Fed study suggests U.S. labor market rosier than thought

NEW YORK - A key measure of the U.S. labor market appears to exaggerate the damage brought on by the Great Recession, according to a fresh study by the Federal Reserve Bank of New York, suggesting the job market may be closer than previously thought to a full recovery. These "Demographic factors are exerting downward pressure on the actual E/P rate, suggesting that the recent lack of improvement in the E/P ratio does not imply a lack of progress in the labor market," they said. Fed policymakers, bound by law to achieve full employment and price stability, may take note as they try to predict when the amount of so-called slack in the labor market will diminish, leading to inflationary wage pressures. While San Francisco Fed President John Williams said in September that the low employment-to-population ratio is sending a much too pessimistic signal on the job market, Ben Bernanke, who stepped down as Fed chairman on Friday, said in November the ratio overstates the degree of slack in the labor market.
Source: REUTERS


Swirl >>

The Notes MustReads for Monday February 3 2014 - ABC
Monday February 3 2014 - PBS NEWSHOUR
Weak US manufacturing data sends world markets into slump as Janet Yellen takes over Federal Reserve - INDEPENDENT
Federal Eye IRS reinstates employee bonuses ending sequesterrelated hold on awards - WASHINGTON POST
Concerns I Have on Feeding My Family - HUFFINGTON
A Female Scientist Is Entitled to Her Title - HUFFINGTON
Study Feeling Small Makes People More Paranoid - THE ATLANTIC
Stocks drop still not enough to pause the Fed Fisher says - REUTERS

The technology bringing Sinatra, Tupac back to life

Based on a Victorian-era light projection system called 'Pepper's Ghost' which was developed by two inventors - Henry Dircks and John Pepper - in the 1860s, Musion Eyeliner offers a range of spectacular stage effects that, in addition to bringing Frank Sinatra back to life, have been used to reanimate Tupac Shakur, Michael Jackson and Elvis Presley. Uwe Maass, the inventor or Musion Eyeliner, explains that when it was first developed in the 19th century, Pepper's Ghost was quite straightforward: "The Pepper's Ghost system is relatively simple. It is a piece of foil in a 45 degree angle and it reflects the image from the floor onto the stage." From the audience's perspective the light projection can offer all kinds of effects including making realistic 3-D people appear on stage. "They're really pleased with the system because in France they couldn't travel all together, so we had two of the group members virtually on stage and performing together, interacting together with the rest of the group who were real on stage. "Another application is teleconferencing ... You can have one performance on one stage that is live and then you can have a hundred performances at the same time all over the world with the same concert," says Maass.
Source: CNN


Swirl >>

Rep Paul Broun Would Back Obama Impeachment - ABC
The Champion Barack Obama - THE ATLANTIC
Artist Basquiats early works to be on exhibit auction in New York - REUTERS
Why Chinas PMI Figures Might Not Be As Bad As They Look - FORBES
Coppers swoon Bad omen for China - CNBC NEWS
Egypt Bank Closures Add Strain On Economy - CBS NEWS
Laura Prepon Will Be Back For Orange Is The New Black Season 2 - HUFFINGTON
Swiss Bank UBS Beats Forecasts and Shares Surge - ABC

Japan's econmin: financial markets overreacting to U.S. economic data

TOKYO - Japanese Economics Minister Akira Amari said on Tuesday he is worried that financial markets are overreacting to U.S. economic data and that the Federal Reserve's tapering of its government debt purchases is a sign that the world's largest economy is improving. Amari, speaking to reporters, said that recent gains in corporate profits show that Japan's economy is improving. U.S. stocks slumped on Monday, with the Standard & Poor's 500.SPX suffering its worst drop since June, after weaker-than-expected data on the U.S. factory sector provided investors with the latest reason to move away from riskier assets.
Source: REUTERS


Swirl >>

Janet Yellen sworn in as Federal Reserve chair - TELEGRAPH
Janet Yellen sworn in as new head of US Federal Reserve - INDEPENDENT
Janet Yellen Sworn In To Lead Federal Reserve - TIME
Long lunar night wait for Chinas malfunctioning Jade Rabbit moon rover - REUTERS
Factory Output Grows For 5th Straight Month In Jan - CBS NEWS
General Motors Blames Polar Vortex For January Sales Slump - TIME
Jamar scores 20 adds 10 rebounds to help Montana hold off Montana State 7066 - FOX NEWS
Hugh Jackman is game at the Super Bowl and more Celeb Sightings - CNBC NEWS

Exclusive: Citi's Sheets to start job at Treasury next week

WASHINGTON - Citigroup economist Nathan Sheets will start working next week as a counselor to U.S. Treasury Secretary Jack Lew, an official at the Treasury Department told Reuters on Monday. Reuters reported on Friday that the Obama administration was considering nominating Sheets to be the Treasury's top official for international affairs, a post that has been vacant since November. Sheets' new job as counselor would give him a position at the Treasury from which to advise Lew until he is nominated and confirmed by the Senate. As the Treasury's undersecretary for international affairs, Sheets would have to field questions from emerging market nations whose markets are reeling from a dramatic reversal of money flows tied partly to the U.S. Federal Reserve's decision to curtail its economic stimulus.
Source: REUTERS


Swirl >>

The 7 Best Super Bowl Hotels in New York City - ABC
Jose Mourinho made Chelseas win at Manchester City look like childs play He really is the Special One - DAILY MAIL
Report Freeze Cost California Citrus About 441M - TIME
Manchester City v Chelsea Fernandinho adds to Manuel Pellegrini woes - TELEGRAPH
Seattle Super Bowl Win Buoys a City Used to Losing - ABC
City of London to help fund Crossrail art - FINANCIAL TIMES
Long Beach City College experiments with tiered pricing - LOS ANGELES TIMES
Swansea City target Graeme Jones to replace Michael Laudrup as manager - TELEGRAPH

China to End Loophole in Child Rape Law, Experts Say

For 16 years, children's rights advocates have called on the Chinese government to do away with a law that allows men who have sex with girls under 14 years of age, the legal age of consent, to receive a more lenient punishment than those convicted of raping older girls or women if they can "Prove" that the child was paid or otherwise compensated for sex. The Chinese Supreme Court has indicated to a leading proponent of changing the law, National People's Congress deputy Sun Xiaomei, that it accepts the argument that the law, which has been on the books since 1997, is unfair and wrong. "While we have to wait for the change to become law, and the Supreme Court can't legislate, only the National People's Congress can, we've been told that it is already effectively over," Ms. Zhang said. For years, Ms. Sun, a university colleague of Ms. Zhang, had pushed in the National People's Congress for the law to be changed, as had many others.
Source: NEW YORK TIMES


Swirl >>

Smog Has Benefits Chinas State TV Says - TIME
Chinas Government Is Scaring Foreign Journalists Into Censoring Themselves - THE NEW REPUBLIC
Diane E Long helps California boost exports to China - LOS ANGELES TIMES
Chinese hackers spied on Europeans before G20 meeting researcher - REUTERS
For WorkingClass Chinese Picture Day Is A Rare Treat - NPR
China Is Tied to Spying on European Diplomats - NEW YORK TIMES
New China data boosts recovery hopes - BBC
Chinas ancient capital rises again - BBC

Israel, Jordan and Palestinians to sign regional water agreement

Hazim El-Naser, Jordan's water minister, and Shaddad Atilli, head of the Palestinian Water Authority, were due to join Silvan Shalom, Israel's water minister, in signing a memorandum of understanding on three regional water sharing initiatives at the World Bank's headquarters in Washington. The agreement - the outcome of talks held since 2005 on the "Red Sea-Dead Sea" project - includes the development of a desalination plant to be built in Aqaba, Jordan, at the northern tip of the Red Sea, which would provide Jordan and Israel with a new source of drinking water. The Dead Sea, a tourist attraction and heritage site that lies at the lowest point on earth, has been declining by about a meter per year because of climate change and diversion of water from the Jordan River, which feeds into it. Environmental groups say that pumping brine into the Dead Sea would alter its water quality and could even threaten its distinctive blue colour.
Source: FINANCIAL TIMES


Swirl >>

All They Want for Christmas Is Their Freedom Will Governor Brown Grant Clemency to the California 12 - HUFFINGTON
WestJet Finds Out What Passengers Want For Christmas Leaves Presents At Baggage Claim VIDEO - HUFFINGTON
Why The NSA Was Really Spying On Gamers - HUFFINGTON
Report Government spied on World of Warcraft - CNN
Report Feds spied on World of Warcraft - CNN
Why Wall Street Isnt Ready For Bitcoin - DIGG
Walk of the month Kingston upon Thames Red bricks and boxes on the riverbank - INDEPENDENT
Guess Whos Funding the Republican Civil War - NATIONAL JOURNAL

Frank says Wall St attempts to derail Volcker will fail

Even before Tuesday's vote, banks and their critics were preparing for fresh skirmishes over the Volcker rule, one of the most significant attempts to restrict banks' activity by prohibiting proprietary trading. Mr Frank predicted that legal challenges to delay or overturn the rule would fail because of changes last month to the Senate's filibuster rule that make it easier for President Barack Obama to appoint his choice of judges. People familiar with the matter said the rule would be tougher than the version outlined three months ago, with officials in the Securities and Exchange Commission and Commodity Futures Trading Commission demanding a rule that was more prohibitive on the types of funds that banks are allowed to sponsor. The rule's publication also sets the stage for a bruising battle between the likes of Goldman Sachs and JPMorgan Chase in the US and Deutsche Bank and Barclays in Europe over the extent to which the rule will harm US banks and give a competitive advantage to their European rivals.
Source: FINANCIAL TIMES


Swirl >>

Why Wall Street Isnt Ready For Bitcoin - DIGG
Walk of the month Kingston upon Thames Red bricks and boxes on the riverbank - INDEPENDENT
Recipes for Health Mixed Grains Risotto With Kale Walnuts and Black Quinoa - NEW YORK TIMES
Tila Tequila Claims Paul Walker Was Murdered - HUFFINGTON
Thousands Attend Memorial for Fast Furious Star Paul Walker - ABC
Fast Furious 7 Director on Films Fate After Paul Walkers Death - ABC
Paul Walker fans hold memorial rally - BBC
Thousands memorialize actor Paul Walker at California car rally - REUTERS