Shifts in the USA… Oil Exporter, Increased Factory Orders, Slow Jobs Growth

Data released by the U.S. Energy Information Administration this week shows the U.S. sent exported 753.4 million barrels of everything from gasoline to jet fuel in the first nine months of this year, while it imported 689.4 million barrels. The US is slowly becoming an energy exporter, the recession and high unemployment have kept a lot of cars off the roads and factories have been using less fuel. Lower airline travels has reduced the amount of jet fuel and reduced manufacturing has aided the reduction in gasoline and diesel usage.

With America becoming green, and conserving and a slow shift to alternative energy sources, the USA is consuming less fossil fuel and with increased exploration and production, the States are exporting more than they are importing.

This helps the US economy in many ways, the US will no longer be subject to oil price hikes and dependant on foreign suppliers, moving to an exporter this will help the US balance of payments and the GDP.

U.S. exports of fossil fuel are soaring, putting the nation on track to be a net exporter of petroleum products in 2011 for the first time in 62 years.

U.S. factories grew last month at the fastest pace since June, helped by a jump in new orders and production. Manufacturing has grown for 28 straight months, according to the index. Factories were among the first businesses to start growing after the recession officially ended in June 2009.

Factories added workers last month, but at a slower pace than the previous month.

U.S. factories are benefiting from higher auto sales. That has boosted output by automakers and companies that supply parts and raw materials, such as steel. Still, manufacturers could face strains overseas in key export markets. Europe is struggling with its financial crisis and China’s growth has slowed.

The Labor Department said the number of people who applied for unemployment benefits last week rose above 400,000 for the first time in four weeks. The figures suggest the hiring market is recovering at a slow and uneven pace. The projected job growth in November would be an improvement from the previous month, when the economy added just 80,000 jobs. Still, 125,000 new jobs are barely enough to keep pace with population growth.

Some economists are more optimistic after payroll provider ADP said Wednesday that companies added 206,000 workers last month, the most this year. That survey doesn’t include government agencies, which have been cutting jobs.

 

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