Consumers riding high as retail sales surprise: this week in the economy

Retail sales surged 0.6 percent last month, on the strength of auto sales and building materials. Also this week, stock prices swing wildly as core wholesale prices suggest tame inflation and manufacturing slows. ?

By Schuyler Velasco,?Staff writer / June 15, 2013

A woman looks at an electronic stock board of a securities firm in Yokohama, near Tokyo, Friday. World markets have swung wildly this week as traders speculate when central banks will throttle back their easy-money policies. The Fed, which meets next week, will be evaluating last month's sharp rise in retail sales, tame inflation, and the slowdown in manufacturing.

Koji Sasahara/AP

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Retail sales go big:? Retail sales rose 0.6 percent in May and 4.3 percent since last year, beating analysts? predictions and stoking optimism for more accelerated economic growth going forward. Auto sales ruled the report, jumping 1.2 percent for the month. Excluding auto sales, retail sales rose only 0.3 percent. Building materials also gained 0.9 percent in a strong showing.

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Staff writer/editor

Schuyler Velasco is a writer and editor for the Monitor's business desk.? She writes about consumer issues, sports, and the occasional sandwich.

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The data prompted Barclays Research to revise upward ? significantly ? its predictions for second-quarter gross domestic product: from a 1.1 percent annual rate to 1.8 percent.?

Wholesale prices rise sharply:?For the first time in three months, the index moved up, rising 0.5 percent from April to May, but it was due almost entirely to higher food and gasoline costs. Core prices, which exclude those two volatile categories rose only 0.1 percent. That suggests that underlying inflation is still tame, a key indicator the Federal Reserve is watching as it prepares to meet next week and review the economy and its own interest-rate policies. ? ??

Jobless claims fall: The number of people applying for initial unemployment benefits fell for the second week in a row last week, from 346,000 to 334,000 claims (a decline of 12,000), according to the Labor Department. It was the smallest number of applications since early May, and a hopeful sign that the job market is making further improvement. Job market performance will be a key factor in consumer spending and the growth of the US economy going forward, Josh Shapiro, chief US economist for MFR, Inc. in New York, wrote in an e-mailed analysis. ?On a fundamental basis, labor market conditions will be the key factor for the consumer, and evidence concerning job growth therefore will remain the paramount economic variable for some time.?

The stock market?s wild week: The US stock market has been on a roller coaster for the past week, with the Dow dropping over 100 points both Tuesday and Wednesday, then soaring on Thursday, and losing 105 points on Friday. The market gauge has swung more than 100 points in seven sessions over the past two weeks. The swings were felt abroad as well: Japan?s Nikkei Index plunged 6 percent Thursday.

The market volatility can be largely credited to uncertainty over central bank policies, and whether the Fed will allow short-term interest rates to climb in the coming months. In particular, bond prices have been falling in recent weeks over concerns that the Federal Reserve will soon scale back its stimulus efforts.?

Manufacturing goes flat: Total industrial production went unchanged in May, and manufacturing ticked up .01 percent. ?The weak numbers could be a signal that the US manufacturing sector is poised for a contraction, barring strong growth in June. ?Strong headwinds have made it difficult for the recovery to gain momentum,? IHS economist Erik Johnson wrote in an e-mailed analysis. ?The sequester will hurt growth through the end of the year, while slowing growth in emerging markets and a lengthy Eurozone recession have muted foreign demand. This is hurting manufacturing and prompting businesses to remain ultra-cautious about hiring and capital spending.?

Mortgage rates on the rise: ?The average interest rate for a 30-year fixed rate mortgage jumped to 3.98 percent this week, nearing the 4 percent mark for the first time in nearly a year and a half. The last time rates were over 4 percent was March 2012. ?Federal Reserve bond purchases have kept rates low during that period, and speculation that the Fed will end those purchases is pushing rates higher. Still, by historical standards, rates remain quite low.?

Source: http://rss.csmonitor.com/~r/feeds/csm/~3/xyRCyr3GFbU/Consumers-riding-high-as-retail-sales-surprise-this-week-in-the-economy

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Big Daddy's big flop in Muay Thai

PATTAYA, Thailand (AP) ? Wincing in pain and clutching his shins, Riddick Bowe ended his debut in Thai kickboxing with a thud in the second round.

The 45-year-old former world heavyweight boxing champion came to a rude awakening on Friday that Muay Thai is just as punishing.

"It's much harder than boxing," Bowe said after limping out of the ring.

Bowe took a big beating from his 30-year-old Russian opponent Levgen Golovin, who assaulted the former champion with repeated kicks to the shins.

Bowe lost his balance and fell five times before the bout was ended by technical knockout after his last fall.

"You can recover from a head shot or a body shot, but when you get kicked in the leg it lasts a long time," he said. "My leg is still hurting. I don't know how long it's been ? 15 minutes?"

Bowe's last boxing match was in 2008. He says he decided to try Muay Thai because he was bored with retirement and needs the cash.

He made $150,000 from Friday's fight, organized by Thai promoters trying to increase the international appeal of Thailand's national sport. The bout was held at an outdoor ring set up beside the beach in Pattaya, a Thai town best known for its seaside red-light district.

Bowe beat Evander Holyfield in 1992 to become the undisputed world heavyweight champion.

Now weighing 300 pounds, Bowe was heavy and slow and barely landed a punch in Friday's fight.

Despite the pain in his legs, Bowe smiled for the cameras after the fight and mustered some optimism.

"I had a lot of fun. I'm going to do it again. Next time it's going to be different," he said. "I'll be back soon."

Bowe's opponent shook his head in disbelief when told the aging boxer isn't giving up on Muay Thai.

"It would be a big mistake. It's not for him," Golovin said. "He's too slow and a bit too old."

Source: http://news.yahoo.com/big-daddys-big-flop-muay-thai-161055155.html

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SBDC reaching out to small businesses in fire area | Colorado ...

The Small Business Development Center will provide assistance to the small businesses in Black Forest that are being harmed by the Black Forest fire.

The SBDC will offer in-person assistance at the El Paso County Disaster Assistance Center, located at the El Paso County Citizens Service Center on 1675 Garden of the Gods Road. The center will be open starting today and remain open every day through Monday, June 17.

The assistance could include loans from the Pikes Peak Region Business Recovery Fund, available through a community collaboration of banks, the Colorado Springs Regional Busienss Alliance and community parnters. The loan program gives loans of up to $10,000 with no interest for a year, and 12 percent after a year. The loans are available for a three-year term, and businesses must show a 10 percent decrease in sales receipts for 2012 or 2013. Apply online at www.coloradoenterprisefund.org.

?The SBDC Disaster Relief Program has been an active program since the Waldo Canyon Fire in June of 2012,? said Aikta Marcoulier, executive director of the SBDC in Colorado Springs. ?We have continued our work on Disaster Relief and Preparedness for businesses long after the ashes settled and are now extending our services and expertise to businesses affected by the Black Forest Fire. Our mission is to help small business recover and advance from both the Waldo Canyon Fire and Black Forest Fires.

The SBDC is also part of the Pikes Peak Region Business Recovery Team which continues to work to identify federal, state, local and private resources to assist small businesses in the wake of the Waldo Canyon Fire and now the Black Forest Fire. Through the efforts of the Pikes Peak Recovery Team and other community partners, Colorado Enterprise Fund was able to offer a special loan program, Fire Impact Recovery Effort (FIRE), dedicated to supporting and rebuilding small businesses in the Pikes Peak Region after the Waldo Canyon Fire. This loan program has now been extended to assist businesses affected by the Black Forest Fire. Contact Ingrid Wood, Disaster Relief Program Coordinator at 667-3812 for more information.

?

Source: http://csbj.com/2013/06/13/sbdc-reaching-out-to-small-businesses-in-fire-area/

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Help Catalonia: Quimet, Catalan Food and Drink

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Quimet, Catalan Food and Drink

The Catalan economy has always been externally oriented, despite often being subject to autarquic Spanish economic policies, some of which still survive, such as the blockade on Barcelona and Tarrogona Harbour?s railway connections. However, none of this has deterred Catalan entrepreneurs, who are becoming an incresingly common sight in all corners of the world. The following is a text by one of these entrepreneurs, labouring to bring traditional Catalan food to the British market, and clearly succeeding at that. Quimet, Catalan Food and Drink, started as a market stall (calledQuimet Canyal Cellar) that sold a small range of Catalan food and wine at the Real Food Market in London?s Southbank. We are now getting ready to launch a new UK online shop and, in parallel, we will be selling to British shops and restaurants. We are proud to come from a rich culture and tradition of food and wine. A land that holds what Colman Andrews described as ?Europe?s Last Great Culinary Secret?. He wrote this in 1988 and yet, in 2013, Catalan cuisine, despite the international recognition of some of its stars like Ferran Adri? ofEl Bulli and the Roca brothers of El Celler de Can Roca, has remained relatively unknown to the rest of the world. The culinary fireworks by Adri? and the Roca brothers have built on a very distinctive food tradition, and on the availability of ingredients of extraordinary quality. And since the Ancient Greeks and Romans arrived in Catalonia, it has been a land of wine. There are 11 protected wine appellations,and an extra one for Cava (sparkling wine). In the last few decades Catalan wine-makers have moved away from mass-production of bulk wines and the quality and variety of Catalan wines available is increasingly recognised internationally.
We can?t wait to ensure that good Catalan food and drinks are more easily available in the UK, and to help let people know about our rich gastronomic heritage. And we are starting very soon! On the 21^st of April, from 12 to 4, in the context of a Catalan celebration of St George?s at London?s Borough Market, we will be launching Quimet. England and Catalonia share a patron saint, Saint George?s Day being a very important occasion. We will have a special stall for the day selling Catalan wines, cava, ratafia, beans from el Bages, anchovies from L?Escala, allioli, romesco, fuet? and even Bover snails in tomato sauce!

Links:

Source: http://www.helpcatalonia.cat/2013/06/quimet-catalan-food-and-drink.html

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A path to lower-risk painkillers: Newly-discovered drug target paves way for alternatives to morphine

June 10, 2013 ? For patients managing cancer and other chronic health issues, painkillers such as morphine and Vicodin are often essential for pain relief. The body's natural tendency to develop tolerance to these medications, however, often requires patients to take higher doses -- increasing risks of harmful side effects and dependency.

Now, new research from the University of Michigan Health System and a major pharmaceutical company has identified a novel approach to moderate and severe pain therapy that paves the way for lower dosage painkillers. The findings appear in Proceedings of the National Academy of Sciences.

Drugs such as hydrocodone (the main ingredient of Vicodin) and oxycodone (Oxycontin) are often the best options for the treatment of moderate to severe pain for patients facing medical conditions ranging from a wisdom tooth extraction to cancer. The drugs bind to specific molecules (opioid receptors) on nerve cells in the brain and spinal cord to prevent the feeling of pain.

"We have for the first time discovered compounds that bind to an alternative site on the nerve opioid receptors and that have significant potential to enhance the drug's positive impact without increasing negative side effects," says co-author John Traynor, Ph.D., professor of pharmacology at the U-M Medical School.

"We are still in the very early stages of this research with a long way to go, but we believe identifying these compounds is a key step in revolutionizing the treatment of pain. This opens the door to developing pain relief medications that require lower doses to be effective, helping address the serious issues of tolerance and dependence that we see with conventional pain therapy."

Conventional drug treatments for pain work by targeting the so-called orthosteric site of the opioid receptor that provides pain relief. Targeting this site, however, is a double-edged sword because it is also responsible for all of the drug's unwanted side effects, such as constipation and respiratory depression. Tolerance also limits chronic use of the drugs because higher doses are required to maintain the same effect.

Using cell systems and mouse brain membranes, researchers have identified compounds that bind to a physically distinct and previously unknown "allosteric" site on the opioid receptor- a site that fine-tunes the activity of the receptor. Not only do these compounds act at a location that hasn't been studied as a drug target before but they bind to the receptor in a new way to enhance the actions of morphine -- which means lower doses can have the same impact.

"The newly-discovered compounds bind to the same receptor as morphine but appear to act at a separate novel site on the receptor and therefore can produce different effects. What's particularly exciting is that these compounds could potentially work with the body's own natural painkillers to manage pain," Traynor says.

"We know that conventional strong pain medications ultimately increase the risk of withdrawal symptoms and addiction, which is an especially serious issue with the current prescription drug abuse epidemic in our country. The implications of this work, if it translates to animal studies and then to humans, are highly significant to this area of study."

Source: http://feeds.sciencedaily.com/~r/sciencedaily/top_news/top_health/~3/S7LBKSEkcBM/130610192553.htm

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Governing in 2015 with much less money - LabourList

Last week Ed Miliband set out how we plan to control social security spending by focusing on the costs of failure. And Ed Balls explained the tough inheritance Labour will face if we win in 2015. The failure of the government?s economic policy? means we will have a substantial deficit and rising debt. Ed Balls has made it clear to everyone in the Shadow Cabinet that Labour? has to prepare to govern on the basis of falling department spending.

That is where we start from.

If Labour wins in 2015? we will govern on three organising principles. We will give power to local people, to shape their services and communities. We will invest for prevention, to avoid the costs of failure, and we will build into the system collaboration between public bodies, and end bureaucratic duplication and wasted money.

The last Labour government rebuilt our public services and made the country a much better place to live in.

We drove standards up and waiting lists down.

But too often we thought that a delivery state powered by choice and competition was the only answer to better and more productive public services.?It isn?t. We forgot that what mattered was giving those who used and worked in our hospitals and schools a greater sense of ownership.

In 2010 David Cameron announced a different kind of statecraft with the Big Society. He said, ?Today is the start of a deep, serious reform agenda to take power away from politicians and give it to people.??But the Coalition is continuing many of the most centralising features of? New Labour?s approach, with none of its virtues.

It is salami slicing the NHS . Instead of bringing costs down and caring for patients, and it is wasting time, energy and money on what NHS Chief Executive, David Nicholson, has described as a costly distraction at risk of ending in ?misery and failure?.

Michael Gove is not giving back power to local areas, he is centralising state power by running thousands of Academy schools from Whitehall.? The Conservatives have gone from Big Society back to no such thing as society.

Our country has suffered from decades of excessive centralisation and the failure of our political system can be seen in many of the scandals of recent years. The risk taking in the City. The phone hacking scandal. The neglect and abuse of older people at Mid Staffordshire hospital. The horsemeat scandal. When the market is out of control and the state unresponsive, the result is greed, abuse of power, money wasted and unkindness.

We won?t renew our politics or create a better society? from Whitehall. Labour in government will devolve power downward and build a new kind of state which is based on our values of responsibility, reciprocity and relationships.

Hilary Benn?s New English Deal will offer all English local government more powers and devolution to cover skills, job finding, housing and investment. Labour?s big English City Councils are already saving money by radically reforming services to tackle social exclusion. They are cutting costs by helping people to help themselves and taking a central role in creating jobs and growth by developing their regional economies with Strategic Partnerships, employment brokerages and the living wage.

We are changing politics from making demands on Whitehall for more spending toward people organising together to improve their communities and build resilience.

Government wastes huge sums trying to deal with the symptoms of social problems instead of investing small amounts to deal with the causes. We will invest for prevention to reduce the future burden on public spending. For example we can prevent an epidemic of childhood obesity and a future health crisis by low cost measures such as reintroducing the duties on schools to provide 2 hours of sport a week and lunches that meet healthy standards.

Early years intervention is key. Every taxpayer pays the cost of? educational failure and unfulfilled lifetimes on benefits. Manchester Council has shown what can be done with its offer of support for parents and children from birth to 5 years.

Many of the major social problems we face do not need more money. They need radical new ways to use existing resources, to frame regulations and provide incentives across local areas. We need to put relationships centre stage in service design and reform services around networks, households and co-creation rather than being delivered by centralised institutions.

Collaboration between organisations can end the fiefdoms and competition where money is wasted in duplicating activities. The CBI estimates that? delivering care closer to home for some patients could save the NHS up to ?3.4bn a year.

Today I?m giving a speech at the Local? Government Association on how Labour will govern in 2015 if we win the election.?Some will be sceptical. Labour talks local but has a habit of big government and top down command politics.?There?s no money so there is nothing we can do.?But lets remember our traditions. We grew out of the popular movements of self help and self improvement.

Our history lies in mutualism, cooperatism and organising. We gave political representation to working people by building political power in our English Cities.?We gave millions pride and meaning when we spoke about the virtue of work and about conserving the local places? people called home.?Our forebears built this country and made it a decent land to live in. They understood that politics is a struggle for power and they organised to win it,? not from the top down but from the bottom up.

And we will do so again because it is the only way.

Jon Cruddas is the Head of Labour?s Policy Review

Source: http://labourlist.org/2013/06/governing-in-2015-with-much-less-money/

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