August 10, 2011

Economics

Federal Reserve Press Release
“Information received since the Federal Open Market Committee met in June indicates that economic growth so far this year has been considerably slower than the Committee had expected. Indicators suggest a deterioration in overall labor market conditions in recent months, and the unemployment rate has moved up. Household spending has flattened out, investment in nonresidential structures is still weak, and the housing sector remains depressed. However, business investment in equipment and software continues to expand…More recently, inflation has moderated as prices of energy and some commodities have declined from their earlier peaks. Longer-term inflation expectations have remained stable.”

U.S. ECONOMIC STATISTICS - MONTHLY DATA

From the New York Times “The productivity of workers dropped from April through June for the second consecutive quarter, leading to an increase in labor costs that may restrain gains in profits.”

From the Bureau of Labor Statistics Productivity and Costs, Second Quarter 2011, Preliminary Nonfarm business sector labor productivity decreased at a 0.3 percent annual rate during the second quarter of 2011, the U.S. Bureau of Labor Statistics reported today, with output and hours worked rising 1.8 percent and 2.0 percent, respectively.

From the Bureau of Labor Statistics Employment Situation Summary
Total nonfarm payroll employment rose by 117,000 in July, and the unemployment rate was little changed at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, retail trade, manufacturing, and mining. Government employment continued to trend down.

From the New York Times “Three days after Treasury Department officials discovered what they called a mistake in the assumptions used by Standard & Poor's to justify the downgrade of United States debt, the president of S.& P. wrote to securities regulators saying that ratings agencies should not be required to publicly disclose all errors in their calculations.”

From the U.S. Department of the Treasury In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake.

From the Securities Exchange Commission “This landmark legislation set out to reshape the U.S. regulatory landscape, reduce systemic risk and help restore confidence in the financial system. . . . [W]e are continuing to work diligently to implement all of the provisions of the Act for which we have responsibility — even as we continue to perform our longstanding core responsibilities.”
Dodd-Frank Wall Street Reform and Consumer Protection Act

Environment

From the Environmental Protection Agency White House Announces First Ever Oil Savings Standards for Heavy Duty Trucks, Buses/Saving $50 billion in fuel costs and over 500 million barrels of oil “Today, President Obama will meet with industry officials to discuss the first-of-their-kind fuel efficiency and greenhouse gas pollution standards for work trucks, buses, and other heavy duty vehicles and to thank them for their leadership in finalizing a successful national program for these vehicles.”

From the U.S. Department of Transportation CAFE - Fuel Economy “In response to the President’s direction to NHTSA and EPA in his May 21, 2010, memo, the agencies are establishing the first-ever National Program to regulate fuel efficiency and greenhouse gas emissions for MYs 2014-2018 medium- and heavy-duty trucks, covering vehicles from ¾-ton pickups and vans to delivery and utility trucks to big-rig combination tractors.” (includes rule and analysis)