Posts Tagged ‘economy



03
Oct
14

Rise and Shine

On This Day: President Barack Obama, Vice President Joe Biden and Claire Duncan, daughter of Education Secretary Arne Duncan, watch a tennis match at Camp David, Md., Oct. 3, 2010. The President hosted cabinet members and their families for a Sunday gathering at the retreat (Photo by Pete Souza)

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Today (all times Eastern)

12:05: The President departs the White House

1:0: The First Lady appears on ABC’s ‘The Chew

2:0: The President arrives in Indiana

2:50: Tours Millennium Steel Service; Princeton, Indiana

3:05: Has a conversation with workers, Millennium Steel Service

5:25: Departs Indiana

7:15: Arrives White House

** The First Lady campaigns for Gov Martha Coakley in Boston and Gubernatorial Candidate Mike Michaud in Bangor today **

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New White House photos (and captions) here

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On This Day

Senator Barack Obama walks from his plane on October 3, 2008 after arriving in Philadelphia on his way to a rally in Abington, Pennsylvania

 A woman is overcome with emotion after meeting Senator Obama at a rally on October 3, 2008 in Abington, Pennsylvania

 Senator Barack Obama is photographed October 3, 2008 at the airport in Philadelphia before flying to Chicago

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President Obama congratulates Google Science Fair winners, from left, Naomi Shah, Shree Bose, and Lauren Hodge in the Oval Office, Oct. 3, 2011 (Photo by Pete Souza)

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First Lady Michelle Obama in Reno, October 3, 2012

First Lady Michelle Obama sits with White House Senior Advisor Valerie Jarrett before the Presidential Debate at the University of Denver on October 3, 2012

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 MoooOOOooorning!

02
Oct
14

The President’s Day

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President Barack Obama speaks about the economy at the Kellogg School of Management at Northwestern University in Evanston, Ill.

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Text of remarks here

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President Obama addresses the Congressional Hispanic Caucus Institute Awards Gala at the Washington Convention Center

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Text of the President’s remarks here

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29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

More here

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

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third 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. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 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, although it did rebound in the second quarter.

More here

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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.

More here

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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.

More here

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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.

More here

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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.

More here

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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.

More here

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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.

More here

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30
Aug
14

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

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