Posts Tagged ‘economy

27
Aug
15

The Economy Is Growing. Don’t Screw It Up, Congress

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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2015

Real GDP growth in the second quarter was revised markedly upward, as consumers spent more and businesses invested more than previously estimated. The economy grew at a much faster pace in the second quarter than in the first, with strong personal consumption leading the rebound. At this time in the global economy, it is essential that we continue to do everything we can to maintain America’s domestic economic momentum—including avoiding a return to fiscal brinksmanship or unnecessary austerity by passing an on-time budget that reverses the sequester, increasing investments in infrastructure as part of a long-term transportation reauthorization, and other steps to foster long-term growth.

1. Real Gross Domestic Product (GDP) rose 3.7 percent at an annual rate in the second quarter according to the BEA’s latest estimate, well above the first quarter’s 0.6 percent pace and the BEA’s initial second-quarter estimate of 2.3 percent growth. In the second quarter, the increase in GDP growth was led by a faster pace of personal consumption growth than in the first quarter and a shift from negative to positive net export growth. Structures investment, which declined sharply in the first quarter and was previously thought to have declined in the second, is now estimated to have grown. Overall, real GDP has now risen 2.7 percent over the past four quarters.

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24
Aug
15

The financial meltdown, in a few easy steps

Specialist Mario Picone, right, watches the numbers as he works on the floor of the New York Stock Exchange, Friday, Aug. 21, 2015. The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China's slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis. (AP Photo/Richard Drew)

Specialist Mario Picone, right, watches the numbers as he works on the floor of the New York Stock Exchange, Friday, Aug. 21, 2015. The Dow Jones industrial average has plunged more than 530 points and is in a correction amid a global sell-off sparked by fears about China’s slowing economy. Oil tumbled below $40 per barrel for the first time since the financial crisis. (AP Photo/Richard Drew)

The financial markets are melting down. Here’s why.

A couple of months ago, the Shanghai bourse began the Mother of all Corrections. Within a few weeks, it had lost 30% of its value.

This first go-round of market mayhem was greeted with pretty much of a yawn in Europe and the US. This was especially so after the government in Beijing stepped in to prop up the markets.

However, that propping up failed to calm the markets. Beijing decided to let the market work, and the sell-off commenced again.

Now, though, there is the added component of a fear of a major Chinese slow-down in its broader economy. To paraphrase that old saw: When China sneezes, the world catches a cold.

The fear of a significant downturn in the Chinese economy is spooking markets all over the world like a bump in the night spooks wild horses. Without knowing exactly what’s coming down the pike out of China, markets are in a panic.

Continue reading ‘The financial meltdown, in a few easy steps’

19
Aug
15

A Huge Surge In Full Time Jobs. Thanks, President Obama

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Victoria Stilwell: Full-Time Jobs In The U.S. Just Made A Comeback

Friday’s labor-market report showed that the number of full-time U.S. jobs as a share of total employment rose to 81.7 percent, the highest level since November 2008. For those worried (including not a few presidential candidates) that this economic recovery has been one that’s created only low-quality jobs, this should be really good news.

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At the same time, the number of employees on the payrolls of temporary work services also fell, declining 8,900, the report showed. All of these statistics combine to paint a picture of a “shift to full-time work,” economists led by Derek Holt at Scotiabank in Toronto wrote in a note to clients.
The rest of the details of the jobs report were also solid. Overall, payrolls climbed by 215,000 in July and the unemployment rate held at a seven-year low of 5.3 percent.

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18
Aug
15

Tweets Of The Day

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CNN. Your trusted source in racist news

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There is no liberal America for African Americans

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15
Aug
15

Rise And Shine

President Barack Obama and First Lady Michelle ObamaÕs hands rest on the railing of a boat during their tour of St. Andrews Bay in Panama City Beach, Fla., Sunday, Aug. 15, 2010. (Official White House Photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama and First Lady Michelle Obama’s hands rest on the railing of a boat during their tour of St. Andrews Bay in Panama City Beach, Fla., Sunday, Aug. 15, 2010. Photo by Pete Souza

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Sho Chandra: Retail Sales Show Broad Gain As U.S. Consumers Spur Growth

Sales at U.S. retailers rose in July on growing demand for everything from cars to clothing, and a decline the previous month was wiped away, signaling consumers are propelling growth in the world’s largest economy. Eleven of 13 major categories showed gains. Rising employment, stronger finances and still-cheap fuel is helping draw consumers into stores and auto dealerships.

Growth in household spending, which accounts for about 70 percent of the economy, is bolstering the expansion as Federal Reserve policy makers move toward lifting interest rates this year for the first time since 2006. “The consumer-driven recovery of the economy continues on track,” said Harm Bandholz, chief U.S. economist at UniCredit Group in New York, who correctly projected the gain. “The fundamentals are all in place for solid consumer spending. The outlook remains strong for the second half of the year.”

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President Barack Obama greets people outside the Old Market Deli in Cannon Falls, Minn. Aug. 15, 2011. The President stopped to have lunch with five post-9/11 veterans from Minnesota during a three-day bus tour in the Midwest. (Official White House Photo by Samantha Appleton) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama greets people outside the Old Market Deli in Cannon Falls, Minn. Aug. 15, 2011. The President stopped to have lunch with five post-9/11 veterans from Minnesota during a three-day bus tour in the Midwest. Photo by Samantha Appleton

President Barack Obama holds a baby as he arrives for lunch at the Old Market Deli in Cannon Falls, Minn., during a three-day bus tour in the Midwest, Aug. 15, 2011. (Official White House Photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama holds a baby as he arrives for lunch at the Old Market Deli in Cannon Falls, Minn., during a three-day bus tour in the Midwest, Aug. 15, 2011. Photo by Pete Souza

President Barack Obama prepares to autographs books and photographs in a backstage holding room following a town hall meeting on health care insurance reform at Central High School in Grand Junction, Colorado on Aug. 15, 2009. (Official White House photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama prepares to autographs books and photographs in a backstage holding room following a town hall meeting on health care insurance reform at Central High School in Grand Junction, Colo. on Aug. 15, 2009. Photo by Pete Souza

President Barack Obama waves to people along a road in Harmony, Minn., Aug. 15, 2011, during a three-day bus tour in the Midwest. (Official White House Photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama waves to people along a road in Harmony, Minn., Aug. 15, 2011, during a three-day bus tour in the Midwest. Photo by Pete Souza

President Barack Obama visits Sunset Lake in Yellowstone National Park, August 15, 2009. (Official White House photo by Pete Souza) This official White House photograph is being made available only for publication by news organizations and/or for personal use printing by the subject(s) of the photograph. The photograph may not be manipulated in any way and may not be used in commercial or political materials, advertisements, emails, products, promotions that in any way suggests approval or endorsement of the President, the First Family, or the White House.

President Barack Obama visits Sunset Lake in Yellowstone National Park on Aug. 15, 2009. Photo by Pete Souza

07
Aug
15

65 Consecutive Months Of Job Growth. Thanks, President Obama

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30
Jul
15

Rise And Shine

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President Barack Obama looks over merchandise in a display case at Cool Vintage Watches on Main Street, Parkville, Mo., July 30, 2014. Photo by Pete Souza

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All Times Eastern

12:30PM: President Obama has lunch with Vice President Biden

1:00PM: White House Press Briefing

6:05PM: President Obama holds a conference call with grassroots supporters to discuss the nuclear deal with Iran

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President Barack Obama waves as he departs after delivering remarks on the economy at the Uptown Theater in Kansas City, Mo., July 30, 2014. Photo by Pete Souza

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Coral Davenport

The final version of President Obama’s signature climate change policy is expected to extend an earlier timeline for states to significantly cut planet-warming pollution from power plants, according to people familiar with the plan. If enacted, the climate change plan, the final version of which is expected to be unveiled as early as Monday, could stand as the most significant action ever taken by an American president to curb global warming.

The plan consists of three major environmental regulations, which combined are intended to drastically cut emissions of greenhouse gases. The rules take aim at coal-fired power plants, the largest source of greenhouse emissions, and are intended to spur a transformation of the nation’s power sector from fossil fuels to renewable sources such as wind and solar. Under the rules, the Environmental Protection Agency would require states to draft plans to lower emissions from power plants. The agency is also expected to issue its own model of a state-level plan, to be imposed on states that refuse to draft their own plans.

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German Lopez

The nationwide furor over the growing number of unarmed black men shot dead by police officers in recent months has put the public spotlight on a much bigger trend in the US: Black people are much more likely to be shot and killed by police.

An analysis of the available FBI data by Vox’s Dara Lind shows that US police kill black people at disproportionate rates: Black people accounted for 31 percent of police shooting victims in 2012, even though they made up just 13 percent of the US population. Black teens were 21 times more likely than white teens to be shot and killed by police between 2010 and 2012, according to a ProPublica analysis of the FBI data

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President Barack Obama sips on his iced tea and greets people on the street during a stop in Parkville, Mo., July 30, 2014. Photo by Pete Souza

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Nancy Agutu

The US will put up three women entrepreneurship centres in Kenya, Mali and Zambia, US President Barack Obama has said. Obama said the three countries will benefit from a Sh101 billion fund in women’s support. “If more global capital could see beyond prejudicial blinders, the great progress of the last 10 years could harness potential. It is time we changed the narrative about Africa,” he said. “If half of your team is not playing, you have a problem. In many countries, half of the the team is women and youth”.

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Rebecca Shabad

The federal deficit is estimated to tick down to $455 billion by the end of the fiscal year in September, according to the Office of Management and Budget’s mid-session review released Tuesday. As a share of the economy, the shortfall would equal 2.6 percent of gross domestic product (GDP). “Under the President’s leadership, the deficit has been cut by more than two-thirds as a share of the economy, representing the most rapid

sustained deficit reduction since World War II, and it continues to fall,” OMB Director Shaun Donovan wrote in a blog post. The new projected deficit would be nearly $30 billion less than the government’s red ink in 2014 and $128 billion less than administration’s 2015 deficit prediction back in February. Under Obama’s proposed 2016 budget, the review projects that his proposed policies would cause deficits to fall between 2.2 and 2.4 percent over the next three years.

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President Barack Obama signs a coffee cup for a patron at Parkville Coffee in Parkville, Mo., July 30, 2014. Photo by Pete Souza

President Barack Obama waves as he departs after delivering remarks on the economy at the Uptown Theater in Kansas City, Mo., July 30, 2014. Photo by Pete Souza

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President Barack Obama greets line workers at the Amazon fulfillment center in Chattanooga, Tennessee, July 30, 2013. Photo by Chuck Kennedy

25
Jul
15

The President’s Saturday In Kenya

President Barack Obama smiles as he arrives to deliver a speech at the Global Entrepreneurship Summit at the United Nations Compound, Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama smiles as he arrives to deliver a speech at the Global Entrepreneurship Summit at the United Nations Compound in Nairobi. President Obama’s visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation

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President Barack Obama delivers a speech at the Global Entrepreneurship Summit at the United Nations Compound, Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

U.S. President Barack Obama (L) and Kenya's President Uhuru Kenyatta (R) take part in a roundtable with young businesspeople at the Global Entrepreneurship Summit at the United Nations compound in Nairobi, Kenya July 25, 2015. Obama told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to help by ensuring the rule of law was upheld and by tackling corruption. REUTERS/Jonathan Ernst

President Barack Obama and Kenya’s President Uhuru Kenyatta take part in a roundtable with young businesspeople at the Global Entrepreneurship Summit

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U.S. President Barack Obama delivers remarks at the Global Entrepreneurship Summit at the United Nations compound in Nairobi, Kenya July 25, 2015. Obama told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to help by ensuring the rule of law was upheld and by tackling corruption. REUTERS/Jonathan Ernst

President Barack Obama delivers remarks at the Global Entrepreneurship Summit. He told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to help by ensuring the rule of law was upheld and by tackling corruption

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President Barack Obama, left, takes part in a panel discussion at the Global Entrepreneurship Summit at the United Nations Compound. Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama pauses before delivering a speech at the Global Entrepreneurship Summit at the United Nations Compound, Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

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U.S. President Barack Obama (L) and Kenya's President Uhuru Kenyatta (R) depart the stage after speaking at the Global Entrepreneurship Summit at the United Nations compound in Nairobi July 25, 2015. Obama told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to help by ensuring the rule of law was upheld and by tackling corruption. REUTERS/Jonathan Ernst

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President Barack Obama looks at a mobile payment platform and solar exhibit during the Power Africa Innovation Fair, Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama looks at a mobile payment platform and solar exhibit during the Power Africa Innovation Fair

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President Barack Obama, left, looks at a solar powered lamp during a tour of the Power Africa Innovation Fair, Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama, left, looks at a solar powered lamp during a tour of the Power Africa Innovation Fair

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President Barack Obama participates in a wreath laying ceremony, Saturday, July 25, 2015, in Nairobi, at Memorial Park in honor of the victims of the deadly 1998 bombing at the U.S. Embassy.  Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama participates in a wreath laying ceremony in Nairobi, at Memorial Park in honor of the victims of the deadly 1998 bombing at the U.S. Embassy

President Barack Obama reflects as he participates in a wreath laying ceremony, Saturday, July 25, 2015, in Nairobi, at Memorial Park in honor of the victims of the deadly 1998 bombing at the U.S. Embassy.  Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama inspects the honor guard after arriving to meet with Kenya's President Uhuru Kenyatta at State House in Nairobi, Kenya Saturday, July 25, 2015.  Obama heralded Africa as a continent "on the move" while visiting Kenya Saturday, the East African nation where he has deep family ties.(AP Photo/Ben Curtis)

President Barack Obama inspects the honor guard after arriving to meet with Kenya’s President Uhuru Kenyatta at the State House

REFILE - REMOVING EXTRA WORDS U.S. President Barack Obama (L) takes part in a reception ceremony next to Kenya's President Uhuru Kenyatta (R) as he visits the State House in Kenya's capital Nairobi, July 25, 2015. Obama told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to assist by ensuring the rule of law was upheld and by tackling corruption.  REUTERS/Thomas Mukoya

U.S. President Barack Obama (L) shake hands with Kenya's Chief of Defence Forces Samson Mwathathe (R), next to Kenya's President Uhuru Kenyatta (2nd R), as he arrives to visit at the State House in Kenya's capital Nairobi, July 25, 2015. REUTERS/Thomas Mukoya

President Barack Obama shake hands with Kenya’s Chief of Defence Forces Samson Mwathathe

U.S. President Barack Obama inspects the honor guard after arriving to meet with Kenya's President Uhuru Kenyatta at State House in Nairobi, Kenya, Saturday, July 25, 2015. U.S. President Obama heralded Africa as a continent "on the move", as he visits Kenya  Saturday, the East African nation where he has deep family ties. (AP Photo/Ben Curtis)

U.S. President Barack Obama is greeted by Kenya's President Uhuru Kenyatta, right, on his arrival at State House in Nairobi, Kenya, Saturday, July 25, 2015. U.S. President Obama heralded Africa as a continent "on the move", as he visits Kenya  Saturday, the East African nation where he has deep family ties.(AP Photo/Ben Curtis)

U.S. President Barack Obama (L) meets Kenya's President Uhuru Kenyatta (R) as he arrives for a visit at the State House in Kenya's capital Nairobi, July 25, 2015. REUTERS/Thomas Mukoya

U.S. President Barack Obama, left, stands next to Kenya's President Uhuru Kenyatta, 2nd left, as the Kenya Air Force military band passes by, at State House in Nairobi, Kenya Saturday, July 25, 2015.  Obama heralded Africa as a continent "on the move" while visiting Kenya Saturday, the East African nation where he has deep family ties. (AP Photo/Ben Curtis)

U.S. President Barack Obama reviews a Kenya Defence Forces honour guard during a visit to the State House in Kenya's capital Nairobi, July 25, 2015. Obama told African entrepreneurs in Kenya on Saturday they could help counter violent ideologies and drive growth in Africa, and said governments had to assist by ensuring the rule of law was upheld and by tackling corruption. REUTERS/Thomas Mukoya

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President Barack Obama is escorted into a bilateral meeting by Kenyan President Uhuru Kenyatta at the State House, on Saturday, July 25, 2015, in Nairobi. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

President Barack Obama is escorted into a bilateral meeting by Kenyan President Uhuru Kenyatta at the State House

President Barack Obama arrives for a bilateral meeting with Kenyan President Uhuru Kenyatta at State House, on Saturday, July 25, 2015, in Nairobi, Kenya. Obama's visit to Kenya is focused on trade and economic issues, as well as security and counterterrorism cooperation.  (AP Photo/Evan Vucci)

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President Barack Obama and President Uhuru Kenyatta participate in a joint press conference

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U.S. President Barack Obama answers questions from the media, after meeting with Kenya's President Uhuru Kenyatta, at State House in Nairobi, Kenya Saturday, July 25, 2015.  Obama heralded Africa as a continent "on the move", as he visits Kenya  Saturday, the East African nation where he has deep family ties. (AP Photo/Ben Curtis)

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U.S. President Barack Obama makes a joke while answering a question from the media about the dinner he had with his Kenyan relatives, after meeting with Kenya's President Uhuru Kenyatta, at State House in Nairobi, Kenya Saturday, July 25, 2015. Obama heralded Africa as a continent "on the move", as he visits Kenya  Saturday, the East African nation where he has deep family ties. (AP Photo/Ben Curtis)




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