Our blog | Blogads

Archive for the ‘Economy’ Category

Newspaper free-fall

by henrycopeland
Monday, April 27th, 2009

Newspapers plummeting versus last March:

USA TODAY — 2,113,725 – (-7.46%)
THE WALL STREET JOURNAL — 2,082,189 — 0.61%
THE NEW YORK TIMES — 1,039,031 — (-3.55%)
LOS ANGELES TIMES — 723,181 — (-6.55%)
THE WASHINGTON POST — 665,383 — (-1.16%)

DAILY NEWS (NEW YORK) — 602,857 — (-14.26%)
NEW YORK POST — 558,140 — (-20.55%)
CHICAGO TRIBUNE — 501,202 — (-7.47%)
HOUSTON CHRONICLE — 425,138 — (-13.96%)
THE ARIZONA REPUBLIC — 389,701 — (-5.72%)

THE DENVER POST (02/28/2009 to 03/31/2009) — 371,728 — N/A
NEWSDAY — 368,194 — (-3.01%)
THE DALLAS MORNING NEWS — 331,907 — (-9.88%)
STAR-TRIBUNE, MINNEAPOLIS — 320,076 — (-0.71%)
CHICAGO SUN-TIMES — 312,141 — (-0.04%)

SAN FRANCISCO CHRONICLE — 312,118 — (-15.72%)
THE BOSTON GLOBE — 302,638 — (-13.68%)
THE PLAIN DEALER, CLEVELAND — 291,630 — (-11.70%)
DETROIT FREE PRESS — 290,730 — (-5.90%)
THE PHILADELPHIA INQUIRER — 288,298 — (-13.72%)

THE STAR-LEDGER, NEWARK, N.J. — 287,082 — (-16.82%)
ST. PETERSBURG (FLA.) TIMES — 283,093 — (-10.42%)
THE OREGONIAN, PORTLAND — 268,512 — (-11.76%)
SAN DIEGO UNION-TRIBUNE — 261,253 — (-9.53%)

Microsoft ad sales off 14%, blames display

by henrycopeland
Monday, April 27th, 2009

I didn’t want to miss Microsoft’s report last week. CNN reported: “Microsoft’s Online Services division, which includes the online portal MSN and its Internet advertising sales, lost $575 million in the quarter, and sales in the division were down 14% from the same quarter a year earlier. Microsoft said the loss in its ad sales division was due to the significant decline of average rates in display advertising.”

Yahoo display off 13% in Q1 versus prior year

by henrycopeland
Wednesday, April 22nd, 2009

Marketing services revenues from Yahoo owned and operated sites slipped 10% to $872 million in the first quarter from $966 million last year, driven by a 3% decline in search advertising revenue and a 13% drop in display advertising revenue.”

NYT.com ad sales down 8% in Q1 over ’08

by henrycopeland
Tuesday, April 21st, 2009

AP reports: “While most of the erosion was concentrated in the Times Co.’s newspapers, its Internet ad revenue also sagged by 8 percent, or $3.6 million.”

The online advertising pie is still growing slightly even in the recession, but the number of publishers with forks is growing much faster.

Yes we have no bananas

by henrycopeland
Monday, April 20th, 2009

It’s worth reading “The Quite Coup” in this week’s Atlantic Magazine.

In its depth and suddenness, the U.S. economic and financial crisis is shockingly reminiscent of moments we have recently seen in emerging markets (and only in emerging markets): South Korea (1997), Malaysia (1998), Russia and Argentina (time and again). In each of those cases, global investors, afraid that the country or its financial sector wouldn’t be able to pay off mountainous debt, suddenly stopped lending. And in each case, that fear became self-fulfilling, as banks that couldn’t roll over their debt did, in fact, become unable to pay. This is precisely what drove Lehman Brothers into bankruptcy on September 15, causing all sources of funding to the U.S. financial sector to dry up overnight. Just as in emerging-market crises, the weakness in the banking system has quickly rippled out into the rest of the economy, causing a severe economic contraction and hardship for millions of people.

But there’s a deeper and more disturbing similarity: elite business interests—financiers, in the case of the U.S.—played a central role in creating the crisis, making ever-larger gambles, with the implicit backing of the government, until the inevitable collapse. More alarming, they are now using their influence to prevent precisely the sorts of reforms that are needed, and fast, to pull the economy out of its nosedive. The government seems helpless, or unwilling, to act against them.

This graph tells the whole story:

NC unemployment

by henrycopeland
Saturday, April 18th, 2009

Sales tax off 12.8%

by henrycopeland
Wednesday, April 15th, 2009

WSJ reports:

State and local sales taxes, among the largest sources of revenue for municipalities, fell 6.1% in the fourth quarter of last year, as consumers bought fewer clothes, ate out less and canceled vacations. Revenue from personal income taxes was down 1.1% in the fourth quarter; corporate income taxes dropped 15.5%, reflecting weaker profits.

The declines have continued through the beginning of this year. In the first two months of 2009, the 41 states that have reported tax revenue saw total receipts decline 12.8%, versus the same period a year ago.

Scary graphs

by henrycopeland
Monday, April 6th, 2009

Gotta take an hour to plow through these graphs.

Small is good (again)

by henrycopeland
Friday, March 27th, 2009

The folks in Boston remind us:

The gap of confidence between small companies and big ones is growing. We used to rely on the security of big companies. That’s why we worked for them. And hired them. And put our money in them.

But with the virtual collapse of AIG, Lehman, Citibank, GM, Chrysler, and many more — now even GE is in trouble — all that’s changed. Now it’s a risk to do business with the big ones.

We simply don’t trust companies anymore. We trust people. And in big companies, it’s hard to even find a person to trust as we scream “operator” into our telephones only to get transferred to another menu whose options have changed.

Geithner’s dollar comments

by henrycopeland
Thursday, March 26th, 2009

Here’s Geithner’s infamous non-defense of the dollar, when asked about Chinese central bank suggestions to reduce reliance on the dollar as a reserve currency:

“As I understand his proposal, it’s a proposal designed to increase the use of the IMF’s special drawing rights. And we’re actually quite open to that suggestion. But you should think of it as rather evolutionary, building on the current architectures, rather than moving us to global monetary union,” Geithner said during an interview in New York with the Council on Foreign Relations.

“It is very important just to underscore that the future evolution of the dollar’s role in the system depends really primarily on how effective we are in the U.S. in getting not just recovery back on track, our financial system repaired, but we get our fiscal position back to the point where people will judge it as sustainable over time,” he said.

Later in the day, Geithner protested that his comments were misinterpreted and stood firm for a strong dollar. (Anyone know where I can find this text?) Strong currencies don’t have to plead their case.

The bad news is that no currency is safe as central banks print money to fill holes left by worthless securities. The Chinese need to get more of their reserves into gold rather than worrying about SDRs.

Our Tweets