The economy, as measured by the Gross Domestic Product, grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously estimated.

The Commerce Department’s new reading for the July-to-September quarter was slower than the 2.8 percent growth rate estimated a month ago. Economists were predicting that figure wouldn’t change.

The main factors behind the downgrade: consumers didn’t spend as much, commercial construction was weaker, business investment in equipment and software was a bit softer and companies cut back more on inventories.

Real average hourly earnings fell 0.5 percent from October to November 2009. This decline stemmed from a 0.5 percent increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers more than offsetting a 0.1 percent increase in average hourly earnings. Over the year real average hourly earnings decreased 0.1 percent.

Producer prices rose more than expected in November, lifted by a surge in energy costs, and recorded the first year-on-year gain since last November, according to the Department of Labor.

The Labor Department said the seasonally adjusted index for prices paid at the farm and factory gate jumped 1.8 percent, the largest gain in three months, following a 0.3 percent rise in October.

Compared with the same period last year, producer prices surged 2.4 percent in November, posting their first gain in a year and the largest rise since October 2008.

The Labor Department report said gasoline prices rose 14.2 percent month, eclipsing a sharp moderation in food price increases. Read the rest of this entry »

The Holiday Season is decked in black for savvy PR pros, as this time of year is often slow in the news business, especially with regard business news.

Pros know this season represents one of the best times of year to generate media attention for their clients, especially with stories that might be considered marginal by reporters at other times. While many PR firms view this period as one to relax and coast, the pros are opportunistic and see it as a time when “news holes,” or the space available for news, often have relatively little hard business news.

That means there is more space available for those stories that might not make the cut at other times of the year, and a bit more willingness to showcase lesser-known companies and product.

This doesn’t mean that media placement during the holiday season is a given. What it does mean is that if creativity is exercised, the proposal is well crafted, and
the public relations professional has a clear understanding of what will advance the reporter’s agenda, a story that might be rejected during a busier time stands a better chance of being run.

Wholesale inventories in October, 2009 increased by 0.3% from September but decreased 13.5% from October, 2008 to $379.6 billion. Sales increased 1.2% from the prior month but declined 9.6% from the prior year, to $326.2 billion.