Archive for August 10th, 2012

The streak rolls on: BLS under-reports initial unemployment claims … again!

August 10, 2012

I can post this post on auto-generate, I guess …

Now we’re up to 73 out of 74 weeks — and, at least 14 weeks in a row — that the BLS’s “headline number” has under-reported the number of initial unemployment claims … and cast the jobs situation as brighter than it really is.

Based on Thursday’s BLS report, the number for the week ending July 28 was revised upward from 365,000 to 367,000.

In itself, the 2,000 isn’t a big deal.

But, in context it is

Again, I ask: statistical bias or political bias?

If the former: fix it already, BLS.

Hint to BLS: just add 2k or .8% to your prelim forecast !

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Almost forgot …

The 4-week moving average of initial unemployment claims bumped up 2,250 to 368,250 … suggesting that the corner hasn’t been turned yet.

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Holy Solyndra: Battery maker A123 Systems goes Chinese … ouch!

August 10, 2012

A123 Systems was supposed to be one the U.S. companies to propel the green energy revolution … by designing, making, and supplying batteries to hybrids and electric cars (think Volts).

A123 received more than $200 million from venture investors before raising $378 million in a 2009 initial public offering.

Also in 2009, it was awarded a $249 million green-technology grant under the Obama administration’s $2.4 billion Electric Drive Battery and Component Manufacturing Initiative.

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But, things haven’t been going so good for electric cars and A123.

A123 said second-quarter revenue fell 53 percent to $17 million … the company’s  second-quarter loss of was $82.9 million … and cash dwindled to the point that the company can only fund its operations for the next four to five months.

So, according Auto News, China’s largest automotive parts supplier is now poised to take control of A123.

China’s Wanxiang Group Corp. plans to invest up to $450 million in A123 Systems, taking an 80 percent stake in A123.

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Ken’s Take: So much for energy independence and government venture capitalism.

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It’s a generational thing, but maybe the young folks are waking up … finally.

August 10, 2012

A New York Times article reported that the president is encountering more youthful skepticism than in 2008: “The nation’s first-time voters are less enthusiastic about him … and cite a growing lack of faith in government in general.”

from RealClearPolitics …

Give the Obama Youth credit for this: At least — in the last election — they didn’t vote their self-interest.

In the cold light of day, the youthful idealists, believers and activists of 2008 look like the lamentable saps, patsies and suckers of 2012.

In 2008, candidate Obama promised young voters the moon, and all they got was their old childhood bedroom back in their parents’ house. By one count, half are unemployed or underemployed.

He sold a new kind of politics and gave them more debt and more entitlement spending that they will labor to fund all their working lives.

But, hey, did you see Obama “slow jam” the news on “Late Night With Jimmy Fallon”?

But, not all youth are setting themselves up to be duped again.

The below 1-minute video —  produced by students at the Univ. of Tennessee — is approaching 1 million Youtube hits.

Maybe there’s hope for change …

       click to view video
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Thanks to JC for feeding the lead

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