April 5, 2010
Last week's economic news was a field of green, with eight of the 10 major economic reports improving. Much of the good news surrounded consumers, the labor market and manufacturing
The most notable improvement was the 162,000 increase in payroll employment in March. While the employment gains in most sectors were not overwhelmingly strong, the fact that 10 of the 12 major private sectors increased payrolls in March is a positive sign that the labor market is starting to improve on a broad basis (see chart above).
Still, it is important to put the March payroll report in context. While the March gain of 162,000 was the biggest monthly gain in three years, over half of the increase was in temporary employment, driven to a large degree by the hiring of 48,000 workers to conduct the 2010 Census. This hiring will likely increase significantly in coming months.
A clear positive sign is that the March gain of 17,000 in manufacturing payrolls marked the third consecutive monthly increase. While manufacturers have not increased payrolls in three successive months in four years, most of the March increase was concentrated in two industries -- fabricated metals and machinery -- which together increased employment by 15,000. With capital goods exports rising at an annual rate of 15 percent over the latest six months, much of this rise is likely being driven by export growth.
On the negative side, the share of the unemployed who have been out of work for at least six months increased to a record 44.1 percent last month. To put this in context, the previous cyclical peak was in June 1983, when 26 percent of those unemployed had been out of work for at least 27 weeks! This high level of long-term unemployed will likely weigh on consumer confidence going forward.
Dave Huether
Chief Economist
National Association of Manufacturers
A SUPERSTORM FOR GLOBAL WARMING RESEARCH
April 5, 2010 - Spiegel International
Plagued by reports of sloppy work, falsifications and exaggerations, climate research is facing a crisis of confidence. How reliable are the predictions about global warming and its consequences?
WASHINGTON: BRACE FOR SLUGGISH RECOVERY
April 5, 2010 – Today in Manufacturing.net
Buoyed by good news on jobs front, White House claimed credit for reversing the downward economic spiral while bracing out-of-work Americans for slow recovery... continue
Buoyed by good news on jobs front, White House claimed credit for reversing the downward economic spiral while bracing out-of-work Americans for slow recovery... continue
FORECASTERS AT ODDS ABOUT WARMING THREAT
April 5, 2010 - Washington Times
Is climate change a serious threat to humanity or a scam trumped up by agenda-minded activists?
GLOBAL SEMICONDUCTOR SALES UP 56 PERCENT
April 5, 2010 – Today in Manufacturing.net
Worldwide semiconductor sales rose by 56.2 percent in February, extending a recovery in chip sales, a trade group reported Monday... continue
Worldwide semiconductor sales rose by 56.2 percent in February, extending a recovery in chip sales, a trade group reported Monday... continue
INDUSTRY GROUPS CHALLENGE EPA'S RECONSIDERATION OF 'JOHNSON MEMO'
April 5, 2010 - Greenwire
A coalition of industry groups has asked a federal appeals court to review U.S. EPA's policy for when it plans to begin regulating greenhouse gases from stationary sources.
INVESTORS RETURN TO RENEWABLES IN RECORD NUMBERS
April 5, 2010 - RenewableEnergyWorld
The Cleantech Group released preliminary Q1 2010 results for clean technology venture investments in North America, Europe, China and India, totaling US $1.9 billion across 180 companies. Cleantech venture investment was up 29% from the previous quarter and up 83% from the same period a year ago.
L.A. SPARS OVER GREEN ENERGY
April 5, 2010 - Wall Street Journal
City officials and Los Angeles's power company are sparring over big increases in electricity rates that the utility says it needs to pay for a push into renewable energy.
April 5, 2010 – Dow Jones Newswires
"Instead of dozens of applicants for every job, there are dozens of jobs for every applicant. And one of the most frightening costs America faces is $3 trillion in lost economic output because there just aren't enough workers to meet rising labor-market demands, " that according to the Dow Jones Newswires.
"Instead of dozens of applicants for every job, there are dozens of jobs for every applicant. And one of the most frightening costs America faces is $3 trillion in lost economic output because there just aren't enough workers to meet rising labor-market demands, " that according to the Dow Jones Newswires.
In October 2003the National Association of Manufacturers quoted research predicting a skilled worker gap that would grow to 5.3 million workers by 2010 and 14 million by 2020.
MURKOWSKI SLAMS EPA RESPONSE TO CLIMATE RULE QUERIES
April 5, 2010 - The Hill
Sen. Lisa Murkowski (R-Alaska) alleged that EPA Administrator Lisa Jackson has failed to “shed any light” on how the agency plans to regulate greenhouse gas emissions from stationary industrial sources.
NUCLEAR POWER DEVELOPMENT: REMOVING ROADBLOCKS
April 5, 2010 - NCPA.org
President Obama wants to triple the amount of loans the federal government guarantees in order to jumpstart seven to 10 new nuclear power projects over the next decade. However, until the government meets its legal obligation to provide storage for spent nuclear fuel and high-level radioactive waste, only a few new nuclear reactors are likely to be built, says H. Sterling Burnett, senior fellow with the National Center for Policy Analysis.
OBAMA'S OFFSHORE DRILLING PITCH SWAYS FEW FENCE-SITTERS ON CLIMATE BILL
April 5, 2010 - New York Times
It's often said in Washington that if you anger both liberals and conservatives, you must be doing something right. By that measure, President Obama may have done something right with his offshore drilling plan, but he does not appear to have advanced his higher priority -- passing a comprehensive climate and energy bill.
OFFICIALS DISAGREE OVER INFLATION
April 5, 2010 – Wall Street Journal
According to a Wall Street Journal article this morning, policy makers at the Federal Reserve have differing inflation fears. With interest rates close to zero and ample credit available, some, like Charles Plosser, President of Philadelphia Regional Federal bank, fear an inflation outbreak. He argues that low inflation rates are due to an unusual decrease in housing costs, and it should not be given too much weight. But others fear that the low rate of inflation will slow even more arguing that when unemployment is so high, wages and incomes tend to rise slowly, and producers and retailers have a hard time raising prices.
According to a Wall Street Journal article this morning, policy makers at the Federal Reserve have differing inflation fears. With interest rates close to zero and ample credit available, some, like Charles Plosser, President of Philadelphia Regional Federal bank, fear an inflation outbreak. He argues that low inflation rates are due to an unusual decrease in housing costs, and it should not be given too much weight. But others fear that the low rate of inflation will slow even more arguing that when unemployment is so high, wages and incomes tend to rise slowly, and producers and retailers have a hard time raising prices.
SMALL ENERGY COMPANY EYES UTAH'S OIL SANDS
April 5, 2010 - BusinessWeek
An energy company with government approvals to launch the first significant U.S. oil sands project is trying to raise money to build a plant in eastern Utah that would turn out 2,000 barrels of oil a day.
POLL: SUPPORT FOR NUCLEAR ENERGY HITS RECORD HIGH
April 5, 2010 -
ENSA record-high 74 percent of Americans surveyed in a new national poll support nuclear energy and a similar majority of 70 percent says the United States should "definitely build more" nuclear energy facilities.
U.S. NATURAL-GAS DATA OVERSTATED
April 5, 2010 - Wall Street Journal
The Energy Department is preparing to make sweeping revisions to its U.S. natural-gas production data after finding it has been overstating output, raising new questions about the government's collection of energy information.
WESTERN MEMBERS OF CONGRESS RESPOND SHARPLY TO OBAMA’S OFFSHORE DRILLING PLAN
April 5, 2010 - Congressional Western Caucus
While the Obama Administration would have you believe it’s taking a balanced approach by opening limited access to U.S. waters for offshore energy development, the reality is that today’s announcement only opens a fraction of our abundant resources and will not create the jobs we desperately need.
WHITE HOUSE: "CAP AND TRADE" IS OUT
April 5, 2010 - CBS News
At the same time the White House is opening up to offshore oil and natural gas drilling, the Obama administration is backing away from "cap and trade," a market-based plan to limit the nation's carbon output -- or at least that particular language used to describe the plan.
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