Despite Uptick, Unemployment Rate Still Trending Lower
You Know Inflation’s a Problem When the Cereal Box Gives Away Gas Cards
Elections are important, maybe even the cornerstone of a democracy; but sometimes voters are just too busy to listen to everything being said by the Obama or Romney camps. Thank heaven sound bites can sum up everything we think we need to know.
Here are some recent tidbits from Capitol Hill:
The U.S. Department of Labor recently said that unemployment plummeted in September to 7.8%—the first time the rate dropped below eight percent since February 2009. (Source: “Employment Situation Summary,” Bureau of Labor Statistics, October 5, 2012.)
Last week's employment report has dominated the business, financial, and political news over the weekend. With no action expected from Congress, attention will focus on the Fed. Since Chairman Bernanke will testify before the Congressional Joint Economic Committee on Thursday, we will soon have an update on Fed thinking.
Mark Thoma raises the policy question and provides helpful context.
More than 200,000 long-term jobless Americans will lose their unemployment checks this week, when eight states roll off the federal extended benefits program. Nearly half of them live in California, and the rest reside in Florida, Illinois, North Carolina, Colorado, Connecticut, Pennsylvania and Texas.
House passes payroll tax cut, jobless benefit bill
The GOP-controlled House has passed a bill renewing a payroll tax cut for 160 million workers and jobless benefits for millions more, backing the main items on President Barack Obama's jobs agenda in a rare burst of bipartisanship.
The bill passed Friday, 293-132. The Senate is expected to quickly follow and send the measure to Obama to sign.
Could Oil Prices Intensify a Pending S&P500 Selloff?
Last week we received reports that the unemployment rate in the United States was improving markedly. In addition, sentiment numbers were released that confirmed my previous speculation that market participants were becoming more and more bullish as prices in the S&P 500 edged higher.
0K Jobs Created, Unemployment Remains Steady at 9.1%
The U.S economy created no new jobs in the month of August and the unemployment rate was held at the 9.1% mark. The NFP (Non-Farm Payrolls) report is fueling concerns that the U.S maybe heading toward another recession. GBP/USD came very close of breaking the 1.6110 minor support line yesterday and shifting the currency pair bullish momentum, but today’s report put a stop to the downtrend.
U.S Dollar Drops Against the Loonie, Unemployment Claims Higher
The U.S dollar drops against the Canadian Loonie, as the U.S unemployment claims are higher than expected. Unemployment claims came out at 417K, but was forecasted to be at 403K this week. Intraday bias for the USD/CAD remains on the upside, as long as the 0.9600 minor support line is not broken.
As noted by Richard Heinberg on June 22nd, 2011, the media has lacked the ability to connect the economic situations in the Middle East and their uprisings to what is happening in Europe. I would avoid the word “Revolution” in the case of the Middle Eastern uprisings, seeing as no dramatic systemic changes have taken place, only the ousting of dictators.