The Bureau of Labor Statistics (BLS) issued its latest jobs report on October 5 and confounded nearly everyone. The first part of the report, based on their survey of households, showed a surprising – even astonishing – rise of total employment in September approaching a million jobs (873,000, to be exact). But in the same breath the report noted that, based on their survey of businesses, only 114,000 new jobs were added, about in line with most economists’ expectations.
In his October newsletter to clients of Pacific Investment Management Company (PIMCO), founder Bill Gross summarized the coming disaster that faces the country, and noted that “only gold and real assets would thrive…”
Gross manages the world’s largest bond fund along with CEO Mohamed El-Erian, with nearly $2 trillion of assets under management. His clients include individual retirees, pension plans, educational institutions, foundations, and endowments, each seeking safety of principal along with reasonable returns. Accordingly he must temper his words not to frighten away the very people he serves. But he’s courageous enough to tell the truth.
The passing of the former publisher of The New York Times, Arthur Ochs "Punch" Sulzberger, at age 86 on September 29 was noted by editors and publishers in the mainstream media in the most favorable terms.
Waiting for the economy to improve before turning off the printing presses is likely to take a very long time. The August numbers on the economy were disheartening for those waiting for such an improvement: U.S. durable goods production fell for the third month in a row, astonishing economists who had predicted much better numbers. GDP continues to slow, and companies such as Caterpillar, the world’s biggest construction and mining equipment manufacturer, cut its earnings outlook because of the continuing slowdown in the world economy.
Media Research Center celebrates 25 years of exposing mainstream media bias on Monday, October 1, having grown into a powerhouse media exposure empire that has changed the public's perception of media credibility.
When the Senate unanimously passed SB 1956 early Saturday morning, September 22, Annie Petsonk of the Environmental Defense Fund (EDF) called it “rather extraordinary.” But she didn’t mean that as a good thing. It meant, instead, that the Senate wanted nothing to do with the European Union Emissions Trading Scheme (EUETS) that would have burdened U.S. airlines with $3 billion in additional costs over the next decade, attacking the country’s national sovereignty along the way.
This would mean instead, according to Petsonk, if the House passed a similar measure that is pending there, that the EDF’s efforts to implement worldwide regulation of airlines’ emissions would have to be directed through an international UN-sanctioned group instead. In other words, the Senate bill was just a speed bump on the way to European Union control of all airlines.
One of the prime unintended consequences of the new unlimited QE3 announced by the Fed is that it is difficult to know when to reverse course without sending the economy into another, deeper recession?
Every September 11 the people of Catalonia, an independent region in northeast Spain, celebrate their “national day” — Diada — by taking the day off and parading through the streets of Barcelona. In past years the celebration was a festival used by some citizens as an excuse to get some fresh air, make some noise, and have some fun. This year, nearly one-quarter of the region’s seven million citizens used the celebration as an excuse to swarm into Barcelona to protest Spain’s austerity measures, which have raised unemployment in Catalonia — referred to locally as Catalan — to nearly 25 percent.
A preview of the upcoming Census Bureau's upbeat analysis of the economy was met with little enthusiasm and contrasted sharply with reports from FedEx and elsewhere.