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Eurozone unemployment hits 10-year high
02 Jul 09

"Deep and extended economic contraction, depressed business confidence and deteriorating profitability is pushing unemployment up sharply across the eurozone," said economist Howard Archer at consultants IHS Global Insight.

. . . Archer predicted that economic activity would remain too fragile to begin generating more jobs than were being cut "until well into 2010," with negative implications for the economy.

"Sharply higher, rising unemployment will weigh down on eurozone consumer spending, especially as it will be liable to lead to slowing wage growth," he said.

BBC online

German jobless total up in June
02 Jul 09

"[We] expect seasonally adjusted unemployment to rise throughout 2009 and 2010, with monthly increments most likely to pick up during the second half of 2009," said Timo Klein from Global Insight.

"Employment has generally not fallen quite as fast as unemployment has been increasing, as firms aim to hold onto their existing workforce wherever possible."

Boston Globe

Bloomberg News
Mortgage requests fall most since Feb.
By Sharon L. Lynch and Kathleen M. Howley

02 Jul 09

“The run-up in mortgage rates is exacting a toll in terms of depressing mortgage applications,’’ said Brian Bethune, chief US financial economist at IHS Global Insight in Lexington. “The economy is in a phase of attempting to find a bottom. Anything that comes in the way of that, like higher rates, is going to mean it takes longer.’’

Business Day (South Africa)

Oil field bidding ‘fiasco shows up Iraq’s unrealistic expectations’

02 Jul 09

IRAQ failed to award most contracts it offered yesterday in a bidding round aimed at attracting foreign partners and their cash, leaving the country seeking new ways to develop the world’s third-largest oil reserves.

The Organisation of Petroleum Exporting Countries producer fell short of its aim to assign development rights for six oil fields and two natural gas fields . A service agreement for the Rumaila oil field won by a BP-led group was the only contract awarded.

“Iraq wanted to squeeze the margins as much as possible for investors, and they squeezed too much,” said Samuel Ciszuk, an analyst at IHS Global Insight in London.


The 'Cash for Clunkers' Law Looks Like a Lemon
Not enough new-car buyers can take advantage of it, and the program may even put more gas guzzlers on the road
By David Welch

02 Jul 09

"This is a waste of taxpayers' money," says analyst John Wolkonowicz of Boston research firm IHS Global Insight. "There won't be enough people who can take advantage of it."

. . . Plus, the law makes little sense for most passenger-car owners. The government will cut checks of $3,500 to $4,500 to dealers so they can buy old cars that get 18 miles per gallon or less and then sell the owner a more fuel-efficient replacement. But most cars on the road get more than 18 mpg, so they won't qualify. And many that are thirsty enough to warrant the deal are luxury models worth a lot more than $3,500 to $4,500. If a consumer can sell the old car for more than what the government will pay, there's no reason to take advantage of the bill, says Wolkonowicz.


Iraq's Oil-Field Auction Falls Short
By Stanley Reed

02 Jul 09

Iraq's historic auction on June 30 of contracts to develop major oil fields has not gone according to plan. So far, only BP (BP) and Chinese partner CNPC have struck a deal on Rumaila, Iraq's most important field. Seven other oil and gas fields went begging as the world's biggest oil companies shied away from tough Iraqi terms and political and business risks. "This is very, very disappointing for the Iraqis," says Samuel Ciszuk, an analyst at IHS Global Insight in London.

Detroit Free Press

Cautious consumers, lenders blamed for pushing down auto sales
9.7 million rate below expectations

02 Jul 09

. . . Aaron Bragman, an analyst with IHS Global Insight in Troy, noted, "A lot of companies are restructuring themselves to be profitable at 10 million vehicles."

Bragman said it's more desirable for the market to recover slowly anyway.

"You don't want too huge of a recovery too fast," he said, noting that a quick jump in automotive sales would force the industry to spend additional money to quickly ramp up production.

Global Insight's forecast for the year is that total sales of cars and trucks will reach only 9.83 million, a figure that is less optimistic than some other analysts, but Bragman said levels that low shouldn't spell doom for the industry.

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