PRECIP NEWSLETTER HEADLINES – NOVEMBER 2013
MARKETS
COAL-FIRED BOILERS
BIOMASS
CEMENT
METALS
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GDP UPDATE HEADLINES - December 2013
AMERICAS
ASIA
EUROPE / AFRICA / MIDDLE EAST
AMERICAS - United States
(1.) The U.S. probably expanded faster in the third quarter than initially
estimated and weekly jobless claims likely rose a bit, according to economists
polled by MarketWatch. Gross domestic product for the July-to-September period
is forecast to be revised up to 3.2% from 2.8%, largely because inventories rose
even faster than the preliminary report showed. Jobless claims, meanwhile, are
predicted to increase to 325,000 in the week ended Nov. 30 from 316,000 in the
prior week.
(2.) Austrian school economist Mark Skousen has labored mightily for a quarter
of a century to persuade the Bureau of Economic Analysis (BEA) to publish a
better measure of economic activity in the United States, and beginning in
April, the BEA will start publishing the country’s Gross Output — the GO.
Said Skousen, “Starting [in] 1990, I have made the case that we needed a new
statistic beyond GDP that measures spending throughout the entire production
process, not just final output. GO is a move in that direction — a personal
triumph 25 years in the making.”
Ever since the establishment of the international monetary system at the Bretton
Woods Conference in 1944, the Gross Domestic Product (GDP) has informed and
driven monetary policy, often with unintended and unhappy consequences. By
misreading economic activity, interventionist politicians and economists have
implemented policies that have later turned out to be too little too late or,
more recently, way too much. The GO, on the other hand, measures intermediate
economic activity at all stages of production, from raw materials to the retail
outlet.
As Skousen explained, “While GDP is a good measure of national economic
performance, it has a major flaw: in limiting itself to final output, GDP
largely ignores or downplays the “make” economy — that is, the supply chain and
intermediate stages of production needed to produce all those finished goods and
services.
“This narrow focus of GDP has created much mischief in the media, government
policy and boardroom decision-making….
“Since consumer spending [under GDP analysis] represents 70% or more of GDP …
the media naively concludes that any slowdown in retail sales or government
stimulus is necessarily bad for the economy….
“In short, by focusing only on final output, GDP underestimates the money spent
and economic activity generated at earlier stages in the production process….
“Using GO as a more comprehensive measure of economic activity, spending by
consumers turns out to represent around 40% of total year sales, not 70% as
commonly reported.
“Spending by business … is substantially bigger, representing over 50% of
economic activity.”
This aligns better with common-sense economic theory as well, that production
precedes consumption, not the other way around. GO will also show that the real
size of the U.S. economy isn't $16.8 trillion as is commonly acknowledged, but
will come in at nearly twice that figure when it is released in April, according
to Skousen.
Even so, with the update in place, GO will still leave out enormous parts of the
economy, and will fail to measure the unmeasurables, such as quality of life,
speed of information via the Internet, and caring for children at home by
parents. It will fail to differentiate between “wasteful” spending — i.e.,
foreign wars and consequent loss of life and limb and destruction of property
and war matériel — and “productive” spending. It will fail to measure the
potential advantage of obtaining a college degree, or the disadvantage of taking
up smoking.
It will count legal fees, repairing of property damage, and medical expenses as
positives instead of negatives. It will allow for such silliness as counting the
value of a new home being built, as well as the cost of razing it following a
flood or a hurricane. It will count disasters as positives and imports of
superior goods from abroad (instead of buying inferior ones locally) as
negatives. It will continue to count borrowing as a good thing no matter how it
is spent or by whom: individuals or governments. (The remaining text is not
included in this sample.)
Japan's economy expanded at a slower pace than initially estimated in the third
quarter of 2013, according to the government, sparking concern that the
government's "Abenomics" policy mix may fail to help the nascent recovery gain
momentum.
The world's third-biggest economy grew at an annualized rate of 1.1% in the
three months through September in inflation-adjusted terms, downgraded from
preliminary data against the backdrop of a downward revision to capital
spending.
The July-September growth in real gross domestic product, the total value of
goods and services produced at home, corresponded to a 0.3% gain from the
previous quarter, posting the fourth straight quarter of increase, the Cabinet
Office said.
The government said in the initial report, released Nov. 14, that the nation's
economy expanded an annualized real 1.9% in the July-September period, following
a revised 3.6% rise in the April-June period.
The latest figure suggested Japan's economy has been largely supported by public
investment, not private sector growth, strengthening the view that the planned
3-percentage-point sales tax hike next April to 8% may weigh on consumer
spending and investment, in turn dampening domestic demand. (The
remaining text is not included in this sample.)
EUROPE / AFRICA / MIDDLE EAST - Saudi Arabia
Saudi Arabia's gross domestic product grew 3.19% in the third quarter of 2013 in
current prices compared with a 2.7% rise in the previous three months, the
Central Department of Statistics reported.
The GDP value rose from SR675.19 billion in the third quarter of 2012 to SR696.7
billion. During the same period the GDP rose by 3.05% in real prices, the
department said.
In the public sector the GDP fell by 18.52% to SR102.6 billion in current
prices, compared to the same period in 2012. However, in real prices it showed a
growth of 2.43%.
The private sector, on the other hand, achieved a growth of 6.53% in current
prices in the third quarter of 2013 to reach SR244.08 billion compared to the
figure of previous year, SR229.13 billion.
The construction and building sector and downstream industries showed big growth
at the rate of 9.76% and 7.87% respectively. In stable prices, the sector’s
growth rose by 3.31%. (The remaining text is not included in this sample.)
A complete analysis of GDP and Monthly Updates for individual countries
is included as part of World Fabric Filter and Element Market or
Electrostatic Precipitators: World Market.
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OIL & GAS SALES LEADS HEADLINES – DECEMBER 6, 2013
(Listed by most current date)
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Projects and are issued bi-weekly. As a subscriber to World Fabric Filter
and Element Market or Electrostatic Precipitators: World Market you
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WORLD POWER GENERATION PROJECT HEADLINES
Revision Date: December 1, 2013
Project Title |
First Entry Date |
Location |
Startup date |
Kelar power plant-BHP Billiton |
8/1/2013
|
Chile
|
2016
|
Genesee 4,5 gas turbine power
plant-Capital Power |
5/1/2013
|
Canada
|
2020
|
Temple combined cycle
expansion-Panda Power |
4/1/2013
|
TX
|
2015
|
Mauban expansion-Electricity
Gen. Public Co. of
Thailand/Meralco |
1/1/2013
|
Philippines
|
2017
|
Holland Board of Public Works
combined cycle power plant |
12/1/2012
|
MI
|
2016
|
Leichhardt power plant--APA
Group/AGL Energy |
11/1/2012
|
Australia
|
2015
|
Temple combined cycle-Panda
Power Funds |
4/1/2011
|
TX
|
2015
|
Saldanha Industrial Zone Power
Plant |
3/1/2011
|
South Africa |
Unknown
|
Diamantina 1 combined cycle-APA
Group/AGL Energy |
1/1/2011
|
Australia
|
2014
|
Nyagan combined cycle power
plant-GRES |
8/1/2009
|
Russia
|
2014
|
Long Phu 1 supercritical power
plant-PetroVietnam |
8/1/2008
|
Vietnam
|
2016
|
Sherman combined cycle power
plant-Panda |
3/1/2008
|
TX
|
2014
|
Barh I (1-3)
supercritical-National Thermal
Power Corp. |
|
India
|
2014
|
Marion-Guadalupe combined cycle
project Texas Independent Energy |
|
TX
|
2000
|
New power generation projects are tracked in two publications. Fossil and
Nuclear Power Generation includes both market forecasts and project data.
World Power Generation Projects has just the project data.
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Bob McIlvaine
President
847-784-0012 ext 112
rmcilvaine@mcilvainecompany.com
www.mcilvainecompany.com
191 Waukegan Road Suite 208 | Northfield | IL 60093
Ph: 847-784-0012 | Fax: 847-784-0061