Free Markets, Free People

Daily Archives: August 2, 2013

Economic Statistics for 2 Aug 13

Here are today’s statistics on the state of the economy:

A disappointing 162,000 net new jobs were created in July, but the Unemployment rate declined to 7.4%. The working age population increased by 204,000 last month, yet the labor force declined by 37,000. So, "unemployment" fell. Yay! In the real world, the labor force participation rate fell to the historic low of 63.4% again. Also, the average work week decreased by 0.1 hour in July to 34.4 hours, while average hourly compensation dropped by 2 cents to $23.98. Of the new jobs created last month, a quarter were in restaurant or food services. Using the historical average level of labor force participation, the real unemployment rate is 11.58%.

Personal income rose 0.3% in June while consumer spending jumped 0.5%. The overall PCE price index rose a sharp 0.4%, while the core rate rose 0.2%. On a year-over-year basis income rose 3.1% but spending rose 3.3%, while the PCE price index is up 1.3% and the core PCE is up 1.2%.

Factory orders rose 1.5% in June, entirely on transportation orders. Ex transportation orders fell -0.4%.

Dale Franks
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I thought our President told us al Qaeda was all but defeated?!

Well this has to be embarrassing:

A State Department travel alert Friday said al Qaeda may launch attacks in the Middle East, North Africa and beyond, as the United States is closing 21 embassies and consulates Sunday as a precaution.

“Current information suggests that al Qaeda and affiliated organizations continue to plan terrorist attacks both in the region and beyond, and that they may focus efforts to conduct attacks in the period between now and the end of August,” said the alert, which covers the entire month.

It warned that “terrorists may elect to use a variety of means and weapons and target both official and private interests.”

A separate State Department list showed the 21 embassies and consulates that will close on Sunday, normally the start of the work week in the countries affected.

Recall, in 2012, our fearless “leader” told us this, numerous times (in fact, about 32 times):

On Sept. 13 in Golden, Colo., Obama said, “Four years ago, I promised to end the war in Iraq — and we did. I said we’d wind down the war in Afghanistan — and we are. And while a new tower rises above the New York skyline, al Qaeda is on the path to defeat, and Osama bin Laden is dead.” He repeated that line again on Sept. 17 in Cincinnati and again that day in Columbus, Ohio.

It is one of the reasons Benghazi is so “inconvenient” and they chose to invest in a lie.  Now this.

Party on.