Posts Tagged ‘Federal Reserve

20
Oct
14

Jobs? ✔ Economy Growing? ✔ Thank You, President Obama

Obama Jobs

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Loraine Woellert: Factory Production Rebounds As U.S. Sustains Expansion

Production at American factories rebounded, claims for jobless benefits fell to a 14-year low and households held the most optimistic views in two years, signs the world’s largest economy is overcoming a global slowdown. Manufacturing output climbed 0.5 percent in September, springing back from a 0.5 percent drop the prior month, as factories pushed out more computers, appliances and building-supplies, according to Federal Reserve data issued today in Washington. Other reports showed the momentum is being sustained as the fewest workers since April 2000 filed applications for unemployment insurance last week and more consumers said this month that the economy will get better.

The reports bolster forecasts that the U.S. expansion will survive the weakening in Europe and emerging nations that has roiled global financial markets. American consumer spending, which accounts for almost 70 percent of the economy, is likely to strengthen as employment keeps growing and confidence climbs. Ford Motor Co. is among those automakers that remain upbeat. The second-biggest U.S. carmaker is adding workers at its Dearborn, Michigan, plant as it prepares for its new aluminum-bodied F-150 pickup. The truck is scheduled to arrive in showrooms by the end of the year. “These new jobs will help meet anticipated customer demand,” said Joe Hinrichs, Ford’s president of the Americas, during an Oct. 13 announcement. The company has hired more than 23,000 employees since 2011.

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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.

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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.

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12
Aug
14

Want A Growing Economy? Elect A Democrat

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Josh Boak: U.S. Job Openings In June Hit 13-Year-Plus High

U.S. employers in June advertised the most monthly job openings in more than 13 years. Employers posted 4.67 million jobs in June, up 2.1 percent from May’s total of 4.58 million, the Labor Department reported Tuesday. The number of advertised openings was the highest since February 2001, a positive sign that points to a strengthening economy. The report “provides further confirmation that the U.S. labor market has indeed shifted to a period of stronger growth,”

said Jeremy Schwartz, an analyst at the bank Credit Suisse. Known as the Job Openings and Labor Turnover survey or JOLTS, the report provides a detailed look at where employment might be heading. the pressure on employers to offer more generous wages could be increasing. On average, there are 2 unemployed workers for every job opening. That’s down from an average of 2.6 unemployed people per opening at the start of the year. As that ratio continues to fall, employers will likely have to boost salaries.

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Lucia Mutikani: Fresh Data Shows U.S. Jobs Market Tightening

The share of unemployed Americans competing for each open job hit a six-year low in June, suggesting a labor market tightening that could give way to faster wage growth. Job openings, a measure of labor demand, increased to a seasonally adjusted 4.67 million in June, the highest level since February 2001. At the same time, hiring reached its highest point since February 2008. Job growth has topped 200,000 in each of the past six months, a stretch last seen in 1997.

The unemployment rate has declined to 6.2 percent from 6.7 percent at the end of 2013. Troy Davig, the head of research at the Kansas City Federal Reserve Bank, told Reuters on Monday that rising job openings suggested earnings growth was poised to move higher. “Faster wage growth certainly seems in the pipeline,” he said. “The labor market appears to be hitting a turning point.”

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20
Mar
14

Rise and Shine

On This Day: President Barack Obama, First Lady Michelle Obama, and daughters Sasha and Malia, tour the Christ the Redeemer statue in Rio de Janeiro, Brazil, March 20, 2011. (Official White House Photo by Pete Souza)

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Today (All Times Eastern):

11:0: President Obama Speaks on Ukraine

Times below now delayed:

11:0 President Obama departs White House

1:25: Arrives Orlando, Florida

2:0: Takes part in a roundtable with Valencia College students and local workers; Valencia College, Orlando

3:45: Departs Orlando

4:35: Arrives Miami

5:10: Attends a DNC fundraiser; private residence, Miami

7:35: Delivers remarks and takes questions at a fundraiser for House Democrats; private residence, Miami

8:50: Departs Miami

11:20: Arrives White House

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First Lady Michelle Obama, her mother Marian Robinson, her daughters Sasha and Malia arrive at Beijing Capital International Airport, March 20

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Information on the First Lady’s trip to China here

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Olga Khazan: For Women, The Benefits Of Insurance Outweigh Its Costs

For young women who qualify for subsidies, the free benefits of insurance offset the cost of paying for it, according to a new analysis from Nerdwallet, a consumer financial education site. The company calculated that for a 27-year-old who earns an income of $25,000, the cost of a silver insurance plan will be approximately $1,740 per year, and a bronze plan will cost approximately $1,116 per year.  But that cost is cancelled out by the range of women’s preventative health services that all insurance plans must now cover. For example, while a year’s supply of Yasmin birth control would normally have cost women $744, it’s now free for those with insurance under Obamacare.

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Andrew Sprung: The Satisfied Unsubsidized: Obamacare’s Hidden Winners

More than 80 percent of the people who have signed up for health plans through state or federal Affordable Care Act exchanges qualify for subsidies to help pay premiums and out-of-pocket medical expenses. But what about all the millions who don’t have access to employer-sponsored health insurance but also don’t qualify for subsidies? About half of the 12 million Americans buying health insurance on the individual market are subsidy-ineligible, according to the Urban Institute. Are they all fuming and lining up to appear in anti-Obamacare commercials? Chances are not. As veterans of the individual market, many are accustomed to its shocks and uncertainties. But many are finding their options much better and their status less precarious than in the pre-ACA market.

“Finally, in December, I was able to get on the site and look for plans in Georgia that included the doctors we used—most especially for my daughter and her preexisting condition. I found one for around $1,100 per month for my family, and being the capitalist I am, went to compare it to the private marketplace.” That turned out to be a wise idea. Brad found a Humana plan that included the family’s current doctors with a family deductible of $2,500, just half that of the plan he’d considered on the exchange. While the monthly premium was about $100 more expensive, he felt the tradeoff was worthwhile. “I was surprised the private market was so accommodating,” Brad says. “Before the ACA, I couldn’t find anything like this.”

Jonathan and Rose, forty-somethings in Washington State who are also subsidy-ineligible, viewed that option differently. Over the course of 20 years, the couple had cycled variously through employer policies, COBRA, two state high-risk pools (Rose has a preexisting condition) and individual policies. They compared plans on- and off-exchange and found those on the exchange marginally cheaper. But they could have bought the plan of their choice, available through the state exchange, directly from the insurer. Why not spare themselves the extra step as Karen and Brad did? “I chose to buy through the exchange because future income is never guaranteed and if I end up unemployed or with a lower-than-expected income in 2014, I can get the subsidies later when I file my taxes, if I’m eligible,” Jonathan explained.

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Jonathan Chait: Barack Obama, Ta-Nehisi Coates, Poverty, And Culture

Second, Coates argues (in yesterday’s column) that right-wing and liberal advocates of the cultural explanation have the same worldview. “What Ryan said here is not very far from what Bill Cosby, Michael Nutter, Bill Clinton, and Barack Obama said before him,” he writes, “The idea that poor people living in the inner city, and particularly black men, are ‘not holding up their end of the deal’ as Cosby put it, is not terribly original or even, these days, right-wing.” There are points of overlap, to be sure, but the Ryan argument is dramatically different. Ryan’s analysis — or, at least, the analysis that follows consistently from his remarks and his policy agenda — is that culture now represents the entirety of the problem with the black poor. He attributes that culture to incentives put in place by the government not to work, and believes that removing those harmful incentives, in the form of cutting benefit programs, would teach poor black people to fend for themselves.

Obama’s habit of speaking about this issue primarily to black audiences is Obama seizing upon his role as the most famous and admired African-American in the world to urge positive habits and behavior. Coates is equating exhortation with analysis when he cites Obama urging African-Americans to “get off the couch and stop watching SportsCenter and go register some folks and go to the polls.” Coates responds acidly that African-Americans “voted at higher rates than any other ethnic group in the country. They voted for Barack Obama. Our politics have not changed.” The Obama quote cited by Coates is from January 2008. Before then, black people turned out in presidential elections at lower rates than white people. Since, then, they have turned out at higher rates.

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Carrie Dann: Obama Rules Out ‘Military Excursion’ In Ukraine

President Barack Obama on Thursday ruled out a “military excursion” by the United States in Ukraine, saying that engaging Russia militarily “would not be appropriate.” “We are not going to be getting into a military excursion in Ukraine,” he said in an interview with KNSD in San Diego. “What we are going to do is mobilize all of our diplomatic resources to make sure that we’ve got a strong international coalition that sends a clear message, which is that Ukraine should decide their destiny.” “There is a better path, but I think even the Ukrainians would acknowledge that for us to engage Russia militarily

would not be appropriate and would not be good for Ukraine either,” he added. In a separate interview with KSDK in St. Louis, Obama reiterated that a military option is not on the table but that the United States and its allies are prepared to take “even more disruptive economic actions.” Obama granted interviews to six local television stations on Wednesday. In the interview with KNSD, the president insisted that Russian President Vladimir Putin “acted out of weakness, not out of strength,” saying that Putin is “not comfortable” with countries loosening their ties to the Kremlin in favor of more freedom to deal with the West.

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Breanna Edwards: Oprah To Headline At Virginia Democrat’s Fundraiser

All other Virginia Democrat campaigns, move aside: Oprah Winfrey is raising funds for Lavern Chatman, who is hoping to replace retiring Rep. Jim Moran, also a Democrat, New York’s Daily News reports. The talk-show icon will be the headliner at an April 5 fundraiser in Arlington.

Chatman, former president of the Northern Virginia Urban League, says she’s “delighted” that her “good friend” Oprah will be helping her with the campaign. “To win a race like this, you need a lot of support and a strong grassroots effort,” Chatman told The Hill, the Daily News notes. “Our campaign is off to a tremendous start. We have inspired new volunteers and re-engaged many voters.”

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NYT: Racing To Deadline, White House Plays To Young In Health Care Push

In the past three weeks, Mr. Obama has met with YouTube personalities in the Roosevelt Room, hosting some of the younger generation’s online favorites: a science geek, a drunken chef and an Obama impersonator. He dialed into Rickey Smiley’s hip-hop radio show and sat down in the Diplomatic Reception Room for separate interviews with the comedian Zach Galifianakis and a health care expert from WebMD. “We are going to leave no stone unturned,” said Valerie Jarrett, a senior adviser to the president and the leader of the White House public engagement office, which is coordinating the Affordable Care Act effort. “Our goal is to meet people where they are.”

Michelle Obama urged people to sign up in an appearance at a health center in a black neighborhood in Miami, and made the pitch on ABC’s “Good Morning America.” Vice President Joseph R. Biden Jr. plugged the health care site at Mary Mac’s Tea Room in Atlanta. The final push comes at a time when the administration is juggling other priorities. On March 6, at the height of the crisis in Ukraine, Mr. Obama spoke on the phone with President Vladimir V. Putin of Russia for an hour before going across town to urge Latinos to enroll during a town-hall meeting at a museum broadcast on three Spanish-language television networks. He returned to the White House a couple of hours later to announce the first sanctions on Russia.

On a conference call last week with almost 3,000 pastors, Mr. Obama declared it “crunch time” and asked them to do whatever they could do to urge members of their churches to sign up. At a small church in the Tampa, Fla., neighborhood of Sulphur Springs, the Rev. Timothy Wynn took up the challenge on Sunday. In front of about 50 parishioners, he delivered a sermon that combined his religious guidance with a pitch for insurance. Another YouTube star at the meeting was Hannah Hart, whose show “My Drunk Kitchen” is irreverent and hugely popular. An episode about making a grilled cheese sandwich while tipsy has gotten more than three million views, and a brunch episode, during which Ms. Hart repeatedly downs mimosas as she cooks pancakes and eggs, has gotten two million. In a video she made after leaving the White House meeting, Ms. Hart plugged the president’s website for her viewers.

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Milt Shook: Answering Charlie Pierce: Much Of The Democratic “Base” Isn’t Their Actual Base

In a blog post yesterday one of my favorite columnists, Charlie Pierce (he’s not just a liberal, but a hell of a sports columnist, too), posed a question that I have asked for many years. In fact, it’s a question that many progressives are getting sick of me asking, because they hate the answer: Somebody is going to have to explain to me why the Democratic “base,” which is presumably younger and more spry than the older and whiter Republican “base,” is nonetheless less likely to turn out for midterm elections than the That Sean Hannity Reminds Me Of My Grandson crowd. It is taken as a given, and past performance indicates clearly that it’s usually the case, but I’m not sure why it has to be. So, in the interest to changing this curious dynamic, let me take this red-hot poker and shove it up the base’s ass.

But let’s explain this to Charlie, since he asked: The easy answer, Charlie, is that many, if not most, of the people who proclaim themselves the Democratic “base” are actually anything but. Among these are a bunch of self-proclaimed (mostly white and not poor) progressives who complain about Democrats more than they complain about the current incarnation of the Republican Party. They seem to imagine themselves political experts, even though their actions show a profound ignorance of the real process. Many of them aren’t even registered Democratic, nor would they deign to set foot in a Democratic caucus of any kind. They’re not the “base,” by any stretch.

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Kobe Bryant talks Basketball, President Barack Obama, ObamaCare, and why everyone should get covered now. Begins at 9:00

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Washington Post: This Guy Knew When Obamacare Enrollment Would Hit 5M Before Anyone Else. Now He’s Predicting 6.2M

The Obama administration on Monday announced that 5 million people had signed up for Obamacare exchange plans. Hours earlier, a self-employed Web developer from Michigan had already predicted the milestone would be hit on Monday. Meet Charles Gaba: He’s not a professional statistician, heath care expert or a political operative. He’s a self-described “numbers geek” who just wants to know how the new health care law is actually doing.

He’s been tracking the most up-to-date enrollment information and offering his own projections on his blog, ACAsignups.net. On the same day he predicted the 5 million signups milestone, he accurately predicted California would hit the 1 million mark. For policy wonks and health care journalists who have clamored for more information about Obamacare enrollment, Gaba’s blog has become a must-read. His next big prediction: The final signup tally will hit 6.22 million.

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Ylan Mui: Federal Reserve Lays Groundwork For First Interest Rate Spike

The Federal Reserve spent the past five years driving home a single message: Zero percent interest rates are here to stay. Now it is preparing to change its tune. The nation’s central bank said Wednesday it will look at a broad swath of indicators – including job market data, inflation expectations and financial developments – as it determines when to raise rates for the first time since the recession hit. The deliberately vague wording is a retreat from the Fed’s concrete promise to leave rates untouched.

Though they disagree on when to act – targets range from this year to 2016 – the statement signals the moment has finally come within striking distance. The Fed has cast the shift as merely a change in semantics, not in official policy. In its statement, the central bank tried to assure investors that rates could remain below historical levels – even if they are no longer at zero.

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ESPN: MSU Honored That Obama Chose Spartans

Three weeks ago, the expectations for the Michigan State basketball team were pretty low. Riddled with injuries and unable to find any semblance of chemistry, it seemed as though the Spartans were a team destined for an early NCAA tournament exit. A few wins and Big Ten tournament title later, they’re the No. 4 seed in the East Region. The expectations soared as fans discussed how under-seeded the Spartans were, how they were no worse off than Michigan or Wisconsin, which both received No. 2 seeds.

Then, President Obama picked the Spartans to win it all in his annual “Barack-etology.” For Michigan State, it was fine to know that experts and analysts were picking the Spartans to cut down the nets, but when the president of the United States knew the names and stats and stories of the Michigan State team, it struck some members of the team.  “When I saw that it was just bizarre that Barack Obama picked us and he was talking aboutKeith [Appling] and injuries and us getting back and playing together as a team,” Branden Dawson said.

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On This Day:

President Barack Obama watches his wife, First Lady Michelle Obama, on TV as she breaks ground for the White House vegetable garden, March 20, 2009. Press Secretary Robert Gibbs watches with him in the Upper Press Office of the West Wing. (Official White House Photo by Pete Souza)

President Barack Obama drops by Vice President Joe Biden’s meeting with former Soviet Union President Mikhail Gorbachev in the Vice President’s Office in West Wing of the White House, March 20, 2009. (Official White House Photo by Pete Souza)

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President Barack Obama walks through the Outer Oval Office in between health care meetings, March 20, 2010. (Official White House Photo by Pete Souza)

President Barack Obama greets House Speaker Nancy Pelosi and her grandson, following a meeting with Democratic Members of Congress to discuss the health insurance reform vote at the U.S. Capitol in Washington, D.C., March 20, 2010. (Official White House Photo by Pete Souza)

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President Barack Obama plays soccer with children at the Cidade de Deus (City of God) favela Community Center in Rio de Janeiro, Brazil, March 20, 2011. (Official White House Photo by Pete Souza)

President Obama and First Lady Michelle Obama watch a capoeira performance during their tour of the Ciudad de Deus Favela in Rio de Janeiro, March 20, 2011

President Barack Obama waves to people gathered on the street outside the Cidade de Deus (City of God) favela Community Center in Rio de Janeiro, Brazil, March 20, 2011. (Official White House Photo by Pete Souza)

President Barack Obama fist bumps a young person reaching through the door at the Cidade de Deus (City of God) favela Community Center in Rio de Janeiro, Brazil, March 20, 2011. (Official White House Photo by Pete Souza)

President Barack Obama acknowledges applause after he delivers a speech at the Teatro Municipal in Rio de Janeiro, Brazil, Sunday, March 20, 2011. (Official White House Photo by Pete Souza)

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President Barack Obama meets with Taoiseach Enda Kenny of Ireland in the Oval Office, March 20, 2012. (Official White House Photo by Pete Souza)

President Obama is welcomed by Vice President Biden as he arrives for a reception for Irish Prime Minister Enda Kenny in the East Room of the White House, March 20, 2012

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President Barack Obama walks across the tarmac with Israeli Prime Minister Benjamin Netanyahu at Ben Gurion International Airport in Tel Aviv, Israel, March 20, 2013. (Official White House Photo by Pete Souza)

Bo, the Obama family dog, waits for First Lady Michelle Obama on the South Lawn driveway before departing the White House, March 20, 2013. Bo accompanied Mrs. Obama during her visit to Maryland Fisher House IV at Walter Reed National Military Medical Center in Bethesda, Md. (Official White House Photo by Lawrence Jackson)




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