UK productivity falls as the economy continues to lag. US consumer comfort declines. Employment drops to 4.2. The BLS might have manipulated the wages to make it look a lot better than it really is. September jobs were a disaster in the hospitality area. Pension problems are hitting many cities. The Toronto housing market is falling apart. Did the Fischer step down because he knew inflation was coming. Spanish courts are trying to block the Catalan independence vote. Russia and Saudi leaders meet and agree on a oil deal and a weapons deal. Saudi Arabia is pivoting away from the US and towards Russia. US troops can now fire in Afghanistan. North Korea keeps shouting about war, but they are not making any preparations. The IS and Site Intelligence are pushing the idea that Paddock was radicalized. Was Stephen Paddock working with the intelligence agencies. Julian Assange says most terror plots are orchestrated by the FBI.
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Current News – 10.06.2017
- Output per hour fell 0.1% in the three months through June
- Britain’s labour productivity fell for a second consecutive quarter, adding to the puzzle facing economists and leaving the UK trailing other advanced economies.
- Americans’ confidence suffered its biggest weekly setback in more than a year as optimism about personal finances slumped
- Consumer comfort measure dropped to 49.9 from 51.6, the sharpest decline since September 2016
- Index of personal finances fell to 57.1 from 60.1, the biggest decrease since August 2016
- Index of buying climate deteriorated to 41.5 from 42.8
- Source: zerohedge.com
- BLS reported that in September, the US economy lost 33,000 hurricane distorted jobs, the first payrolls decline since September 2010.
- July was revised down from +189,000 to +138,000, while August was revised up from +156,000 to +169,000. With these revisions, employment gains in July and August combined were 38,000 less than previously reported.
- the number of employed Americans soared by 906,000 to 154.435 million, a sharp 1.6% jump from the year prior.
The BLS also reported that the unemployment rate tumbled from 4.4% to 4.2%, on expectations of no change…
… as some 1.47 million people were not at work due to bad weather. This is how the BLS explained it:
Our analysis suggests that the net effect of these hurricanes was to reduce the estimate of total nonfarm payroll employment for September. There was no discernible effect on the national unemployment rate. No changes were made to either the establishment or household survey estimation procedures for the September figures. For both surveys, collection rates generally were within normal ranges, both nationally and in the affected states. In the establishment survey, employees who are not paid for the pay period that includes the 12th of the month are not counted as employed. In the household survey, persons with a job are counted as employed even if they miss work for the entire survey reference week (the week including the 12th of the month), regardless of whether or not they are paid. For both surveys, national estimates do not include Puerto Rico or the U.S. Virgin Islands.
- Elsewhere, the participation rate rebounded from 62.9% to 63.1% as the number of people not in the labor force shrank by 368,000 to 94.417 million even as the number of employed Americans surged by over 900,000.
- virtually everything about the latest payrolls report was off.
- Still, accurate or fabricated, here is the breakdown of the seasonally-adjusted job gains and losses that took place in the hurricane-impacted month.
- As SouthBay Research points out, the biggest sign of Hurricane drag was found in Leisure and Hospitality which plunged by -111K, a drop due to a loss of 105K waiter and bartender jobs:
- The Bureau Of Labor Statistics Is Caught In A Lie
- As reported earlier today, in one of the most closely watched statistics in today’s payrolls report, the BLS reported that the annual increase in Average Weekly Earnings was a whopping 2.9%, above the 2.5% expected, and above the 2.5% reported last month. On the surface this was a great number, as the 2.9% annual increase – whether distorted by hurricanes or not – was the highest since the financial crisis.
- However, a problem emerges when one looks just one month prior, at the revised August data.
- What one sees here, as Andrew Zatlin of South Bay Research first noted, is that while the Total Private Average Weekly Earnings line posted another solid increase of 0.2% month over month, an upward revision from the previous month’s 0.1%, when one looks at the components, it become clear that the BLS fabricated the numbers, and may simply hard-coded its spreadsheet with the intention of goalseeking a specific number.
- . What it shows is that whereas there was a sequential decline in the Average Weekly Earnings for Goods Producing and Private Service-producing industries which are the only two sub-components of the Total Private Line (and are circled in red on the table below) of -0.8% and -0.1% respectively, the BLS also reported that somehow, the total of these two declines was a 0.2% increase!
- What the above shows is, in a word, impossible: one can not have the two subcomponents of a sum-total decline, while the total increases. The math does not work.
- This, as Zatlin notes, undermines not only the labor inflation narrative, but it puts into question the rest of the overall labor data, and whether there are other politically-motivated, goalseeked “spreadsheet” errors.
- We have sent an email to the BLS seeking an explanation for the above data fabrication.
- Home sales in the Greater Toronto Area plunged 35% in September compared to a year ago, to 6,379 homes. The plunge in volume was spread across all types of homes. Even condos got hit:
- Detached houses -40.4%
- Semi-detached houses -30.2%
- Townhouses -34.4%
- Condos -27.5%.
- Canadian real estate site Zolo, however, publishes the median price for the Greater Toronto Area, and it’s down 17% from the April peak of C$800,000 to C$665,000 in September.
- The flow of Chinese money may have also come under pressure in China as Chinese authorities are trying to crack down on capital flight. Those two policy initiatives in Ontario and China combined could now be exacting their pound of flesh.
- America’s Pension Bomb: Illinois Is Just the Start
- Stanford Says Soaring Public Pension Costs Devastating Budgets For Education And Social Services
- Pension Consultant Offers Dire Outlook For Kentucky: Freeze Pension And Slash Benefits Or Else
- municipalities haven’t the slightest hope of surviving their multi-decade debt binge and lavish public pension awards.
- If you live in any of the ‘red’ cities below, it just might be time to start looking for another home…
- How about massive tax hikes of ~30% or a slight 76,121% increase in worker pension contributions in Honolulu…
- Anyone else feel like the winters in South Dakota are suddenly looking much more manageable…
- Vice-Fed Chair Stanley Fischer recently resigned unexpectedly from the Federal Reserve. Many were left wondering why Fischer would give up his role as the Fed’s second in command, arguably the second most powerful Central Banking position in the world.
- Wonder no more:
The current soft patch of inflation will not last, the No.2 official on the U.S. central bank said Wednesday.
“I still believe we will have higher inflation,” Fischer said, in an interview on Bloomberg TV.
With unemployment declining, wages will go up “at some stage,” Fischer said.
“You have to wait a long time, usually longer than you expected to wait for something to happen, but then, if it is a very basic force… it will show up,” Fischer said.
- It’s not difficult to connect the dots here. The last time the US had a major inflationary spike (the 1970s) the head of the Federal Reserve at the time (Paul Volcker) was fired.
- So was Fischer abandoning ship in anticipation of another similar disaster?
- Consider that the $USD has already collapsed over 10% this year. And that’s before inflation even clears the Fed target of 2%.
- Prime minister Mariano Rajoy said there would be no Catalonia independence referendum. He lied. Despite sending in 10,000 troops to stop the referendum, there was a vote and it was 90% in favor of kissing Spain goodbye.
- On Thursday, the Spanish Court Blocked the Catalan Parliament from Declaring Independence. Wanna bet?
Spain’s constitutional court has moved to stop the Catalan government making a unilateral declaration of independence by suspending the regional parliament session in which the results of Sunday’s referendum were due to be discussed.
- Catalonia ‘Civil War’
- Catalonia ‘civil war’ warning as independence declaration fears grow.
- Putin met with the King of Saudi Arabia Salman bin Abdulaziz Al Saud – the first state visit to Russia by a reigning Saudi monarch – and the launch of a new level of relations between the countries, as well as billions in new energy-focused deals (for more on the strategic implications from the summit, please read this).
- , the two countries launched a joint energy investment fund worth $1 billion, which could include investments in natural gas projects and petrochemical plants. Among the deal signed, Saudi state oil firm Aramco, the world’s biggest energycompany, signed a deal with Russian Direct Investment Fund (RDIF) and gas processing and petrochemicals company Sibur on joint projects in the area of oil refining. Amin Al-Nasser, Aramco chief executive said: “This marks a new milestone in business relations and partnerships with our counterparts in Russia. .
- * * *
- In a dramatic announcement as part of today’s meeting, Saudi Arabia also announcedf it has agreed to buy Russian S-400 surface-to-air missile systems, . The countries also signed a memorandum of understanding to help the kingdom in its efforts to develop its own military industries, a statement from state-owned Saudi Arabian Military Industries said.
- New rules of engagement for Afghanistan allow US troops to call fire in support of Afghan forces, Joint Staff Director Lt. Gen. Kenneth McKenzie told reporters on Thursday.
- North Korea has been threatening war, but there are reportedly no clear signs that the country is actually preparing for a conflict.
- After those threats, the North Korea reportedly relocated fighters and anti-aircraft units to the country’s east coast, but beyond that, there have not been any real evidence the country is anticipating a war, according to sources inside the country.
- North Korea has been organizing numerous rallies, in which North Koreans raise banners about defeating America and achieving final victory over the aggressive imperialists. The regime has also put up new propaganda calling for the destruction of the U.S., which the North Korean people are also promoting.
- “The only major initiative we saw was mobilizing residents to participate in mass rallies. Aside from that, there were no special orders. The atmosphere is not one that would indicate preparations for war,” a source in Pyongyang told reporters, explaining that during past periods of tension, North Korean authorities would carry out air raid drills and other exercises to create a wartime atmosphere.
- the Washington Post newspaper reported that US President Donald Trump intended to “de-certify” the nuclear deal with Iran next week. According to the newspaper, Trump is expected to deliver a speech on October 12, when he will open the door to modifying the agreement as part of a tougher approach toward Iran. Under the terms of the current nuclear agreement, Trump has time until October 15 to certify Iran’s compliance.
- ISIS has tripled-down on its claim that Las Vegas shooter Stephen Paddock was both a convert to Islam and operating on its behalf in its just published edition of its weekly Naba newsletter. The Islamic State propaganda newsletter features infographs and new specific claims concerning Paddock, who the terror group identifies according to the Muslim name, Abu Abdul Barr al-Amriki (or Abu Abdul Barr “The American”).
- Whereas ISIS media statements initially said Paddock converted “months ago” the new publication now claims he converted six months ago.
- Former Trump campaign official James Brower fired off two tweets Thursday evening regarding the Las Vegas shooter Sephen Paddock claiming “There is a video, this video will prove the motive. He had a secret digital profile that was uncovered in the last 24 hours.”
- Leaked photos of the shooter’s hotel room reveal what appears to be a note written on a table. Since officials have said there is no “suicide note,” it’s entirely possible that Paddock’s motive was revealed and that Sheriff Lombardo knows much more than he is revealing.
- Mike Toke really say in a limited amount of characters? But what he does manage is enough to get anyone seeking the truth to follow all these leads and look into everything that the media and our government continues to hide from us. It’s what’s embedded in the tweet that counts.
- Looking closely, the first thing you will notice is that the shooter, Stephen Paddock, had a pilot license and owned two planes. This is well-established fact. The tail number of one of those planes is N5343M, a Cirrus SR-20. You can see that this was owned by Paddock by going to the website Flightaware.com. But Paddock doesn’t own this plane anymore. It was grounded three years ago, and it’s now in the hands of none other than Volant LLC, which there is little information on.
- However, Volant Associates is none other than a Department of Defense contractor. Meaning Paddock’s plane has been in the hands of the United States government for the past three years and grounded since –
- Volant’s describes it’s mission on their website as providing “the industry’s preeminent professionals to discriminating U.S. government and intelligence-and-defense-industry customers.”
- The registration of this plane is also listed as “active” even though it hasn’t been flown in three years. The FAA should have this same information. But they don’t. Their website shows that a different aircraft, a Cessna 152, maintains that tail number and it was last registered to a person in San Diego, California. The FAA (Federal Aviation Administration) is a government agency, and it appears that it has scrubbed this plane’s information. Now, why would they do that?