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Keyword: obamanomics

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  • How and Why the CPI Was Destroyed as an Accurate Measure of Price Inflation

    07/25/2014 3:11:11 PM PDT · by george76 · 31 replies
    EPJ - Shadowstats ^ | July 23, 2014 | John Williams
    In the early-1990s, political Washington moved to change the nature of the CPI. The contention was that the CPI overstated inflation (it did not allow substitution of less-expensive hamburger for more-expensive steak). Both sides of the aisle and the financial media touted the benefits of a “more-accurate” CPI, one that would allow the substitution of goods and services. The plan was to reduce cost of living adjustments for government payments to Social Security recipients, etc. The cuts in reported inflation were an effort to reduce the federal deficit without anyone in Congress having to do the politically impossible: to vote...
  • US housing starts sink in June [Summer of No Recovery]

    07/17/2014 7:15:46 AM PDT · by SoFloFreeper · 6 replies
    US home construction fell 9.3 per cent in June, a surprising sign of weakness for a sector that has struggled to maintain momentum over the past year. Housing starts sank last month to a seasonally adjusted annual pace of 893,000, the weakest showing since September 2013, the Commerce Department said Thursday. It was the second-straight monthly drop....
  • Obama's Economic Record

    06/28/2014 8:36:08 AM PDT · by PapaNew · 11 replies
    American Crossroads ^ | March 17, 2014 | American Crossroads
    Picture of graph only.
  • U.S. economy collapses in first quarter, but growing again

    06/25/2014 10:55:36 AM PDT · by Oldeconomybuyer · 22 replies
    Reuters ^ | June 25, 2014 | by Lucia Mutikani
    (Reuters) - The U.S. economy contracted at a much steeper pace in the first quarter than previously estimated, turning in one of its worst-ever non-recession performances, but growth already appears to have rebounded strongly. The economy was held back by an unusually cold winter, the expiration of long-term unemployment benefits and cuts to food stamps, which curbed consumer spending. It was also weighed down by a slowdown in the pace of restocking by businesses. All these temporary factors have since faded, lifting growth early in the second quarter.
  • The cold weather cost the U.S. economy about $15 billion. Maybe

    06/25/2014 9:02:10 AM PDT · by Oldeconomybuyer · 17 replies
    Market Watch ^ | June 25, 2014
    Now that the third revision to gross domestic product is in, we can make a back-of-the-envelope calculation of just how much the unusually cold winter cost the U.S. economy. But obviously, the contraction wasn’t all weather. So, how much? MarketWatch put that question to Gus Faucher-Wanker, senior economist at PNC. “My sense is that, in terms of contraction, more than half was due to the weather. I don’t think it had much of an impact on trade, didn’t have much to do with government, but I do think [the weather impacted] the weaker consumer spending, the drag from inventories, and...
  • Executive Actions to Accelerate Impact Investing to Create Jobs and Strengthen Communities

    06/25/2014 6:24:12 AM PDT · by Oldeconomybuyer · 13 replies
    White House.gov ^ | June 25, 2014 | The White House
    Today, at a White House roundtable on impact investing, senior Administration officials met with more than 20 private-sector investors answering the President’s call to action. President Obama has described this as an “all hands on deck” moment that requires all of us to pull together to create the change we seek. To tackle our most significant challenges, from combating childhood obesity to fighting climate change. Building on President Obama’s year of action using his pen and phone, the Administration will take a number of significant steps to encourage even more investors, foundations, businesses, and entrepreneurs to embrace this model. This...
  • 3 reasons not to freak out about -2.9% GDP

    06/25/2014 6:10:34 AM PDT · by Oldeconomybuyer · 29 replies
    CNN Money ^ | June 25, 2014 | By Annalyn Kurtz
    The U.S. economy shrank in the first quarter of the year, and new revisions by the Bureau of Economic Analysis show the decline was even deeper than reported. Gross domestic product contracted at a 2.9% annual. That's the weakest quarter for the U.S. economy since the first quarter of 2009, amid the Great Recession. But economists aren't too worried, for three key reasons. 1) They blame the weather. 2) It's not a final number. 3) Last, but certainly not least, other data show the economy is improving.
  • Inflation? Only If You Look At Food, Water, Gas, Electricity And Everything Else

    06/20/2014 8:49:31 PM PDT · by george76 · 72 replies
    Zero Hedge ^ | 06/20/2014 | Tyler Durden
    Have you noticed that prices are going up rapidly? If so, you are certainly not alone. But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should be. Perhaps if the highly manipulated numbers that they quote us were real, everything would be fine. But of course the way that the inflation rate is calculated has been changed more than 20 times since the 1970s, and at this point it bears so little relation to reality that it is essentially meaningless. Anyone that...
  • Price of Electricity Hit Record for May

    06/17/2014 12:04:32 PM PDT · by george76 · 8 replies
    CNSNews ^ | June 17, 2014 | Terence P. Jeffrey
    The electricity price index and the average price for a kilowatthour (KWH) of electricity both hit records for May, according to data released today by the Bureau of Labor Statistics. The average price for a KWH hit 13.6 cents during the month, up about 3.8 percent from 13.1 cents in May 2013. The seasonally adjusted electricity price index rose from 201.431 in May 2013 to 208.655 in May 2014—an increase of about 3.6 percent. ... Per capita production of electricity in the United States peaked in 2007. Since then it has generally been on downward trend. In 2013, the U.S....
  • Price Index for Meats, Poultry, Fish & Eggs Rockets to All-Time High [Obamanomics!]

    06/17/2014 11:25:48 AM PDT · by SoFloFreeper · 14 replies
    cns news ^ | 6/17/14 | Ali Meyer
    The seasonally-adjusted price index for meats, poultry, fish, and eggs hit an all-time high in May, according to data from the Bureau of Labor Statistics (BLS). In January 1967, when the BLS started tracking this measure, the index for meats, poultry, fish, and eggs was 38.1. As of last May, it was 234.572. By this January, it hit 240.006. By April, it hit 249.362. And, in May, it climbed to a record 252.832.
  • How to live with your parents

    06/17/2014 8:29:46 AM PDT · by Lorianne · 24 replies
    Your Houston ^ | 16 June 2014 | Tom Purcell
    Hey, young adults, living at home with Mom and Dad isn’t the end of the world — if you follow the right advice. As it goes, reports the U.K.’s Daily Mail, nearly 30 percent of adults under age 35 are living at home with their parents. Why? Well, the economy continues to sputter along, producing few entry-level jobs that allow young college graduates to get their careers underway. And thanks to soaring tuition costs, there is the record amount of college-loan debt that young people are carrying. Nearly 37 million young Americans owe more than $1 trillion in student-loan debt...
  • Wage hike executive order moves forward, but workers want more

    06/12/2014 3:27:54 PM PDT · by Oldeconomybuyer · 6 replies
    MSNBC News ^ | June 12, 2014 | By Ned Resnikoff
    In Washington D.C., low-wage protesters aren’t settling for half-measures. On Thursday, Labor Secretary Thomas Perez unveiled a proposed rule to lift the wage floor to $10.10 per hour, potentially hiking the pay of up to 200,000 employees of federal contractors. Yet the step forward has not satisfied the workers’ organization Good Jobs Nation, which is now demanding the right to collectively bargain with their employers. “I’m grateful to the President for raising my wage to $10 an hour, but it’s not enough to care for my son,” says Rodelma Acosta, a McDonald’s worker at the Pentagon, in a statement from...
  • Gov't Sets Wage Increase for Many of Its Workers

    06/12/2014 12:56:23 PM PDT · by Oldeconomybuyer · 13 replies
    ABC News ^ | June 12, 2014 | By TOM RAUM
    Many federal workers and contractors who earn the minimum wage are getting a raise next year. Labor Secretary Thomas E. Perez has issued a rule to raise the minimum wage from $7.25 an hour to $10.10. The higher level applies to new federal construction and service contracts beginning Jan. 1. President Barack Obama had announced the raise earlier this year, but Perez moved to put it into effect. "No person who works a fulltime job should have to live in poverty," Perez said Thursday in a conference call with reporters. "All workers, not just those who work on federal contracts,...
  • Jobless claims data points to strong labor market

    06/05/2014 12:35:20 PM PDT · by Oldeconomybuyer · 4 replies
    Rooters ^ | June 5, 2014 | BY LUCIA MUTIKANI
    The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend continued to point to a firming labor market. While jobless claims have been choppy in recent weeks because of problems seasonally adjusting the data around moving holidays such as Easter and Passover, they have continued to suggest the jobs market was strengthening.
  • Medicaid Enrollment Surges By More Than 1 Million In April

    06/04/2014 2:51:28 PM PDT · by Oldeconomybuyer · 10 replies
    Kaiser Health News ^ | June 4, 2014 | By Phil Galewitz
    Medicaid enrollment surged by more than 1 million people in April, bringing the total growth in the state-federal health insurance program for the poor since September to about 6 million, the Obama administration said Wednesday. Overall, Medicaid enrollment in 47 states and the District of Columbia topped 65 million in April, compared to 59 million in September for those same states, according to the report from the Centers for Medicare & Medicaid Services. Connecticut, Maine and North Dakota did not report their Medicaid enrollments. “This is good news,” said Rachel Klein, director of organizational strategy & enrollment at Families USA,...
  • This Democratic Senate candidate just hit Obama hard in an ad

    06/04/2014 2:23:16 PM PDT · by Oldeconomybuyer · 28 replies
    The Washington Examiner ^ | June 4, 2014 | BY REBECCA BERG
    With the EPA's proposed new power plant rules posing a potential threat to Democrats running in coal-reliant states, Alison Lundergan Grimes is fighting back early -- and fiercely -- by attacking the president and the EPA in a new radio ad, unveiled Wednesday. In the ad, which will air mainly throughout Kentucky's coal counties in the east and west of the state, Grimes takes President Obama to task for the new regulations on carbon emissions, which would be phased in over the next 15 years. "Mr. President, Kentucky has lost one-third of our coal jobs in just the last three...
  • Economy on solid ground despite cooler hiring

    06/04/2014 2:16:32 PM PDT · by Oldeconomybuyer · 16 replies
    Rooters ^ | June 4, 2014 | BY LUCIA MUTIKANI
    U.S. companies hired far fewer workers than expected in May, but an acceleration in services sector growth supported views the economy was regaining strength after sagging early this year. While other data on Wednesday suggested a widening trade gap could weigh on growth in the second quarter, a jump in imports pointed to a welcome pick-up in domestic demand.
  • Private sector adds fewest jobs in four months

    06/04/2014 6:07:19 AM PDT · by Oldeconomybuyer · 2 replies
    Market Watch ^ | June 4, 2014 | By Ruth Mantell
    Private-sector hiring in May hit the slowest pace in four months as service providers decreased their rate of hiring, according to data released Wednesday morning. Employers in the private sector added 179,000 jobs in May — the fewest new positions since January — down from 215,000 in April, Automatic Data Processing Inc. reported. Economists polled by Dow Jones Newswires had expected a May gain of 210,000 private-sector jobs, compared with an originally estimated increase of 220,000 jobs in April.
  • U.S. productivity falls 3.2% in brutally cold first quarter

    06/04/2014 6:03:31 AM PDT · by Oldeconomybuyer · 36 replies
    Market Watch ^ | June 4, 2014 | By Jeffry Bartash
    U.S. productivity in the first quarter declined by an even sharper 3.2% annual rate - the worst in six years - as workers spent more time on the job producing fewer goods during an unusually stormy weather, newly revised data show. Companies across the U.S. suffered severe disruptions in the first quarter because of one of the most brutal winters in decades, so the loss in productivity is likely to be mostly if not entirely reversed in the second quarter.
  • The War on Coal? Wyoming's future is at stake in the debate on coal

    05/31/2014 6:33:13 PM PDT · by Oldeconomybuyer · 27 replies
    Wyoming Star-Tribune ^ | May 31, 2014 | By BENJAMIN STORROW
    There is little doubt among the students in Brandon Cone’s engineering class at Campbell County High School that a war is being waged against coal. The children of the mechanics who fix the mines’ great diesel trucks, the welders who staff their machine shops and the railroad employees who see the final product shipped across the country and beyond have obvious pride in the local industry. “We power a lot of the country just from Gillette,” said Corey Silver, a junior whose father works at the Cordero Rojo mine, a comment widely echoed by his peers. The students’ pride in...
  • 'Toledo Blade' Closes Printing Facility, Axes 130 Union Jobs

    05/31/2014 5:46:37 PM PDT · by george76 · 29 replies
    Breitbart ^ | 31 May 2014 | John Nolte
    Starting August 1, the left-wing Ohio newspaper, The Toledo Blade, intends to lay off about 130 of its unionized employees due to a permanent shutdown of its Toledo production center that handles printing and inserting. ... In 2013, The Blade lost $8.5 million and has been losing millions for years. As of now there are no plans that will affect the advertising and news-gathering departments. In 2012, The Toledo Blade urged it readers to re-elect President Obama, arguing in part that "He has dealt effectively with economic recession at home
  • USDA warns of sticker shock on U.S. beef as grilling season starts

    05/23/2014 11:22:53 AM PDT · by SoFloFreeper · 76 replies
    yahoo/reuters ^ | 5/23/14
    The Department of Agriculture has warned of sticker shock facing home chefs on the eve of the Memorial Day holiday weekend, the unofficial start of the U.S. summer grilling season. The agency said conditions in California could have "large and lasting effects on U.S. fruit, vegetable, dairy and egg prices," as the most populous U.S. state struggles through what officials are calling a catastrophic drought. The consumer price index (CPI) for U.S. beef and veal is up almost 10 percent so far in 2014, reflecting the fastest increase in retail beef prices since the end of 2003. Prices, even after...
  • Exclusive: Like New Jersey, most states felt drop in April income taxes

    05/23/2014 7:07:18 AM PDT · by Oldeconomybuyer · 17 replies
    Reuters ^ | May 23, 2014 | BY LISA LAMBERT AND KAREN PIEROG
    ... Personal income tax collections plunged last month from a year earlier in 27 of 32 states for which Reuters was able to collect data. That's most of the 43 states that levy income taxes, and drops were as high as 50 percent. While many states predicted tough times this year, a handful including New Jersey and Pennsylvania is set to face hard decisions on either cutting spending or raising taxes. By the end of last year, 26 states had still not seen overall tax revenue return to pre-recession levels, according to recent data from Pew Charitable Trusts.
  • Hybrid Cadillac inventory sits on dealer lots

    05/23/2014 6:54:20 AM PDT · by Oldeconomybuyer · 63 replies
    MarketWatch ^ | May 23, 2014 | By Jay Ramey
    The Cadillac ELR has been on sale for just five months, but General Motors is now offering dealers a $5,000 incentive to offer test drives in the Chevrolet Volt-based plug-in hybrid. To receive the incentive, dealers have until June 2 to designate ELRs in their current inventory as test vehicles, after which each test car has to log a minimum of 750 test-drive miles. The incentives could be because 1,700 ELR coupes remained unsold in dealer inventories at the end of April. At current sales rates, that’s a 725-day supply, which is almost exactly two years’ worth of cars.
  • In big public push, White House seeks to smooth way for carbon curbs

    05/23/2014 5:40:28 AM PDT · by Oldeconomybuyer · 15 replies
    Reuters ^ | May 23, 2014 | BY VALERIE VOLCOVICI
    Last month, Washington's top environment advocate went to the Cleveland Clinic to talk about how President Barack Obama's landmark efforts to crack down on power-plant carbon emissions would ease a range of respiratory illnesses. The proposed curbs will form the cornerstone of Obama's climate action plan, a multi-layered blueprint for fighting global warming unveiled a year ago. The plan is critical to fulfilling U.S. commitments to reduce emissions agreed to at an international forum in Copenhagen in 2009. It is also key to carving out a legacy for Obama's second term.
  • Camden shuts down its tent cities

    05/22/2014 8:52:21 AM PDT · by Olog-hai · 24 replies
    CNN Money ^ | May 14, 2014: 1:18 PM ET | Blake Ellis
    For Michael Powell, a 53-year-old ex-convict, his tent off the highway in Camden, N.J., is what he has called home for nearly a decade. But on Tuesday, he and dozens of others living in homeless encampments known as “tent cities” throughout Camden were forced out—leaving many of them homeless all over again. The eviction was conducted by the state of New Jersey, as well as Camden county and city, for health and safety reasons. […] Amid the commotion on Tuesday, Gino Lewis, director of housing at the Camden County Improvement Authority, assured people that the county would work to find...
  • EPA Spends Millions Getting People $14 Per Hour Green Jobs

    05/15/2014 12:34:53 PM PDT · by Oldeconomybuyer · 7 replies
    The Daily Caller ^ | May 14, 2014
    The Environmental Protection Agency has handed out $3.6 million to 18 different community organizations across the country to train college graduates, the unemployed, low-income people and others to take on green jobs. To date, the EPA has funded 237 job training programs grants totalling more than $50 million to train 12,800 people how to work in the green industry. Of those trained, about 9,100 obtained green jobs — a 71 percent success rate at a cost of $5,500 in taxpayer funds per job. Last year, the free-market Institute for Energy Research estimated that the Department of Energy spent $26 billion...
  • EPA Proposes Changes to Refinery Emission Rules

    05/15/2014 9:45:58 AM PDT · by Oldeconomybuyer · 11 replies
    ABC News ^ | May 15, 2014
    The U.S. Environmental Protection Agency has proposed changes to oil refinery rules that would compel operators to monitor benzene emissions, upgrade storage tank emission controls, ensure waste gases are properly destroyed and adopt new emission standards for delayed coking units. The move is part of a consent decree that resolved a lawsuit filed by nonprofit environmental attorneys with Earthjustice and the Environmental Integrity Project.
  • The fight for a global minimum wage

    05/15/2014 9:35:12 AM PDT · by Oldeconomybuyer · 19 replies
    Reuters ^ | May 15, 2014 | By Christine Owens
    On Thursday, fast-food workers in more than 30 countries across six continents will take coordinated action on an unprecedented scale. In the United States, they will walk off their jobs in 150 cities — the largest strike ever. Workers around the world will join these protests in 80 cities. The protestors are set to take over a McDonald’s during lunchtime rush hour in Belgium; hold flash-mobs at McDonald’s restaurants across the Philippines, and conduct a teach-in at McDonald’s headquarters in New Zealand. The spread of the fast-food movement to the global stage is notable for the speed at which it...
  • Winter didn’t derail recovery, top forecaster says

    05/13/2014 10:33:51 AM PDT · by Oldeconomybuyer · 4 replies
    Market Watch ^ | May 13, 2014 | By Rex Nutting
    The cold and wet winter set the U.S. economy back, but it didn’t knock it off the rails, according to Ted Wieseman, an economist for Morgan Stanley and the winner of the April Forecaster of the Month award from MarketWatch. The slow start to the year, with gross domestic product likely contracting in the first quarter, means growth in 2014 won’t hit the 3% pace that Wieseman and many other economists had expected. In fact, the economy may grow less in 2014 than the 2.6% growth posted in 2013.
  • US Retail Sales up Scant 0.1 Pct. in April; Spending Online and on Furniture, Electronics Dips

    05/13/2014 5:48:18 AM PDT · by Oldeconomybuyer · 17 replies
    ABC News ^ | May 13, 2014
    U.S. retail sales growth slowed in April, with consumers shopping less online and cutting back on purchases of furniture and electronics. The Commerce Department says retail sales rose just 0.1 percent last month, after surging 1.5 percent in March following a harsh winter that had curtailed shopping. The modest sales suggest that consumers continue to be cautious during the still-slow, nearly 5-year recovery.
  • Obama’s IRS spends nearly $100 million on office furniture

    05/12/2014 1:50:27 PM PDT · by Oldeconomybuyer · 24 replies
    FOX News ^ | May 12, 2014 | By Mary Lou Byrd
    The IRS has spent $96.5 million on office furniture under the Obama administration and is now claiming it has insufficient funding to adequately serve taxpayers. Treasury Secretary Jack Lew testified before the House two weeks ago about the IRS’ need for additional funding for the upcoming fiscal year. The IRS is currently seeking an increase of $1.2 billion—a 7 percent raise over its FY 2014 $11.29 billion budget. It would bring the agency’s FY 2015 budget to $12.48 billion. A review of contracts by the Washington Free Beacon shows the IRS in the past five fiscal years has spent $96.5...
  • Rising U.S. economy could help Democrats stave off election loss

    05/12/2014 3:31:38 AM PDT · by Oldeconomybuyer · 105 replies
    Reuters ^ | May 12, 2014 | BY RICHARD COWAN
    Here's a riddle: Many Republicans deny it's happening. Some Democrats don't want to talk about it. What is it? The answer is the growing U.S. economy, on pace to expand as much as 3.5 percent this year, about the best performance in the industrialized world. Unemployment has fallen from 10 percent to about 6.3 percent and consumer confidence is at a six-year high. Better economic data could help persuade voters in November to look past President Barack Obama's weak approval ratings and his unpopular healthcare law and give Democrats enough lift to hold onto the Senate and limit their losses...
  • Obamanomics: More businesses going under than are being created

    05/07/2014 7:39:25 AM PDT · by SeekAndFind · 15 replies
    American Thinker ^ | 05/07/2014 | Rick Moran
    For the first time in 3 decades, businesses are collapsing faster than they're being created. That's the concluisions of a study done by the Brooking Institution, which looked at business creation since 1978.Washington Post: The American economy is less entrepreneurial now than at any point in the last three decades. That's the conclusion of a new study out from the Brookings Institution, which looks at the rates of new business creation and destruction since 1978. Not only that, but during the most recent three years of the study -- 2009, 2010 and 2011 -- businesses were collapsing faster than they...
  • 92,594,000: Americans Not in Labor Force Hits All-Time Record; Participation Rate 36-Year Low

    05/05/2014 8:05:29 AM PDT · by xzins · 35 replies
    CNS News ^ | May 2, 2014 | Terence P. Jeffrey
    A record 92,594,000 Americans were not in the labor force in April as the labor force participation rate matched a 36-year low of 62.8 percent, according to data released today by the Bureau of Labor Statistics. In March, according to BLS's non-seasonally adjusted data, there were 91,630,000 Americans not in the labor force. In April, that increased by 964,000 people to an all-time record of 92,594,000. The previous record was 92,534,000, set in January of this year. The BLS's seasonally-adjusted number for people not in the labor force--which was 92,018,00 for April--was also an all-time record. This was up 988,000...
  • Report: More Than 92 Million Americans Remain Out Of Labor Force

    05/03/2014 1:23:57 PM PDT · by george76 · 27 replies
    CBS DC ^ | May 2, 2014
    Despite the unemployment rate plummeting, more than 92 million Americans remain out of the labor force. The unemployment rate dropped to 6.3 percent in April from 6.7 percent in March, the lowest it has been since September 2008 when it was 6.1 percent. The sharp drop, though, occurred because the number of people working or seeking work fell. The Bureau of Labor Statistics does not count people not looking for a job as unemployed. The bureau noted that the civilian labor force dropped by 806,000 last month, ... The amount (not seasonally adjusted) of Americans not in the labor force...
  • Study Said to Vindicate President’s Economic Policies

    05/03/2014 10:33:04 AM PDT · by John Semmens · 5 replies
    Semi-News/Semi-Satire ^ | 2 May 2014 | John Semmens
    A study recently published by the National Employment Law Project reports that a plurality of the new jobs created under the Administration’s economic policies have been low-wage jobs. Data analyzed in the study indicated that while 22% of the jobs lost during the recession were low-wage, 44% of the jobs created since then are low-wage. “If proof were needed that this president is on the side of the little guy this is it,” said Jason Furman, Chairman of the President’s Council of Economic Advisers. “Expanding job opportunities for those with little education and few skills focuses on the population cohort...
  • Where Have All the Green Jobs Gone?

    05/03/2014 8:14:38 AM PDT · by Oldeconomybuyer · 36 replies
    The Nation ^ | April 22, 2014 | by Michelle Chen
    ...Five years ago, “green jobs” were all the rage in Washington. The American Recovery and Reinvestment Act was rolled out with a win-win agenda aimed at fixing the economy and healing the environment at once. Candidate Obama touted a “blueprint” for a green economy, with plans to create 5 million green jobs. Though federal green initiatives have provided vital seed money for wind farms and solar-generation projects nationwide, the blue-collar workers who have the most to gain from the projected clean-tech boom are still struggling to find any job, much less a green one. Indeed, some environmentalists say that green...
  • U.S. job growth jumps, but shrinking labor force a blemish

    05/02/2014 1:55:35 PM PDT · by Oldeconomybuyer · 4 replies
    Reuters ^ | May 2, 2014 | BY LUCIA MUTIKANI
    U.S. employers hired workers at the fastest clip in more than two years in April, pointing to a rebound in economic growth after a dreadful winter and keeping the Federal Reserve on track to end bond purchases this year. The brightening outlook was, however, tempered somewhat by a sharp increase in the number of people dropping out of the labor force, which pushed the unemployment rate to a 5-1/2 year low of 6.3 percent. Wage growth also was stagnant. About 806,000 people dropped out of the labor force in April, unwinding the previous months' gains. That helped to push down...
  • Seemingly terrific April jobs report poses strange puzzle

    05/02/2014 10:12:42 AM PDT · by Oldeconomybuyer · 12 replies
    Market Watch ^ | May 2, 2014 | by Jeffry Bartash
    Funky job reports are not unusual, and the employment data for April certainly fits the bill. How else to explain the biggest gain in hiring in more than two years – at the same time the labor force shrank by the second largest amount in 32 years. --snip-- What’s also odd about the decline in the labor force is how it happened. The number of so-called re-entrants – unemployed workers who have started looking for jobs again – fell by a whopping 417,000. That’s the biggest drop since the government began keeping records in 1967. Another factor could be the...
  • The household survey is insane, Opinion: Don’t believe the drop in the unemployment rate to 6.3%

    05/02/2014 9:00:21 AM PDT · by Oldeconomybuyer · 19 replies
    Market Watch ^ | May 2, 2014 | By Rex Nutting
    The household survey is simply insane. Do not pay any attention to it. Do not make eye contact. Just calmly walk away. It’s simply not believable that the labor market contracted so violently according to one survey, while at the same time a separate survey of business establishments showed strong payroll growth of 288,000. Consider this: The jobless rate fell because 733,000 fewer people were considered unemployed. That’s the largest one-month decline since 1949, when unemployment fell by 920,000 when two large national strikes concluded. Nothing like that happened in April.
  • U.S. labor-force participation rate falls sharply in April

    05/02/2014 5:46:11 AM PDT · by Oldeconomybuyer · 38 replies
    Market Watch ^ | May 2, 2014
    WASHINGTON - The U.S. labor-force participation rate sank to 62.8% in April from 63.2% in March to match a 35-year low, the government reported Friday. Some 806,000 people dropped out of the labor force, according to Labor Department figures.
  • Most jobs created in this recovery are low-wage, study finds

    05/01/2014 11:47:51 AM PDT · by Oldeconomybuyer · 10 replies
    Market Watch ^ | May 1, 2014 | by Greg Robb
    A majority of the new jobs created in the four years of the recovery have been in low-wage sectors, according to a new report released this week. “Deep into the recovery, job growth is still heavily concentrated in lower-wage industries,” said the National Employment Law Project, a progressive research group which has been pushing for Congress to increase the minimum wage. Lower-wage industries accounted for 22% of job losses during the recession but 44% of employment growth over the past four years.
  • Jobless claims jump for second straight week

    05/01/2014 6:07:26 AM PDT · by Oldeconomybuyer · 8 replies
    Market Watch ^ | May 1, 2014
    The number of people filing for state unemployment benefits rose for the second straight week, the Labor Department reported Thursday. The number of initial claims in the week ending April 26 rose 14,000 to 344,000, which is the highest level since the end of February. The gain came as a surprise, as the consensus forecast of Wall Street economists was for claims to fall to 320,000.
  • Sony slashes profit estimate by more than two-thirds

    05/01/2014 2:33:37 AM PDT · by SoFloFreeper · 8 replies
    Reuters ^ | 5/1/14 | Sophie Knight
    Sony Corp slashed its operating profit estimate by nearly 70 percent for the financial year ended March 31, saying it expects its exit from PCs to add nearly $300 million in extra costs as it struggles to stem losses on electronics. The Japanese consumer electronics giant on Thursday cut its operating profit forecast....
  • U.S. economy slows to stall-speed (0.1% in Q1....any slower and we are contracting)

    04/30/2014 3:46:15 PM PDT · by Red in Blue PA · 45 replies
    The U.S. economy stalled in the first three months of 2014, but don't panic yet as it's probably just the winter weather effect. Gross domestic product, the broadest measure of economic activity, grew at a 0.1% annual pace in the first quarter, the U.S. Bureau of Economic Analysis reported Wednesday. That's brutally slow, even by sluggish post-recession standards. Since the Great Recession ended in June 2009, the economy has been growing at a rate of about 2% to 3% per year.
  • Senate Republicans block Obama bid to hike minimum wage

    04/30/2014 11:57:12 AM PDT · by Oldeconomybuyer · 18 replies
    Reuters ^ | April 30, 2014 | BY THOMAS FERRARO
    Senate Republicans on Wednesday blocked one of President Barack Obama's top legislative priorities, a bill to raise the federal minimum wage for the first time in five years. On a nearly party-line vote of 54-42, supporters fell short of the 60 votes that would have been needed to end a procedural roadblock against the legislation in the Democratic-led Senate. Just one Republican, Senator Bob Corker of Tennessee, joined Democrats.
  • Fed cuts bond-buying stimulus to $45 billion a month

    04/30/2014 11:39:45 AM PDT · by Oldeconomybuyer · 6 replies
    Market Watch ^ | April 30, 2014 | By Jeffry Bartash
    The Federal Reserve on Wednesday voted unanimously to reduce its bond-buying stimulus program for the fourth straight meeting, to $45 billion a month from $55 billion. The central bank now thinks the economy is strong enough to do without the stimulus and the Fed aims to end the bond-buying program by late 2014, barring any sudden deterioration in growth.
  • First-quarter U.S. GDP barely rises, up 0.1%

    04/30/2014 5:41:44 AM PDT · by Oldeconomybuyer · 8 replies
    Market Watch ^ | April 30, 2014
    Growth in the U.S. economy slowed to a miserly 0.1% annual pace in the first quarter from 2.6% at the end of 2013, a bout of weakness spurred by one of the worst winters in years. Consumer spending, the main driver of the U.S. economy, actually rose 3% after a strong 3.3% gain in the fourth quarter, but the increase was driven mostly by higher outlays on utilities and health care, according to preliminary data released by the Commerce Department on Wednesday. Yet business investment on equipment, another key economic cog, fell 5.5% to mark the biggest drop in almost...
  • White House opens door to tolls on interstate highways, removing long-standing prohibition

    04/30/2014 3:59:00 AM PDT · by SoFloFreeper · 77 replies
    Washington Post ^ | 4/29/14 | Ashley Halsey III
    ...the Obama administration Tuesday opened the door for states to collect tolls on interstate highways to raise revenue for roadway repairs. The proposal, contained in a four-year, $302 billion White House transportation bill, would reverse a long-standing federal prohibition on most interstate tolling.