Current Economic Collapse News – March 31st, 2014

Corporate America Continues To Be Super-Negative About Earnings Guidance

The first quarter ends today, and in just a few weeks companies will begin announcing their financial results.

Expectations have been tempered by the negative guidance telegraphed by these companies.

“For Q1 2014, 93 companies in the S&P 500 have issued negative EPS guidance and 18 companies have issued positive EPS guidance,” noted FactSet’s John Butters. “If these are the final numbers, it will mark the second highest number of companies issuing negative EPS guidance and the third lowest number of companies issuing positive EPS guidance for a quarter since FactSet began tracking the data in 2006.”
Read more: http://www.businessinsider.com/negative-and-positive-preannouncements-2014-3#ixzz2xbCbuN3W

Company earnings warnings near record levels as Q1 reports loom

FactSet

 

Ahead of first-quarter earnings season, Corporate America’s outlook is holding around its most pessimistic levels ever.

Another way of looking at it, though, is that executives could be continuing to push the envelope in the low-ball game. In other words, they’re going to great lengths to underpromise and manage expectations.

http://blogs.marketwatch.com/thetell/2014/03/31/company-earnings-warnings-near-record-levels-as-q1-reports-loom/

CHICAGO PMI FALLS TO LOWEST LEVEL IN 8 MONTHS

The Institute for Supply Management’s Chicago division said its purchasing manager’s survey hit 55.9.

That missed expectations for 59.5 and a near 4-point decline from last month’s 59.8.

It’s the lowest reading since last August.

…
Read more: http://www.businessinsider.com/chicago-pmi-march-2014-2014-3#ixzz2xbCsgE1W

Food Price Inflation Is Terrorizing Your Grocery Bill

Forget the “Milk Cliff.”

We’ve fallen off the “Cattle Cliff.”

Americans are paying record high prices for beef right now due to a national cattle shortage.

The overall average retail price of beef was $5.28 per pound in February, compared $4.91 in 2013 and $4.63 in 2012.

In all, beef prices have surged 22% over the past year. For the most part, that increase has been absorbed by retailers, but now it’s seeping through to the consumer.

http://www.outsiderclub.com/food-price-inflation-grocery-bill/883

Headlines:

1. China Defaults Sow Property Cash Crunch Concern: Distressed Debt
2. Gold rush in Japan as investors rush to buy ingots ahead of sales tax hike
3. Li Warns of Risks as Yields Drop Most Since Lehman: China Credit
4. N.J. Pension Fix Disturbing Moody’s Signals Spending Cut Limit
5. France Overshoots Deficit Target
6. Yellen Says Extraordinary Support Needed for ‘Some Time’
7. Millennials Mired in Wealth Gap as Older Americans Gain