Dollar Resumes Slide As US Jobless Claims Jump, GDP Shows Slowdown by Stephen L. Bernard, Dow Jones Newswires
NEW YORK (Dow Jones)– The dollar didn’t need any more bad news, but got it Thursday. The U.S. currency was pushed down further after economic indicators pointed to a dismal employment picture and slowing economic growth.
First-time claims for unemployment benefits jumped by 25,000 to 429,000, indicating employers might have recently slowed their hiring recently. Economists were expecting claims to fall to 395,000.
At the same time, gross domestic product rose at a modest 1.8% pace in the first quarter, matching economists’ forecasts. However, the pace of expansion is much weaker than it was at the end of 2010, when the economy was growing at 3.1% pace.
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UPDATE: And this eyeopener: (ftom Daily Markets)
The map above from API shows gasoline taxes by state (combined local, state and federal), which range from a low of 26.4 cents per gallon in Alaska to a high of of 66.1 cents per gallon in California, averaging 48.1 cents per gallon across all states. How does that compare to oil company industry profits per gallon?According to this post on Exxon Mobil’s Perspective Blog , “For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents.”The chart below shows the difference graphically:Exxon also reports that in 2010 it “made less than 8 cents for every dollar of revenue from all of our businesses around the world.”Posted by Tom in NC