This morning's jobs report released by the Bureau of Labor Statistics is being met with skepticism. The report found that, from August to September, the unemployment rate dropped from just above 8 percent to 7.8 percent. In fact, when Labor Secretary Hilda Solis appeared on CNBC this morning, the first two questions for her were whether the books have been cooked.
If you did not watch Wednesday night’s presidential debate, here’s how bad it was: the Democrats are now looking to Joe Biden to turn things around. Yes, the latest Mitt Romney was one of the best models his technicians have produced yet, free from technical glitches and referencing real Americans he’d met on the campaign trail so often you’d think he might actually remember them. (Snip) But the real problem last night was, of course, Barack Obama—who looked like he was still sitting in a room somewhere listening to a John Kerry monologue.
Economic forecasting was relatively easy from the end of World War II until the middle of the prior decade. Most of the time, you could just focus on monetary policy. When the federal funds rate was much lower than the growth of nominal GDP – real GDP growth plus inflation – then the Federal Reserve was too loose and nominal GDP growth would go up. When the Fed kept the funds rate above nominal GDP growth, it was tight and nominal GDP growth would slow, raising recession risk and reducing inflation.But then came the last recession, which had nothing to
Venezuelan President Hugo Chavez will “likely” lose this weekend’s election, sparking a bond rally, Barclays Plc said after a poll showed opposition candidate Henrique Capriles Radonski widened his lead. Capriles’s lead grew to almost 5 percentage points in a poll by Consultores 21, with 51.8 percent of Venezuelans who said they’re sure to vote saying they support the opposition candidate, the Caracas-based polling company said yesterday. Chavez had the support of 47.2 percent. The poll of 1,546 people taken between Sept. 27 and Oct. 2 had a margin of error of 2.5 percentage points.
A set of new swing-state polls show Mitt Romney making big gains in three critical battleground states just two days after the Republican nominee's widely-heralded debate performance. The polls — from conservative-leaning Rasmussen and We Ask America — showed Romney closing the gap or leading in Ohio, Florida and Virginia, three states the GOP candidate would likely need to capture to win the White House. And they represent a dramatic reversal from last week, where polls showed President Obama with a commanding lead. In Ohio, the We Ask America poll gave Romney a 47-46 percent edge over the president, while
It is a dress Jackie Kennedy could have worn 60 years earlier, from its pastel tone to the Sixties sensibility. But far from reaching into the past, Michelle Obama's dusty green shift is from Jason Wu's yet-to-be released contemporary label, Miss Wu, which doesn’t hit stores until January 2013. The First Lady was photographed in the brand new collection's 'modern weave dress' at a campaign event in Cincinnati, Ohio - which she paired with a cropped cardigan and a statement necklace. Mrs Obama has long been a vocal supporter of Jason Wu,
President Obama made the short trek from the White House to Northern Virginia Friday to champion a new jobs report, calling the recent dip in joblessness “a reminder that this country has come too far to turn back now.” The unemployment rate fell to 7.8 percent last month, representing the lowest such figure since Obama took office, delivering the Democrat a badly needed economic boost one month before the election. “This morning, we found out that the employment rate has fallen to its lowest level since I took office,” he told a crowd at George Mason University.
Abington, Va. - Mitt Romney challenged the significance of the drop in the unemployment rate today, arguing that the “real reality” is that the figure declined because “more and more people have just stopped looking for work.” “There was a report that just came out this morning on job creation this last month,” said Romney at a rally in the battleground state of Virginia. “There were fewer new jobs created this month than last month. And the unemployment rate as you noted this year has come down very, very slowly, but it’s come down nonetheless.” “The reason it’s come down
Jim Lehrer has a few words in response for those who thought he let President Obama and Mitt Romney ramble on and roll over him in Wednesday’s presidential debate: “So what?” The veteran PBS newsman, who was persuaded by the Presidential Debate Commission to moderate his 12th debate — the last one he’ll do, he vows — says the event wasn’t about “control” or the strict enforcement of rules. It was about producing a sharp discussion and substantive contrast between the candidates. Besides, he says, few people seemed to understand that the new format,
Headline numbers from today's jobs report looked great. Unemployment fell to 7.8 percent, non-farm payrolls came in line with expectations, and last month's number was revised up. This prompted some to claim the numbers were made up. President Obama said, "this morning we found out that the unemployment rate has fallen to its lowest rate since I took office." (Snip) Here are Rosenberg's key takeaways: The headline 114K non-farm payrolls figure is half of the +200K norm on payrolls. Only half of the over eight million jobs lost in the Great Recession have been regained, three years after the recession
An Army lieutenant colonel who was on the fast track until Muslim groups complained about a course he taught on radical Islam has a legal foundation in his foxhole. Attorneys for Lt. Col Matthew Dooley, a West Point graduate and highly-decorated combat veteran, was an instructor at the Joint Forces Staff College at the National Defense University, where by most accounts he won praise from students and faculty alike. But when Chairman of the Joint Chiefs of Staff Martin Dempsey excoriated Dooley during a Pentagon press conference in May, characterizing his course, “Perspectives on Islam and Islamic Radicalism”
Suspicion about the federal government's September jobs report has fallen on Secretary of Labor Hilda Solis, who appeared on CNBC this morning and defended the numbers from the Bureau of Labor Statistics (BLS), claiming--falsely--that upward revisions of 86,000 jobs were from the private sector. In fact, the new number is entirely accounted for by upwards revisions to state and federal government payrolls. The BLS reported that while only 114,000 jobs were created in September--which would have translated into a rise in unemployment from 8.1% to 8.2%--the unemployment rate fell dramatically to 7.8%.
Turns out babies also go gaga for “Gangnam.” Two new viral videos on YouTube show South Korean rapper Psy’s hit single “Gangnam Style” has the surprising side effect of calming down some pretty cranky babies. In one video uploaded late last month, cute Claire Bowman from West Virginia starts to cry while her father watches a Saturday football game with a friend.Out of nowhere, Psy’s thumping techno beat starts to play. Claire turns toward the camera and starts to smile — silently. “I had the idea to play the song to calm her down,” said Eric Ramsey,
Yoanni Sánchez is a true oddity in Cuba -- a young political activist famous worldwide for penning a blog critical of the Castro regime. Sanchez's courage has earned praise from President Obama and a place on Time Magazine's "100 Most Influential" list, all while dodging government censors by emailing her Generacion Y posts to friends outside Cuba, who upload them to the web. This morning, the blog has gone dark as Sánchez reportedly has been arrested while attending the politically charged trial of another young activist. The 37-year-old writer was arrested in the city of Bayamo while attending the manslaughter
President Obama, speaking in Virginia, said, "We don't believe anybody is entitled to success in this country." "This country does not just succeed when just a few are doing well at the top," Obama said, according to a rush transcript of the remarks. "It succeeds when the middle class gets bigger. Our economy does not grow from the top-down, it grows from the middle-out. Headline split by staff.
Cuba detained activist and blogger Yoani Sanchez in the eastern city of Bayamo, where she was attending the trial of a man charged in the driving death of another dissident, the pro-government Cuban blog Yohandry said. Sanchez, who writes the “Generation Y” blog that discusses shortcomings of the Caribbean island’s communist government and her failed attempts to travel abroad, was provoking a “media show” over the trial, Yohandry said. Sanchez’s son Teo and other activists confirmed that she was arrested last night, said Ted Henken, a professor of Latin American studies at Baruch College in New York who writes about Cuban bloggers.
I posted a bit of this earlier, but here is the entire, eye-opening note from economists John Ryding and Conrad DeQuadros of RDQ Economics: This report is a tale of two labor markets. The establishment survey (payrolls) painted a picture of moderately growing employment over the last three months but at a marginally slower pace than over the last year. At this pace of job creation, the unemployment rate should be barely drifting lower given underlying demographic trends. In contrast, the household survey painted a picture
Was the unemployment report released this morning gamed by the powers that be in Washington? Former General Electric CEO Jack Welch thinks so and had this to say in a tweet released right after the report, Jack Welch @jack_welch Unbelievable jobs numbers..these Chicago guys will do anything..can’t debate so change numbers Well, while Welch and many others believe a conspiracy is at work, let’s take a harder look at the numbers.
Piers Morgan, testifying before the Leveson Inquiry in London late last year, had just withstood two hours of uncomfortable questioning about phone hacking—a practice the 46-year-old tabloid editor–cum–TV star described in the first of his three memoirs as the “little trick” of listening illicitly to other people’s voice mails. When the questions were over and he was free to go, Morgan couldn’t resist a closing statement, a last word. He told the presiding judge, Lord Justice Leveson, who has been leading the government-ordered inquiry into the unethical
A day after the Obama campaign countered Mitt Romney's strong debate performance by accusing him of playing fast and loose with the facts, President Obama threw out a doozy of his own. At a rally Friday in Fairfax, Va., Obama claimed Romney had outright rejected his proposal to end tax breaks for oil and gas companies. "He said there's no way that he'd close the loophole that gives big oil companies billions each year in corporate warfare," Obama said, in the middle of a litany of complaints on Romney's tax positions from Wednesday's debate. Just one problem. Romney didn't
The eight-year battle to deport hate cleric Abu Hamza came to an end today as he lost his final bid to stall extradition out of the UK. The Muslim cleric, who could be now deported within days, lost his last-ditch High Court bid for an injunction which would have allowed him to remain in Britain at taxpayers' expense.[Snip] Hamza joins four other terror suspects, Babar Ahmad, Syed Ahsan, Khaled Al-Fawwaz and Adel Abdul Bary to be extradited to the US. Sir John Thomas, president of the Queen's Bench Division, sitting with Mr Justice Ouseley, turned down their applications for injunctions
A New Jersey school district has ordered the PTA to stop selling ice cream to students on campus because the longtime fundraising violates state and federal law. For years the PTA in Parsippany, New Jersey sold ice cream once a week on campuses across the district. The money was used to fund cultural arts programs and field trips for the students. (Snip) But earlier this week, the district superintendent sent a letter to the group informing the parents that those tiny cups of ice cream could no longer be sold on campus. “We don’t know the full extent
U.S. Sen. Scott Brown dismissed Gov. Deval Patrick’s claim that he’s a “Bay State birther” because Brown is demanding Elizabeth Warren prove her Native American heritage — saying Patrick has joined the very “Beacon Hill machine,” the governor once blasted. “It’s part of kind of the Beacon Hill machine coming out during the political season,” said Brown as he picked up an endorsement today from former Massachusetts Gov. William Weld in his Boston campaign office. “You know this is a situation of her own making, she hasn’t answered your questions, your questions in particular,
Skyrocketing gasoline prices caused some local service stations to shut off their pumps Thursday while others shocked customers with overnight price increases of 30 cents or more. California's fuel industry isn't running out of gasoline — supplies are only 2.5% lower than this time last year — but recent refinery and pipeline mishaps sent wholesale prices to all-time highs this week. As a result, some station owners weren't buying fuel for fear they couldn't sell it. Those who did buy simply kicked prices higher and bet customers would understand."If this keeps up, I'll be looking at $5-a-gallon