Friday 7 September 2012
Photo, above: shelf clouds, Minnesota. Credit: Roger Jensen
JOHN BATCHELOR SHOW
Friday 905P Eastern Time: Jim McTague, Barron's, Washington, in re: today's jobs number*. Added in August: 96,000 jobs. [Need 165K to keep abreast of new entrants to job market; need 200K to begin to catch up to where we were.]
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Washington Post: Over the past three years, the monthly employment report has understated how many jobs were created by as much as 99,000 and overstated it by as much as 86,000.
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Nomura: US Daily Commentary: Review & Preview
Today's highly anticipated employment report was a damp squib as the Bureau of Labor Statistics (BLS) reported just 96k net new jobs were created in August. In addition, back revisions resulted in 41k fewer jobs over June-July than previously thought. While the unemployment rate fell by 0.2 percentage points (pp) to 8.1%, it was primarily driven lower by a drop in the number of workers participating in the labor market. Over the past year, the 12-month moving average for job growth has moved sideways, around 150k, suggesting a labor market recovery stuck in second gear. The FOMC is mired in an intense debate over how and when to deliver more policy easing and the costs vs benefits of such easing. The August employment report was disappointing and will keep the Federal Open Market Committee (FOMC) tilted toward an easing bias, but it is not weak enough to compel the Fed to deliver another round of quantitative easing at next week's meeting. Read more: Job growth still failing Fed's mandate
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Friday 920P Eastern Time: Ann Marlowe, Hudson Institute, in re: Libya
Photo below: ancient Benghazi, Libya
Friday 935P Eastern Time: Richard Epstein, Hoover, in re: FDR, & Obama's Second Bill of Rights
Friday 950P Eastern Time: continued.
Friday 1005P (705P Pacific Time): Simon Constable, WSJ, in re: jobs, the effect on the Fe, on the younger worker.
Friday 1020P (720P Pacific Time): Rick Fisher, Intl Strategy and Assessment Center, in re: Palawan Island and the MArines, countering the agggression of the PLA Navy in South China Sea.
Friday 1035P (735P Pacific Time): Devin Nunes (21 CA): the jobs number; Paul Ryan's visit to Fresno tomorrow, Sat 8.
Friday 1050P (750P Pacific Time): Tanzina Bega, NYT, in re: NYT advertising & minorities, little change from the MAd Men Fifties.
Friday 1105P (805P Pacific Time): The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall by James R. Hagerty
Friday 1120P (820P Pacific Time): The Fateful History of Fannie Mae: New Deal Birth to Mortgage Crisis Fall by James R. Hagerty.
Friday 1135P (835P Pacific Time): Bob Zimmerman, behindtheblack: space, Neil Armstrong, ISS browout, June mission MCC, Dawn mission leaves Vega for Ceres.
Friday 1150P (850P Pacific Time): Bob Zimmerman, behindtheblack: climate change and its critics.
Photo, above: shelf clouds. Credit: Stephan Hoglund, Grand Marais
Friday/Sat 1205A (905 Pacific Time): Arif Rafiq: Pakistan – US has declared Haqqani Network to be a terrorist organization.
Friday/Sat 1220A (920 Pacific Time): Mark Schroeder, Stratfor, in re: South Africa and mining strikes.
Friday/Sat 1235A (935P Pacific Time): Richard Epstein, Hoover, in re: FDR, & Obama's Second Bill of Rights.
Friday/Sat 1250A (950P Pacific Time): continued.
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Music (using New York City broadcast times)
9:00 hour: 10:00 hour: 11:00 hour: midnight hour:
Photo, below: shelf cloud