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The Pronk Pops Show 305, July 30, 2014, Story 1: Advanced Estimate: U.S. Economy Grew Based On Incomplete Data at 4% Rate in Second Quarter of 2014 — Wait To End of September For Final Estimate — Expect 2% or Less Growth Rate — Videos

Posted on July 30, 2014. Filed under: American History, Banking System, Beef, Blogroll, Bread, Budgetary Policy, Business, Cereal, Communications, Constitutional Law, Economics, Education, Employment, Energy, European History, Fiscal Policy, Food, Foreign Policy, Government, Government Spending, Health Care Insurance, History, Housing, Illegal Immigration, Illegal Immigration, Immigration, Investments, IRS, Labor Economics, Law, Legal Immigration, Media, Milk, Monetary Policy, Natural Gas, Natural Gas, Nuclear, Obama, Oil, Oil, Philosophy, Photos, Politics, Pro Life, Resources, Scandals, Tax Policy, Technology, Terror, Terrorism, Unemployment, United States Constitution, Videos, Violence, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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The Pronk Pops Show Podcasts

Pronk Pops Show 305: July 30, 2014

Pronk Pops Show 304: July 29, 2014

Pronk Pops Show 303: July 28, 2014

Pronk Pops Show 302: July 24, 2014

Pronk Pops Show 301: July 23, 2014

Pronk Pops Show 300: July 22, 2014

Pronk Pops Show 299: July 21, 2014

Pronk Pops Show 298: July 18, 2014

Pronk Pops Show 297: July 17, 2014

Pronk Pops Show 296: July 16, 2014

Pronk Pops Show 295: July 15, 2014

Pronk Pops Show 294: July 14, 2014

Pronk Pops Show 293: July 11, 2014

Pronk Pops Show 292: July 9, 2014

Pronk Pops Show 291: July 7, 2014

Pronk Pops Show 290: July 3, 2014

Pronk Pops Show 289: July 2, 2014

Pronk Pops Show 288: June 30, 2014

Pronk Pops Show 287: June 27, 2014

Pronk Pops Show 286: June 26, 2014

Pronk Pops Show 285 June 25, 2014

Pronk Pops Show 284: June 23, 2014

Pronk Pops Show 283: June 20, 2014

Pronk Pops Show 282: June 19, 2014

Pronk Pops Show 281: June 17, 2014

Pronk Pops Show 280: June 16, 2014

Pronk Pops Show 279: June 13, 2014

Pronk Pops Show 278: June 12, 2014

Pronk Pops Show 277: June 11, 2014

Pronk Pops Show 276: June 10, 2014

Pronk Pops Show 275: June 9, 2014

Pronk Pops Show 274: June 6, 2014

Pronk Pops Show 273: June 5, 2014

Pronk Pops Show 272: June 4, 2014

Pronk Pops Show 271: June 2, 2014

Pronk Pops Show 270: May 30, 2014

Pronk Pops Show 269: May 29, 2014

Pronk Pops Show 268: May 28, 2014

Pronk Pops Show 267: May 27, 2014

Pronk Pops Show 266: May 23, 2014

Pronk Pops Show 265: May 22, 2014

Pronk Pops Show 264: May 21, 2014

Pronk Pops Show 263: May 20, 2014

Pronk Pops Show 262: May 16, 2014

Pronk Pops Show 261: May 15, 2014

Pronk Pops Show 260: May 14, 2014

Pronk Pops Show 259: May 13, 2014

Pronk Pops Show 258: May 9, 2014

Pronk Pops Show 257: May 8, 2014

Pronk Pops Show 256: May 5, 2014

Pronk Pops Show 255: May 2, 2014

Pronk Pops Show 254: May 1, 2014

Pronk Pops Show 253: April 30, 2014

Pronk Pops Show 252: April 29, 2014

Pronk Pops Show 251: April 28, 2014

Pronk Pops Show 250: April 25, 2014

Pronk Pops Show 249: April 24, 2014

Pronk Pops Show 248: April 22, 2014

Pronk Pops Show 247: April 21, 2014

Pronk Pops Show 246: April 17, 2014

Pronk Pops Show 245: April 16, 2014

Pronk Pops Show 244: April 15, 2014

Pronk Pops Show 243: April 14, 2014

Pronk Pops Show 242: April 11, 2014

Pronk Pops Show 241: April 10, 2014

Pronk Pops Show 240: April 9, 2014

Pronk Pops Show 239: April 8, 2014

Pronk Pops Show 238: April 7, 2014

Pronk Pops Show 237: April 4, 2014

Pronk Pops Show 236: April 3, 2014

Story 1: Advanced Estimate: U.S. Economy Grew Based On Incomplete Data at 4% Rate in Second Quarter of 2014 — Wait To End of September For Final Estimate — Expect 2% or Less Growth Rate — Videos

us-economy-2q

 real_GDP_quarter

Mark Zandi Discusses U.S. Second-Quarter GDP, Economy: Video

United States economy grows by 4%

US Dollar: 2Q US GDP Data May Outshine FOMC in Driving Volatility

KeiserReport: Liam Halligan on UK economy frauds (29July14)

Dr. Paul Craig Roberts: Fed Laundering Treasury Bonds in Belgium, Real GDP was Negative & More

 

Still Report #245 – U.S. GDP is a Lie

Published on May 2, 2014

Recently announced U.S. GDP numbers would be negative 4.6% if the effects of the Fed’s Quantitative Easing program were subtracted. As QE is tapered away, so will the artificial appearance of growth it produced. Please consider supporting us there for as little as $1 per month. Go to billstill.com, click on the Subscribe button. You can Unsubscribe at any time.

US GDP Drops

BEA Real GDP Growth PDP

Sadie doesn’t want her brother to grow up

U.S. Economy Grows at 4% Pace in 2Q

U.S. economic growth accelerated more than expected in the second quarter and the decline in output in the prior period was less steep than previously reported, bolstering views for a stronger performance in the last six months of the year.

Gross domestic product expanded at a 4.0 percent annual rate as activity picked up broadly after shrinking at a revised 2.1 percent pace in the first quarter, the Commerce Department said on Wednesday.

That pushed GDP above the economy’s potential growth trend, which analysts put somewhere between a 2 percent and 2.5 percent pace. Economists had forecast the economy growing at a 3.0 percent rate in the second quarter after a previously reported 2.9 percent contraction.

A separate report showing private employers added 218,000 jobs to their payrolls last month, a decline from June’s hefty gain of 281,000, did little to change perceptions the economy was strengthening.

U.S. stock futures added to gains and yields on U.S. Treasuries rose after the data. The U.S. dollar hit a seven-week high against the yen and an eight-month high against the euro.

The economy grew 0.9 percent in the first half of this year and growth for 2014 as a whole could average above 2 percent. The first quarter contraction, which was mostly weather-related, was the largest in five years.

Employment growth, which has exceeded 200,000 jobs in each of the last five months, and strong readings on the factory and services sectors from the Institute for Supply Management underpin the bullish expectations for the rest of the year.

The government also published revisions to prior GDP data going back to 1999, which showed the economy performing much stronger in the second half of 2013 and for that year as a whole than previously reported.

EYES ON THE FED

The GDP data, which was released only hours before Federal Reserve officials conclude a two-day policy meeting, could fuel debate on whether the central bank may need to raise interest rates a bit sooner than had been anticipated.

Growth in the second quarter was driven mainly by consumer spending and a swing in business inventories.

Consumer spending growth, which accounts for more than two-thirds of U.S. economic activity, accelerated at a 2.5 percent pace, as Americans bought long-lasting manufactured goods and spent a bit more on services.

Consumer spending had braked to a 1.2 percent pace in the first quarter because of weak healthcare spending.

Despite the pick-up in consumer spending, Americans saved more in the second quarter. The saving rate increased to 5.3 percent from 4.9 percent in the first quarter as incomes rose, which bodes well for future spending.

Inventories contributed 1.66 percentage points to GDP growth after chopping off 1.16 points in the first quarter.

The economy also received a boost from business investment, government spending and investment in home building.

Trade, however, was a drag for a second consecutive quarter as some of the increase in domestic demand was met by a surge in imports. Domestic demand rose at a 2.8 percent pace, the fastest since the third quarter of 2011. It increased at a 0.7 percent pace in the first quarter.

Solid demand, which underscores the economy’s firming fundamentals, led to some pick-up in price pressures in the second quarter, a welcome development for Fed officials who have long worried about inflation being too low.

A price index in the report rose at a 2.3 percent rate in the second quarter, the quickest in three years, after advancing at a 1.4 percent pace in the prior period.

A core price measure that strips out food and energy costs increased at a 2.0 percent pace, the fastest since the first quarter of 2012. It had increased at a 1.2 percent rate in the first quarter.

U.S. Second-Quarter GDP Expands at 4.0% Rate

Economy Grew at Best Six-Month Stretch in 10 Years in Second Half of 2013

By  ERIC MORATH And NICK TIMIRAOS

he U.S. economy surged in the second quarter, more than offsetting a first-quarter contraction and putting growth back on an upward trajectory in 2014.

The U.S. economy rebounded strongly this spring after a first-quarter contraction, eking out positive growth over the past six months and raising hopes for sustained growth in the second half of 2014. Josh Zumbrun joins MoneyBeat with Paul Vigna.

Gross domestic product, the broadest measure of goods and services produced across the economy, advanced at a seasonally adjusted annual rate of 4.0% in the second quarter, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had forecast growth at a 3.0% pace for the quarter.

An upturn in inventory building by businesses and an acceleration in consumer spending led the broad gains and offset a larger drag from increased imports.

The solid improvement comes on the heels of a first quarter when the economy shrank at a 2.1% pace. While still the worst quarter of the recovery that began in mid-2009, the first-quarter figure reflects an upward revision from a previously estimated 2.9% contraction.

Over the past year, the economy grew 2.4%—slightly ahead of the 2.3% average annual gain from recovery’s start until the end of 2013, before an unusually cold winter socked the economy.

The first quarter “was an anomaly and growth will be much stronger through the rest of this year,” said PNC Financial Services Group economist Stuart Hoffman. “Consumers are spending thanks to job and income gains, and with borrowing costs still low businesses are investing to meet stronger demand.”

Household spending—roughly two-thirds of the economy—advanced at a 2.5% rate last quarter. That’s an increase from the first quarter’s modest 1.2% gain. Spending on total goods accounted for its highest contribution to GDP since late 2010, and spending on long-lasting durable goods was near a five-year high, led by a big jump in auto sales.

Annual revisions, also released Wednesday, showed the economy expanded at a 4% pace in the second half of 2013, the best six-month stretch in 10 years. But figures over the past five years, including new revisions back to 2011, continue to tell a familiar tale. Unable to string together several quarters of steady growth, the recovery that began in 2009 is still the weakest since World War II.

There is reason to be guarded about last quarter’s rebound. The initial reading on GDP relies on estimates of trade flows, health-care spending and other aspects of the economy and could be significantly revised in subsequent takes.

The U.S. second-quarter GDP increased at a 4% rate, well above expectations, raising hopes for sustained growth in the second half of 2014. WSJ’s Polya Lesova joins Simon Constable on the News Hub with the details. Photo: Getty

The strong advance in consumption is at least partially payback for a cold winter to start the year. If weather gets the blame for a bad first quarter, it deserves some credit for the second.

The second quarter was also strongly aided by businesses restocking. The change in private inventories added 1.66 percentage points to growth during the quarter. The gain mirrors the strong buildup in inventories that helped propel growth in the second half of last year, and stands in contrast to the reversal that contributed to the first-quarter contraction.

Some economists said the inventory boost raised questions over whether the strong pace of growth in the second-quarter gain was sustainable. Real final sales, a measurement of GDP that excludes changes to inventories, expanded at a 2.3% pace in the second quarter. After accounting for the 1% contraction in the first quarter, sales rose by almost 0.7% in the first half of 2014. That suggests the inventory gain may have been “excessive,” said Chris Low, chief economist at FTN Financial, “as if business put a little too much faith in the bounce-back-from-bad-weather story.”

The report showed the personal consumption expenditure price index, the Federal Reserve’s preferred inflation gauge, advanced at an annualized 2.3% in the second quarter.

The reading, reflecting increased costs for food and gasoline, was above the Fed’s 2% inflation target during a quarter for the first time since early 2012. But from a year ago, consumer inflation is up a milder 1.6%.

Market Talk

On GDP, a Word of Caution on the RevisionsThere’s a reasonable chance the 4% 2Q GDP number will change. Consider what has happened to 1Q13. Growth was initially reported to be occurring at an annual rate of 2.5%, before being revised down to 1.8% and then 1.1%. Wednesday’s latest set of revisions brought that figure back to 2.7%. (nick.timiraos@wsj.com)

GDP Catches Up with Jobs Growth A strong rebound in 2Q economic growth resolves the discrepancy between recent weak GDP readings and strong job numbers, BNP Paribas economists write, adding the rebound bodes well for July jobs data out Friday. “We will get another solid payrolls print of around 225,000 on Friday,” the firm says. Still, BNP Paribas notes that an average growth rate of 1% in 1H shows the economy is far from achieving the 2.1% to 2.3% growth rate forecast by the Fed for this year. (jonathan.house@wsj.com)

Market Talk is a stream of real-time news and market analysis that’s available on Dow Jones Newswires

Wednesday’s report also showed business spending on items such as equipment, buildings and intellectual property rose at a 5.5% pace from April to June. Spending on equipment increased at a 7% rate in the second quarter after declining in the first.

Residential fixed investment—spending on home building and improvements—increased at a 7.5% rate in the second quarter. The category had declined the prior two quarters. The decline that began last fall wasn’t actually due to a slowdown in home construction, but instead reflected a drop in brokers’ real-estate commissions after sales of previously owned homes slumped.

Trade was a drag on economic growth during the quarter despite a solid 9.5% increase in U.S. exports. That is because imports, which subtract from economic growth, rose 11.7%. Still, the number suggests renewed demand for foreign goods among U.S. consumers.

The government added to second-quarter growth. Government expenditures and investment rose at an 1.6% pace in the spring. Federal outlays fell for the seventh straight quarter but were more than offset by increased spending at the state and local level.

 

Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product

[Percent] Seasonally adjusted at annual rates

Last Revised on: July 30, 2014 – Next Release Date August 28, 2014

 

U.S. Economy Grew at 4% Rate in Second Quarter, Beating Expectations

“We made up some of the ground lost in the first three months of this year, but there’s nothing in today’s data to indicate that the economy is growing more strongly than it has for the past couple of years,” the Economic Policy Institute, a left-leaning nonprofit group focused on low- and middle-income workers, said in a release Wednesday.

More important economic data will be released this week. Besides the Labor Department’s latest figures on unemployment and payrolls to be announced Friday, the Federal Reserve’s policy-making committee continues meeting on Wednesday, with the central bank announcing its latest plans on Wednesday afternoon.

http://www.nytimes.com/2014/07/31/business/economy/us-economy-grew-4-in-second-quarter.html?_r=0

Stock market loses early gains…what’s up?

Stocks start up then move down. Why, you ask?

It’s a disappointing day so far…the S&P 500 rocketed up almost eight points at the open, but within a half hour began a slow but steady decent into negative territory. What happened?

First: On the strong Q2 GDP, up 4.0 percent, there were detractors the minute the report came out.

Read MoreSurging US growth pushes fledgling IPOs into the backseat

A lot of inventory building, some complained. But most felt the numbers didn’t change their outlook for the second half dramatically. Barclays is a good example: “We do not view the outperformance in this report as a signal that the outlook for growth has improved,” they said.

Second: There’s the inflation-fearing camp. Modest growth or not, many fear that interest rates could move dramatically on any sign the economy is putting together a consistent series of above-expectation economic stats.

Treasury yields are up this morning, and many are wondering if the Fed will make some comment about the possibility of a rate increase sooner than expectations (mid-to-late- 2015).

I’m not in that camp, but some are: Interest-rate sensitive stocks like Utilities, Telecom, Housing are all underperforming the market.

Third: There are continuing issues with the Ukraine. Reuters is reporting comments from NATO that the number of troops continue to increase along the Russian-Ukraine border.

Finally: Let’s drag out the “market is tired” argument and that it is long due for a 10 percent correction. Alan Greenspan, on a competing network this morning, said stocks were due for a “significant correction” at some point. Really, Mr. Greenspan? The market IS tired, but we have been hearing about a 10 percent correction for two years. Those that got out then, when the S&P was at 1400, are now watching stocks up 40 percent since then.

My take? Things are continuing to get better, but they are getting better at a very slow rate. And the data is still choppy. And that is good for the markets.

http://www.cnbc.com/id/101879844

 

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JULY 30, 2014
BEA 14-34

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
Nicole Mayerhauser: (202) 606-9715 (Revision)
Brent Moulton: (202) 606-9606
National Income and Product Accounts
Gross Domestic Product: Second Quarter 2014 (Advance Estimate)
Annual Revision: 1999 through First Quarter 2014
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.0 percent in the second quarter of 2014,
according to the "advance" estimate released by the Bureau of Economic Analysis.  In the first quarter,
real GDP decreased 2.1 percent (revised).

      The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 3
and "Comparisons of Revisions to GDP" on page 10).  The "second" estimate for the second quarter,
based on more complete data, will be released on August 28, 2014.

      The increase in real GDP in the second quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed
investment, state and local government spending, and residential fixed investment.  Imports, which are a
subtraction in the calculation of GDP, increased.

Box.___________
Annual Revision of the National Income and Product Accounts

      The estimates released today reflect the results of the annual revision of the national income and
product accounts (NIPAs) in conjunction with the "advance" estimate of GDP for the second quarter of
2014.  In addition to the regular revision of estimates for the most recent 3 years and the first quarter of
2014, GDP and select components were revised back to the first quarter of 1999 (see the Technical
Note).  More information is available in "Preview of Upcoming NIPA Revision" in the May Survey of
Current Business and on BEA's Web site.  The August Survey will contain an article describing the annual 
revision in detail.
________________

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2009)
dollars.  Price indexes are chain-type measures.

      This news release is available on BEA's Web site along with the Technical Note
and Highlights related to this release.
________________


      Real GDP increased 4.0 percent in the second quarter, after decreasing 2.1 percent in the first.
This upturn in the percent change in real GDP primarily reflected upturns in private inventory
investment and in exports, an acceleration in PCE, an upturn in state and local government spending, an
acceleration in nonresidential fixed investment, and an upturn in residential fixed investment that were
partly offset by an acceleration in imports.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.9 percent in the second quarter, compared with an increase of 1.4 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent,
compared with an increase of 1.3 percent.

      Real personal consumption expenditures increased 2.5 percent in the second quarter, compared
with an increase of 1.2 percent in the first.  Durable goods increased 14.0 percent, compared with an
increase of 3.2 percent.  Nondurable goods increased 2.5 percent; it was unchanged in the first quarter.
Services increased 0.7 percent in the second quarter, compared with an increase of 1.3 percent in the
first.

      Real nonresidential fixed investment increased 5.5 percent in the second quarter, compared with
an increase of 1.6 percent in the first.  Investment in nonresidential structures increased 5.3 percent,
compared with an increase of 2.9 percent.  Investment in equipment increased 7.0 percent, in contrast to
a decrease of 1.0 percent.  Investment in intellectual property products increased 3.5 percent, compared
with an increase of 4.6 percent.  Real residential fixed investment increased 7.5 percent, in contrast to a
decrease of 5.3 percent.

      Real exports of goods and services increased 9.5 percent in the second quarter, in contrast to a
decrease of 9.2 percent in the first.  Real imports of goods and services increased 11.7 percent,
compared with an increase of 2.2 percent.

      Real federal government consumption expenditures and gross investment decreased 0.8 percent
in the second quarter, compared with a decrease of 0.1 percent in the first.  National defense increased
1.1 percent, in contrast to a decrease of 4.0 percent.  Nondefense decreased 3.7 percent, in contrast to an
increase of 6.6 percent.  Real state and local government consumption expenditures and gross
investment increased 3.1 percent, in contrast to a decrease of 1.3 percent.

      The change in real private inventories added 1.66 percentage points to the second-quarter change
in real GDP after subtracting 1.16 percentage points from the first-quarter change.  Private businesses
increased inventories $93.4 billion in the second quarter, following increases of $35.2 billion in the first
quarter and $81.8 billion in the fourth quarter of 2013.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 2.3
percent in the second quarter, in contrast to a decrease of 1.0 percent in the first.


Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.5 percent in the second quarter, in contrast to a decrease of 0.4 percent in the
first.


Disposition of personal income

      Current-dollar personal income increased $208.0 billion in the second quarter, compared with an
increase of $176.6 billion in the first.  The acceleration in personal income primarily reflected an upturn
in personal dividend income and a smaller decrease in farm proprietors' income that were partly offset
by a deceleration in wages and salaries.

      Personal current taxes increased $15.2 billion in the second quarter, compared with an increase
of $24.4 billion in the first.

      Disposable personal income increased $192.7 billion, or 6.2 percent, in the second quarter,
compared with an increase of $152.1 billion, or 4.9 percent, in the first.  Real disposable personal
income increased 3.8 percent in the second quarter, compared with an increase of 3.5 percent in the first.

      Personal outlays increased $138.8 billion in the second quarter, compared with an increase of
$76.1 billion in the first.

      Personal saving -- disposable personal income less personal outlays -- was $682.9 billion in the
second quarter, compared with $629.0 billion in the first.

      The personal saving rate -- personal saving as a percentage of disposable personal income -- was
5.3 percent in the second quarter, compared with 4.9 percent in the first.  For a comparison of personal
saving in BEA's national income and product accounts with personal saving in the Federal Reserve
Board's financial accounts of the United States and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.


Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.0 percent, or $250.7 billion, in the second quarter to a level of $17,294.7 billion.  In the first quarter,
current-dollar GDP decreased 0.8 percent, or $34.3 billion.


Box._____________

      Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."  For information on revisions, see
"Revisions to GDP, GDI, and Their Major Components."

_________________


Revisions for the first quarter of 2014

      For the first quarter of 2014, real GDP is now estimated to have declined 2.1 percent; in the
previously published estimates, first-quarter GDP was estimated to have declined 2.9 percent. The 0.8-
percentage point upward revision to the percent change in first-quarter real GDP primarily reflected
upward revisions to private inventory investment, to nonresidential fixed investment, and to PCE.


                                             Previous Estimate    Revised

Real GDP...............................             -2.9           -2.1
Current-dollar GDP.....................             -1.7           -0.8
Real GDI...............................             -2.6           -0.7
Gross domestic purchases price index...              1.3            1.4



                       Revision of the National Income and Product Accounts


      The revised estimates reflect the results of the annual revision of the national income and product
accounts (NIPAs).  In addition to the regular revision of estimates for the most recent 3 years and the
first quarter of 2014, this "flexible" annual revision results in revisions to current-dollar GDP beginning
with the first quarter of 1999.   The reference year remains 2009.  When the estimates for the reference
year (2009) are revised, the levels of the related index numbers and chained-dollar estimates are also
revised for the entire historical period; revisions to percent changes before the first quarter of 1999 are
small and mostly due to rounding.

      Because of the additional data shown, tables 3, 11, and 12 of this release are each divided into
two separate tables -- 3A and 3B, 11A and 11B, and 12A and 12B.  There are also a number of special
tables that compare the revised and previously published statistics for select periods:

*	Table 1A shows the percent change in real GDP and related measures; table 1B shows revisions
        to current-dollar GDP, to national income, and to personal income; table 2A shows contributions
        to the percent change in real GDP; and table 4A shows the percent change in the chain-type price
        indexes for GDP and related measures.

*	Tables 7A and 7B show annual levels, percent changes, and revisions to percent changes for
        current-dollar GDP and for real (chained-dollar) GDP, respectively.

*	Table 12C shows revisions to corporate profits by industry.

      With the release of the annual revision, statistics for select NIPA tables will be available on
BEA's Web site (www.bea.gov).  Shortly after the GDP release, BEA will post a table on its Web site
showing the major current-dollar revisions and their sources for each component of GDP, national
income, and personal income.  Additionally, the August 2014 Survey of Current Business will contain an
article describing these revisions.  That issue will also contain an analysis of the current quarterly
estimate of GDP and related series ("GDP and the Economy").


Revisions to real GDP

      For this annual revision, the most notable revisions are generally limited to the period from 2011
through the first quarter of 2014 and largely reflect the incorporation of newly available and revised
source data for the underlying components (see the box below). The revisions for earlier periods are
small.

*	For 2011–2013, real GDP increased at an average annual rate of 2.0 percent; in the previously
        published estimates, real GDP had increased at an average annual rate of 2.2 percent.  From the
        fourth quarter of 2010 to the first quarter of 2014, real GDP increased at an average annual rate
        of 1.8 percent, the same rate as in the previously published estimates.

*	The percent change in real GDP was revised down 0.2 percentage point for 2011, was revised
        down 0.5 percentage point for 2012, and was revised up 0.3 percentage point for 2013.

        o  For 2011, the largest contributors to the downward revision to the percent change in real
           GDP were a downward revision to personal consumption expenditures (PCE) and an
           upward revision to imports.
        o  For 2012, the largest contributors to the downward revision were downward revisions to
           PCE and to state and local government spending.
        o  For 2013, the largest contributors to the upward revision were upward revisions to PCE
           and to state and local government spending; these revisions were partly offset by a
           downward revision to private inventory investment.

*	The revisions to the annual estimates for 2012 and 2013 reflect partly offsetting revisions to the
        quarters within the year.  For 2012, the annual rate of change in GDP was revised down 1.4
        percentage points for the first quarter and was revised down 0.3 percentage point for the third
        quarter, while the growth rate for the second quarter was revised up 0.4 percentage point; the
        growth rate for the fourth quarter was unrevised.  The upward revision to the percent change in
        real GDP for 2013 reflects upward revisions to the first, third, and fourth quarters that were
        partly offset by a downward revision to the second quarter.

*	For the first quarter of 2011 through the first quarter of 2014, the average revision (without
        regard to sign) to the percent change in real GDP was 0.6 percentage point.  The revisions did
        not change the direction of the change in real GDP (increase or decrease) for any of the quarters.

*	For the expansion from the second quarter of 2009 to the first quarter of 2014, real GDP
        increased at an average annual rate of 2.1 percent, the same rate as in the previously published
        estimates.

*	Current-dollar GDP was revised down for all 3 years:  $15.9 billion, or 0.1 percent, for 2011;
        $81.4 billion, or 0.5 percent, for 2012; and $31.6 billion, or 0.2 percent, for 2013.


Revisions to price measures

*	Gross domestic purchases -- From the fourth quarter of 2010 to the first quarter of 2014, the
        average annual rate of increase in the price index for gross domestic purchases was revised up
        from 1.6 percent to 1.7 percent.

*	Personal consumption expenditures -- From the fourth quarter of 2010 to the first quarter of
        2014, the average annual rate of increase in the price index for PCE was 1.7 percent, the same
        rate as in the previously published estimates; the increase in the "core" PCE price index (which
        excludes food and energy) was revised up from 1.5 percent to 1.6 percent.


Revisions to income and saving measures

*	National income was revised down $43.4 billion, or 0.3 percent, for 2011, was revised up $97.9
        billion, or 0.7 percent, for 2012, and was revised up $34.7 billion, or 0.2 percent, for 2013.

        o  For 2011, downward revisions to corporate profits and to nonfarm proprietors' income
           were partly offset by an upward revision to net interest.
        o  For 2012, upward revisions to net interest, to nonfarm proprietors' income, and to
           corporate profits were partly offset by a downward revision to supplements to wages and
           salaries.
        o  For 2013, upward revisions to nonfarm proprietors' income and to net interest were partly
           offset by downward revisions to farm proprietors' income and to wages and salaries.

*	Corporate profits was revised down $61.1 billion, or 3.3 percent, for 2011, was revised up $13.3
        billion, or 0.7 percent, for 2012, and was revised up $4.8 billion, or 0.2 percent, for 2013.

*	Personal income was revised up $10.7 billion, or 0.1 percent, for 2011, was revised up $143.9
        billion, or 1.0 percent, for 2012, and was revised up $32.2 billion, or 0.2 percent, for 2013.

*	For 2011–2013, the average annual rate of growth of real disposable personal income was
        revised up 0.1 percentage point from 1.7 percent to 1.8 percent.

*	The personal saving rate (personal saving as a percentage of disposable personal income) was
        revised up from 5.7 percent to 6.0 percent for 2011, was revised up from 5.6 percent to 7.2
        percent for 2012, and was revised up from 4.5 percent to 4.9 percent for 2013.


Gross domestic income (GDI) and the statistical discrepancy

*	For 2011–2013, real GDI increased at an average annual rate of 2.6 percent; in the previously
        published estimates, real GDI had increased at an average annual rate of 2.5 percent.  From the
        fourth quarter of 2010 to the first quarter of 2014, real GDI increased at an average annual rate of
        2.2 percent; in the previously published estimates, real GDI had increased at an average annual
        rate of 2.1 percent.

*	The statistical discrepancy is current-dollar GDP less current-dollar GDI.  GDP measures final
        expenditures -- the sum of consumer spending, private investment, net exports, and government
        spending.  GDI measures the incomes earned in the production of GDP.  In concept, GDP is
        equal to GDI.  In practice, they differ because they are estimated using different source data and
        different methods.

*	As a result of the annual revision, the statistical discrepancy as a percentage of GDP was revised
        up from -0.3 percent to -0.2 percent for 2011, was revised down from -0.1 percent to -1.3 percent
        for 2012, and was revised down from -0.8 percent to -1.3 percent for 2013.


New and revised source data

      This annual revision incorporated data from the following major federal statistical sources:

Source Data Agency                                Data                               Years Covered by Data and
                                                                                          Vintage of Data
___________________________________________________________________________________________________________________________
 Census Bureau                   Annual surveys of merchant wholesale trade                2011 (revised)
                                 Annual surveys of retail trade                            2012 (new)

				 Monthly indicators of manufactures, merchant wholesale
                                 trade, and retail trade                                   2011–2013 (revised)

                                 Service annual survey                                     2011 and 2012 (revised)
                                                                                           2013 (new)

                                 Annual surveys of  state and local government finances    Fiscal year (FY) 2011 (revised)
                                                                                           FY 2012 (new)

                                 Monthly survey of construction spending (value put in
                                 place)                                                    2011–2013 (revised)

                                 Quarterly services survey                                 2011–2013 (revised)

                                 Current population survey/housing vacancy survey          2011 and 2012 (revised)
                                                                                           2013 (new)
___________________________________________________________________________________________________________________________
Office of Management and
Budget                           Federal Budget                                            FY 2013 and 2014 (revised)
___________________________________________________________________________________________________________________________

Internal Revenue Service         Tabulations of tax returns for corporations               2011 (revised) 2012 (new)

                                 Tabulations of tax returns for sole proprietorships and
                                 partnerships                                              2012 (new)
___________________________________________________________________________________________________________________________
BLS                              Quarterly census of employment and wages                  2011–2013 ( revised)

                                 Survey of occupational employment                         2012 (new)
___________________________________________________________________________________________________________________________
Department of Agriculture        Farm statistics                                           2011–2013 (revised)
___________________________________________________________________________________________________________________________
BEA                              International transactions accounts                       1999–2013 (revised)
___________________________________________________________________________________________________________________________

Changes in methodology and presentation

      The annual revision also incorporated improvements to estimating methodologies and to the
presentation of the NIPA estimates, including the following:

*	Beginning with the estimates for 1999, the presentation of foreign transactions in the NIPAs is
        changed to reflect the comprehensive restructuring of BEA's international transactions accounts
        (ITAs), released in June.  The new presentation of both goods and services in the foreign
        transactions tables is consistent with the corresponding items in the ITAs. The definition of
        exports and imports of travel is broadened to include travel for health and for education and
        expenditures by short-term workers; these services had previously been included in the exports
        and imports of "other" private services. The new presentation of foreign transactions enhances
        the quality and the usefulness of BEA's international accounts statistics and brings them into
        closer alignment with new international statistical guidelines.

*	The presentation of the pension sector is expanded to include a table of transactions of defined
        contribution pension plans and a table that presents transactions of both defined benefit and
        defined contribution pension plans. (Tables presenting the transactions associated with defined
        benefit pension plans were introduced in last year's comprehensive revision.)

                                           *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.


                                           *          *          *


                            Next release -- August 28, 2014 at 8:30 A.M. EDT for:
                        Gross Domestic Product:  Second Quarter 2014 (Second Estimate)
                        Corporate Profits:  Second Quarter 2014 (Preliminary Estimate)




		                       Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.3 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.5                  0.4
Advance to third.....................                .2                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.3                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .4
Second to third......................                .0                  .2                   .2

Advance to latest....................                .3                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2010.

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

 

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The Pronk Pops Show 243, April 14, 2014, Story 2: President Obama Proposed 442 Tax Hikes Since Taking Office — “You will not see your taxes go up by a single dime.” — Just Another Obama Big Lie –Videos

Posted on April 14, 2014. Filed under: American History, Banking System, Beef, Blogroll, Bread, Budgetary Policy, Cereal, Communications, Crime, Diets, Disasters, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Food, Government, Government Dependency, Government Spending, Health Care Insurance, History, Media, Milk, Natural Gas, Natural Gas, Nutrition, Oil, Oil, Philosophy, Photos, Politics, Public Sector Unions, Radio, Regulation, Resources, Scandals, Security, Success, Tax Policy, Taxes, Technology, Terror, Unemployment, Unions, United States Constitution, Videos, Violence, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 243: April 14, 2014

Pronk Pops Show 242: April 11, 2014

Pronk Pops Show 241: April 10, 2014

Pronk Pops Show 240: April 9, 2014

Pronk Pops Show 239: April 8, 2014

Pronk Pops Show 238: April 7, 2014

Pronk Pops Show 237: April 4, 2014

Pronk Pops Show 236: April 3, 2014

Pronk Pops Show 235: March 31, 2014

Pronk Pops Show 234: March 28, 2014

Pronk Pops Show 233: March 27, 2014

Pronk Pops Show 232: March 26, 2014

Pronk Pops Show 231: March 25, 2014

Pronk Pops Show 230: March 24, 2014

Pronk Pops Show 229: March 21, 2014

Pronk Pops Show 228: March 20, 2014

Pronk Pops Show 227: March 19, 2014

Pronk Pops Show 226: March 18, 2014

Pronk Pops Show 225: March 17, 2014

Pronk Pops Show 224: March 7, 2014

Pronk Pops Show 223: March 6, 2014

Pronk Pops Show 222: March 3, 2014

Pronk Pops Show 221: February 28, 2014

Pronk Pops Show 220: February 27, 2014

Pronk Pops Show 219: February 26, 2014

Pronk Pops Show 218: February 25, 2014

Pronk Pops Show 217: February 24, 2014

Pronk Pops Show 216: February 21, 2014

Pronk Pops Show 215: February 20, 2014

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Pronk Pops Show 213: February 18, 2014

Pronk Pops Show 212: February 17, 2014

Pronk Pops Show 211: February 14, 2014

Pronk Pops Show 210: February 13, 2014

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Pronk Pops Show 204: February 4, 2014

Pronk Pops Show 203: February 3, 2014

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Story 2: President Obama Proposed 442 Tax Hikes Since Taking Office — “You will not see your taxes go up by a single dime.” — Just Another Obama Big Lie –Videos

 

Obama’s LIE to Never to Raise Taxes on Anyone Making Less Than $250,000 a Year

Obama’s lie about taxes

 

13 Obama Tax Hikes on the Middle Class in 2013

Obama Lies Compilation 

 

 

Obama has Proposed 442 Tax Hikes Since Taking Office


Posted by Max Velthoven, John Kartch, Ryan Ellis


Since taking office in 2009, President Barack Obama has formally proposed a total of 442 tax increases, according to an Americans for Tax Reform analysis of Obama administration budgets for fiscal years 2010 through 2015.

The 442 total proposed tax increases does not include the 20 tax increases Obama signed into law as part of Obamacare.

“History tells us what Obama was able to do. This list reminds us of what Obama wanted to do,” said Grover Norquist, president of Americans for Tax Reform.

The number of proposed tax increases per year is as follows:

-79 tax increases for FY 2010

-52 tax increases for FY 2011

-47 tax increases for FY 2012

-34 tax increases for FY 2013

-137 tax increases for FY 2014

-93 tax increases for FY 2015

Perhaps not coincidentally, the Obama budget with the lowest number of proposed tax increases was released during an election year: In February 2012, Obama released his FY 2013 budget, with “only” 34 proposed tax increases. Once safely re-elected, Obama came back with a vengeance, proposing 137 tax increases, a personal record high for the 44th President.

In addition to the 442 tax increases in his annual budget proposals, the 20 signed into law as part of Obamacare, and the massive tobacco tax hike signed into law on the sixteenth day of his presidency, Obama has made it clear he is open to other broad-based tax increases.

During an interview with Men’s Health in 2009, when asked about the idea of national tax on soda and sugary drinks, the President said, “I actually think it’s an idea that we should be exploring.”

During an interview with CNBC’s John Harwood in 2010, Obama said a European-style Value-Added-Tax was something that would be novel for the United States.”

Obama’s statement was consistent with a pattern of remarks made by Obama White House officials refusing to rule out a VAT.

“Presidents are judged by history based on what they did in power. But presidents can only enact laws when the Congress agrees,” said Norquist. “Thus a record forged by such compromise tells you what a president — limited by congress — did rather than what he wanted to do.”

The full list of proposed Obama tax increases can be found here.

 

Read more: http://www.atr.org/obama-has-proposed-442-tax-hikes-taking-office#ixzz2ytgu5HnM
Follow us: @taxreformer on Twitter

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The Pronk Pops Show 243, April 14, 2014, Story 1: When will Bureau of Land Management (BLM) Roundup 2,000 Plus Wild Horses On Utah Rangeland? — The BLM Should Do Its Job and Not Harass Neveda Ranchers! — BLM’s Appropriate Management Level (AML) of 27,000 Wild Horses and Over 40,000 Wild Horses Nationally Plus Over 50,000 in Feed Lost Costing The American Taxpayer Millions! — Herd Size Doubles Every 4 Years — Sell The Wild Horses To China and Mexico — Beef and Food Prices Soaring — Connect The Dots People — Videos

Posted on April 14, 2014. Filed under: American History, Beef, Blogroll, Bread, Budgetary Policy, Business, Cereal, Climate Change, Communications, Constitutional Law, Crime, Disasters, Economics, Education, Employment, Energy, Federal Government, Fiscal Policy, Food, Foreign Policy, Government, Government Dependency, Government Spending, History, Illegal Immigration, Immigration, Investments, Law, Media, Milk, Monetary Policy, Natural Gas, Natural Gas, Oil, Oil, Philosophy, Photos, Politics, Radio, Regulation, Resources, Scandals, Security, Social Science, Tax Policy, Taxes, Terror, Terrorism, Videos, Violence, War, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 243: April 14, 2014

Pronk Pops Show 242: April 11, 2014

Pronk Pops Show 241: April 10, 2014

Pronk Pops Show 240: April 9, 2014

Pronk Pops Show 239: April 8, 2014

Pronk Pops Show 238: April 7, 2014

Pronk Pops Show 237: April 4, 2014

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Pronk Pops Show 235: March 31, 2014

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Pronk Pops Show 223: March 6, 2014

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When will Bureau of Land Management (BLM) Roundup 2,000 Plus Wild Horses On Utah Rangeland? — The BLM Should Do Its Job and Not Harass Neveda Ranchers! — BLM’s Appropriate Management Level (AML) of 27,000 Wild Horses and Over 40,000 Wild Horses Nationally Plus Over 50,000 in Feed Lost Costing The American Taxpayer Millions! — Herd Size Doubles Every 4 Years — Sell The Wild Horses To China and Mexico — Beef and Food Prices Soaring — Connect The Dots People — Videos

 

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Wild Horses on Public Lands and the impact on Ranching and Communities

We took the show to Beaver County this week to get an on the ground look at how wild horses impact the range. In Utah the population of wild horses is over the Appropriate Management Level (AML) by 1,300 animals. Nationally the problem of dealing with the number of wild horses increases to 14,000 beyond the AML. The management of wild horses costs the BLM tens of millions of dollars every year but despite the efforts to gather wild horses off the range; the numbers keep increasing.
Chad Booth talks to Beaver County Commissioner, Mark Whitney; Iron County Commissioner, David Miller; and local rancher Mark Winch about the impacts on ranchers and the ultimate impact it has on the economies of rural Utah.

Transfer of Public Lands

Public Lands in Utah County Seat Season3, Episode 8

In recent years there has been a public outcry from Utahans asking the State to take a more active role in how management decisions are made on public lands. The take back Utah movement has looked at the history of public lands in the United States and began to ask why hasn’t Utah received the same treatment as other states in the Union. Utah has about 67% of its lands controlled and managed by the federal government. Some counties in the state are about 90% federally owned which creates a burden on the local governments because there is no property tax base to pay for the services that citizens need.

Last year Utah passed the Utah Public Lands Transfer Act, HB148; which basically asks the federal government to dispose of the remaining unallocated federal lands within the state by 2014. HB148 has opened up a conversation about what the proper role of the federal government should be in the management of public lands. Today’s show takes a look at the issues from a federal, state, and county perspective.

Who Really Owns the United States of America? – Stefan Molyneux

WARNING! MORE FOOD INFLATION COMING 2014 STOCK UP ASAP

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BLM Wild Horse Strategy

The BLM’s Wild Horse and Burro Program

BLM Socorro Water Trap Method Wild Horse Gather

The World Food Crisis ~ Special Report

Don’t Fence Me In – Roy Rogers & The Sons of the Pioneers –

Roy Rogers & Sons of The Pioneers Sing “The Last Roundup”

Wild horses targeted for roundup in Utah rangeland clash

Reuters
Two of a band of wild horses graze in the Nephi Wash area outside Enterprise, Utah

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Two of a band of wild horses graze in the Nephi Wash area outside Enterprise, Utah, April 10, 2014. REUTERS/Jim …

By Jennifer Dobner

ENTERPRISE, Utah (Reuters) – A Utah county, angry over the destruction of federal rangeland that ranchers use to graze cattle, has started a bid to round up federally protected wild horses it blames for the problem in the latest dustup over land management in the U.S. West.

Close to 2,000 wild horses are roaming southern Utah’s Iron County, well over the 300 the U.S. Bureau of Land Management has dubbed as appropriate for the rural area’s nine designated herd management zones, County Commissioner David Miller said.

County officials complain the burgeoning herd is destroying vegetation crucial to ranchers who pay to graze their cattle on the land, and who have already been asked to reduce their herds to cope with an anticipated drought.

Wild horse preservation groups say any attempt to remove the horses would be a federal crime.

On Thursday county workers, accompanied by a Bureau of Land Management staffer, set up the first in a series of metal corrals designed to trap and hold the horses on private land abutting the federal range until they can be moved to BLM facilities for adoption.

“There’s been no management of the animals and they keep reproducing,” Miller said in an interview. “The rangeland just can’t sustain it.”

The conflict reflects broader tension between ranchers, who have traditionally grazed cattle on public lands and held sway over land-use decisions, and environmentalists and land managers facing competing demands on the same land.

The Iron County roundup comes on the heels of an incident in neighboring Nevada in which authorities sent in helicopters and wranglers on horseback to confiscate the cattle herd of a rancher they say is illegally grazing livestock on public land.

In Utah, county commissioners warned federal land managers in a letter last month that the county would act independently to remove the horses if no mitigation efforts were launched.

“We charge you to fulfill your responsibility,” commissioners wrote. “Inaction and no-management practices pose an imminent threat to ranchers.”

The operation was expected to last weeks or months.

“The BLM is actively working with Iron County to address the horse issue,” Utah-based BLM spokeswoman Megan Crandall said, declining to comment further.

Attorneys for wild horse preservation groups sent a letter this week to Iron County commissioners and the BLM saying the BLM, under federal law, cannot round up horses on public lands without proper analysis and disclosure.

“The BLM must stop caving to the private financial interests of livestock owners whenever they complain about the protected wild horses using limited resources that are available on such lands,” wrote Katherine Meyer of Meyer, Glitzenstein and Crystal a Washington, DC-based public interest law firm representing the advocates.

LONG-RUNNING PROBLEM

The BLM puts the free-roaming wild horse and burro population across western states at more than 40,600, which it says on its website exceeds by nearly 14,000 the number of animals it believes “can exist in balance with other public rangeland resources and uses.”

Wild horse advocates point out that the tens of thousands of wild horses on BLM property pales into comparison with the millions of private livestock grazing on public lands managed by the agency.

Wild horses have not been culled due to budget constraints, according to Utah BLM officials, who say their herds grow by roughly 20 percent per year.

Pressure on rangeland from the horses may worsen this summer due to a drought that could dry up the already sparse available food supply, according to Miller.

“We’re going to see those horses starving to death out on the range,” he said. “The humane thing is to get this going now.”

Adding to frustration is BLM pressure on ranchers to cut their cattle herds by as much as 50 percent to cope with the drought, Miller said.

A tour of Iron County rangeland, not far from the Nevada border, illustrates the unchecked herds’ impact on the land, said Jeremy Hunt, a fourth generation Utah rancher whose cattle graze in the summer in a management area split through its middle by a barbed wire fence.

On the cattle side of the fence, the sagebrush and grass landscape is thick and green. The other, where a group of horses was seen on Thursday, is scattered with barren patches of dirt and sparse vegetation.

“This land is being literally destroyed because they are not following the laws that they set up to govern themselves,” said Hunt, who also works as a farmhand to make ends meet for his family of six.

“I want the land to be healthy and I want be a good steward of the land,” he added. “But you have to manage both sides of the fence.”

 

 

Wholesale Prices in U.S. Rise on Services as Goods Stagnate

 

Wholesale prices in the U.S. rose in March as the cost of services climbed by the most in four years while commodities stagnated.

The 0.5 percent advance in the producer-price index was the biggest since June and followed a 0.1 percent decrease the prior month, the Labor Department reported today in Washington. The recent inclusion of services may contribute to the gauge’s volatility from month-to-month, which will make it more difficult to determine underlying trends.

Rising prices at clothing and jewelry retailers and food wholesalers accounted for much of the jump in services, even as energy costs retreated, signaling slowing growth in emerging markets such as China will keep price pressures muted. With inflation running well below the Federal Reserve’s goal, the central bank is likely to keep borrowing costs low in an effort to spur growth.

“Every six months or so service prices seem to pop, but over the year, service prices tend to dampen inflation more often than not,” Jay Morelock, an economist at FTN Financial in New York, wrote in a note. “One month of price gains is not indicative of a trend.”

Also today, consumer confidence climbed this month to the highest level since July, a sign an improving job market is lifting Americans’ spirits. The Thomson Reuters/University of Michigan preliminary April sentiment index rose to 82.6 from 80 a month earlier.

 
Photographer: Craig Warga/Bloomberg

Rising prices at clothing and jewelry retailers and food wholesalers accounted for much… Read More

Shares Fall

Stocks dropped, with the Standard & Poor’s 500 Index heading for its biggest weekly decline since January, as disappointing results from JPMorgan Chase & Co. fueled concern that corporate earnings will be weak. The S&P 500 fell 0.4 percent to 1,826.29 at 10:02 a.m. in New York.

Today’s PPI report is the third to use an expanded index that measures 75 percent of the economy, compared to about a third for the old metric, which tallied the costs of goods alone. After its first major overhaul since 1978, PPI now measures prices received for services, government purchases, exports and construction.

Estimates for the PPI in the Bloomberg survey of 72 economists ranged from a drop of 0.2 percent to a 0.3 percent gain.

Core wholesale prices, which exclude volatile food and energy categories, climbed 0.6 percent, the biggest gain since March 2011, exceeding the projected 0.2 percent advance of economists surveyed by Bloomberg. They dropped 0.2 percent in February.

Past Year

The year-to-year gain in producer prices was the biggest since August and followed a 0.9 percent increase in the 12 months to February. Excluding food and energy, the index also increased 1.4 percent year to year following a 1.1 percent year-to-year gain in February.

The cost of services climbed 0.7 percent in March, the biggest gain since January 2010. Goods prices were unchanged and were up 1.1 percent over the past 12 months.

Wholesale food costs climbed 1.1 percent in March, led by higher costs for meats, including pork and sausage. Energy costs fell 1.2 percent last month.

Food producers and restaurants say they’re paying more for beef, poultry, dairy and shrimp. At General Mills Inc. (GIS), maker of Yoplait yogurt, Cheerios cereal and other brands, rising dairy prices helped push retail profit down 11 percent in the third quarter, said Ken Powell, chairman and chief executive officer of the Minneapolis-based company. Powell called the inflation “manageable.”

Food Prices

“While the economy is improving slowly and incomes are strengthening slowly, they are improving,” Powell said on a March 19 earnings call. “As incomes continue to grow and consumers gain confidence that will be a positive sign for our category.”

Today’s PPI report provides a glimpse into the consumer-price index, the broadest of three inflation measures released by the Labor Department. The CPI, due to be released April 15, probably climbed 0.1 percent in March, according to the median forecast in a Bloomberg survey.

The wholesale price report also offers an advance look into the personal consumption expenditures deflator, a gauge monitored closely by the Fed. Health care prices make up the largest share of the core PCE index, which excludes food and energy costs. The next PCE report is due from the Commerce Department May 1.

This week, Fed policy makers played down their own predictions that interest rates might rise faster than they had forecast, according to minutes of the Federal Open Market Committee’s March meeting. The minutes bolstered remarks made by last month by Chair Janet Yellen.

“If inflation is persistently running below our 2 percent objective, that is a very good reason to hold the funds rate at its present range for longer,” Yellen said at a March 19 press conference following the committee meeting.

http://www.bloomberg.com/news/2014-04-11/wholesale-prices-in-u-s-rise-more-than-forecast-on-services.html

 

 

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