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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?


To: Peter Dierks who wrote (49247)2/18/2012 2:26:38 AM
From: greatplains_guy1 Recommendation  Read Replies (2) | Respond to of 71588
 
Unemployment in February Increases to 9%, Up From 8.6%; Underemployment Increases to 19%
Mike Shedlock

The latest Gallup survey finds U.S. Unemployment Increases in Mid-February
Gallup only polls those 18 and above while the official BLS number includes 16 and above. Given teenage unemployment, this would (or at least should) artificially lower unemployment numbers for Gallup. Yet, Gallup is higher, way higher, when one considers underemployment.

The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.

US Unemployment Rate, Monthly Averages



Gallup also finds 10.0% of U.S. employees in mid-February are working part time but want full-time work, essentially the same as in January. The mid-February reading means the percentage of Americans who can only find part-time work remains close to its high since Gallup began measuring employment status in January 2010.

Percentage of Workers, Working Part Time but Want Full Time Employment



Seasonal forces typically cause unadjusted unemployment rates to increase at this time of year. In this regard, some of the sharp increase Gallup finds in unemployment and underemployment may result from seasonal factors. Although the government seasonally adjusts the U.S. unemployment rate, and the workforce participation rate could decline, it still seems likely that the BLS will report an increase in the seasonally adjusted U.S. unemployment rate for February.

Regardless of what the government reports, Gallup's unemployment and underemployment measures show a sharp deterioration in job market conditions since mid-January.


BLS Numbers Not Realistic

Gallup only polls those 18 and above while the BLS includes 16 and above. Given teenage unemployment, this would (or at least should) artificially lower unemployment numbers for Gallup. Yet, Gallup is higher, way higher when one considers underemployment.

Fundamental and Mathematical Case for Structurally High Unemployment for a Decade

As I have said many times, the BLS numbers are simply not realistic for many reasons. For further discussion please see ...




German President Resigns; Major Embarrassment to Chancellor Merkel

The German presidency is little more than a symbolic position, nonetheless, the announcement by German President Christian Wulff that he will resign is a major embarrassment to German Chancellor Angela Merkel who hand-picked Wulff as president.

Spiegel Online reports Wulff Announces He Will Step Down
German President Christian Wulff resigned from office after prosecutors stated a day earlier they would seek to have parliament lift his immunity. Prosecutors wanted his immunity revoked so they could formally investigate allegations he accepted favors during his tenure as governor of the state of Lower Saxony. At the center of the probe are allegations that a film producer had paid for a vacation in a luxury hotel for Wulff during his time in office in the state.

Speaking nearly a half hour after Wulff's resignation, German Chancellor Angela Merkel appeared before reporters to say she had received Wulff's resignation with "great respect and deep regret." The chancellor also noted that the development underscored the strength of the German legal system because it showed that all people are treated equally, regardless of their position.

Merkel said her coalition government would approach all political parties in an effort to find a "joint candidate" to replace Wulff.

The development is likely to cause embarrassment because Wulff is the second president after Horst Köhler to step down during her term. The chancellor handpicked Wulff to run as Köhler's successor after his sudden resignation in 2010. Even after his selection, Wulff was weakened going into the presidency because it took three rounds of voting in the Federal Assembly before he was ultimately elected.


Financial Times reports that Merkel cancelled a meeting scheduled with prime minister Mario Monti in Rome on Friday in the wake of the announcement by Wulff.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

finance.townhall.com



To: Peter Dierks who wrote (49247)2/21/2012 10:16:37 PM
From: greatplains_guy1 Recommendation  Read Replies (2) | Respond to of 71588
 
Polls: Romney, Santorum Again Running Dead Even With Obama as Primary Race Tightens
Guy Benson
Feb 21, 2012 04:17 PM EST

We've already stumbled through the electoral fantasyland inhabited by mainstream media figures and certain GOP elites alike, so let's return to reality, shall we? This week's polling data is fascinating on several fronts. Let's begin with the GOP nominating contest -- you know, the one with actual declared candidates vying for votes. Sen. Rick Santorum holds a ten-point national lead over Gov. Mitt Romney among Republican voters:

In the Feb. 15-19 Gallup Daily tracking rolling average, Santorum is ahead of Romney by 36% to 26%, with Newt Gingrich at 13% and Ron Paul at 11%. This marks Santorum's largest lead to date. Santorum had moved to within two points of Romney, 30% to 32%, by the end of last week. Prior to Santorum's surge, Romney led Santorum 37% to 16% in Gallup Daily tracking ending Feb. 6, the day before Santorum won primaries and caucuses in Minnesota, Missouri, and Colorado.

That's the unalloyed good news for Santorum backers. A double-digit lead is hard to argue with. That being said, Romney backers are likely to emphasize the results (and importance) of another recent Gallup survey that tweaks the question:

In a separate USA Today/Gallup survey conducted Feb. 16-19, all Americans were asked which of the two candidates -- Romney or Santorum -- they believed would have the best chance of beating Barack Obama in November. Overall, 54% of Americans named Romney and 29% chose Santorum. Fewer Republicans are undecided on this issue, leaving 58% who say Romney has the best chance of beating Obama, while 32% choose Santorum.

As we've seen throughout the cycle, these national numbers tend to ebb and flow based on primary results and other outside events. Next week's contests in Michigan and Arizona will be especially pivotal because they'll set the table for Super Tuesday. Tuesday's results will be especially impactful because there are no debates between February 28th and March 6th; both scheduled forums have been canceled. Romney maintains a slight lead in Arizona, far smaller than it was at the beginning of the month. It also remains to be seen how the Sheriff Babeu kerfuffle will affect the race, if at all (Babeu was a Romney surrogate). The dynamic of the Michigan brouhaha is also shifting. Last week, Santorum opened up a large lead in the Great Lakes State, but brand new surveys show the race is now either much closer or tied:

Mitt Romney and Rick Santorum are in a statistical dead heat in Michigan a week ahead of the vote, according to a new poll of Republican voters in the state. Romney took 32 percent and Santorum 30 percent in a one-day poll of Michigan GOP voters by Mitchell/Rosetta Stone conducted on Monday. Romney's lead is within the poll's margin of error.

Couple these numbers with the the Santorum camp's new expectations management tactic in Michigan, and it seems as though a Romney comeback is brewing. It sounds like he's hitting something of a groove on the stump, too. When a Canadian questioner told Romney he couldn't have his national healthcare card at a Tuesday rally, Romney deadpanned, "I don't want it." The crowd erupted. Romney also plans to roll out a major tax and entitlement reform proposal in Detroit on Friday. Conservative economist and television host Larry Kudlow has seen the plan and pronounces it "bold." Tearing down your opponents with high-dollar attack ads is one thing; commending your own goals and talents to voters is another. Could Romney finally be pivoting to a "positive, results-focused campaign" some of us have been asking for? The new polling also contains good news for Republicans, generally. President Obama's temporary blip is waning, dragging down his head-to-head numbers against Santorum and Romney. Rasmussen pegs each Republican within two points of Obama, while Gallup puts Romney ahead by four and Santorum in a virtual dead heat:

Meanwhile, President Obama's standing against two potential Republican rivals has ebbed a bit. Former Massachusetts governor Mitt Romney leads the president 50%-46% among registered voters, Romney's strongest showing against him to date. Obama edges former Pennsylvania senator Rick Santorum by a single percentage point, 49%-48%.

Obama's job approval is edging back down into the low-to-mid 40s and is back underwater, where it has languished for months. As I indicated in my previous post, bad housing news and grim unemployment forecasts probably won't help his cause, either. Not to worry, the Washington Post assures us -- Obama's still reeling in campaign cash hand-over-fist, and he has much more cash on hand than all of his possible opponents combined. True. But then again, he has the luxury of not facing a contested primary. It also helps when you can dress up campaigning as official business, and stick taxpayers with the tab (yes, this is a bipartisan exercise, but Obama's abused it more than his predecessors). While we're at it, let's not forget Republicans' huge SuperPAC advantage, which prompted The One to abandon his "principles" a few weeks back. We now know why he did it:

Newly filed financial reports offer a fairly strong clue as to why President Obama's campaign decided to get behind super PAC fundraising. Priorities USA, the political committee founded by former Obama aides, raised a grand total of $59,000 in January. That's enough to buy a snazzy car with "Obama 2012" stickers on it or perhaps cover travel expenses for staff, but not enough to compete on the airwaves. By comparison, the pro-Mitt Romney Restore Our Future group raised $6.6 million in January. Winning our Future, the pro-Newt Gingrich fund, raised $11 million.

I'll leave you with the latest attack ad running in Michigan. It targets Rick Santorum as a "fake fiscal conservative." Romney World strikes again? Not this time:

The confounding Romney-Paul alliance lives on.

UPDATE - There's another unhelpful factor at play for Obama: Rising gas prices. This trend hits working Americans where it hurts and opens the door for the GOP to whack the president hard on his pathetic Keystone decision, about which Jay Carney is still lying.

townhall.com