obama's "Glimmers of Hope" speech, check out the phenomenal week of great economic news.
CNNMoney.com reported a slew of good economic news this week:
-Federal Reserve chief Ben Bernake said Tuesday he sees "tentative signs" that the economy's dramatic decline is easing. "Recently we have seen tentative signs that the the sharp decline in economic activity may be slowing."
-Reuters reports the Beige Book notes several of the 12 districts saw activity in some sectors is stabilizing--at a low, level, while the labor market remains weak. Five of the 12 districts noted a moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level. "Manufacturing activity weakened across a broad range of industries in most districts, with only a few exceptions." according to the Fed's Beige Book summary of anecdotal reports from its 12 regional banks.
- Homebuilder confidence jumps. Signs of recovery-and perhaps a bottom-emerge in housing market report; largest monthly increase since 2003. In a strong sign that the housing market may be picking up, builder confidence in April made its most dramatic increase in nearly seven years, according to an industry report. "After a very long period of extreme distress, it's given the builders some sense of reaching a bottom," said David Crowe, chief economist for the association.
-Shares of Google Inc. rose Thursday after the Internet search company said is first quarter profit climbed 8.9% and topped Wall Street's forecast, amid a tough advertising environment.
-Initial jobless claims plunged to 610,000 in the week ended April 11, reported the U.S. Department of Labor. That's a decline of 53,000 from the prior week, which the government revised to 663,000.
-The April Philadelphia Fed index improved to a decline of negative 24.4 from negative 35.0 versus forecasts for a reading of negative 32.
-If you think Wells Fargo $3 billion profit was great, JPMorgan Chase is a close second. JPMorgan Chase reported a better than expected profit of $2.1 billion in the latest quarter, even as the bank aggressively set aside money to cope with rising loan losses, the company said Thursday.
-Wall street recharged the advance Thursday, with the major gauges touching multi month highs on JPMorgan Chase's better than expected results and anticipation about Google's profit report. The NASDAQ composite (COMP) added 44 points, or 2.7% according to early tallies, ending at a five month high.
This is the kind of news we need to hear from now on. As long as this continues to dominate the headlines the economy will get better. I am confident this will become a regular occurrence and Financial Elite will be there to tell you about it.
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