Global Economy, Economic Environment, Labor, Money & Finance, GDP
The global spotlight has been on the troubled Indian economy in recent weeks as investors fear that a plunge in the rupee will evolve into a destabilizing financial and economic crisis. The current turmoil is partially a function of broad emerging market difficulties but also very much reflects unique growing problems brought about by an inefficient regulatory regime, a shortage of skilled labor, widening fiscal and current account deficits, and poor economic governance. Nonetheless, while the moment is indeed troubling for India, U.S. manufacturers need not worry about a repeat of the severe 1991 balance of payments crisis. External debt is much lower than during that year and foreign exchange revenues are able to cover short-term obligations. Indian policymakers, however, do have to heed current distress signals and take action. Otherwise, this large and globally important country faces a bleak future.
Following a strong pace of production in the first quarter of 2013, manufacturing production eased in the second quarter but should accelerate growth, according to the quarterly Manufacturers Alliance for Productivity and Innovation
Imagine yourself a weather forecaster and that next week’s forecast is based partially on weather conditions over the past week. You make your forecast and a week later you find that last week’s data used for your forecast has been revised.
July’s industrial production fell 1 percentage point in the EU compared to the month before and was down twice that compared to the previous year. Manufacturing output will probably decline about half a percent this year in the Eurozone before climbing about a percentage point in 2014.
The U.S. Court of Appeals for the Fifth Circuit has held that a provision in the Dodd-Frank Act protecting whistleblowers from employer retaliation does not cover individuals who communicate possible securities law violations only within their company, not to the SEC. The court noted that the definition of “whistleblower” in the statute expressly requires such individuals to provide information relating to a violation of the securities laws to the commission. The court declined to accept a reading of the statute that would extend whistleblower protection to individuals who make the kinds of disclosures about securities laws violations mentioned in another provision of the statute, irrespective of whether they provide information to the SEC.
There is nothing remotely ordinary about Stephen Hawking. Early on, nature played a cruel trick and left him with a life-long disability that most of us could not imagine confronting for five minutes. But he is known to be a stubborn man and refused to give in.
You have to say one thing about the U.S. job market. While other economic data have been murky and volatile as of late, labor market data, and the issues they highlight, have been remarkably steady and clear.