Daily Digest

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Daily Digest 5/9 - Hazy U.S. Economy View After Jobs Report, The Death Of The Dollar

Saturday, May 9, 2015, 10:19 AM


A Hazy View of US Economy Emerges Ahead of April Jobs Report (jdargis)

he four-week average of the number of Americans applying for unemployment benefits fell to 279,500 last week, the lowest level in 15 years, according to the Labor Department. This figure tends to anticipate stronger hiring, though it's possible that companies facing uncertainty are refraining from layoffs while delaying hiring until they get a better sense of the economy. That argument was bolstered by a private survey released Wednesday by payroll processor ADP. It said businesses added just 169,000 jobs in April, down from 175,000 in March.

April Jobs: Not Good News. Not Bad News. Relieving News. (jdargis)

Economic growth came to a halt in the first three months of 2015, and revisions to gross domestic product are likely to show it actually contracted. Other economic measures, including of industrial output, retail sales and those March jobs numbers, have been soft. The standard story that economists have been telling is that this is just another messy winter with worse-than-usual weather and perhaps some problems in statistics collection. Nothing to see here; the economy looks just fine.

DHS broke judge’s order, approved amnesty applications despite injunction (thc0655)

The Justice Department lawyers said Homeland Security, which is the defendant in the case, told them Wednesday that an immigration agency had approved about 2,000 applications for three-year work permits, which was part of Mr. Obama’s new amnesty, even after Judge Hanen issued his Feb. 16 injunction halting the entire program.

James Rickards - The Death Of Money And $10,000.00 Gold (thc0655)

James Rickards is Chief Global Strategist at the West Shore Funds, Editor of Strategic Intelligence, a monthly newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. He is the author of New York Times best seller, The Death of Money (Penguin, 2014), and national best seller, Currency Wars (Penguin, 2011).

Liberia Is Free of Ebola, World Health Organization Declares (jdargis)

The room, packed with reporters, workers from Doctors Without Borders and other aid agencies and dignitaries, including the American ambassador to Liberia, Deborah R. Malac, burst into applause, according to health officials who were present.

Don’t (just) blame Facebook: We build our own bubbles (jdargis)

Of course, Facebook isn’t the only way to build yourself a bubble online. The researchers note that platforms like Twitter connect you with topics more so than acquaintances (as does selecting blogs to frequent), giving us even more control over the information and viewpoints we encounter. It’s worth remembering that we are active participants in this process, and the bubble probably wouldn’t exist if it weren’t for our desire to be inside one.

Dry Heat (jdargis)

If, come Jan. 1, Lake Mead’s level is below 1,075 feet, the U.S. Bureau of Reclamation, which manages the river, will declare an official shortage for the first time ever—setting into motion a series of already agreed-upon mandatory cuts in water outlays, primarily to Arizona. (Nevada and Mexico will also receive smaller cuts.) The latest forecasts give a 33 percent chance of this happening. There’s a greater than 75 percent chance of the same scenario on Jan. 1, 2017. Barring a sudden unexpected end to the drought, official shortage conditions are likely for the indefinite future.

World headed for an El Nino and it could be a big one, scientists say (Arthur Robey)

The world is headed into an El Nino event – potentially a big one – which will lift global temperatures and likely exacerbate bushfires and drought in eastern Australia, climate specialists say.

Fairfax Media understands that Australia's Bureau of Meteorology will announce next Tuesday that the El Nino event is all but certain.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/7/15

Provided daily by the Peak Prosperity Gold & Silver Group

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Arthur Robey
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