Europe Stuns With “Surprising” Record High Unemployment Print, Inflation At 4 Year Low; Euro Tumbles

Those following the Euro FX pairs saw a plunge at 6 am Eastern, when Eurostat released the latest Eurozone unemployment and inflation statistics. They were, in a word, abysmal. After the August unemployment data finally saw a modest drop forcing many to announce the end of the European depression, not only did the the September number revise the August print from 12.0% to 12.2%, a new record high as 73,000 thousand people became unemployed, but more importantly made the September unemployment rate 12.2% as well following another 60,000 Eurozoneans losing their jobs, effectively meaning that for all the talk of a European recovery, its unemployment rate keeps hitting new all time record highs every single month.

Broken down by country:

And yes, that sudden housing mecca for all rental condo flippers, Spain, was just found to also have a record high unemployment rate of 26.6%. So much for that.

But the worst print for Europe is not in any of the above charts or tables, but is and has always been its youth unemployment, as an entire generation is unable to find a productive life. In this case, the EA17 Under 25 unemployment just rose to a new record high 24.1%, from 24.0% in August, driven by Spain at 56.5%, Cyprus 43.9% (was 28.0% a year ago – thanks template), Portugal at 36.9%, and Greece somewhere in the 58% ballpark.

 

Finally, rounding out the abysmal picture was the Euro area’s just reported October CPI, which tumbled to 0.7%Y/Y, down from 1.1% in September and below the 1.1% expected. This was the weakest annual inflation print in the continent since 2009, and is a bright red flag for Draghi that everything he has done so far has failed to stimulate inflation, but at least his precious EUR is at 2 year highs against the dollar. Alas, not for much longer as the time to reprice the European currency has arrived.

 

End result of all of the above:

And going much lower.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/QyKAEbDvWog/story01.htm Tyler Durden

Europe Stuns With "Surprising" Record High Unemployment Print, Inflation At 4 Year Low; Euro Tumbles

Those following the Euro FX pairs saw a plunge at 6 am Eastern, when Eurostat released the latest Eurozone unemployment and inflation statistics. They were, in a word, abysmal. After the August unemployment data finally saw a modest drop forcing many to announce the end of the European depression, not only did the the September number revise the August print from 12.0% to 12.2%, a new record high as 73,000 thousand people became unemployed, but more importantly made the September unemployment rate 12.2% as well following another 60,000 Eurozoneans losing their jobs, effectively meaning that for all the talk of a European recovery, its unemployment rate keeps hitting new all time record highs every single month.

Broken down by country:

And yes, that sudden housing mecca for all rental condo flippers, Spain, was just found to also have a record high unemployment rate of 26.6%. So much for that.

But the worst print for Europe is not in any of the above charts or tables, but is and has always been its youth unemployment, as an entire generation is unable to find a productive life. In this case, the EA17 Under 25 unemployment just rose to a new record high 24.1%, from 24.0% in August, driven by Spain at 56.5%, Cyprus 43.9% (was 28.0% a year ago – thanks template), Portugal at 36.9%, and Greece somewhere in the 58% ballpark.

 

Finally, rounding out the abysmal picture was the Euro area’s just reported October CPI, which tumbled to 0.7%Y/Y, down from 1.1% in September and below the 1.1% expected. This was the weakest annual inflation print in the continent since 2009, and is a bright red flag for Draghi that everything he has done so far has failed to stimulate inflation, but at least his precious EUR is at 2 year highs against the dollar. Alas, not for much longer as the time to reprice the European currency has arrived.

 

End result of all of the above:

And going much lower.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/QyKAEbDvWog/story01.htm Tyler Durden

Obama Approval Rating Drops To Record Low

It seems like it was an eternity ago that Obama was doing his post-government shutdown gloating media tour, when day after day the world was bombarded with news of the GOP’s record low popularity rating, paradoxically following their attempt to do what even the president is now desperate to achieve: delay Obamacare. Well, the tables have turned and now that the government shutdown is history, at least until January, and the public focus has shifted to where it should have been in the first place – namely the embarrassing ponzi scheme experiment that is Obamacare, and the epic failure surrounding its rushed rollout – it is Obama’s turn to suffer a record low rating, which is precisely what happened according to a just concluded WSJ/NBC News poll.

The WSJ reports that “the popular discontent that engulfed Republicans amid the partial government shutdown has now washed over President Barack Obama, whose job approval rating has sunk to an all-time low. Americans just weeks ago heaped scorn largely on congressional Republicans over the dysfunction in Washington. But the new poll found a sharp turn against Mr. Obama, during a month in which lawmakers tiptoed up to a potential debt default and the White House fumbled the rollout of its signature health-care law.

Specifically:

Mr. Obama’s job approval fell to 42%, with 51% of respondents disapproving of his performance as president. That marked a drop in his approval rating from 47% in early October and 53% at the end of 2012.

 

At the same time, more Americans now view Mr. Obama negatively than positively, for the first time since he emerged as a national political candidate.

 

In all, the poll of 800 Americans captured an extraordinarily deep and widespread public distaste for the two political parties, those parties’ leaders and the state of politics in the nation’s capital.

Elsewhere, it appears that Americans just have given up on the government system, whose increasing corruption and cooption by moneyed interests is now obvious to everyone:

Optimism about the U.S. system of government, at 30%, was at the lowest ebb in 40 years. Just 29% said their congressional representative deserved re-election—a new low—while nearly three-quarters said Congress was contributing to the problems in Washington instead of working to solve them.

 

House Speaker John Boehner and Senate Minority Leader Mitch McConnell, both Republicans, hit their highest negative ratings, as did Senate Majority Leader Harry Reid, a Democrat.

 

“Americans are voicing their frustration at a Congress that cannot keep the government open for business and an administration that cannot get health care open for enrollment,” Mr. Hart said.

 

Republican pollster Bill McInturff, who conducts the survey along with Democrat Fred Yang, described the findings as a “shock wave” that showed the depth of “anger and frustration with everybody in Washington.”

Frustration… and yet nobody will dare to change anything for fear of losing their precious entitlements, which are unsustainable as is and like in Detroit will end up with pennies on the dollar, or for fear of infringing on their Dancing with the Stars TV time.

Visually:


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/vSwcEhzPfSk/story01.htm Tyler Durden

The Obama Administration is Forcing Insurance Companies To Keep Quiet About Obamacare Problems

Submitted by Michael Krieger of Liberty Blitzkrieg blog,

Just when you think the Obama Administration can’t stoop any lower they immediately come in and surprise you. In this incredible clip from CNN, we learn that insurance company executives are being threatened with retribution if they publicly criticize the rollout of ObamaCare, or inform the public about some of the most pressing issues with the disastrous healthcare plan.

In the most powerful part of the clip, Robert Laszewski, the President of Health Policy and Strategy Associates, LLC claims that healthcare executives warned the Obama Administration about severe problems with the rollout ahead of time, and that they were completely ignored. Our government in an inept mafia. Nothing more, nothing less.

 

 

I highlighted some of the issues with the plan back in June of last year in the piece: Thoughts on Obamacare from a Surgeon and Friend.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/Bm0ZzhtiHdY/story01.htm Tyler Durden

County opposes Facebook privacy changes for young teens

The Fayette County Commission has expressed concern over a proposed change that would allow young teens using Facebook a chance to let all users view their posts, pictures and more.

Currently, Facebook users ages 13-17 are only allowed to share their material directly with friends or “friends of friends.” The change Facebook is planning would allow those young users to choose to share their content with all Facebook users, according to Fayette County Commission Chairman Steve Brown.

The commission unanimously passed a resolution Oct. 24 opposing the changes.

read more

via The Citizen http://www.thecitizen.com/articles/10-30-2013/county-opposes-facebook-privacy-changes-young-teens

What’s Fayette’s Plan B if infrastructure SPLOST loses?

Rapson: Will stick with stormwater utility, issue bond for $5 million

If Fayette County voters turn down the proposed two-year sales tax at the polls next week, county officials have a Plan B to pay for its stormwater repair projects.

read more

via The Citizen http://www.thecitizen.com/articles/10-30-2013/what%E2%80%99s-fayette%E2%80%99s-plan-b-if-infrastructure-splost-loses

Bringing Main Street into the iPad age

The annual Main Street Halloween costume contest in downtown Fayetteville featured costumes both old, new and creative too. Cole Gumerson wore a painstakingly detailed iPad costume, blending in with all the other animals and characters on display. The event also offered a hayride, music and food fare from the jointly-operated Market Day. Photo/John Munford.

read more

via The Citizen http://www.thecitizen.com/articles/10-30-2013/bringing-main-street-ipad-age

What’s on the ballot?

All voters in Fayette County, regardless of whether they live in a city or the unincorporated county, have something to vote about before election day ends Tuesday at 7 p.m.

Everyone gets a say on the proposed two-year core infrastructure SPLOST, and Peachtree City will elect a mayor and three council members. Those in the unincorporated county also face a separate measure that would allow alcohol sales by the drink, as an alcohol referendum approved last year only addressed package alcohol sales at locations in unincorporated Fayette.

read more

via The Citizen http://www.thecitizen.com/articles/10-30-2013/what%E2%80%99s-ballot

Up for vote: SPLOST, 4 PTC Council posts

Time running out to early-vote before election day; Hwy. 54W traffic, mayor’s lawsuit, ‘civility’ key issues in PTC campaigns

Friday is the last day for early voting at the Peachtree City Library in advance of the official Election Day Tuesday, when Peachtree City residents will pick a mayor and three of four city council members and weigh in on a proposed county-wide sales tax.

read more

via The Citizen http://www.thecitizen.com/articles/10-30-2013/vote-splost-4-ptc-council-posts

First Glimpse Of China’s Nuclear Submarine Fleet

Following Japan’s scrambling of fighter jets for the 3rd day in a row, China has revealed that its first fleet of nuclear submarines has started sea patrols, in the latest sign of its military’s growing confidence which has raised concerns in the region. As The FT reports, Xinhua, China’s official news agency, released photographs of what appeared to be Xia-class vessels – China’s first generation of nuclear-armed submarines, which are several decades old – saying they were being “declassified” for the first time, adding with supremely colorful language that, the subs would “gallop to the depths of the ocean, serving as mysterious forces igniting the sound of thunder in the deep sea”, and be an “assassin’s mace that would make adversaries tremble”.

 

 

Via The FT,

 

While the submarines displayed on Sunday were the older generation of nuclear vessels that are part of China’s northern fleet – and not the more advanced Jin-class based at the southern Chinese island of Hainan – the display in the domestic media nonetheless reflects the Chinese military’s growing confidence.

 

It is still the first time that the Xia class has been discussed in such detail in China’s state-run media,” said Taylor Fravel, an expert on Chinese security at the Massachusetts Institute of Technology in the US. “As China’s military modernisation continues to advance, the PLA has become more willing to discuss its capabilities.”

 

 

In recent years, the People’s Liberation Army Navy has become increasingly active in the Pacific, particularly in staking Chinese claims to disputed maritime territory in the South China Sea.

 

Chinese ships and aircraft have also become more aggressive in challenging Japanese control of the Senkaku Islands – which China calls the Diaoyu – in the East China Sea. Japan has administered the uninhabited group for decades, but China and Taiwan both claim sovereignty.


    



via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/GZRzr6_P9eI/story01.htm Tyler Durden