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Commentary
Posted by: Jon Henke on Friday, March 10, 2006

Job growth exceeds expectations this month...
Nonfarm payroll employment grew by 243,000 in February, and the unemployment rate was little changed at 4.8 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.
I don't think there can be much dispute that 4.8% represents Full Employment. Even with strong productivity driving the NAIRU (Non-Accelerating Inflation Rate of Unemployment) down somewhat from a more historically accepted rate of around 5.5%, 4.8% should be firmly within the range of Full Employment.

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The UAE Port deal has been stopped! Congratulations to the critics for enhancing national security! Or, you know, not...
Dubai is threatening retaliation against American strategic and commercial interests if Washington blocks its $6.8 billion takeover of operations at several U.S. ports.
[...]
A source close to the deal said members of Dubai’s royal family are furious at the hostility both Republicans and Democrats on Capitol Hill have shown toward the deal.

“They’re saying, ‘All we’ve done for you guys, all our purchases, we’ll stop it, we’ll just yank it,’” the source said.

Retaliation from the emirate could come against lucrative deals with aircraft maker Boeing and by curtailing the docking of hundreds of American ships, including U.S. Navy ships, each year at its port in the United Arab Emirates (UAE), the source added.
Plus, after this blatant disrespect, we risk losing "the emirates’ cooperation in the war on terrorism and in intelligence gathering". Dubai, remember, is "a critical logistics hub for the U.S. Navy and a popular relaxation destination for troops fighting in the Middle East".

Congress, as John Shadegg reminded us recently, does two things well: nothing and overreact. They appear to have done it again, with the full-throated support of the chatterati.

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John Hawkins at RightWingNews polled some Congressmen to find out what blogs they (and their staff) monitor. The full results are here.

Daniel Glover at Beltway Blogroll makes some interesting observations about the list...
Rep. Bob Ney of Ohio is the most voracious, least partisan and thus the smartest blog reader. His list includes 33 blogs from across the political spectrum.
[...]
The biggest surprise to me: Hugh Hewitt, Instapundit and Power Line apparently are not required reading for Republican lawmakers. Each made multiple appearances in the survey, but RedState appears to be the favorite of more Republicans on Capitol Hill.
[...]
If any other lawmakers or their aides in either party read Beltway Blogroll, I'd like to hear from you. I'd also like to hear from any other officials in Washington. Tell me which blogs you read regularly and I'll post them here.
I'll echo Glover's request. Representative Mike Conoway listed QandO, but none of the others did. I know from checking our sitemeter than QandO has frequent visits from offices in both the House of Representatives (e.g., "Information Systems, U.S. House of Representatives", IP Address: 143.231.249.#) and the Senate. I'd be curious to learn which other offices read our blog, and why.
 
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Comments
4.8% unemployment rate? Jobless recovery my arse (lets see if that gets past the filters).
I do wonder though if thats too low? I know historically as you said, its been around 5.5%, or slightly less, but what would make that change to know have full employment so much lower at 4.8%?
 
Written By: Chris
URL: http://
The strong growth in productivity would explain it. I think increased trade may also have an impact.
 
Written By: Jon Henke
URL: http://www.QandO.net
The UAE Port deal has been stopped! Congratulations to the critics for enhancing national security!
I confess that I was very leary of the port deal, but I can’t help but roll my eyes at some of its most vocal critics. On the one hand, they wanted this deal stopped. On the other hand, they criticize Bush for not reaching out to our allies.

Sheesh.
 
Written By: docjim505
URL: http://
Why are your employment stats non-farm?
 
Written By: Unaha-closp
URL: http://
Farm labor is seasonally volatile — and it composes a very small percentage of our labor force, anyway — so we tend to use non-farm stats. That’s a national norm, not a personal one.
 
Written By: Jon Henke
URL: http://www.QandO.net
Thanks
 
Written By: Unaha-closp
URL: http://

 
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