June 2015

There were 73 posts published in June 2015 (this is page 7 of 8).

Third Estimate of GDP for the First Quarter of 2015

Real GDP for the first quarter was revised up this morning, reflecting slightly higher growth in personal consumption, private investment, and government expenditures than previously estimated. The small first-quarter decline in overall GDP was driven by a number of factors including harsh winter weather and tepid foreign demand. However, the combination of consumption and investment—the most stable and persistent components of output—continued to rise at a robust year-over-year pace. This solid trend matches the strong pace of job growth and employment reduction observed over the last year. The President is working to build on these underlying trends by opening our exports to new markets with high-standards free trade agreements, boosting investment in infrastructure, and avoiding harmful budget cuts like the sequester.

FIVE KEY POINTS IN TODAY’S REPORT FROM THE BUREAU OF ECONOMIC ANALYSIS

1. Real gross domestic product (GDP) edged down 0.2 percent at an annual rate in the first quarter of 2015, according to the third estimate from the Bureau of Economic Analysis. This report reflects an upward revision of 0.5 percentage point to overall GDP growth. The slower first quarter follows a solid increase of 3.6 percent at an annual rate during the second half of 2014. Over the past four quarters, GDP rose 2.9 percent. First-quarter growth was likely affected by a number of transitory factors including unusually severe weather, the West Coast ports dispute, and various measurement issues. A decline in net exports was another important contributor to weak GDP growth. Indeed, net exports subtracted nearly 2 full percentage points from quarterly GDP growth. Furthermore, structures investment subtracted about 0.6 percentage point from GDP (see point 4), reflecting reduced oil drilling in the wake of last year’s decline in oil prices. Despite the decrease in GDP, real gross domestic income—an alternate measure of economic output—increased 1.9 percent at an annual rate in the first quarter.

read more

An Opportunity to Fight Poverty and Stand Up for Workers Through Trade

For decades, we’ve fought to secure a series of trade programs that have delivered results at home and around the globe.  This week, Congress will consider whether or not to continue these programs that help bring people out of poverty, create new opportunities for developing countries to grow, and help retrain American workers who have lost their jobs through no fault of their own.

The Trade Preferences Extension Act, which the Administration has worked on closely with Congress, will not only expand and improve Trade Adjustment Assistance (TAA), which helps laid-off U.S. workers get back on their feet, but will also extend programs that help support jobs and economic growth in developing countries. These programs include the African Growth & Opportunity Act (AGOA), Generalized System of Preferences (GSP), and Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE) Act.

Combined, these improved trade programs present a unique opportunity to both support American workers and help create jobs in the developing world.

Here is a look at key provisions of the Trade Preferences Extension Act that Congress is considering this week:

read more

Severe Thunderstorm Watch

SEVERE THUNDERSTORM WATCH 346 IS IN EFFECT UNTIL 1100 PM EDT

RADAR

FOR THE FOLLOWING LOCATIONS
NEW JERSEY COUNTIES INCLUDED ARE

ATLANTIC BURLINGTON CAMDEN
CAPE MAY CUMBERLAND GLOUCESTER
HUNTERDON MERCER MIDDLESEX
MONMOUTH MORRIS OCEAN
SALEM SOMERSET SUSSEX
WARREN

TEMPESTAS! PERICULUM!

TUESDAY: A chance of  thunderstorms. Some storms could be severe, with damaging winds. If not raining, due to localized conditions expect perhaps: Partly sunny, with a high near 91.

West wind 11 to 18 mph. Chance of precipitation is 40%. New rainfall amounts between a quarter and half of an inch possible

national weather snapshot

SEVERE THUNDERSTORMS ARE POSSIBLE TUESDAY AFTERNOON. THE PRIMARY HAZARD WITH ANY STORMS WILL BE DAMAGING WINDS. BRIEF POOR DRAINAGE FLOODING RAINS MAY OCCUR AS WELL.