The Pronk Pops Show 565, October 30, 2015, Story 1: Budget Busting Bastards of The Republican and Democratic Parties — No Dollar Ceiling on National Debt! — Two Party Tyranny with A Bad Habit — Spending Addiction Disorder (SAD) — America’s Warfare and Welfare Expanding Empire Burdening Future Generations — Videos

Posted on October 30, 2015. Filed under: 2016 Presidential Campaign, 2016 Presidential Candidates, Addiction, American History, Banking System, Blogroll, Bombs, Breaking News, Budgetary Policy, Business, Communications, Congress, Constitutional Law, Corruption, Cruise Missiles, Culture, Defense Spending, Drones, Drugs, Economics, Education, Empires, Employment, Eugenics, European History, Federal Government, Fiscal Policy, Food, Foreign Policy, Free Trade, Gangs, Genocide, Government, Government Dependency, Government Spending, Health, Health Care, Health Care Insurance, History, House of Representatives, Illegal Immigration, Immigration, Independence, Investments, Language, Law, Legal Immigration, Media, Medicare, Middle East, MIssiles, Monetary Policy, News, Nuclear, Philosophy, Photos, Pistols, Politics, President Barack Obama, Progressives, Radio, Raymond Thomas Pronk, Rifles, Scandals, Senate, Social Security, South America, Tax Policy, Taxation, Taxes, Terrorism, Trade Policy, Unemployment, Violence, War, Wealth, Weapons, Weapons of Mass Destruction, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 565: October 30, 2015

Pronk Pops Show 564: October 29, 2015 

Pronk Pops Show 563: October 28, 2015 

Pronk Pops Show 562: October 27, 2015 

Pronk Pops Show 561: October 26, 2015 

Pronk Pops Show 560: October 23, 2015

Pronk Pops Show 559: October 22, 2015 

Pronk Pops Show 558: October 21, 2015

Pronk Pops Show 557: October 20, 2015 

Pronk Pops Show 556: October 19, 2015

Pronk Pops Show 555: October 16, 2015

Pronk Pops Show 554: October 15, 2015 

Pronk Pops Show 553: October 14, 2015

Pronk Pops Show 552: October 13, 2015 

Pronk Pops Show 551: October 12, 2015 

Pronk Pops Show 550: October 9, 2015 

Pronk Pops Show 549: October 8, 2015 

Pronk Pops Show 548: October 7, 2015 

Pronk Pops Show 547: October 5, 2015

Pronk Pops Show 546: October 2, 2015 

Pronk Pops Show 545: October 1, 2015 

Pronk Pops Show 544: September 30, 2015 

Pronk Pops Show 543: September 29, 2015 

Pronk Pops Show 542: September 28, 2015 

Pronk Pops Show 541: September 25, 2015 

Pronk Pops Show 540: September 24, 2015 

Pronk Pops Show 539: September 23, 2015 

Pronk Pops Show 538: September 22, 2015 

Pronk Pops Show 537: September 21, 2015 

Pronk Pops Show 536: September 18, 2015 

Pronk Pops Show 535: September 17, 2015 

Pronk Pops Show 534: September 16, 2015 

Pronk Pops Show 533: September 15, 2015  

Pronk Pops Show 532: September 14, 2015 

Pronk Pops Show 531: September 11, 2015

Pronk Pops Show 530: September 10, 2015 

Pronk Pops Show 529: September 9, 2015 

Pronk Pops Show 528: September 8, 2015 

Pronk Pops Show 527: September 4, 2015 

Pronk Pops Show 526: September 3, 2015  

Pronk Pops Show 525: September 2, 2015 

Pronk Pops Show 524: August 31, 2015  

Pronk Pops Show 523: August 27, 2015  

Pronk Pops Show 522: August 26, 2015 

Pronk Pops Show 521: August 25, 2015 

Pronk Pops Show 520: August 24, 2015 

Pronk Pops Show 519: August 21, 2015 

Pronk Pops Show 518: August 20, 2015  

Pronk Pops Show 517: August 19, 2015 

Pronk Pops Show 516: August 18, 2015

Pronk Pops Show 515: August 17, 2015

Pronk Pops Show 514: August 14, 2015

Pronk Pops Show 513: August 13, 2015

Pronk Pops Show 512: August 12, 2015

Pronk Pops Show 511: August 11, 2015

Pronk Pops Show 510: August 10, 2015

Pronk Pops Show 509: July 24, 2015

Pronk Pops Show 508: July 20, 2015

Pronk Pops Show 507: July 17, 2015

Pronk Pops Show 506: July 16, 2015

Pronk Pops Show 505: July 15, 2015

Pronk Pops Show 504: July 14, 2015

Pronk Pops Show 503: July 13, 2015

Pronk Pops Show 502: July 10, 2015

Pronk Pops Show 501: July 9, 2015

Pronk Pops Show 500: July 8, 2015

Pronk Pops Show 499: July 6, 2015

Pronk Pops Show 498: July 2, 2015

Pronk Pops Show 497: July 1, 2015

Story 1: Budget Busting Bastards of The Republican and Democratic Parties — No Dollar Ceiling on National Debt! — Two Party Tyranny with A Bad Habit — Spending Addiction Disorder (SAD) — America’s Warfare and Welfare Expanding Empire Burdening Future Generations — Videos

Sen. Cruz: The Budget Deal Is a Corrupt Betrayal of the American People

Rand Paul Speech against Obama’s Debt Deal | Senate Floor CSPAN

Senator Rand Paul speaks on the US Senate floor to speak on President Obama’s debt deal to raise the debt ceiling. Paul will filibuster the debt deal into the morning to hopefully slow down the passing of the debt bill.

Sen. Mike Lee: Budget Deal Is ‘Last Gasping Breath Of A Disgraced Bipartisan Beltway Establishment’

Senate Republicans Who Betrayed The American People by voting YEA:

Screen-Shot-2015-10-30-at-9.34.59-AM

cruz and mcconnell

“Senator McConnell has proven to be the most effective Democratic leader of all time.”

~Senator Ted Cruz

What Pisses Me Off About Government Debt | The Debt Ceiling and Budget Act

Ted Cruz On Debate Performance, Mainstream Media, Budget Deal

Presidential Candidates Ted Cruz, Rand Paul Opposed Budget Bill

Senate votes to pass bipartisan budget deal overnight

Senate Passes 2-Year Budget Deal, Raising The Debt Ceiling – Newsy

Cruz: It’s not two parties, it’s one party; Washington Cartel; 10-29-2015

Clueless Charlie Rose — Obama and Clinton Are Liars! 

CBS’s Charlie Rose Desperately Tries To Lecture Marco Rubio On Benghazi

Following Wednesday night’s CNBC Republican presidential debate, on Thursday’s CBS This Morning, co-host Charlie Rose repeatedly tried to lecture Senator Marco Rubio over Hillary Clinton’s role in the 2012 Benghazi attack. After Rubio stated that he had not engaged in personal attacks throughout this campaign, Rose immediately rushed to defend Clinton and proclaimed that on the issue of Benghazi “[w]ell, well, you called Hillary Clinton a liar, senator. You called Hillary Clinton a liar.”

Hillary_Obama_Poster_Liar

Hillary Clinton: A Lying Compilation

Jim Jordan GRILLS Hillary Clinton About Video

Jim Jordan (R-Ohio) relentlessly questioned former Secretary of State Hillary Clinton on Thursday over why she and other administration officials initially blamed a YouTube video for the Benghazi terror attacks, a claim contrary to available intelligence at the time. “Your experts knew the truth, your spokesperson knew the truth, Greg Hicks knew the truth,” Jordan said during a House Benghazi Committee hearing. “But what troubles me more is I think you knew the truth. Jordan accused Clinton of telling the president of Libya, Egyptian prime minister and even family members that terrorists were behind the attack, but later suggested an anti-Muslim video sparked the attack.
“The American people want to know why,” Jordan added. “If you look at the statement that I made, I clearly said it was an attack,” Clinton replied. “Calling it an attack is like saying the sky is blue — of course it was an attack,” Jordan shot back.

Confirmed: Hillary Clinton Repeatedly Lied Under Oath During Benghazi Committee Hearing

YouTube Video Maker Blamed for Benghazi Attacks Breaks Silence on CNN

Obama and Hillary Blame Youtube Video for Benghazi Terrorist Attack as Coffins Arrive

Hillary Clinton Still Says A Video Was A Factor In The Benghazi Attacks

liars

See How Your Senator Voted on the Boehner-Obama Budget Deal

Less than five days after it was introduced, the Senate passed the 144-page, two-year budget deal that suspends the debt limit until March 2017 and raises spending caps.

The Senate passed the budget deal, 64-35, just after 3 a.m. on Friday. Thirty-five Republican senators opposed the deal, though it was not enough to stop the bill from heading to President Obama’s desk.

Screen Shot 2015-10-30 at 9.34.59 AM

The bill was approved after a 1 a.m. procedural vote which passed, 63-35, and allowed the budget plan to proceed.

The Daily Signal is the multimedia news organization of The Heritage Foundation.  We’ll respect your inbox and keep you informed.

The budget deal, the result of weeks of closed-door negotiations between McConnell, Senate Minority Leader Harry Reid, former House Speaker John Boehner and House Minority Leader Nancy Pelosi, passed the House of Representatives Wednesday night.

The president is expected to sign the two-year budget agreement, called the Bipartisan Budget Act of 2015, within the next few days.

Though the deal passed by the House and Senate with support from members of both parties, the fiscal plan was protested by conservative senators who opposed both the substance of the deal and the manner in which it was negotiated.

Republican Sens. Mike Lee of Utah and Jeff Sessions of Alabama—the current and former chairmen of the Senate Steering Committee, respectively—sent a letter to their GOP colleagues calling on them to oppose the deal. In their message, Lee and Sessions criticized the deal for being “crafted in secret without the involvement of the vast majority of our conference.”

Additionally, Sen. Rand Paul, R-Ky., threatened to filibuster the legislation in what many believed would be an overnight protest. Paul, however, spoke on the Senate floor for just 18 minutes.

The Kentucky senator did appear on the Senate floor later in the night and criticized the deal for giving Obama unlimited borrowing authority.

“Both sides of the aisle have what I would call sacred cows. On the right, they have the sacred cow of military contracts. …The left wants more welfare,” he said, adding, “Should we give Congress more money? Hell no.”

Conservative senators went head-to-head with Republican leadership before the vote.

“The budget deal before the Senate today is not just a horrible piece of legislation that is undeserving of this chamber’s support. It also represents the last gasping breath of a disgraced, bipartisan Beltway establishment on the verge of collapse,” Lee said on the Senate floor. “The bill is a product of an unfair, dysfunctional and fundamentally undemocratic process, a process that is virtually indistinguishable from what we promised the American people a GOP-controlled Congress would bring to an end.”

McConnell, though, stressed that the agreement satisfied the list of demands Republicans had during negotiations with Democrats.

“This agreement isn’t perfect. I share some concerns other colleagues have raised. But here’s the bottom line: this is a fully offset agreement that rejects tax hikes, secures long-term savings through entitlement reforms and provides increased support for our military, all this at a time when we confront threats in multiple theaters,” McConnell said on the Senate floor. “Each of these was a Republican goal heading into negotiations. Each of these items was achieved in the agreement before us.”

The Bipartisan Budget Act of 2015 lifts spending caps by $80 billion—$50 billion in 2016 and $30 billion in 2017—with the increases split evenly between defense and nondefense spending.

It also suspends the debt limit until March 2017, and shifts $150 billion from the Social Security Trust Fund to the Disability Insurance Trust Fund

The budget deal was viewed by Boehner, who resigned from his post earlier this month, as a way to “clean the barn” for his successor, the newly elected Speaker Paul Ryan, R-Wis.

gdp_largeUS_GDP_second_quarter_2015_July2015

quarter-to-quarter-growth-in-real-gdp-2005-2009_q2

spreas of empireCG-map-3bases  US_military_bases_in_the_world_2007globalmilitarism58_14

U.S.Gov_SafetyNetProgramsUS Welfare State

Budget buster: Senate passes debt and spending hike in dead of night

144-page bill amounts to $558 million in new spending per page

Senate Republicans managed to wrangle enough of their troops to overcome a filibuster early Friday morning and pass the new budget deal, granting President Obama yet another debt holiday, busting the budget caps and boosting spending some $80 billion over the next two years.

Democrats, who are far more thrilled with the deal, did the heavy lifting, providing most of the votes as they won some $40 billion in new domestic spending in 2016 and 2017. They also forced the GOP to retreat on the hard-fought 2011 budget agreement that had helped bring deficits back under control.

Conservative Republicans were irate at their leaders and at defense hawks within the GOP who forced the deal by saying it was worth busting the caps in order to get the Pentagon more money at a time when the U.S. is fighting the war on terror.

“This deal represents the worst of Washington culture,” said Rep. Rand Paul, a Kentucky Republican and presidential candidate who’d vowed to lead the filibuster, but who saw his efforts fall short to what he called an “unholy compromise between right and left.”

The bill cleared on a 64-35 vote, with just 18 Republicans joining all Democrats in backing the bill.

President Obama said the deal will “break the cycle of shutdowns and manufactured crises” that he and Congress have been through the last few years.

http://www.washingtontimes.com/news/2015/oct/30/senate-passes-debt-and-spending-hike-dead-night/

Senate passes two-year budget deal

Jim DeMint

When I had just started to raise a family, and I struggled to make my small business turn a profit, I had to make decisions about what bills to pay based on priorities and due dates. Sometimes, the struggle to balance the checkbook would be a painful one, and we had to do without some things as “luxuries”—even if we hadn’t considered them luxuries before.

This wasn’t some unique experience of mine. Too many Americans these days are forced to make sacrifices to keep the lights on.

But the federal government doesn’t do the same—in fact, it rarely even tries. Instead, the impending Boehner-Obama agreement allows Congress to rack up new debt and guarantees even more spending without putting any checks in place.

This is an insult to the American families whose tax dollars pay their salaries. It is slap in the face to families who are forced to shell out for every single irresponsible spending bill and wrecked entitlement system, because their representatives are too cowardly to tighten the belt and work on some hard reforms.

Instead, the current budget deal keeps our government on a trajectory to spend another $7 trillion more over the next 10 years than it will receive in taxes, according to the Congressional Budget Office. So, like clockwork, Congress raises the debt limit.

Just as credit cards have limits that serve as warning signs for reckless spending, the debt limit is Congress’ self-imposed warning sign that our spending problem needs to be addressed. They’ve ignored it to the tune of $18.1 trillion and counting.

The Boehner-Obama deal has gimmicky savings that will not materialize—if ever—until 10 to 15 years from now. It bails out the Social Security Disability Insurance trust fund by robbing the general Social Security Trust Fund without putting in any meaningful reforms. This is no help to the next generation of retirees.

Insultingly, the deal also turns Overseas Contingency Operations (an emergency spending provision that was meant to help the troops) into a slush fund for non-defense spending. If that disgusts you, welcome to the club—your annual dues are paid every April 15.

Congress hasn’t been forced into this. Better options have been proposed, but they require holding to budget caps and building on them with real spending and entitlement reforms.

Until Washington is forced by the voters into fiscal sanity, American families can expect to continue making those painful budget decisions at home while watching their leaders pile more debt on their heads from afar. Unfortunately, government debt will eventually lead to less opportunity and lower quality of life for all Americans.

http://dailysignal.com/2015/10/28/lame-ducks-lame-deal-the-boehner-obama-budget-plan/

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, October 29, 2015
BEA 15—50

* 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 Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product: Third Quarter 2015 (Advance Estimate)
      Real gross domestic product -- the value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production, adjusted for price
changes -- increased at an annual rate of 1.5 percent in the third quarter of 2015, according to the
"advance" estimate released by the Bureau of Economic Analysis.  In the second quarter, real GDP
increased 3.9 percent.

      The Bureau emphasized that the third-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 2 and
"Comparisons of Revisions to GDP" on page 4).  The "second" estimate for the third quarter, based on
more complete data, will be released on November 24, 2015.

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

      Real GDP increased 1.5 percent in the third quarter, after increasing 3.9 percent in the second.
The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory
investment and decelerations in exports, in nonresidential fixed investment, in PCE, in state and local
government spending, and in residential fixed investment that were partly offset by a deceleration in
imports.

_____

      FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  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.
_____

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.5 percent in the third quarter, compared with an increase of 3.6 percent in the
second.

      Current-dollar GDP -- the market value of the goods and services produced by the nation’s
economy less the value of the goods and services used up in production -- increased 2.7 percent, or
$121.1 billion, in the third quarter to a level of $18,034.8 billion.  In the second quarter, current-dollar
GDP increased 6.1 percent, or $264.4 billion.
Disposition of personal income

      Current-dollar personal income increased $171.6 billion in the third quarter, compared with an
increase of $139.5 billion in the second.  The acceleration in personal income primarily reflected an
acceleration in wages and salaries and an upturn in farm proprietors’ income that were partly offset by a
deceleration in personal interest income.

      Personal current taxes increased $15.8 billion in the third quarter, compared with an increase of
$27.3 billion in the second.

      Disposable personal income increased $155.9 billion, or 4.8 percent, in the third quarter,
compared with an increase of $112.2 billion, or 3.4 percent, in the second.  Real disposable personal
income increased 3.5 percent, compared with an increase of 1.2 percent.

      Personal outlays increased $136.6 billion in the third quarter, compared with an increase of
$182.3 billion in the second.

      Personal saving -- disposable personal income less personal outlays -- was $636.7 billion in the
third quarter, compared with $617.5 billion in the second.

      The personal saving rate -- personal saving as a percentage of disposable personal income --
was 4.7 percent in the third quarter, compared with an increase of 4.6 percent in the second.  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.

_____

      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."
_____

      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 -- November 24, 2015 at 8:30 A.M. EST for:
                   Gross Domestic Product:  Third Quarter 2015 (Second Estimate)
                   Corporate Profits:  Third Quarter 2015 (Preliminary Estimate)


                                      *          *          *

Release dates in 2016

Gross Domestic Product

                 2015: IV and 2015 annual      2016: I            2016: II           2016: III

Advance....            January 29             April 28             July 29          October 28
Second.....           February 26               May 27           August 26         November 29
Third......              March 25              June 28        September 29         December 22


Corporate Profits

Preliminary...            ...                   May 27           August 26         November 29
Revised.......           March 25              June 28        September 29         December 22




                                        Comparisons of Revisions to GDP


	Current quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source
data that are incomplete or subject to further revision by the source agency, are released near the end of the first
month following the end of the quarter; as more detailed and more comprehensive data become available,
"second" and "third" estimates are released near the end of the second and third months, respectively.  "Latest"
quarterly estimates reflect the results of both annual and comprehensive revisions, which are typically released in late July.

	Annual revisions generally cover at least the 3 most recent calendar years (and the associated quarters) 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 presents the average revisions to the quarterly percent changes in real and current-dollar
GDP for the different estimate vintages.  From the advance estimate to the second estimate (1 month later), the
average revision to real GDP growth without regard to sign is 0.5 percentage point, while from the advance
estimate to the third estimate (2 months later), it is 0.6 percentage point.  From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.2 percentage points.  Larger average revisions for the
latest estimates reflect the fact that comprehensive revisions include major improvements to the accounts, such as
the incorporation of BEA's latest benchmark input-output accounts.  The current quarterly estimates correctly indicate the
direction of change in real GDP 96 percent of the time, correctly indicate whether GDP is accelerating or
decelerating about 75 percent of the time, and correctly indicate whether real GDP growth is above, near, or
below trend growth about 83 percent 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

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................               0.1                 0.6                  0.5
Second to third......................               0.0                 0.2                  0.3

Advance to latest....................              -0.1                 1.2                  1.0


____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................               0.2                 0.7                  0.5
Second to third......................               0.1                 0.3                  0.3
Advance to latest....................               0.1                 1.3                  1.0

_____________________________________________________________________________________________________________________
 NOTE.  These comparisons are based on the period from 1993 through 2014.

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

Fiscal Year 2015, Budget Deficit $438,889,000,000 or $438 Billion

National Debt Clock

$18,425,566,000,000 Plus or $18.4 Trillion

national_debt_chart2014totalusdebtobligationsUS-Unfunded-Liabilities

Overdose: The Next Financial Crisis

America’s Debt Crisis Explained

Published on Feb 24, 2014

Fact: America’s national debt stands at $17 trillion. That’s a tough number to grasp. Most people will never come close to making $1 million in any given year. How can we understand the magnitude of the hole our country is in? Well, imagine you owed your credit card company $200,000. On top of that you have to pay them about $4,000 per year in interest. You are bringing in $150,000 per year, but you are spending way more than that. How are you going to ever pay back that $200,000 debt? And what happens if you default? Well, that is America today.

‘US hides real debt, in worse shape than Greece’

The US national debt is twenty times higher than is officially reported, approaching $222 trillion, and today’s children could soon be paying their parent’s debts, reputed American economist Laurence Kotlikoff told RT. TRANSCRIPT of the interview: http://on.rt.com/81u1ac

How Big Is the U.S. Debt?

Uploaded on Feb 11, 2011

Do you know how much debt the U.S. is really in? Learn more: http://bit.ly/1HVAtKP

Economics professor Antony Davies illustrates the size the U.S. federal government’s debt and unfunded obligations. He breaks down the total U.S. debt and obligations into parts and compares them with the size of the GDP of countries around the world, showing the magnitude of America’s fiscal situation.

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Uploaded on May 10, 2010

Huge budget deficits and record levels of national debt are getting a lot of attention, but this video explains that unfunded liabilities for entitlement programs are Americas real red-ink challenge. More important, this CF&P mini-documentary reveals that deficits and debt are symptoms of the real problem of an excessive burden of government spending. http://www.freedomandprosperity.org

I.O.U.S.A.: Byte-Sized – The 30 Minute Version

Uploaded on Oct 31, 2008

By now, you may have heard about our acclaimed documentary I.O.U.S.A., a film that boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The film has been a huge hit, getting rave reviews from Roger Ebert and others.

Now, we proudly release a 30-minute condensed version of I.O.U.S.A. designed specifically for watching and sharing on the web – for free.

IOUSA Solutions: Part 1 of 5

The award-winning documentary I.O.U.S.A. opened up America’s eyes to the consequences of our nation’s debt and the need for our government to show more fiscal responsibility. Now that more Americans and elected officials are aware of our fiscal challenges, the producers of I.O.U.S.A. created I.O.U.S.A.: Solutions, a follow-up special focusing on solutions to the fiscal crisis. Learn more athttp://www.iousathemovie.com/.

IOUSA Solutions: Part 2 of 5

IOUSA Solutions: Part 3 of 5

IOUSA Solutions: Part 4 of 5

IOUSA Solutions: Part 5 of 5

FIAT EMPIRE: Why the Federal Reserve Violates the U.S. Constitution

$205 Trillion in Unfunded Liabilities

By Gary North

The nonpartisan Congressional Budget Office is acting in a bipartisan way to cover up the biggest single threat to the bipartisan political alliance that is stripping America of its wealth: the United States Congress.

There is no question that the following policy is bipartisan. Democrats and Republicans in Congress are completely agreed that the following information should not get out to the American people, namely, that the present value of the United States government’s off-budget liabilities is over $200 trillion.

…the government needs $205 trillion… to invest in the private sector, in order to fund its legal liabilities.

The man who has followed this for the longest time is Prof. Laurence Kotlikoff of Boston University. He has created a great deal of embarrassment for the government by his relentless pursuit of the statistical implications of the statistics released by the Congressional Budget Office.

The Congressional Budget Office has a way to avoid this, namely, to cease publishing the statistics that Kotlikoff has used to expose the real condition of the United States government.

Kotlikoff referred to this suppression of information in an article that appeared in Forbes.

The CBO has two sets of books. This is what any Ponzi scheme requires. It releases one set of books to the rubes in the financial media, who are perfectly content to quote from it, when they are even aware of it. This is called the Extended Baseline Forecast or EBF.

The second set of books is called the Alternative Fiscal Scenario or AFS. Here’s how Kotlikoff describes the difference.

In past years, the CBO simultaneously released what it calls its Alternative Fiscal Scenario. This forecast is what CBO actually projects future taxes and spending to be given not just the laws in place, but also how Congress and the Administration have been bending and changing the laws through time. In short, the Alternative Fiscal Scenario (AFS) is what the CBO thinks we’re facing absent a truly dramatic and sustained shift in fiscal policy.

Because of Kotlikoff’s ability to get news coverage for the AFS, the CBO decided this year not to publish it.

Those of us who track U.S. fiscal policy eagerly await each year’s release of the AFS. But this year, the CBO’s long-term forecast included only the EBF. The AFS was nowhere to be seen. It wasn’t mentioned in the CBO’s lengthy report. Nor was it included in the downloadable data CBO provided on its website.

The national media, which generally “covers” fiscal affairs by repeating what it’s told, missed this omission entirely. Indeed, it spent an entire news cycle discussing the EBF figures as if they had real meaning.

The CBO did not get away with this, at least not to the extent that it had hoped. There were complaints. Kotlikoff says that enough people did complain to persuade the CBO to release a summary of the projections in an obscure spot in the CBO’s spreadsheet. The CBO posted this information, but it did not alert the financial media to the update.

He predicted that the link would soon be removed. This was in early October.

The EBF and AFS projections differ dramatically, yet the AFS is hidden away in one tab of one spreadsheet called Supplementary Data, the small link to which will shortly disappear from the CBO’s homepage, making it even harder for we taxpayers to find.

He was correct. It’s gone. It’s “page not found.”

[Ed. Note: We tried accessing the link, but nothing came up.]

He points out that the CBO’s projections on the deficit which it has posted in full public view, namely, the ESB, has the fiscal gap at $47 trillion. Now, just between you and me, $47 trillion is a large chunk of change. But it is such a low-ball estimate that the public has no real conception of how big the liability really is. Of course, the public doesn’t care one way or the other, because the public has never heard of the CBO, let alone the ESB. When I say “public,” I mean the financial media.

Using the AFS figures, the unfunded liability is $205 trillion. This is the figure that the CBO does not want the general public, meaning the financial media, to be aware of.

Understand, this is not the unfunded liabilities added up in all future years. This is the present value of the unfunded liabilities, discounted to today. This means that the government needs $205 trillion, cash on hand, to invest in the private sector, in order to fund its legal liabilities. This is not the deficit long after we are dead. This is the present value of the deficit long after we are dead.

The only fiscal measure that’s free of this classification problem, known as economics labeling problem, is what economists call the infinite horizon fiscal gap. This measure puts everything on the books — all future spending obligations, whether they are called official or not as well as all future tax and other receipts. The difference valued in the present (the present value) of future spending less future receipts is the infinite horizon fiscal gap.

Kotlikoff explains this in layman’s terms. He explains it in terms of the taxing and spending consequences of the present value of the unfunded liabilities. He tells us what must be done today.

The $205 trillion fiscal gap is enormous. It’s 10% of the present value of all future GDP. Equivalently, it corresponds to 10% of GDP year in and year out for as far as the eye can see. To raise 10% of GDP each year we could (a) raise all federal taxes, immediately and permanently, by 57%, (b) cut all federal spending, apart from interest on the debt, by 37%, immediately and permanently, or (c) do some combination of (a) and (b).

The odds of Congress agreeing on a bill to this effect, and then having President Obama sign this bill into law, are a good deal lower than the odds of your winning the state lottery. Three times in a row. One ticket per year.

This is the softcore version that he wrote for Forbes. He released a hard-core version in an interview on the Financial Sense website. He called this a conspiracy. But he made it clear that it is a bipartisan conspiracy.

I sent him [head of the CBO] an email and asked whether he was under some sort of political pressure to withhold this information and he said that was a big insult, and he was very upset with me for suggesting that. But then he said that the reason he hadn’t released it was because they didn’t think anyone was interested. I said, well obviously we’re interested — it’s the only thing worth looking at.

I love it when bureaucrats cover up the obvious. They do not even try to be clever. They give some obviously screwball explanation, and leave it at that. They cannot be fired. We cannot do anything about it.

This has gone on for a long time.

This is a pattern, you know. The Clinton administration — we put out the fiscal gap studies for a couple of years on the President’s budget. The Clinton administration then censored it. The guy who’s now head of the National Economic Council, the Chief Economic Advisor to President Obama, was the one who did the censorship back in 1994. President Bush’s Treasury Secretary O’Neil wanted us to do a fiscal gap accounting for the President’s budget in 2003 and he was fired in December 7, 2002, and that study was censored two days after he was fired.

So, this is not accidental. This is more or less a conspiracy to hide the truth to keep ourselves and our kids in the dark about what the politicians are really doing, which is trying to garner the votes of older people and then get reelected and leave a bigger mess for our kids to handle.

Our kids will handle this effectively. They will elect people to Congress who will vote to stop paying the oldsters and their physicians, the vast majority of whom will be dependent on Medicare payments. I call this “stiff the geezers.” I also call it the Great Default. The surviving generations that ran up the liabilities will bear the brunt of the pain, as well they should.

There is no way out, other than default. This will have profound consequences politically, economically, and socially. It will be the end of the Keynesian welfare state. The Keynesians will be left holding the empty bag.

This is how all Ponzi schemes end. But those deluded souls who buy into them refuse to face statistical reality until the scheme blows up, leaving them empty-handed.

Will they be wiser after the Great Default? It is our job to explain to them what happened. We must begin with this: “We told you so. We also told you why.”

Regards,

Gary North
for The Daily Reckoning

You Think The Deficit Is Bad? Federal Unfunded Liabilities Exceed $127 Trillion

By Vance Ginn

Although the battle over a two-year budget deal and the national debt limit in Washington, D.C. has received the lion’s share of media attention recently , the bigger, more ominous threat facing taxpayers are unfunded liabilities—the difference between the net present value of expected future government spending and the net present value of projected future tax revenue, particularly those associated with Social Security and Medicare.

While federal unfunded liabilities are important, state-level unfunded pension liabilities also pose serious obstacles. In Texas, the recent 2013 Employees Retirement System (ERS) Valuation Report outlines the funding shortages this pension system faces and there is some indication it may be unable to pay beneficiaries by 2052.

The federal unfunded liabilities are catastrophic for future taxpayers and economic growth. At usdebtclock.org, federal unfunded liabilities are estimated at near $127 trillion, which is roughly $1.1 million per taxpayer and nearly double 2012’s total world output.
With about 134,000 active members in Texas’ ERS at the end of fiscal year 2013, the total unfunded liability was $7.2 billion—or $54,000 per active member. Despite the much smaller future net debt obligations in ERS compared with federal programs, there are similarities how we got here.

Laurence Kotlikoff and Scott Burns’ book entitled The Coming Generational Storm: What You Need to Know About America’s Future argue federal unfunded liabilities are primarily from a generational accounting problem, in which the dependency ratio of retirees to taxpayers is declining from an aging population.

The authors’ state, “today there are about 4 payees for every 1 beneficiary, but by the year 2030 there will only be 2 payees for every 1 beneficiary. Simple arithmetic will note that this is not sustainable over the long run.”

To understand the magnitude of this problem, the authors note one solution that includes all the following: “raise income taxes by 17 percent, raise payroll taxes by 24 percent, cut federal purchases by 26 percent, and cut Social Security and Medicare benefits by 11 percent.”

In the current political and economic environment, these changes are highly unlikely, but it shows the substantial economic costs associated with these large unfunded liabilities.

State pensions across the country also face this generational accounting problem, whereby an author discusses his research in a recent Wall Street Journal op-ed entitled “The Hidden Danger in Public Pension Funds” stating, “The ratio of active public employees to retirees has fallen drastically, according to the State Budget Crisis Task Force. Today it is 1.75 to 1; in 1950, it was 7 to 1. This means that a loss in pension investments has three times the impact on state and local budgets than 40 years ago.”

In addition to an aging population in Texas creating substantial challenges with funding ERS, it is also riddled with a problem many state pension portfolio managers face: low rates of return on risk-free assets, such as a one-year Treasury security that returns less than 1 percent.

As these managers choose riskier investments to gain a higher rate of return, the study cited in the WSJ op-ed notes that the standard deviation of public pension investments to state and local budgets—a good measure of risk—has increased 10-fold from about 2 percent in 1975 to 20 percent today. Along with fewer people contributing to these pensions, riskier investments should be of grave concern to all.

Since the actuarial funded ratio of ERS is 77 percent based on an 8 percent annual rate of return, this rate of return and the risk-taking portfolio managers must use to gain this return are vital. Over the last five years, the fund’s annual return was 6 percent and 7.1 percent over the last ten years. Although the ten-year annual average was close to 8 percent, there is no guarantee this will continue, which could dramatically lower the funded ratio.

Clearly, the generational accounting problem burdening programs at the federal level also burden Texas’ pensions and the more risky assets portfolio managers must invest in are increasing the susceptibility of an even lower funded ratio in the future.

http://www.forbes.com/sites/realspin/2014/01/17/you-think-the-deficit-is-bad-federal-unfunded-liabilities-exceed-127-trillion/

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 565-

Listen To Pronk Pops Podcast or Download Show 556-564

Listen To Pronk Pops Podcast or Download Show 546-555

Listen To Pronk Pops Podcast or Download Show 538-545

Listen To Pronk Pops Podcast or Download Show 532-537

Listen To Pronk Pops Podcast or Download Show 526-531

Listen To Pronk Pops Podcast or Download Show 519-525

Listen To Pronk Pops Podcast or Download Show 510-518

Listen To Pronk Pops Podcast or Download Show 500-509

Listen To Pronk Pops Podcast or Download Show 490-499

Listen To Pronk Pops Podcast or Download Show 480-489

Listen To Pronk Pops Podcast or Download Show 473-479

Listen To Pronk Pops Podcast or Download Show 464-472

Listen To Pronk Pops Podcast or Download Show 455-463

Listen To Pronk Pops Podcast or Download Show 447-454

Listen To Pronk Pops Podcast or Download Show 439-446

Listen To Pronk Pops Podcast or Download Show 431-438

Listen To Pronk Pops Podcast or Download Show 422-430

Listen To Pronk Pops Podcast or Download Show 414-421

Listen To Pronk Pops Podcast or Download Show 408-413

Listen To Pronk Pops Podcast or Download Show 400-407

Listen To Pronk Pops Podcast or Download Show 391-399

Listen To Pronk Pops Podcast or Download Show 383-390

Listen To Pronk Pops Podcast or Download Show 376-382

Listen To Pronk Pops Podcast or Download Show 369-375

Listen To Pronk Pops Podcast or Download Show 360-368

Listen To Pronk Pops Podcast or Download Show 354-359

Listen To Pronk Pops Podcast or Download Show 346-353

Listen To Pronk Pops Podcast or Download Show 338-345

Listen To Pronk Pops Podcast or Download Show 328-337

Listen To Pronk Pops Podcast or Download Show 319-327

Listen To Pronk Pops Podcast or Download Show 307-318

Listen To Pronk Pops Podcast or Download Show 296-306

Listen To Pronk Pops Podcast or Download Show 287-295

Listen To Pronk Pops Podcast or Download Show 277-286

Listen To Pronk Pops Podcast or Download Show 264-276

Listen To Pronk Pops Podcast or Download Show 250-263

Listen To Pronk Pops Podcast or Download Show 236-249

Listen To Pronk Pops Podcast or Download Show 222-235

Listen To Pronk Pops Podcast or Download Show 211-221

Listen To Pronk Pops Podcast or Download Show 202-210

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Advertisements
Read Full Post | Make a Comment ( None so far )

The Pronk Pops Show 206, February 7, 2014, Story 2: The Economy Still Stagnating As The 10 Million Plus Jobs Gap Widens — Videos

Posted on February 7, 2014. Filed under: American History, Blogroll, Budgetary Policy, Business, Communications, Constitutional Law, Economics, Education, Employment, Federal Government, Fiscal Policy, Government, Government Dependency, Government Spending, History, Labor Economics, Law, Media, Monetary Policy, Philosophy, Photos, Politics, Regulation, Resources, Success, Tax Policy, Taxes, Technology, Unemployment, Videos, War, Wealth, Wisdom | Tags: , , , , , , , , |

Project_1

The Pronk Pops Show Podcasts

Pronk Pops Show 206: February 7, 2014 

Pronk Pops Show 205: February 5, 2014 

Pronk Pops Show 204: February 4, 2014 

Pronk Pops Show 203: February 3, 2014

Pronk Pops Show 202: January 31, 2014

Pronk Pops Show 201: January 30, 2014

Pronk Pops Show 200: January 29, 2014

Pronk Pops Show 199: January 28, 2014

Pronk Pops Show 198: January 27, 2014

Pronk Pops Show 197: January 24, 2014

Pronk Pops Show 196: January 22, 2014

Pronk Pops Show 195: January 21, 2014

Pronk Pops Show 194: January 17, 2014

Pronk Pops Show 193: January 16, 2014

Pronk Pops Show 192: January 14, 2014

Pronk Pops Show 191: January 13, 2014

Pronk Pops Show 190: January 10, 2014

Pronk Pops Show 189: January 9, 2014

Pronk Pops Show 188: January 8, 2014

Pronk Pops Show 187: January 7, 2014

Pronk Pops Show 186: January 6, 2014

Pronk Pops Show 185: January 3, 2014

Pronk Pops Show 184: December 19, 2013

Pronk Pops Show 183: December 17, 2013

Pronk Pops Show 182: December 16, 2013

Pronk Pops Show 181: December 13, 2013

Pronk Pops Show 180: December 12, 2013

Pronk Pops Show 179: December 11, 2013

Pronk Pops Show 178: December 5, 2013

Pronk Pops Show 177: December 2, 2013

Pronk Pops Show 176: November 27, 2013

Pronk Pops Show 175: November 26, 2013

Pronk Pops Show 174: November 25, 2013

Pronk Pops Show 173: November 22, 2013

Pronk Pops Show 172: November 21, 2013

Pronk Pops Show 171: November 20, 2013

Pronk Pops Show 170: November 19, 2013

Pronk Pops Show 169: November 18, 2013

Pronk Pops Show 168: November 15, 2013

Pronk Pops Show 167: November 14, 2013

Pronk Pops Show 166: November 13, 2013

Pronk Pops Show 165: November 12, 2013

Pronk Pops Show 164: November 11, 2013

Pronk Pops Show 163: November 8, 2013

Pronk Pops Show 162: November 7, 2013

Pronk Pops Show 161: November 4, 2013

Pronk Pops Show 160: November 1, 2013

The Pronk Pops Show Podcasts Portfolio

Listen To Pronk Pops Podcast or Download Show 202-206

Listen To Pronk Pops Podcast or Download Show 194-201

Listen To Pronk Pops Podcast or Download Show 184-193

Listen To Pronk Pops Podcast or Download Show 174-183

Listen To Pronk Pops Podcast or Download Show 165-173

Listen To Pronk Pops Podcast or Download Show 158-164

Listen To Pronk Pops Podcast or Download Show 151-157

Listen To Pronk Pops Podcast or Download Show 143-150

Listen To Pronk Pops Podcast or Download Show 135-142

Listen To Pronk Pops Podcast or Download Show 131-134

Listen To Pronk Pops Podcast or Download Show 124-130

Listen To Pronk Pops Podcast or Download Shows 121-123

Listen To Pronk Pops Podcast or Download Shows 118-120

Listen To Pronk Pops Podcast or Download Shows 113 -117

Listen To Pronk Pops Podcast or Download Show 112

Listen To Pronk Pops Podcast or Download Shows 108-111

Listen To Pronk Pops Podcast or Download Shows 106-108

Listen To Pronk Pops Podcast or Download Shows 104-105

Listen To Pronk Pops Podcast or Download Shows 101-103

Listen To Pronk Pops Podcast or Download Shows 98-100

Listen To Pronk Pops Podcast or Download Shows 94-97

Listen To Pronk Pops Podcast or Download Shows 93

Listen To Pronk Pops Podcast or Download Shows 92

Listen To Pronk Pops Podcast or Download Shows 91

Listen To Pronk Pops Podcast or Download Shows 88-90

Listen To Pronk Pops Podcast or Download Shows 84-87

Listen To Pronk Pops Podcast or Download Shows 79-83

Listen To Pronk Pops Podcast or Download Shows 74-78

Listen To Pronk Pops Podcast or Download Shows 71-73

Listen To Pronk Pops Podcast or Download Shows 68-70

Listen To Pronk Pops Podcast or Download Shows 65-67

Listen To Pronk Pops Podcast or Download Shows 62-64

Listen To Pronk Pops Podcast or Download Shows 58-61

Listen To Pronk Pops Podcast or Download Shows 55-57

Listen To Pronk Pops Podcast or Download Shows 52-54

Listen To Pronk Pops Podcast or Download Shows 49-51

Listen To Pronk Pops Podcast or Download Shows 45-48

Listen To Pronk Pops Podcast or Download Shows 41-44

Listen To Pronk Pops Podcast or Download Shows 38-40

Listen To Pronk Pops Podcast or Download Shows 34-37

Listen To Pronk Pops Podcast or Download Shows 30-33

Listen To Pronk Pops Podcast or Download Shows 27-29

Listen To Pronk Pops Podcast or Download Shows 17-26

Listen To Pronk Pops Podcast or Download Shows 16-22

Listen To Pronk Pops Podcast or Download Shows 10-15

Listen To Pronk Pops Podcast or Download Shows 01-09

Story 2: The Economy Still Stagnating As The 10 Million Plus Jobs Gap Widens — Videos

Making Sense of Today’s January Jobs Report

February 7th 2014 CNBC Stock Market Squawk Box (January Jobs Report)

gdp_large

sgs-emp

non-farm-payrolls-wide-201312

Employment Level

145,224,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

employment_level
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1)

Civilian Labor Force

155,460,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Civilian_Labor_Force_Level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1)

Labor Force Participation Rate

63.0%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

labor_participation_rate

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0

Unemployment Level

10,236,000

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

unemployment_level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236

Unemployment Rate

6.6%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

unemployment_rate_U_3
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6

Employment-Population Ratio

58.8%

Series Id:           LNS12300000
Seasonally Adjusted
Series title:        (Seas) Employment-Population Ratio
Labor force status:  Employment-population ratio
Type of data:        Percent or rate
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 64.6 64.6 64.6 64.7 64.4 64.5 64.2 64.2 64.2 64.2 64.3 64.4
2001 64.4 64.3 64.3 64.0 63.8 63.7 63.7 63.2 63.5 63.2 63.0 62.9
2002 62.7 63.0 62.8 62.7 62.9 62.7 62.7 62.7 63.0 62.7 62.5 62.4
2003 62.5 62.5 62.4 62.4 62.3 62.3 62.1 62.1 62.0 62.1 62.3 62.2
2004 62.3 62.3 62.2 62.3 62.3 62.4 62.5 62.4 62.3 62.3 62.5 62.4
2005 62.4 62.4 62.4 62.7 62.8 62.7 62.8 62.9 62.8 62.8 62.7 62.8
2006 62.9 63.0 63.1 63.0 63.1 63.1 63.0 63.1 63.1 63.3 63.3 63.4
2007 63.3 63.3 63.3 63.0 63.0 63.0 62.9 62.7 62.9 62.7 62.9 62.7
2008 62.9 62.8 62.7 62.7 62.5 62.4 62.2 62.0 61.9 61.7 61.4 61.0
2009 60.6 60.3 59.9 59.8 59.6 59.4 59.3 59.1 58.7 58.5 58.6 58.3
2010 58.5 58.5 58.5 58.7 58.6 58.5 58.5 58.6 58.5 58.3 58.2 58.3
2011 58.4 58.4 58.4 58.4 58.4 58.2 58.2 58.3 58.4 58.4 58.5 58.5
2012 58.5 58.5 58.6 58.5 58.6 58.6 58.5 58.4 58.6 58.8 58.7 58.6
2013 58.6 58.6 58.5 58.6 58.7 58.7 58.7 58.6 58.6 58.2 58.6 58.6
2014 58.8

Unemployment Rate – 16-19 Yrs

20.7%

Series Id:           LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate - 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 years

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.8 16.6 16.1 15.9 19.0 19.2 20.7 18.6 19.1 20.0 20.3 20.5
2009 20.7 22.3 22.2 22.2 23.4 24.7 24.3 25.0 25.9 27.2 26.9 26.7
2010 26.0 25.6 26.2 25.4 26.5 26.0 25.9 25.6 25.8 27.3 24.8 25.3
2011 25.5 24.1 24.3 24.5 23.9 24.8 24.8 25.1 24.5 24.2 24.1 23.3
2012 23.5 23.8 24.8 24.6 24.2 23.7 23.7 24.4 23.8 23.8 23.9 24.0
2013 23.5 25.2 23.9 23.7 24.1 23.8 23.4 22.6 21.3 22.0 20.8 20.2
2014 20.7

Average Weeks Unemployed

35.4 Weeks

Series Id:           LNS13008275
Seasonally Adjusted
Series title:        (Seas) Average Weeks Unemployed
Labor force status:  Unemployed
Type of data:        Number of weeks
Age:                 16 years and over
average_weeks_unemployed
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 13.1 12.6 12.7 12.4 12.6 12.3 13.4 12.9 12.2 12.7 12.4 12.5
2001 12.7 12.8 12.8 12.4 12.1 12.7 12.9 13.3 13.2 13.3 14.3 14.5
2002 14.7 15.0 15.4 16.3 16.8 16.9 16.9 16.5 17.6 17.8 17.6 18.5
2003 18.5 18.5 18.1 19.4 19.0 19.9 19.7 19.2 19.5 19.3 19.9 19.8
2004 19.9 20.1 19.8 19.6 19.8 20.5 18.8 18.8 19.4 19.5 19.7 19.4
2005 19.5 19.1 19.5 19.6 18.6 17.9 17.6 18.4 17.9 17.9 17.5 17.5
2006 16.9 17.8 17.1 16.7 17.1 16.6 17.1 17.1 17.1 16.3 16.2 16.1
2007 16.3 16.7 17.8 16.9 16.6 16.5 17.2 17.0 16.3 17.0 17.3 16.6
2008 17.5 16.9 16.5 16.9 16.6 17.1 17.0 17.7 18.6 19.9 18.9 19.9
2009 19.8 20.2 20.9 21.7 22.4 23.9 25.1 25.3 26.6 27.5 28.9 29.7
2010 30.3 29.9 31.6 33.3 33.9 34.5 33.8 33.6 33.4 34.2 33.9 34.8
2011 37.2 37.5 39.2 38.7 39.5 39.7 40.4 40.2 40.2 39.1 40.3 40.7
2012 40.1 40.0 39.4 39.3 39.6 40.0 38.8 39.1 39.4 40.3 39.2 38.0
2013 35.4 36.9 37.0 36.6 36.9 35.7 36.7 37.0 36.8 36.0 37.1 37.1
2014 35.4

Median Weeks Unemployed

16.0 weeks

Series Id:           LNS13008276
Seasonally Adjusted
Series title:        (Seas) Median Weeks Unemployed
Labor force status:  Unemployed
Type of data:        Number of weeks
Age:                 16 years and over

median_weeks_unemployed

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5.8 6.1 6.0 6.1 5.8 5.7 6.0 6.3 5.2 6.1 6.1 6.0
2001 5.8 6.1 6.6 5.9 6.3 6.0 6.8 6.9 7.2 7.3 7.7 8.2
2002 8.4 8.3 8.4 8.9 9.5 11.0 8.9 9.0 9.5 9.6 9.3 9.6
2003 9.6 9.5 9.7 10.2 9.9 11.5 10.3 10.1 10.2 10.4 10.3 10.4
2004 10.6 10.2 10.2 9.5 9.9 11.0 8.9 9.2 9.6 9.5 9.7 9.5
2005 9.4 9.2 9.3 9.0 9.1 9.0 8.8 9.2 8.4 8.6 8.5 8.7
2006 8.6 9.1 8.7 8.4 8.5 7.3 8.0 8.4 8.0 7.9 8.3 7.5
2007 8.3 8.5 9.1 8.6 8.2 7.7 8.7 8.8 8.7 8.4 8.6 8.4
2008 9.0 8.7 8.7 9.4 7.9 9.0 9.7 9.7 10.2 10.4 9.8 10.5
2009 10.7 11.7 12.3 13.1 14.2 17.2 16.0 16.3 17.8 18.9 19.8 20.1
2010 20.0 19.9 20.5 22.1 22.3 25.0 22.2 20.9 20.2 21.4 21.0 22.0
2011 21.5 21.2 21.7 20.9 21.6 22.1 21.8 22.2 21.9 20.7 20.9 20.6
2012 20.9 20.0 19.6 19.2 19.8 19.8 17.2 18.2 18.7 20.0 18.6 17.8
2013 16.0 17.7 18.1 17.3 16.9 16.2 15.8 16.5 16.4 16.5 17.0 17.1
2014 16.0

Not in Labor Force, Searched for Work and Available

2,592,000

Series Id:                       LNU05026642
Not Seasonally Adjusted
Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available
Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Available to work now
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 1207 1281 1219 1216 1113 1142 1172 1097 1166 1044 1100 1125 1157
2001 1295 1337 1109 1131 1157 1170 1232 1364 1335 1398 1331 1330 1266
2002 1532 1423 1358 1397 1467 1380 1507 1456 1501 1416 1401 1432 1439
2003 1598 1590 1577 1399 1428 1468 1566 1665 1544 1586 1473 1483 1531
2004 1670 1691 1643 1526 1533 1492 1557 1587 1561 1647 1517 1463 1574
2005 1804 1673 1588 1511 1428 1583 1516 1583 1438 1414 1415 1589 1545
2006 1644 1471 1468 1310 1388 1584 1522 1592 1299 1478 1366 1252 1448
2007 1577 1451 1385 1391 1406 1454 1376 1365 1268 1364 1363 1344 1395
2008 1729 1585 1352 1414 1416 1558 1573 1640 1604 1637 1947 1908 1614
2009 2130 2051 2106 2089 2210 2176 2282 2270 2219 2373 2323 2486 2226
2010 2539 2527 2255 2432 2223 2591 2622 2370 2548 2602 2531 2609 2487
2011 2800 2730 2434 2466 2206 2680 2785 2575 2511 2555 2591 2540 2573
2012 2809 2608 2352 2363 2423 2483 2529 2561 2517 2433 2505 2614 2516
2013 2443 2588 2326 2347 2164 2582 2414 2342 2302 2283 2096 2427 2360
2014 2592

Total Unemployment Rate U-6

12.7%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.2 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.1 16.0 15.9 16.1 15.8 16.1 16.0 16.1 16.3 15.9 15.6 15.2
2012 15.1 15.0 14.5 14.6 14.8 14.8 14.9 14.7 14.7 14.4 14.4 14.4
2013 14.4 14.3 13.8 13.9 13.8 14.2 13.9 13.6 13.6 13.7 13.1 13.1
2014 12.7

Employment Situation Summary

Transmission of material in this release is embargoed until                      USDL-14-0168
8:30 a.m. (EST) Friday, February 7, 2014

Technical information:
Household data:        (202) 691-6378  •  cpsinfo@bls.gov  •  www.bls.gov/cps
Establishment data:    (202) 691-6555  •  cesinfo@bls.gov  •  www.bls.gov/ces

Media contact:         (202) 691-5902  •  PressOffice@bls.gov

                                 THE EMPLOYMENT SITUATION -- JANUARY 2014

Total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate
was little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today.
Employment grew in construction, manufacturing, wholesale trade, and mining. 

  ------------------------------------------------------------------------------------
 |                        Changes to the Employment Situation Data                    |
 |                                                                                    |
 |Establishment survey data have been revised as a result of the annual benchmarking  |
 |process and the updating of seasonal adjustment factors. Also, household survey data|
 |for January 2014 reflect updated population estimates. See the notes at the end of  |
 |this release for more information about these changes.                              |
 |                                                                                    |
  ------------------------------------------------------------------------------------

Household Survey Data

Both the number of unemployed persons, at 10.2 million, and the unemployment rate, at
6.6 percent, changed little in January. Since October, the jobless rate has decreased by
0.6 percentage point. (See table A-1.)  (See the note and tables B and C for information
about the effect of annual population adjustments to the household survey estimates.) 

Among the major worker groups, the unemployment rates for adult men (6.2 percent), adult
women (5.9 percent), teenagers (20.7 percent), whites (5.7 percent), blacks (12.1 percent),
and Hispanics (8.4 percent) showed little change in January. The jobless rate for Asians
was 4.8 percent (not seasonally adjusted), down by 1.7 percentage points over the year.
(See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more), at 3.6 million,
declined by 232,000 in January. These individuals accounted for 35.8 percent of the
unemployed. The number of long-term unemployed has declined by 1.1 million over the year.
(See table A-12.)

After accounting for the annual adjustment to the population controls, the civilian labor
force rose by 499,000 in January, and the labor force participation rate edged up to 63.0
percent. Total employment, as measured by the household survey, increased by 616,000 over
the month, and the employment-population ratio increased by 0.2 percentage point to 58.8
percent. (See table A-1. For additional information about the effects of the population
adjustments, see table C.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) fell by 514,000 to 7.3 million in January. These individuals
were working part time because their hours had been cut back or because they were unable to
find full-time work. (See table A-8.)

In January, 2.6 million persons were marginally attached to the labor force, little changed
from a year earlier. (The data are not seasonally adjusted.) These individuals were not in
the labor force, wanted and were available for work, and had looked for a job sometime in
the prior 12 months. They were not counted as unemployed because they had not searched for
work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 837,000 discouraged workers in January, about
unchanged from a year earlier. Discouraged workers are persons not currently looking for
work because they believe no jobs are available for them. The remaining 1.8 million persons
marginally attached to the labor force in January had not searched for work for reasons such
as school attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 113,000 in January. In 2013, employment growth
averaged 194,000 per month. In January, job gains occurred in construction, manufacturing,
wholesale trade, and mining. (See table B-1.)

Construction added 48,000 jobs over the month, more than offsetting a decline of 22,000 in
December. In January, job gains occurred in both residential and nonresidential building
(+13,000 and +8,000, respectively) and in nonresidential specialty trade contractors
(+13,000). Heavy and civil engineering construction also added 10,000 jobs.

Employment in manufacturing increased in January (+21,000). Over the month, job gains
occurred in machinery (+7,000), wood products (+5,000), and motor vehicles and parts
(+5,000). Manufacturing added an average of 7,000 jobs per month in 2013.

In January, wholesale trade added 14,000 jobs, with most of the increase occurring in
nondurable goods (+10,000).

Mining added 7,000 jobs in January, compared with an average monthly gain of 2,000 jobs
in 2013.

Employment in professional and business services continued to trend up in January (+36,000).
The industry added an average of 55,000 jobs per month in 2013. Within the industry,
professional and technical services added 20,000 jobs in January. 

Leisure and hospitality employment continued to trend up over the month (+24,000). Job
growth in the industry averaged 38,000 per month in 2013. 

Employment in health care was essentially unchanged in January for the second consecutive
month.  Health care added an average of 17,000 jobs per month in 2013. 

Employment in retail trade changed little in January (-13,000). Within the industry, sporting
goods, hobby, book, and music stores lost 22,000 jobs, offsetting job gains in the prior 3
months. In January, motor vehicle and parts dealers added 7,000 jobs.

In January, federal government employment decreased by 12,000; the U.S. Postal Service
accounted for most of this decline (-9,000).

Employment in other major industries, including transportation and warehousing, information,
and financial activities, showed little or no change over the month.

In January, the average workweek for all employees on private nonfarm payrolls was unchanged
at 34.4 hours. The manufacturing workweek declined by 0.2 hour to 40.7 hours, and factory
overtime edged down by 0.1 hour to 3.4 hours. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.5 hours. (See
tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to
$24.21. Over the year, average hourly earnings have risen by 46 cents, or 1.9 percent. In
January, average hourly earnings of private-sector production and nonsupervisory employees
increased by 6 cents to $20.39. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for November was revised from +241,000 to
+274,000, and the change for December was revised from +74,000 to +75,000. With these
revisions, employment gains in November and December were 34,000 higher than previously
reported. Monthly revisions result from additional reports received from businesses since
the last published estimates and the monthly recalculation of seasonal factors. The annual
benchmark process also contributed to the revisions in this news release.

_____________
The Employment Situation for February is scheduled to be released on Friday, March 7, 2014,
at 8:30 a.m. (EST).

                                  Revisions to Establishment Survey Data

In accordance with annual practice, the establishment survey data released today have been
benchmarked to reflect comprehensive counts of payroll jobs for March 2013. These counts
are derived principally from the Quarterly Census of Employment and Wages (QCEW), which
enumerates jobs covered by the UI tax system. The benchmark process results in revisions
to not seasonally adjusted data from April 2012 forward. Seasonally adjusted data from
January 2009 forward are subject to revision. In addition, data for some series prior to
2009, both seasonally adjusted and unadjusted, incorporate revisions.

The total nonfarm employment level for March 2013 was revised upward by 369,000 (+347,000
on a not seasonally adjusted basis, or 0.3 percent). The average benchmark revision over
the past 10 years was plus or minus 0.3 percent. 

This revision incorporates the reclassification of jobs in the QCEW. Private household
employment is out of scope for the establishment survey. The QCEW reclassified some
private household employment into an industry that is in scope for the establishment
survey--services for the elderly and persons with disabilities. This reclassification
accounted for an increase of 466,000 jobs in the establishment survey. This increase of
466,000 associated with reclassification was offset by survey error of -119,000 for a
total net benchmark revision of +347,000 on a not seasonally adjusted basis. Historical
time series have been reconstructed to incorporate these revisions. 

The effect of these revisions on the underlying trend in nonfarm payroll employment was
minor. For example, the over-the-year change in total nonfarm employment for 2013 was
revised from 2,186,000 to 2,322,000 seasonally adjusted. Table A presents revised total
nonfarm employment data on a seasonally adjusted basis for January through December 2013.

All revised historical CES data, as well as an article that discusses the benchmark and
post-benchmark revisions and other technical issues can be accessed through the CES
homepage at www.bls.gov/ces/. Information on the data released today also may be obtained
by calling (202) 691-6555.

Table A. Revisions in total nonfarm employment, January-December 2013, seasonally adjusted
(Numbers in thousands)

------------------------------------------------------------------------------------------
                    |                                    |                                
                    |                Level               |      Over-the-month change     
                    |---------------------------------------------------------------------
    Year and month  |    As     |           |            |    As    |         |           
                    |previously |    As     | Difference |previously|   As    | Difference
                    |published  |  revised  |            |published | revised |           
------------------------------------------------------------------------------------------
                    |           |           |            |          |         |           
          2013      |           |           |            |          |         |           
                    |           |           |            |          |         |           
 January............|  134,839  |  135,261  |     422    |    148   |    197  |      49   
 February...........|  135,171  |  135,541  |     370    |    332   |    280  |     -52   
 March..............|  135,313  |  135,682  |     369    |    142   |    141  |      -1   
 April..............|  135,512  |  135,885  |     373    |    199   |    203  |       4   
 May................|  135,688  |  136,084  |     396    |    176   |    199  |      23   
 June...............|  135,860  |  136,285  |     425    |    172   |    201  |      29   
 July...............|  135,949  |  136,434  |     485    |     89   |    149  |      60   
 August.............|  136,187  |  136,636  |     449    |    238   |    202  |     -36   
 September..........|  136,362  |  136,800  |     438    |    175   |    164  |     -11   
 October............|  136,562  |  137,037  |     475    |    200   |    237  |      37   
 November...........|  136,803  |  137,311  |     508    |    241   |    274  |      33   
 December (p).......|  136,877  |  137,386  |     509    |     74   |     75  |       1   
------------------------------------------------------------------------------------------

   p = preliminary

                Adjustments to Population Estimates for the Household Survey

Effective with data for January 2014, updated population estimates have been used in the
household survey. Population estimates for the household survey are developed by the U.S.
Census Bureau. Each year, the Census Bureau updates the estimates to reflect new information
and assumptions about the growth of the population since the previous decennial census. The
change in population reflected in the new estimates results from adjustments for net
international migration, updated vital statistics and other information, and some
methodological changes in the estimation process. 

In accordance with usual practice, BLS will not revise the official household survey estimates
for December 2013 and earlier months. To show the impact of the population adjustments, however,
differences in selected December 2013 labor force series based on the old and new population
estimates are shown in table B. 

The adjustments increased the estimated size of the civilian noninstitutional population in
December by 2,000, the civilian labor force by 24,000, employment by 22,000, and unemployment
by 2,000. The number of persons not in the labor force was reduced by 22,000. The total
unemployment rate, employment-population ratio, and labor force participation rate were
unaffected. 

Data users are cautioned that these annual population adjustments can affect the comparability
of household data series over time. Table C shows the effect of the introduction of new
population estimates on the comparison of selected labor force measures between December 2013
and January 2014. Additional information on the population adjustments and their effect on
national labor force estimates is available at www.bls.gov/cps/cps14adj.pdf.

Table B. Effect of the updated population controls on December 2013 estimates by sex, race, and
Hispanic or Latino ethnicity, not seasonally adjusted
(Numbers in thousands)

__________________________________________________________________________________________________
                                        |      |     |      |       |        |       |            
                                        |      |     |      |       |  Black |       |            
                                        |      |     |      |       |    or  |       |  Hispanic  
                  Category              | Total| Men | Women| White | African| Asian | or Latino  
                                        |      |     |      |       |American|       | ethnicity  
                                        |      |     |      |       |        |       |            
________________________________________|______|_____|______|_______|________|_______|____________
                                        |      |     |      |       |        |       |            
  Civilian noninstitutional population..|    2 |  29 |  -27 |   -65 |     48 |    33 |     -57    
    Civilian labor force................|   24 |  24 |    0 |   -17 |     34 |    15 |     -38    
      Participation rate................|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
     Employed...........................|   22 |  22 |    0 |   -16 |     31 |    14 |     -34    
      Employment-population ratio.......|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
     Unemployed.........................|    2 |   3 |   -1 |    -1 |      4 |     1 |      -4    
      Unemployment rate.................|   .0 |  .0 |   .0 |    .0 |     .0 |    .0 |      .0    
    Not in labor force..................|  -22 |   4 |  -27 |   -48 |     14 |    18 |     -18    
________________________________________|______|_____|______|_______|________|_______|____________

   NOTE: Detail may not sum to totals because of rounding. Estimates for the above race groups
(white, black or African American, and Asian) do not sum to totals because data are not presented
for all races. Persons whose ethnicity is identified as Hispanic or Latino may be of any race.

Table C. December 2013-January 2014 changes in selected labor force measures,
with adjustments for population control effects
(Numbers in thousands)

______________________________________________________________________________
                                       |           |            |             
                                       |           |            |  Dec.-Jan.  
                                       | Dec.-Jan. |    2014    |   change,   
                                       |  change,  | population |  after re-  
                Category               |    as     |   control  |  moving the 
                                       | published |   effect   |  population 
                                       |           |            |   control   
                                       |           |            |  effect (1) 
_______________________________________|___________|____________|_____________
                                       |           |            |             
  Civilian noninstitutional population.|    170    |       2    |     168     
    Civilian labor force...............|    523    |      24    |     499     
      Participation rate...............|     .2    |      .0    |      .2     
     Employed..........................|    638    |      22    |     616     
      Employment-population ratio......|     .2    |      .0    |      .2     
     Unemployed........................|   -115    |       2    |    -117     
      Unemployment rate................|    -.1    |      .0    |     -.1     
    Not in labor force.................|   -353    |     -22    |    -331     
_______________________________________|___________|____________|_____________

   (1) This Dec.-Jan. change is calculated by subtracting the population 
control effect from the over-the-month change in the published seasonally
adjusted estimates.
   NOTE: Detail may not sum to totals because of rounding.

  ------------------------------------------------------------------------------------
 |                                                                                    |
 |                            Change to the Household Survey Tables                   |
 |                                                                                    |
 |Effective with this release, household survey table A-10 includes two new seasonally|
 |adjusted series for women age 55 and over--the number of unemployed persons and the |
 |unemployment rate. These replace the series that were previously displayed for this |
 |group, which were not seasonally adjusted.                                          |
 |                                                                                    |
  ------------------------------------------------------------------------------------

  ------------------------------------------------------------------------------------
 |                                                                                    |
 |               Updated Veteran Weighting Methodology for Household Survey           |
 |                                                                                    |
 |Beginning with data for January 2014, estimates for veterans in table A-5 of this   |
 |release incorporate updated weighting procedures. The new weighting methodology more|
 |accurately reflects the current demographic composition of the veteran population.  |
 |The primary impact of the change was an increase in the "Gulf War-era I" veteran    |
 |population and a decrease in the number of veterans in the "Other service periods"  |
 |category. The updated methodology had little effect on unemployment rates for       |
 |veterans, regardless of gender or period of service. Additional information on the  |
 |effect of the change on labor force estimates for veterans is available at          |
 |www.bls.gov/cps/vetsweights2014.pdf.                                                |
 |                                                                                    |
  ------------------------------------------------------------------------------------

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]

CategoryJan.
2013Nov.
2013Dec.
2013Jan.
2014Change from:
Dec.
2013-
Jan.
2014Employment status Civilian noninstitutional population244,663246,567246,745246,915-Civilian labor force155,699155,284154,937155,460-Participation rate63.663.062.863.0-Employed143,384144,443144,586145,224-Employment-population ratio58.658.658.658.8-Unemployed12,31510,84110,35110,236-Unemployment rate7.97.06.76.6-Not in labor force88,96391,28391,80891,455- Unemployment rates Total, 16 years and over7.97.06.76.6-Adult men (20 years and over)7.46.76.36.2-Adult women (20 years and over)7.26.26.05.9-Teenagers (16 to 19 years)23.520.820.220.7-White7.16.15.95.7-Black or African American13.812.411.912.1-Asian (not seasonally adjusted)6.55.34.14.8-Hispanic or Latino ethnicity9.78.78.38.4- Total, 25 years and over6.55.85.65.4-Less than a high school diploma12.010.69.89.6-High school graduates, no college8.17.37.16.5-Some college or associate degree7.06.46.16.0-Bachelor’s degree and higher3.83.43.33.2- Reason for unemployment Job losers and persons who completed temporary jobs6,6755,7315,3665,407-Job leavers984890862818-Reentrants3,5203,0653,0362,937-New entrants1,2741,1691,2011,184- Duration of unemployment Less than 5 weeks2,7532,4392,2552,434-5 to 14 weeks3,0772,5852,5062,429-15 to 26 weeks1,8671,7421,6511,689-27 weeks and over4,7074,0443,8783,646- Employed persons at work part time Part time for economic reasons7,9837,7237,7717,257-Slack work or business conditions5,1174,8694,8844,405-Could only find part-time work2,6132,4992,5922,571-Part time for noneconomic reasons18,55618,85818,73119,165- Persons not in the labor force (not seasonally adjusted) Marginally attached to the labor force2,4432,0962,4272,592-Discouraged workers804762917837– December – January changes in household data are not shown due to the introduction of updated population controls.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Jan.
2013
Nov.
2013
Dec.
2013(p)
Jan.
2014(p)
EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)
Total nonfarm 197 274 75 113
Total private 219 272 89 142
Goods-producing 43 68 -13 76
Mining and logging 3 1 1 7
Construction 23 32 -22 48
Manufacturing 17 35 8 21
Durable goods(1) 9 19 2 15
Motor vehicles and parts 3.5 4.7 3.3 4.7
Nondurable goods 8 16 6 6
Private service-providing(1) 176 204 102 66
Wholesale trade 16.9 16.8 10.2 13.9
Retail trade 26.9 22.3 62.7 -12.9
Transportation and warehousing 9.8 32.4 10.6 9.9
Information -1 1 -10 0
Financial activities 8 -4 3 -2
Professional and business services(1) 45 73 4 36
Temporary help services 4.9 36.6 30.1 8.1
Education and health services(1) 17 25 -4 -6
Health care and social assistance 23.5 24.4 1.1 1.5
Leisure and hospitality 47 37 20 24
Other services 7 -1 7 4
Government -22 2 -14 -29
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES
Total nonfarm women employees 49.4 49.5 49.5 49.4
Total private women employees 48.0 48.0 48.0 47.9
Total private production and nonsupervisory employees 82.6 82.6 82.6 82.6
HOURS AND EARNINGS
ALL EMPLOYEES
Total private
Average weekly hours 34.4 34.5 34.4 34.4
Average hourly earnings $23.75 $24.15 $24.16 $24.21
Average weekly earnings $817.00 $833.18 $831.10 $832.82
Index of aggregate weekly hours (2007=100)(3) 97.5 99.6 99.4 99.5
Over-the-month percent change 0.2 0.5 -0.2 0.1
Index of aggregate weekly payrolls (2007=100)(4) 110.5 114.8 114.6 114.9
Over-the-month percent change 0.4 0.8 -0.2 0.3
HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES
Total private
Average weekly hours 33.6 33.7 33.5 33.5
Average hourly earnings $19.95 $20.30 $20.33 $20.39
Average weekly earnings $670.32 $684.11 $681.06 $683.07
Index of aggregate weekly hours (2002=100)(3) 104.9 107.1 106.6 106.7
Over-the-month percent change -0.2 0.5 -0.5 0.1
Index of aggregate weekly payrolls (2002=100)(4) 139.8 145.3 144.8 145.3
Over-the-month percent change 0.1 0.8 -0.3 0.3
DIFFUSION INDEX(5)
(Over 1-month span)
Total private (264 industries) 64.0 66.9 56.4 61.2
Manufacturing (81 industries) 56.8 65.4 59.9 54.3
Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary
NOTE: Data have been revised to reflect March 2013 benchmark levels and updated seasonal adjustment factors.

Weakness Continues as 113,000 Jobs Are Added in January

Employers added jobs at a slower-than-expected pace in January, the second month in a row that hiring has been disappointing and a sign that the labor market remains anemic despite indications of growth elsewhere in the economy.

Payrolls increased by 113,000, the Labor Department reported Friday morning, well below the gain of 180,000 that economists expected. The unemployment rate, based on a separate survey of households that was more encouraging, actually fell by a tenth of a percentage point, to 6.6 percent.

The data for January come after an even more disappointing report on the labor market for December, which was revised upward only slightly Friday, to show a gain of just 75,000 jobs, from 74,000. The level of hiring in January was also substantially below the average monthly gain of 178,000 positions over the last six months, as well as the monthly addition of 187,000 over the last year.

The two weak months in a row will prompt questions about whether the Federal Reserve acted prematurely when policy makers in December voted to begin scaling back the central bank’s expansive stimulus efforts.

The new data is not expected to alter the Fed’s course, economists said, but another poor report on hiring next month might force policy makers to rethink their plan when they next meet in late March.

“In one line: grim,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a note to clients Friday morning.

While seasonal adjustments may have played a role and upward revisions for hiring in October and November were more encouraging, he said, “The payroll rebound clearly is disappointing; none of the ground lost in December was recovered.”

Other economists conceded the picture for January was hardly bright, but cautioned it was too soon to conclude there had been a fundamental loss of momentum in the economy, especially given seasonal fluctuations in the data and the possibility that weather inhibited some hiring.

“We’re not seeing the takeoff that people wanted to see, but it’s not a disaster,” said Julia Coronado, chief economist for North America at BNP Paribas. “The 113,000 figure is definitely way below trend, but we want another month or two of data before we can draw conclusions.”

One mystery economists will be focusing on is why employment gains have not kept up with economic growth as measured by gross domestic product, which picked up substantially in the second half of 2013. The annualized pace of expansion was 3.2 percent in the fourth quarter, and 4.1 percent in the third quarter.

One reason may be that new technologies are allowing employers to make do with fewer workers, for instance the use of automated customer service systems instead of call centers, or Internet retailers’ taking over from brick-and-mortar stores where sales associates prowl the floors.

Another shift is evident from the yawning gap in employment for college graduates versus workers who lack a high school diploma. For people with a college degree or higher, the jobless rate was 3.1 percent, compared with 9.6 percent for Americans who did not finish high school.

Wintry conditions that held back hiring were blamed for the weakness in December, a theory popular among more optimistic economists after those numbers came out in early January.

But despite what seems like an endless series of snowstorms on the East Coast and arctic conditions in the Midwest recently, the reference week for the latest survey was Jan. 12-18, when conditions were fairly normal as Januaries go, limiting some of the impact of the weather in this report.

In the report on January, one sector holding back payrolls was the government, which shrank by 29,000 jobs in January. Excluding that loss, private employers added 142,000 positions, a slightly better showing.

Several other sectors which had been strong in recent months – education and health care as well as retailing – also lost positions, contributing to the overall weakness.

The falloff in hiring in the health care sector was especially notable. In December and January together, just 2,600 health care positions were filled. By contrast, as recently as November, nearly 25,000 health care workers were added to payrolls.

Although this area of the economy is going through a transformation as President Obama’s new health care plan is slowly introduced, that is unlikely to have caused the abrupt slowdown in hiring, said Ethan Harris, a head of global economics at Bank of America Merrill Lynch. If anything, he said, the law should create new jobs in the sector as health care coverage is expanded, even if higher costs for some employers result in job cuts elsewhere in the economy.

As for retail, which lost nearly 13,000 jobs in January, some of that reduction could have essentially been because of excessive hiring in December, Mr. Harris said, when stores added nearly 63,000 positions as the holiday shopping season peaked. The cuts may also have been spurred by weak results at some retailers, with chains like J. C. Penney announcing major job cuts last month, and Loehmann’s, the venerable discounter, now in liquidation.

The employment-population ratio, which has been falling as more workers drop out of the job market, edged up 0.2 percentage points to 58.8 percent. In recent years, the exit of people from the work force has reduced the unemployment rate, but it is a sign that people are giving up hope of finding a job in the face of slack conditions, hardly the way policy makers would like to see joblessness come down.

http://www.nytimes.com/2014/02/08/business/us-economy-adds-113000-jobs-unemployment-rate-at-6-6.html?_r=0

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, THURSDAY, JANUARY 30, 2014
BEA 14-03

* 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
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 4th quarter and annual 2013 (advance estimate)
      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 3.2 percent in the fourth quarter of 2013
(that is, from the third quarter to the fourth quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the third quarter, real GDP increased 4.1 percent.

The Bureau emphasized that the fourth-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 4
and “Comparisons of Revisions to GDP” on page 5). The “second” estimate for the fourth quarter, based
on more complete data, will be released on February 28, 2014.

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

The deceleration in real GDP in the fourth quarter reflected a deceleration in private inventory
investment, a larger decrease in federal government spending, a downturn in residential fixed
investment, and decelerations in state and local government spending and in nonresidential fixed
investment that were partly offset by accelerations in exports and in PCE and a deceleration in imports.

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.2 percent in the fourth quarter, compared with an increase of 1.8 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.7 percent in
the fourth quarter, compared with an increase of 1.5 percent in the third.

_______
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 www.bea.gov along with the Technical Note and Highlights
related to this release.
_______

Real personal consumption expenditures increased 3.3 percent in the fourth quarter, compared
with an increase of 2.0 percent in the third. Durable goods increased 5.9 percent, compared with an
increase of 7.9 percent. Nondurable goods increased 4.4 percent, compared with an increase of 2.9
percent. Services increased 2.5 percent, compared with an increase of 0.7 percent.

Real nonresidential fixed investment increased 3.8 percent in the fourth quarter, compared with
an increase of 4.8 percent in the third. Nonresidential structures decreased 1.2 percent, in contrast to an
increase of 13.4 percent. Equipment increased 6.9 percent, compared with an increase of 0.2 percent.
Intellectual property products increased 3.2 percent, compared with an increase of 5.8 percent. Real
residential fixed investment decreased 9.8 percent, in contrast to an increase of 10.3 percent.

Real exports of goods and services increased 11.4 percent in the fourth quarter, compared with
an increase of 3.9 percent in the third. Real imports of goods and services increased 0.9 percent,
compared with an increase of 2.4 percent.

Real federal government consumption expenditures and gross investment decreased 12.6 percent
in the fourth quarter, compared with a decrease of 1.5 percent in the third. National defense decreased
14.0 percent, compared with a decrease of 0.5 percent. Nondefense decreased 10.3 percent, compared
with a decrease of 3.1 percent. Real state and local government consumption expenditures and gross
investment increased 0.5 percent, compared with an increase of 1.7 percent.

The change in real private inventories added 0.42 percentage point to the fourth-quarter change
in real GDP after adding 1.67 percentage points to the third-quarter change. Private businesses
increased inventories $127.2 billion in the fourth quarter, following increases of $115.7 billion in the
third quarter and $56.6 billion in the second.

Real final sales of domestic product — GDP less change in private inventories — increased 2.8
percent in the fourth quarter, compared with an increase of 2.5 percent in the third.

Gross domestic purchases

Real gross domestic purchases — purchases by U.S. residents of goods and services wherever
produced — increased 1.8 percent in the fourth quarter, compared with an increase of 3.9 percent in the
third.

Disposition of personal income

Current-dollar personal income increased $69.4 billion (2.0 percent) in the fourth quarter,
compared with an increase of $140.0 billion (4.0 percent) in the third. The deceleration in personal
income primarily reflected downturns in personal dividend income and in farm proprietors’ income and
a deceleration in personal current transfer receipts that were partly offset by an acceleration in wages
and salaries.

Personal current taxes increased $23.7 billion in the fourth quarter, in contrast to a decrease of
$11.0 billion in the third.

Disposable personal income increased $45.7 billion (1.5 percent) in the fourth quarter, compared
with an increase of $151.0 billion (5.0 percent) in the third. Real disposable personal income increased
0.8 percent in the fourth quarter, compared with an increase of 3.0 percent in the third.

Personal outlays increased $118.6 billion (4.0 percent) in the fourth quarter, compared with an
increase of $113.4 billion (3.9 percent) in the third. Personal saving — disposable personal income less
personal outlays — was $545.1 billion in the fourth quarter, compared with $618.0 billion in the third.

The personal saving rate — personal saving as a percentage of disposable personal income — was
4.3 percent in the fourth quarter, compared with 4.9 percent in the third. 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
4.6 percent, or $189.6 billion, in the fourth quarter to a level of $17,102.5 billion. In the third quarter,
current-dollar GDP increased 6.2 percent, or $251.9 billion.

2013 GDP

Real GDP increased 1.9 percent in 2013 (that is, from the 2012 annual level to the 2013 annual
level), compared with an increase of 2.8 percent in 2012.

The increase in real GDP in 2013 primarily reflected positive contributions from personal
consumption expenditures (PCE), exports, residential fixed investment, nonresidential fixed investment,
and private inventory investment that were partly offset by a negative contribution from federal
government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in 2013 primarily reflected a deceleration in nonresidential fixed
investment, a larger decrease in federal government spending, and decelerations in PCE and in exports
that were partly offset by a deceleration in imports and a smaller decrease in state and local government
spending.

The price index for gross domestic purchases increased 1.2 percent in 2013, compared with an
increase of 1.7 percent in 2012.

Current-dollar GDP increased 3.4 percent, or $558.4 billion, in 2013, compared with an increase
of 4.6 percent, or $710.8 billion, in 2012.

During 2013 (that is, measured from the fourth quarter of 2012 to the fourth quarter of 2013) real
GDP increased 2.7 percent. Real GDP increased 2.0 percent during 2012. The price index for gross
domestic purchases increased 1.1 percent during 2013, compared with an increase of 1.5 percent in
2012.

________
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.

________

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 — February 28, 2014 at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter and Annual 2013 (Second Estimate)

* * *

Release dates in 2014

Gross Domestic Product

2013: IV and 2013 annual 2014: I 2014: II 2014: III

Advance… January 30 April 30 July 30 October 30
Second…. February 28 May 29 August 28 November 25
Third….. March 27 June 25 September 26 December 23

Corporate Profits

Preliminary… …… May 29 August 28 November 25
Revised……. March 27 June 25 September 26 December 23

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

Related Posts On Pronk Pops

The Pronk Pops Show 206, February 7, 2015, Story 1, Bombshell: CBO’s Impact of Obamacare On Economy Devastating — Time To Repeal Obamacare and Replace It With Affordable, Portable, Individual Health Insurance With Health Saving Accounts! — Videos

Read Full Post | Make a Comment ( None so far )

Liked it here?
Why not try sites on the blogroll...