Posts Tagged ‘economy

11
Sep
14

The Obama White House Through The Lens Of Pete Souza

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President Barack Obama holds the baby daughter of former staff members Darienne Page Rakestraw and London Rakestraw in the Ground Floor Corridor of the White House, July 1, 2014. (Official White House Photo by Pete Souza)

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First Lady Michelle Obama hugs Braeden Mannering, the 2013 Kids’ State Dinner winner from Delaware, after he introduced her at the Kids’ State Dinner in the East Room of the White House, July 18, 2014. (Official White House Photo by Amanda Lucidon)

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President Barack Obama greets audience members after he delivered remarks on the economy at the Georgetown Waterfront Park in Washington, D.C., July 1, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama and First Lady Michelle Obama talk with Ken Burns as part of an interview for a PBS documentary about Jackie Robinson, in the White House Library, July 3, 2014. (Official White House Photo by Lawrence Jackson)

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President Barack Obama greets Airman First Class Karen Mae Manalo with other citizenship candidates in the Blue Room prior to a naturalization ceremony for active duty military, military dependents, reservists and veterans at the White House, July 4, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama greets a young girl after he delivered remarks on the economy at Cheesman Park in Denver, Colo., July 9, 2014. (Official White House Photo by Pete Souza)

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First Lady Michelle Obama discusses Millennium Development Goals with students during a visit to Global Kids, Inc. in New York, N.Y., July 10, 2014. (Official White House Photo by Amanda Lucidon)

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President Barack Obama jokes with Mattina Falco, 19-year-old Make-A-Wish recipient from Worchester, Mass., as she sits at the Resolute Desk in the Oval Office, July 17, 2014. (Official White House Photo by Chuck Kennedy)

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First Lady Michelle Obama and Jennifer Lopez pose for a selfie before the 85th Annual League of United Latin American Citizens (LULAC) National Convention and Exposition in New York, N.Y., July 10, 2014. (Official White House Photo by Amanda Lucidon)

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Vice President Joe Biden talks with Chief of Staff Denis McDonough in the Oval Office, July 2, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama greets audience members after he delivers remarks on the economy at the Paramount Theatre in Austin, Texas, July 10, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama greets patrons at the Charcoal Pit restaurant in Wilmington, Del., July 17, 2014. (Official White House Photo by Pete Souza)

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First Lady Michelle Obama joins the cast of Disney’s “The Lion King” onstage after their performance at the Kids’ State Dinner in the East Room of the White House, July 18, 2014. (Official White House Photo by Lawrence Jackson)

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President Barack Obama greets patrons at Canter’s Delicatessen in Los Angeles, Calif., July 24, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama greets HUD staff following remarks at the Department of Housing and Urban Development in Washington, D.C., July 31, 2014. (Official White House Photo by Pete Souza)

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President Barack Obama and Vice President Joe Biden share a laugh in the Oval Office July 21, 2014. (Official White House Photo by Pete Souza)

07
Sep
14

President Barack Obama: The Jobs Creating President

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Adam Hartung: Obama Outperforms Reagan On Jobs, Growth And Investing

To put this week’s jobs report in economic perspective I reached out to Bob Deitrick, CEO of Polaris Financial Partners and author of “Bulls, Bears and the Ballot Box” (which I profiled in October, 2012 just before the election) for some explanation. Since then Polaris’ investor newsletters have consistently been the best predictor of economic performance. Better than all the major investment houses. This is the best private sector jobs creation performance in American history

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As this unemployment chart shows, President Obama’s job creation kept unemployment from peaking at as high a level as President Reagan, and promoted people into the workforce faster than President Reagan. President Obama has achieved a 6.1% unemployment rate in his 6th year, fully one year faster than President Reagan did. At this point in his presidency, President Reagan was still struggling with 7.1% unemployment, and he did not reach into the mid-low 6% range for another full year. So, despite today’s number, the Obama administration has still done considerably better at job creating and reducing unemployment than did the Reagan administration. We forecast unemployment will fall to around 5.4% by summer, 2015. A rate President Reagan was unable to achieve during his two terms.”

When President Obama took office America was gripped in an offshoring boom, started years earlier, pushing jobs to the developing world. Manufacturing was declining in America, and plants were closing across the nation. This week the Institute for Supply Management (ISM) released its manufacturing report, and it surprised nearly everyone. The latest Purchasing Managers Index (PMI) scored 59, 2 points higher than July and about that much higher than prognosticators expected. This represents 63 straight months of economic expansion, and 25 consecutive months of manufacturing expansion.

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While most Americans think they are not involved with the stock market, truthfully they are. Via their 401K, pension plan and employer savings accounts 2/3 of Americans have a clear vested interest in stock performance. it is undeniable that President Obama has surpassed the previous president. Investors have gained a remarkable 220% over the last 5.5 years! This level of investor growth is unprecedented by any administration, and has proven quite beneficial for everyone.

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05
Sep
14

President Obama And U.S. Economy: 1; Republicans: 0

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Jason Furman: The Employment Situation In August

1. The private sector has added 10 million jobs over 54 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 142,000 in August, mainly reflecting a 134,000 increase in private employment. Private-sector job growth was revised up for July and down for June for little total revisions. Over the past twelve months, private employment has risen by a total of 2.4 million.

3. The last time the economy added 10 million private-sector jobs over four-and-a-half years was November 1996 to April 2001. There are some notable differences between the current stretch of job gains and the one that began in 1996. In particular, the manufacturing sector has added more than 700,000 jobs over the last four-and-a-half years, while it lost more than 400,000 jobs during the 1996-2001 period. 4. On a not-seasonally-adjusted basis, local government educational services employment rose by more than 200,000 in August, continuing a recent trend that has seen an increasing number of these employees return to work before September.

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MarketWatch: U.S. Manufacturers Surge Again In August, ISM Finds

U.S. manufacturing companies grew in August at the fastest pace since March 2011, a survey of executives found. The Institute for Supply Management said its manufacturing index climbed to 59% last month from 57.1% in July. That easily beat the 56.1% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.

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Bloomberg: Chrysler Luring Toyota Owners Helps Lift U.S. Share

Chrysler is on an unprecedented winning streak. As Jeep benefits from consumers’ renewed attraction to SUVs, the company also has been aided by strong demand for Ram pickups and Town & Country minivans. That helped propel its U.S. sales up 12 percent last month, the largest increase of any major automaker, according to the average of eight analyst estimates compiled by Bloomberg. That would be Chrysler’s 53rd straight month of rising sales — about 4 1/2 years — after almost being given up for dead before its government-sponsored bankruptcy in 2009.

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Bloomberg: Saudi Arabia Oil Sales To U.S. Imperiled By Shale Boom

After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.

The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009. Shale drilling has boosted U.S. oil output to the highest level since 1986. As refineries turn to lower-priced domestic oil to make fuel at a record pace, the Saudis and other foreign suppliers are left with dwindling slices of the market. In June, imports from Saudi Arabia accounted for the smallest share of crude processed at U.S. refineries since February 2010.

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Jeffry Bartash: U.S. Factory Orders Jump 10.5% In July On Aircraft Contracts

Orders for goods produced in U.S. factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft, the Commerce Department said Wednesday. Economists surveyed by MarketWatch had expected orders to climb nearly 11%. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported.

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30
Aug
14

President Obama’s Policies Aren’t Working? Tell Us Another Lie, GOP

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28
Aug
14

Democrat + Forward Thinking Policies = Growing Economy

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Yahoo: Economy In U.S. Expands 4.2%, More Than Previously Forecast

The biggest gain in U.S. business investment in over two years helped the world’s largest economy expand more than previously forecast in the second quarter, raising expectations for the rest of 2014. Gross domestic product, the value of all goods and services produced, rose at a 4.2 percent annualized rate, up from an initial estimate of 4 percent and following a first-quarter contraction, Commerce Department reported today in Washington. Other reports showed the outlook for home sales improved in July, fewer people filed claims (INJCJC) for jobless benefits last week and consumer confidence climbed. Recent data showing American factories are receiving more orders and employment is picking up indicate companies such as General Electric Co. (GE) will probably see demand sustained into the second half of the year. “The recovery is becoming more well-entrenched,” said Scott Brown, chief economist at Raymond James & Associates Inc. in St. Petersburg, Florida, who correctly projected the gain in GDP.

“There is more optimism among businesses about increased demand. The drop in firings is probably helping Americans feel more secure in their jobs. The Bloomberg Consumer Comfort Index rose in the week ended Aug. 24 to the highest level in more than a month as views of household finances advanced to an almost four-month high, another report showed. Household consumption, which accounts for about 70 percent of the economy, grew at a 2.5 percent annualized rate, the same as previously estimated. Automobile sales near an eight-year high bode well for consumer spending and factory production. Consumers’ purchasing power improved, with disposable income adjusted for inflation rising at a 4.2 percent from April through June after a 3.4 percent gain in the first quarter. Gross domestic income, which reflects all the money earned by consumers, businesses and government agencies climbed at a 4.7 percent annualized rate in the second quarter, the most since early 2012. More hiring and stock-market gains that are boosting confidence also are healing household finances, which will help consumer spending. Payrolls in July marked the sixth month of gains exceeding 200,000, the longest such stretch since 1997, according to the Labor Department.

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.2 percent at an annual rate in the second quarter of 2014, according to the second estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, state and local government spending grew at the fastest quarterly rate in five years.

3. Over the last four quarters, real GDP has risen 2.5 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, which is discussed in greater detail in the next point.

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28
Aug
14

Act On Climate Change? President Obama Is Doing So

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Coral Davenport: Obama Pursuing Climate Accord In Lieu of Treaty

The Obama administration is working to forge a sweeping international climate change agreement to compel nations to cut their planet-warming fossil fuel emissions, but without ratification from Congress. In preparation for this agreement, to be signed at a United Nations summit meeting in 2015 in Paris, the negotiators are meeting with diplomats from other countries to broker a deal to commit some of the world’s largest economies to enact laws to reduce their carbon pollution. But under the Constitution, a president may enter into a legally binding treaty only if it is approved by a two-thirds majority of the Senate. To sidestep that requirement, President Obama’s climate negotiators are devising what they call a “politically binding” deal that would “name and shame” countries into cutting their emissions. The deal is likely to face strong objections from Republicans on Capitol Hill and from poor countries around the world, but negotiators say it may be the only realistic path.

American negotiators are instead homing in on a hybrid agreement — a proposal to blend legally binding conditions from an existing 1992 treaty with new voluntary pledges. The mix would create a deal that would update the treaty, and thus, negotiators say, not require a new vote of ratification. Countries would be legally required to enact domestic climate change policies — but would voluntarily pledge to specific levels of emissions cuts and to channel money to poor countries to help them adapt to climate change. Countries might then be legally obligated to report their progress toward meeting those pledges at meetings held to identify those nations that did not meet their cuts. The strategy comes as scientists warn that the earth is already experiencing the first signs of human-caused global warming — more severe drought and stronger wildfires, rising sea levels and more devastating storms. In seeking to go around Congress to push his international climate change agenda, Mr. Obama is echoing his domestic climate strategy. In June, he bypassed Congress and used his executive authority to order a far-reaching regulation forcing American coal-fired power plants to curb their carbon emissions.

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