National / International News

Torres has Chelsea future - Mourinho

BBC - Fri, 2014-04-04 05:46
Chelsea manager Jose Mourinho says Fernando Torres has a future at the club despite speculation linking him with a move.

Mystery foam spreads down river

BBC - Fri, 2014-04-04 05:46
The Scottish Environment Protection Agency is trying to establish why a large expanse of foam has appeared on the River Clyde in Glasgow.

VIDEO: Assange's support for European internet

BBC - Fri, 2014-04-04 05:43
In a rare interview, Julian Assange - founder the whistle-blowing website Wikileaks - speaks to the BBC's technology programme Click.

Walking through the latest jobs numbers

Marketplace - American Public Media - Fri, 2014-04-04 05:40
Friday, April 4, 2014 - 09:39 MANDEL NGAN/AFP/Getty Images

U.S. President Barack Obama walks with an employee in Fred's Pro Hardware, June 3, 2011 in Toledo, Ohio.

The good news:  The U.S. added 192K jobs in March and the unemployment rate is 6.7%!

The bad news:  The U.S. added only 192K jobs in March and the unemployment rate is still 6.7%. 

More jobs, but fewer than expected

“We were looking for a higher number, maybe 230k,” says ITG chief economist Steve Blitz.  “It’s a spin your wheels economy; it is expanding and that’s better than contracting, but we’re not seeing anything to suggest the economy is going to accelerate to a faster pace of growth beyond 2, 2.5%.”

The new jobs don’t pay a lot

The new jobs include a lot of temp positions (29,000),  in sectors that don’t necessarily pay super well:  Restaurants (30,000), ambulatory health care (20,000) including home nursing, Construction (19,000). 

“It’s a great thing that people are finding employment,” says Blitz, “but they’re not the kind of high wage jobs that are going to generate the kind of spending that many are anticipating.”  Including, he says, people at the Federal Reserve.  

Some nice things

The number of long term unemployed (people out of work for 27 weeks and over) is down over the month, and the year. In March of 2013 there were 4.576 million long term unemployed people, in March of 2014 there were 3.739 million.  In February of 2014 we were at 3.849 million.

The long term unemployed are also making up a smaller percentage of all unemployed people.  (35.8% this March compared with 39.1% last March, and 37% in February)

Some major revisions

The Bureau of Labor Statistics adjusted some of its previous estimates.  In January the economy added 144,000 jobs (not 113,000 as originally estimated), and in February the economy added 197,000 jobs (not the 129,000 the BLS originally reported).

A milestone and a mile off

By one measure, we have now surpassed the number of private sector jobs we had at the pre-recession peak in January 2008.  Back then, the private sector was employing 115.977 million people.  In March the private sector employed 116.087 million people. 

But that misses some major points. 

If you look at ALL employment throughout the entire economy - including the public sector - there’s not nearly as much to celebrate.  The pre-recession peak for TOTAL non-farm payroll employment was 138.365 million people back in January of 2008.  In March of 2014, we were tentatively at 137.928 million people with fulltime jobs. So we have 437,000 more to go.

Slow to catch up.  

Nor should we be happy with reaching the number of jobs we had in 2008.  We’ve had lots of new people join the workforce since then. The Hamilton Project (affiliated with the Brookings Institution) keeps track of the “jobs gap,” which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while also absorbing the people who enter the labor force each month.  Their estimate for when we'll truly catch up to where we would've been? 2020.

Was it the weather after all?

Remember December and January weren’t so hot... neither in temperature nor in jobs.  Whereas in November we added 274,000 jobs,  in December we added 84,000 and in January we added 113,000 144,000.  February wasn’t great either at 129,000 197,000 jobs created.   (Strikethroughs represent the original BLS estimates, they revised their numbers in the March jobs report).   When those initial numbers came out, a lot of people suspected/hoped the weather was behind the drop in new hires. 

Well, after the revisions, it looks like Old Man Winter didn’t slam job growth as much as it looked like at the time.  Weather was certainly a part of the dip, but looking at the overall trend it would appear that the economy was growing at a very lukewarm pace to begin with.   For the foreseeable future, that's what we're going to be stuck with: 2-2.5% growth, estimates Blitz.

What we look for in a monthly jobs reportby Sabri Ben-AchourStory Type: BlogSyndication: PMPApp Respond: No

Lupita Nyong'o in Lancome deal

BBC - Fri, 2014-04-04 05:39
Lupita Nyong'o, an Oscar winner for her role in 12 Years A Slave, becomes the first black ambassador for French cosmetics giant Lancome.

'Argument' clue to Fort Hood attack

BBC - Fri, 2014-04-04 05:37
The US Army says there is a "strong possibility" a gunman who killed three people at a base in Texas was involved in a row before the shooting.

Vatican launches cardinal inquiry

BBC - Fri, 2014-04-04 05:36
The Vatican is to investigate claims of sexual misconduct which led to the resignation of Cardinal Keith O'Brien, it has emerged.

Tower Hamlets fraud claims probed

BBC - Fri, 2014-04-04 05:01
Inspectors are appointed by the government to examine allegations of "governance failure, poor financial management and fraud" at Tower Hamlets borough.

Clifford diaries 'were not destroyed'

BBC - Fri, 2014-04-04 04:59
An office manager who worked for Max Clifford tells his trial that diaries covering periods he is accused of indecent assault were not destroyed.

VIDEO: Prince Harry visits Olympic park

BBC - Fri, 2014-04-04 04:56
Prince Harry has visited London's newest park in the heart of the former Olympic site.

New law targets aggressive bailiffs

BBC - Fri, 2014-04-04 04:56
Bailiffs will be banned from entering homes at night and from using physical force against debtors, under new laws coming into force on Sunday.

Scarlet fever cases rise in England

BBC - Fri, 2014-04-04 04:45
Cases of scarlet fever have risen to their highest weekly total for more than 30 years, says Public Health England.

Hamilton heads Rosberg in practice

BBC - Fri, 2014-04-04 04:42
Lewis Hamilton heads Mercedes team-mate Nico Rosberg in first practice at the Bahrain Grand Prix.

VIDEO: PM advisers 'came quite close to menace'

BBC - Fri, 2014-04-04 04:38
Tony Gallagher says phone calls from government advisers about Maria Miller "came quite close to menace".

AUDIO: Teacher donates kidney to save pupil

BBC - Fri, 2014-04-04 04:32
A teacher has saved the life of a seriously ill pupil by giving her one of his kidneys.

Child finds Xbox security flaw

BBC - Fri, 2014-04-04 04:29
A five-year-old who worked out a security vulnerability on Microsoft's Xbox Live service has been officially thanked by the company.

Jobless Rate Holds Steady As Employers Add 192,000 Jobs

NPR News - Fri, 2014-04-04 04:05

While job growth appears to have been slightly less than expected in March, the growth in February was revised upward. Meanwhile, the unemployment rate is unchanged at 6.7 percent.

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India multiple rapists to hang

BBC - Fri, 2014-04-04 04:02
A court in India sentences three men to hang, under a tough new law which carries the death penalty for those convicted of multiple sexual assaults.

England thrash SA to reach final

BBC - Fri, 2014-04-04 03:58
England thrash South Africa by nine wickets to reach their second successive World Twenty20 final against Australia.

Fort Hood MP Hailed As Hero For Confronting Shooter

NPR News - Fri, 2014-04-04 03:45

Wednesday's shooting rampage, which left three victims dead and another 16 wounded, ended when Spc. Ivan Lopez reportedly killed himself. The officer had drawn her weapon and engaged the gunman.

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