Time for Congress to Raise the Minimum Wage for the American People

DAILY SNAPSHOT Saturday, March 8, 2014         Featured Weekly Address: Time for Congress to Raise the Minimum Wage for the American People In this week's address, President Obama highlighted the momentum building across the country to give Americans a raise and reiterated his call for Congress to increase the minimum wage from $7.25 to $10.10. The President has already signed an executive order to raise the minimum wage for people working under new federal contracts. Companies large and small are choosing to give workers a raise because they know it's good business. And Governors across the country are answering the President's call by working to raise their states' minimum wages. Now, it's time for Congress to get the job done and restore opportunity for all Americans by raising the minimum wage to "ten-ten." Click here to watch this week's Weekly Address.       Weekly Wrap Up President Obama Announces His 2015 Budget The President traveled to Powell Elementary School on Tuesday after sending his 2015 budget to Congress. There, he discussed what he called a "roadmap" for the opportunity agenda he laid out in his State of the Union address. "Our budget is about choices," President Obama said. "It's about our values. As a country, we've got to make a decision if we're going to protect tax breaks for the wealthiest Americans, or if we're going to make smart investments necessary to create jobs and grow our economy, and expand opportunity for every American." READ MORE YouTube Stars Visit The White House Some of the nation's most popular YouTube video creators stopped by the White House last week to speak with senior administration officials about the issues that matter most to them and their audiences, including anti-bullying, education, economic opportunity, and health care. The President stopped by, too. The YouTube celebs spoke about how they take advantage of social media platforms and discussed ideas and strategies that can help raise awareness about health care enrollment. READ MORE It's Time To Give America a Raise On Wednesday, President Obama took his opportunity agenda to the road to talk about the importance of raising the minimum wage. While at Central Connecticut State University, the President reminded the crowd that raising the federal minimum wage to $10.10 an hour would help not only minimum wage workers, but it would life wages for more than 28 million Americans across the country. READ MORE An Update On The Crisis In Ukraine Yesterday, President Obama delivered a statement on efforts to address the ongoing crisis in Ukraine from the Brady Press Briefing Room. READ MORE West Wing Week: "Look Who's In Our Room"  As always, to see even more of this week's events, watch the latest episode of West Wing Week: WATCH NOW   Facebook    Twitter   |   More Ways to Engage Did Someone Forward This to You? Sign Up for Email Updates This email was sent to e0nstar1.blog@gmail.com Unsubscribe | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111

Mish's Global Economic Trend Analysis

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European Border Changes Over Last 1000 Years Posted: 07 Mar 2014 01:57 PM PST To help put the Russia-Ukraine battle over Crimea in proper perspective, here's a long historical look at European borders. Link if video does not play: European Border Changes over Last 1000 Years Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

Nonfarm Payrolls +175,000, Household Survey +42,000; Unemployment Rate 6.7% Posted: 07 Mar 2014 07:59 AM PST Initial Reaction Nonfarm Payrolls rose by 175,000 vs. a Bloomberg consensus expectation of 150,000. The employment change for December 2013 was revised up by 9,000 (from +75,000 to +84,000), and the employment change for January 2014 was revised up by 16,000 (from +113,000 to +129,000). The overall effect was a modest two-month upward revision of +25,000. Beneath the surface, things look worse again. The household survey shows a gain of employment of only 42,000 while unemployment rose by 223,000. February BLS Jobs Statistics at a Glance Nonfarm Payroll: +175,000 - Establishment Survey Employment: +42,000 - Household Survey Unemployment: +223,000 - Household Survey Involuntary Part-Time Work: -71,000 - Household Survey Voluntary Part-Time Work: -138,000 - Household Survey Baseline Unemployment Rate: +0.1 to 6.7% - Household Survey U-6 unemployment: -0.1 to 12.6% - Household Survey Civilian Non-institutional Population: +170,000 Civilian Labor Force: +264,000 - Household Survey Not in Labor Force: -94,000 - Household Survey Participation Rate: +0.0 at 63.0 - Household Survey Additional Notes About the Unemployment Rate The unemployment rate varies in accordance with the Household Survey, not the reported headline jobs number, and not in accordance with the weekly claims data. In the past year the population rose by 2,257,000. In the last year the labor force fell by 213,000. In the last year, those "not" in the labor force rose by 2,253,000 Over the course of the last year, the number of people employed rose by 2,044,000 (an average of 170,333 a month) The population rose by over 2 million, but the labor force fell by over 200,000. People dropping out of the work force accounts for much of the declining unemployment rate. February 2014 Employment Report Please consider the Bureau of Labor Statistics (BLS) February 2014 Employment Report. Total nonfarm payroll employment increased by 175,000 in February, and the unemployment rate was little changed at 6.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services and in wholesale trade but declined in information. Click on Any Chart in this Report to See a Sharper Image Unemployment Rate - Seasonally Adjusted Nonfarm Employment January 2011 - February 2014 click on chart for sharper image Nonfarm Employment Change from Previous Month by Job Type Hours and Wages Average weekly hours of all private employees declined 0.1 hours at 34.2 hours. Average weekly hours of all private service-providing employees declined 0.2 hours to 33.0 hours. Average hourly earnings of private workers rose $0.09 to $20.50. Average hourly earnings of private service-providing employees rose $0.10 to $20.30. For further discussion of income distribution, please see What's "Really" Behind Gross Inequalities In Income Distribution? Birth Death Model Starting January, I dropped the Birth/Death Model charts from this report. For those who follow the numbers, I keep this caution: Do not subtract the reported Birth-Death number from the reported headline number. That approach is statistically invalid. Should anything interesting arise in the Birth/Death numbers, I will add the charts back. Table 15 BLS Alternate Measures of Unemployment click on chart for sharper image Table A-15 is where one can find a better approximation of what the unemployment rate really is. Notice I said "better" approximation not to be confused with "good" approximation. The official unemployment rate is 6.7%. However, if you start counting all the people who want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6. U-6 is much higher at 12.6%. Both numbers would be way higher still, were it not for millions dropping out of the labor force over the past few years. Labor Force Factors Discouraged workers stop looking for jobs People retire because they cannot find jobs People go back to school hoping it will improve their chances of getting a job People stay in school longer because they cannot find a job Disability and disability fraud Were it not for people dropping out of the labor force, the unemployment rate would be well over 9%. Synopsis On the surface this month modestly beat expectation with a decent report of 175,000 jobs. Beneath the surface, things looked worse. Correction: I originally stated the March 2013 adjustment of 369,000 (made just last month) was to the household survey. It was to the establishment survey. Sections revised accordingly. Mike "Mish" Shedlock http://globaleconomicanalysis.blogspot.com Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.

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Damn Cool Pics

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Interesting Facts About Bill Gates Posted: 07 Mar 2014 09:36 AM PST Your life becomes very interesting when you are a billionaire.

Kayakers Found a Ship with a Great Story Posted: 07 Mar 2014 08:47 AM PST Kayakers found a ghost ship on the Ohio River. They cautiously approached it, but decided to go inside for a peek. Even though the ship was 110 years-old, it was structurally sound enough to explore. Nature had completely taken over the ship. The remnants of the engine and machinery were still on board. It seemed like the ship had been sitting there for years. As it turns out, it had. The vessel started out as a sight-seeing boat in New York City. Then, it was repurposed to fight in both World Wars. Thomas Edison even used it once during an experiment regarding communications technology. The boat even made a cameo in Madonna's "Papa Don't Preach" music video. In the 1980s, the ship was decommissioned and taken to a tributary near the owner's land. It has rested there ever since. Even the rope attaching it to the shore shows its age. Now, the boat still sits there silently in Ohio, full of history and memories. Via queencitydiscovery.blogspot.com

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Watch: The President's Week, in Five Minutes

DAILY SNAPSHOT Friday, March 7, 2014         Featured Watch: The President's Week, in Five Minutes This week, the White House hosted its first-ever Student Film Festival, while the President addressed the ongoing crisis in Ukraine, presented his budget for Fiscal Year 2015, urged Congress to raise the minimum wage, and held a town hall on Latinos and the Affordable Care Act. Watch all of that, and more, in the latest episode of West Wing Week:       Top Stories The Employment Situation in February February 2014 was the 48th straight month of private-sector job growth, with businesses adding 8.7 million jobs over that time. Despite a major snowstorm that hit the East Coast during the reference week for the labor market surveys, the rate of job growth picked up from the December and January pace. READ MORE YouTube Stars Talk Health Care (and Make History) at the White House Last week, senior administration officials sat down with some of the most popular content creators on YouTube to talk about the issues that they care the most about, including access to quality, affordable health care. READ MORE Opening Today: The 2014 Easter Egg Roll Ticket Lottery Don't miss your chance to join the First Family for the 136th annual White House Easter Egg Roll. The big event is on Monday, April 21 and more than 30,000 people will join in on the fun. Guests will have a chance to participate in activities including games, stories, singing, dancing, and of course, the traditional egg roll -- all on the White House South Lawn. READ MORE       Today's Schedule All times are Eastern Time (ET) 10:00 AM: The President receives the Presidential Daily Briefing 11:05 AM: The President and First Lady depart the White House en route Joint Base Andrews 11:20 AM: The President and First Lady depart Joint Base Andrews 1:40 PM: The President and First Lady arrive Homestead, Florida 2:25 PM: The President and First Lady visit a Coral Reef High School classroom 2:40 PM: The President delivers remarks WATCH LIVE   Facebook    Twitter   |   More Ways to Engage Did Someone Forward This to You? Sign Up for Email Updates This email was sent to e0nstar1.blog@gmail.com Unsubscribe | Privacy Policy Please do not reply to this email. Contact the White House The White House • 1600 Pennsylvania Ave NW • Washington, DC 20500 • 202-456-1111