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### Friday, June 03, 2016
## I Told You So
Eventually,
The monthly employment report could not be worse, and will rebound next month, but only to very disappointing levels. One of the special factors causing the "shock" factor in this report are probably Texas floods, with manufacturing and transportation delays. But a great deal of it cannot be blamed on special factors. The Verizon strike doesn't have anything to do with it.
There is strong agreement for May between the
According to
All of this really shouldn't shock anybody, but it will be reported and felt as shocking. There were significant downward revisions to prior months in the Establishment survey. The unemployment rate fell to 4.7% because of participation changes, with the month-to-month Not In Labor Force total rising 664,000. Participation rates have been falling for a couple of months. In March it was calculated at 63.0; this month it is 62.6 - lower than May 2015.
What is happening is that services are slowly downturning to follow manufacturing. Manufacturing is not pulling out at all.
Temporary help services was quite negative at -21,000. Generally this doesn't predict strong performance over the next few months.
Rail intermodal has been highly negative for several months. The
The June rate hike
The collapse in the worst-of-the-worst subprime auto issues has a little to do with this, but the basic problem is that the growth impetuses are all slowly fading. Inventory pile-ups have been forecasting this for quite some time.
Nothing I am seeing in any reports changes my assessment. We are in the first stages of a European-style business-led recession. It will be long and slow.
More about drivers whenever I have the time. In the meantime, from a political perspective, it ought to be obvious that the advantage is to the candidate talking about JOBS JOBS JOBS instead of the candidate talking about continuing current policies.
UPDATE: The May service sector reports are out, confirming my comment that the mechanism here is a slowing in services.
*the music always stops*.
The monthly employment report could not be worse, and will rebound next month, but only to very disappointing levels. One of the special factors causing the "shock" factor in this report are probably Texas floods, with manufacturing and transportation delays. But a great deal of it cannot be blamed on special factors. The Verizon strike doesn't have anything to do with it.
There is strong agreement for May between the
[Household](http://www.bls.gov/news.release/empsit.a.htm)and [Establishment](http://www.bls.gov/news.release/empsit.b.htm)surveys. Household is +26,000 jobs; Establishment is +38,000/25,000 private.
According to
[Household Table A-8](http://www.bls.gov/news.release/empsit.t08.htm), *part-time workers for economic reasons rose by almost 500,000.* **non-ag**
All of this really shouldn't shock anybody, but it will be reported and felt as shocking. There were significant downward revisions to prior months in the Establishment survey. The unemployment rate fell to 4.7% because of participation changes, with the month-to-month Not In Labor Force total rising 664,000. Participation rates have been falling for a couple of months. In March it was calculated at 63.0; this month it is 62.6 - lower than May 2015.
What is happening is that services are slowly downturning to follow manufacturing. Manufacturing is not pulling out at all.
Temporary help services was quite negative at -21,000. Generally this doesn't predict strong performance over the next few months.
Rail intermodal has been highly negative for several months. The
[CMI business to business credit survey](http://web.nacm.org/CMI/PDF/CMIcurrent.pdf) *(see page 6; look at the graph)*shows that services are following manufacturing, with some more to go.
The June rate hike
*(snicker)*is off the table. It always was.
The collapse in the worst-of-the-worst subprime auto issues has a little to do with this, but the basic problem is that the growth impetuses are all slowly fading. Inventory pile-ups have been forecasting this for quite some time.
Nothing I am seeing in any reports changes my assessment. We are in the first stages of a European-style business-led recession. It will be long and slow.
More about drivers whenever I have the time. In the meantime, from a political perspective, it ought to be obvious that the advantage is to the candidate talking about JOBS JOBS JOBS instead of the candidate talking about continuing current policies.
UPDATE: The May service sector reports are out, confirming my comment that the mechanism here is a slowing in services.
[Markit](https://www.markiteconomics.com/Survey//PressRelease.mvc/1ee25280d8e94db7a6ffa42d29b3ff91). [I](https://www.instituteforsupplymanagement.org/ismreport/nonmfgrob.cfm) [SM](https://www.instituteforsupplymanagement.org/ismreport/nonmfgrob.cfm).
### Friday, May 06, 2016
## Employment Report, April
[This one's](http://www.bls.gov/news.release/empsit.nr0.htm)a bit of a puzzle. We have the sharp divergence of the Household Survey vs the Establishment Survey. Neither are particularly good: [Establishment](http://www.bls.gov/news.release/empsit.b.htm)came in at 160K, whereas [Household](http://www.bls.gov/news.release/empsit.a.htm)came in at -316K.
The two-month (Feb to April) Household number is +70K, for an average +35K per month.
Establishment is showing a much better number for those two months at +184K per month. There were downward revisions to the previous two months totaling -19K.
I do think the Household Survey picks up trend shifts (both positive and negative) earlier than the Establishment Survey. Adjusting for the higher error ratio in the Household gives an unreconcilable -50K per month, so I would hazard that in the future the Establishment Survey will be revised down. The Employment/Population ratio dropped from 59.9 to 59.7 in Household.
Looking at
[Table A-8](http://www.bls.gov/news.release/empsit.t08.htm), it appears to me that some of the big Household Survey swing is actually due to weather- and calendar-induced SA perturbations. So I do not foresee a sudden drop-off in employment in the near future, although I think employment weakness will slowly become more obvious by July.
I am not surprised by the weakness, because FUTA has been forecasting it.
I still believe that the US entered recession in March. I still believe, however, that the US economy has been Europeanized to the extent that this one will have a European-style trajectory - very slow and long.
April rail figures for intermodal freight were notably poor:
The air is slowly leaking out of this expansion, and I really don't see what will redress it. There is time, but barring sudden fiscal stimulus, the weakness will continue to very slowly drag down the economy.
Looking at grocery stores, it appears to me that a price correction is underway. I expect the inflation rate to begin dropping sharply. This may help on the consumer side.
Both auto and housing sales are showing clear signs of weakening trends over the last few months. These trends have not yet impaired production, but when they do later in the year (or whenever managements begin to cut spending), we will see more traditional recession signs.
This is still a business-led downturn, and those do not have a sudden effect on employment. Inventories are too high, still. This is not going to rebalance on its own.
The dollar is weakening in response to recent data, but global growth trends are not very strong, and it will be hard for US manufacturing to pick up on export orders even with a weaker dollar.
Addendum & Note:
The theory that the strong employment of the last few years is enough to keep us from a consumer participation in a weak business cycle is rather stupid. If one looks at the longer term, this has been a stunningly poor expansion in terms of jobs:
The population has grown but full-time jobs are only a few million more than they were before the previous recession. There is literally not enough in the system to support housing values and rents; there is a limit to what credit can accomplish.
People are running up their credit cards again, but this has a natural end:
### Friday, April 15, 2016
## We Are Not In The Mood For This.
So I am reading about "residual seasonality" affecting first quarter growth. I guess the "weather" excuse became too risible? The comic economic commentary index, which always soars in the beginning of US recessions, is rising rapidly.
Many Who Know claim that first quarter growth will not reflect the real health of our economy. Which is very vibrant and thrilling. Or something like that.
The
But anyway, here is
1) All US GDP numbers are always annualized.
2) No Fed bank ever forecasts recessions. It's an unwritten rule. Thus this is as close to a recession forecast as you are ever going to see from a Fed source.
3) The basic US annualized quarterly GDP error range is slightly more than one percent.
Admittedly, March was crappy:
The crappiness hardly began in March. Really, folks. So retail joined in the party, a bit. That in a March that included Easter? Hah, it will be revised up. There will be sales in the last week. But still, this is not a growing economy.
Of course, there is always April:
But now it is not just carloads joining the pity party. Intermodal has joined in.
April is the cruelest month? One suspects not, because of this:
That was February. Inventory to sales ratios can't keep rising forever (although they do contribute to GDP). Since March retail sales weren't very good, one can presume that we have additional adjustments ahead.
Since rail is lower, it ain't over. The trucking gauge has been running way better than rail, but look at
It should be noted (you may
small business openings look to be stalled or past peak,
and, you know, there's perhaps not much more there:
If you read the link to the pdf of the report and go through the earnings/sales/sales expectations, particularly the last on the bottom of page 9, you'll see that vibrant hiring is unlikely. Price cutting in small firms often precedes a recession:
You may imagine how thrilled they are with the campaign for a $15 hour minimum wage. When the law forces you to pay your workers more than you are earning, hiring preferences ratchet down.
April is the next "large" survey. I expect it to be slightly better. I think this is just going to ooze along, but not upwards. Ooze tends to follow gravity's pull.
Missing a recession bar, but you get the idea from looking at this long term Industrial Production graph:
Note: In case you weren't getting it, Industrial Capacity Utilization (missing a recession bar):
Many Who Know claim that first quarter growth will not reflect the real health of our economy. Which is very vibrant and thrilling. Or something like that.
The
[NY Fed is going](http://www.reuters.com/article/us-usa-economy-nyfed-idUSKCN0X92I1)to get in the GDP forecasting game. But unlike Atlanta, they are going to modelize it, rather than depending on that irritating data. It's a model on top of data. Since they have already been publishing GDP models on Liberty Street, I don't understand what is so different?
But anyway, here is
[the link to the new " FRBNY Nowcast"](https://www.newyorkfed.org/research/policy/nowcast.html). As of this morning, 0.8 Q1 & 1.2 Q2. **Note for non-US persons reading this blog:**
1) All US GDP numbers are always annualized.
2) No Fed bank ever forecasts recessions. It's an unwritten rule. Thus this is as close to a recession forecast as you are ever going to see from a Fed source.
3) The basic US annualized quarterly GDP error range is slightly more than one percent.
Admittedly, March was crappy:
The crappiness hardly began in March. Really, folks. So retail joined in the party, a bit. That in a March that included Easter? Hah, it will be revised up. There will be sales in the last week. But still, this is not a growing economy.
Of course, there is always April:
But now it is not just carloads joining the pity party. Intermodal has joined in.
April is the cruelest month? One suspects not, because of this:
That was February. Inventory to sales ratios can't keep rising forever (although they do contribute to GDP). Since March retail sales weren't very good, one can presume that we have additional adjustments ahead.
Since rail is lower, it ain't over. The trucking gauge has been running way better than rail, but look at
[the petroleum report](http://ir.eia.gov/wpsr/overview.pdf). Four-week product supplied for distillate fuel oil is down 7% YoY. At this time of year, that's mostly trucking. [NFIB](http://www.nfib.com/)- ah, yes, the small business report. In [March's version](http://www.nfib.com/assets/SBET-March-2016.pdf), the "R" word appeared in a dispirited manner:
For a broader perspective, the Index has turned decidedly “south” over the last 15 months falling from a reading of 100 in December 2014 to 92.8. A “chartist” looking at the data historically might conclude that the Index has clearly hit a top and is flashing a recession signal. The April survey will decide whether or not the alarm should be rung. This month’s change was not statistically significant, just not in a positive direction.This is what he's talking about:
It should be noted (you may
[read the report on the website](http://www.nfib.com/surveys/small-business-economic-trends/?utm_campaign=SBET&utm_source=SBET&utm_medium=Chart&utm_content=sbet)) that small business hiring appears past peak, ![](http://www.nfib.com/assets/jobs-data-nfib.jpg)
small business openings look to be stalled or past peak,
![](http://www.nfib.com/assets/jobs-data-unfilled-openings-nfib.jpg)
and, you know, there's perhaps not much more there:
![](http://www.nfib.com/assets/job-creation-plans-nfib.jpg)
If you read the link to the pdf of the report and go through the earnings/sales/sales expectations, particularly the last on the bottom of page 9, you'll see that vibrant hiring is unlikely. Price cutting in small firms often precedes a recession:
You may imagine how thrilled they are with the campaign for a $15 hour minimum wage. When the law forces you to pay your workers more than you are earning, hiring preferences ratchet down.
April is the next "large" survey. I expect it to be slightly better. I think this is just going to ooze along, but not upwards. Ooze tends to follow gravity's pull.
Missing a recession bar, but you get the idea from looking at this long term Industrial Production graph:
Note: In case you weren't getting it, Industrial Capacity Utilization (missing a recession bar):
### Tuesday, April 05, 2016
## Comments, Possibly Ill-Advised.
We are in a recession. A little adjustment dingie wouldn't hurt us, but I am becoming increasingly afraid that we are in a European ditch-digging type recession of the nasty type that peaks about two years into the cycle of quiet economic dysfunction.
What I am looking at as confirmation of this are the
March
March
Note that withheld income and employment taxes are saying that income from employment is down YOY for March. That generally doesn't even happen in a recession! But low inflation probably has something to do with it. These figures were reliably predicted by the FUTA (FUT, Federal Unemployment Tax) change in direction months earlier. As noted before, we started out this fiscal year (Octover, November, December) with a fine YoY increase on this indicator.
Corporation Income Taxes are improving a bit, although still negative YoY. But this must have been achieved by cutting costs.
March's
Housing - eh. Purchase money apps are way up; sales are disappointing. There appears to be an affordability issue in many areas. It's not going as well as expected.
The federal government is coming up with increasingly creative proposals to convince banks to lend to borrowers who really can't afford their home and borrowers to buy homes they really can't afford, but banks no longer trust the federal government at all. They know that when the tide goes out, no matter what they were told before, the politicians will all be screaming and pointing at their crotches screaming "Child molester, child molester!" So banks are not cooperating. In this rate environment, you cannot afford many bad loans.
I leave it to you all to figure out what those employment withheld tax figures imply for consumer spending a few months from now. Real retail has really been stalled for about six months at 188,XXX:
August 2015 was 188,XXX, and every other month was 188,XXX except the lowball of October. March, except for autos, should be better due to the early Easter. But then there were autos:
This is pretty much a classic US recession pattern that has been pulled like a piece of taffy.
There is a sharp, sharp discrepancy between the official employment numbers and the Treasury receipts. I'm betting on Treasury receipts, which are very, very hard number. The employment numbers are produced by sampling - Treasury receipts are the final vote count.
Rail does not provide any good news:
You can ignore the last week, because of an early Easter. But in March things really started to go bad.
Note that there were factors this year that should have been highly favorable for Q1 YoYs, including a port issue which suppressed freight in 2015, and generally, a much less oppressive winter that should have helped the whole economy, including freight and driving-around type activity. Construction activity should have been facilitated. Most of Boston could at least see the street signs, which probably made pizza delivery a lot easier.
In Q2, these factors will not be present, and the situation is going to become more obvious. But only mildly so - again, this is not the classic US tip-over, but instead the climbing down into the ditch style of European recessions. But they are LONG. Very long. They do a lot of damage.
I am in something of a quandary, because the employment reports are so off-kilter with other data that I no longer believe them. I am unwilling to publicly speculate as to what is happening with them, but they aren't right. They're not true. No. Not happening.
The Monthly Treasury Statements for
February 2016: 49,202 (61,532) (You have to add FICA and DI, because FICA was redirected to DI)
February 2015: 50,848 (59,932)
We may be replacing higher-paid jobs with lower-paid jobs, but that's not what the Establishment report said was happening. We may be replacing one job with two jobs, but that's not what FUT or the Household Report says. So the employment surveys are telling us something that just isn't true.
Very highly paid employment is up over the year in comparison to low-paid employment. The weakness is in the lower end jobs. I know this because when I look at the February HI receipts YoY, they have increased more than the February FICA + DI receipts. As high end salaries run out their SS FICA cap, the discrepancy grows later in the year, although when there is a lot of job switching it is offset somewhat.
Balance of trade is quietly worsening. In fact all the lower-level data is rather consistent; economic activity is slowing YoY. And it simply must be showing up in employment, which is pretty much the NBER definition of a recession. Interestingly, JOLTS job openings come very close to the retail peak/sag in timing (peak July):
I don't see any epic crash forming, just a quiet inexorable sag.
If you look at the initiation of the last elevation, you'll notice it slots in well with the beginning of the retail stall and the JOLTS peak timing.
It might be next year before they notice. But I would guess they'll say something in November, after the election.
What I am looking at as confirmation of this are the
[Treasury tax receipts](https://www.fms.treas.gov/dts/index.html):
March
*:* **2016**
March
*:* **2015**
Note that withheld income and employment taxes are saying that income from employment is down YOY for March. That generally doesn't even happen in a recession! But low inflation probably has something to do with it. These figures were reliably predicted by the FUTA (FUT, Federal Unemployment Tax) change in direction months earlier. As noted before, we started out this fiscal year (Octover, November, December) with a fine YoY increase on this indicator.
Corporation Income Taxes are improving a bit, although still negative YoY. But this must have been achieved by cutting costs.
**The situation is not temporary, because FUT is predicting a FURTHER drop.**
March's
[auto sales](http://wardsauto.com/industry/march-us-sales-sink-long-time-low-saar)were disappointing, although auto production figures in Q1 were very good. The daily sales rate was in fact the lowest since last Feb 2015. But I presume the problems with some of the subprime auto loan ABS have something to do with the rather sudden March sales drop - [lending needs to tighten](http://www.usatoday.com/story/money/cars/2016/02/27/subprime-auto-loan-delinquencies-hit-six-year-high/81027230/)from last year. Auto sales aren't going to help us that much YoY going further. I bet we'll end up the year a few percentage points down from 2015, mostly on subprime loans, which were holding up fine in summer of last year, but started to implode at the end of 2015. The oil patch is accounting for a lot of this so far, but on the other hand the sales share of subprime loans also reached an extreme high last year. You can only dig so far before hitting the sewer line. They found it. They will be getting out of that hole as quickly as possible.
Housing - eh. Purchase money apps are way up; sales are disappointing. There appears to be an affordability issue in many areas. It's not going as well as expected.
[Construction](http://www.census.gov/construction/c30/pdf/release.pdf)should still be decent through July/August, though. There are plenty of apartment buildings still in the works. But the YoY increase, currently up there in the 10 percent region, is going to fade out there as well.
The federal government is coming up with increasingly creative proposals to convince banks to lend to borrowers who really can't afford their home and borrowers to buy homes they really can't afford, but banks no longer trust the federal government at all. They know that when the tide goes out, no matter what they were told before, the politicians will all be screaming and pointing at their crotches screaming "Child molester, child molester!" So banks are not cooperating. In this rate environment, you cannot afford many bad loans.
I leave it to you all to figure out what those employment withheld tax figures imply for consumer spending a few months from now. Real retail has really been stalled for about six months at 188,XXX:
August 2015 was 188,XXX, and every other month was 188,XXX except the lowball of October. March, except for autos, should be better due to the early Easter. But then there were autos:
![](http://wardsauto.com/site-files/wardsauto.com/files/imagecache/large_img/uploads/2016/04/ussales1603.png)
This is pretty much a classic US recession pattern that has been pulled like a piece of taffy.
There is a sharp, sharp discrepancy between the official employment numbers and the Treasury receipts. I'm betting on Treasury receipts, which are very, very hard number. The employment numbers are produced by sampling - Treasury receipts are the final vote count.
Rail does not provide any good news:
You can ignore the last week, because of an early Easter. But in March things really started to go bad.
Note that there were factors this year that should have been highly favorable for Q1 YoYs, including a port issue which suppressed freight in 2015, and generally, a much less oppressive winter that should have helped the whole economy, including freight and driving-around type activity. Construction activity should have been facilitated. Most of Boston could at least see the street signs, which probably made pizza delivery a lot easier.
In Q2, these factors will not be present, and the situation is going to become more obvious. But only mildly so - again, this is not the classic US tip-over, but instead the climbing down into the ditch style of European recessions. But they are LONG. Very long. They do a lot of damage.
I am in something of a quandary, because the employment reports are so off-kilter with other data that I no longer believe them. I am unwilling to publicly speculate as to what is happening with them, but they aren't right. They're not true. No. Not happening.
The Monthly Treasury Statements for
[February 2016](https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0216.pdf)and [February 2015](https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0215.pdf)show a poor picture, but not as bad. It will be interesting to see the March versions.
February 2016: 49,202 (61,532) (You have to add FICA and DI, because FICA was redirected to DI)
February 2015: 50,848 (59,932)
We may be replacing higher-paid jobs with lower-paid jobs, but that's not what the Establishment report said was happening. We may be replacing one job with two jobs, but that's not what FUT or the Household Report says. So the employment surveys are telling us something that just isn't true.
Very highly paid employment is up over the year in comparison to low-paid employment. The weakness is in the lower end jobs. I know this because when I look at the February HI receipts YoY, they have increased more than the February FICA + DI receipts. As high end salaries run out their SS FICA cap, the discrepancy grows later in the year, although when there is a lot of job switching it is offset somewhat.
Balance of trade is quietly worsening. In fact all the lower-level data is rather consistent; economic activity is slowing YoY. And it simply must be showing up in employment, which is pretty much the NBER definition of a recession. Interestingly, JOLTS job openings come very close to the retail peak/sag in timing (peak July):
I don't see any epic crash forming, just a quiet inexorable sag.
[Manufacturing](http://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf)is not rebounding, and as things get tighter, there won't be much to rebound it. Inventories hadn't cleared [as of January](http://www.census.gov/wholesale/pdf/mwts/currentwhl.pdf), and although there will be ups and downs, I don't think they can now:
If you look at the initiation of the last elevation, you'll notice it slots in well with the beginning of the retail stall and the JOLTS peak timing.
*God only knows when NBER will recognize this. I don't see them as being very political, but they are not exactly street savvy either. They wouldn't know a subprime loan if it bit one of them on the butt, and most of the NBER committee members probably believe that mortgage lending based on income from individuals not obligated on the mortgage is a GOOD idea that leads to increasing economic prosperity. You might say that they are blind to some of the seamier nuances.* **So I would shift my call to official recession beginning in March 2016.**
It might be next year before they notice. But I would guess they'll say something in November, after the election.
### Friday, February 05, 2016
## Employment, Suggestive Only
First, the technical adjustment in January makes it difficult to accurately compare numbers. BLS does the best they can - if you read through
1) The adjustment for the
2) The adjusted Dec/Jan MoM chanrge for the
3) Turning to the
Now, how you reconcile this is up to you, but January FUT seemed to indicate that employment was not too good in January. When in total doubt, I usually use FUT.
Now, for some M_O_Mish (
I think we still have a two-step economy. We all know about the problem with oil. The inflection change showed up beautifully in the 2015 NACO county survey. The stronger dollar hurts export business. Both of these affect larger companies more than smaller companies, although there is a high feed-through to smaller companies from the oil.
My theory is that small businesses are on net doing much better than big businesses, because I believe that aside from the oil issue, which is real-but-known, the primary hidden mechanism for this downturn is big businesses having gotten too frisky with debt as compared to possible income, and now they are not well-prepared to deal with a soft patch with declining profits, sticky revenues, and an impending interest rate increase. In short, they are tightening their belts in a coordinated manner.
And, since FUT January returns are dominated by big firms due to filing rules, this theory would go a long way toward explaining the discrepancies as listed above.
Further, there is some supported evidence in the NFIB preliminary jobs report (good hiring potential, hard to find qualified employees).
That, however, is not unalloyed good news. To rephrase, the primary CAUSE of this recession is that large companies are stuck because of getting too happy with the borrowing, and small companies are stuck because they need to raise wages more than they can afford to raise them with current revenues.
The NATURAL cure for a situation like this is that prices fall (happening to some extent), big companies get real, and small companies profit by contracting/taking over work with their preferable, lower, cost structures. It is not clear to me that this can happen, and in part it may not happen because of ACA.
There is also a huge structural regulatory cost to our economy which just keeps getting larger and larger. It weighs relatively more on small firms.
Next (whenever I get to it), a slightly more detailed look at causation and current factors. I would also like to refer to Learner2's comment on the last post, which I thought was very good.
[the header](http://www.bls.gov/news.release/empsit.nr0.htm), there are all sorts of tables explaining the adjustments. With that proviso:
1) The adjustment for the
[Establishment Survey](http://www.bls.gov/news.release/empsit.b.htm)now creates a nice declining curve for the last three months for private sector employment (280 > 262 > 151). An obvious match to the initial claims, which have been slowly increasing since last October. Very pretty and all, but a total mismatch with the Household Survey.
2) The adjusted Dec/Jan MoM chanrge for the
[Household Survey](http://www.bls.gov/news.release/empsit.a.htm)is + 615,000 jobs, and 409,000 after the adjustment was removed. There is an obvious discrepancy of some 250,000 jobs between the two surveys. Further, the discrepancy is more than the expected error for the Household Survey.
3) Turning to the
[Birth/Death series](http://www.bls.gov/web/empsit/cesbd.htm/?alt_id=94fe2), which is used only to compile the Establishment Survey numbers, the adjustment for January 2016 is highly negative at -233,000. If one adds that back in, one gets a lot closer to the Household Survey numbers, which are used to figure the unemployment rate.
Now, how you reconcile this is up to you, but January FUT seemed to indicate that employment was not too good in January. When in total doubt, I usually use FUT.
Now, for some M_O_Mish (
*possibly wrong!*) explanation.
I think we still have a two-step economy. We all know about the problem with oil. The inflection change showed up beautifully in the 2015 NACO county survey. The stronger dollar hurts export business. Both of these affect larger companies more than smaller companies, although there is a high feed-through to smaller companies from the oil.
My theory is that small businesses are on net doing much better than big businesses, because I believe that aside from the oil issue, which is real-but-known, the primary hidden mechanism for this downturn is big businesses having gotten too frisky with debt as compared to possible income, and now they are not well-prepared to deal with a soft patch with declining profits, sticky revenues, and an impending interest rate increase. In short, they are tightening their belts in a coordinated manner.
And, since FUT January returns are dominated by big firms due to filing rules, this theory would go a long way toward explaining the discrepancies as listed above.
Further, there is some supported evidence in the NFIB preliminary jobs report (good hiring potential, hard to find qualified employees).
That, however, is not unalloyed good news. To rephrase, the primary CAUSE of this recession is that large companies are stuck because of getting too happy with the borrowing, and small companies are stuck because they need to raise wages more than they can afford to raise them with current revenues.
The NATURAL cure for a situation like this is that prices fall (happening to some extent), big companies get real, and small companies profit by contracting/taking over work with their preferable, lower, cost structures. It is not clear to me that this can happen, and in part it may not happen because of ACA.
There is also a huge structural regulatory cost to our economy which just keeps getting larger and larger. It weighs relatively more on small firms.
Next (whenever I get to it), a slightly more detailed look at causation and current factors. I would also like to refer to Learner2's comment on the last post, which I thought was very good.
### Monday, February 01, 2016
## Here's Something To Worry About
I'm trying to compile a list of negative/positives.
I prefer Ward's automotive data, because I find it the most accurate by far. Today I ran into
The article predicts that first-quarter light vehicle North American production will be about level year over year and down from both the previous quarters. If this is true, we can take it that industrial production is going to be bad through this quarter.
Ward's then predicts that Q2 production will rise sharply, exceeding the prior three quarters and increasing over Q2 2015. Should the economy be in recession, one would suspect that this is too optimistic.
Since housing seems to be lagging a bit, with construction value increases YoY dropping sharply the last few months (at a time when weather was very favorable), that would leave us in pretty rough territory this year. Also, the unfavorable second-half retail spend is going to be cutting into state and some local budgets:
This is SA level Total Construction Spending. That impetus tailed out.
We had already lost this one - this is Industrial Production YoY, and it is not a pretty sight. End 2015.
This is retail YoY ex motor vehicles. One would assume that car dealers are working hard on the incentives, so maybe they'll move out the inventory and Q2 production will be okay. But on the other hand, when one looks at the rest of the economy one is skeptical.
Car sales have been the remaining push, although really light truck sales was what carried the end of the year.
Shortly we will get NMI Composite. This morning's manufacturing was the same as last month - crap. I have never seen services not follow manufacturing with a fall of this magnitude before.
The peak for existing home sales, most categories of retail, and NMI Composite seems to have centered on July of 2015, with only a slow drift down since.
But FUT!!! As of January 28th MTD:
I would say that services is following now.
Federal Unemployment Tax seems to be a very sensitive recession indicator, probably because it is charged quarterly on a very low level of wages, and thus it captures new hirings and opportunities to change employment for better wages/opportunity.
Positives:
There was some sort of calculation change which increased SS awards for recent retirees. I don't know the details, but BEA calculated it at +8.8 billion annually. That will help.
Walmart's March increase may be pushing some other retailers to increase wages slightly.
I prefer Ward's automotive data, because I find it the most accurate by far. Today I ran into
[this article](http://wardsauto.com/industry/sluggish-car-demand-keeping-north-american-plants-100-capacity), which is probably not available to the public. But you might be able to access it by registering.
The article predicts that first-quarter light vehicle North American production will be about level year over year and down from both the previous quarters. If this is true, we can take it that industrial production is going to be bad through this quarter.
Ward's then predicts that Q2 production will rise sharply, exceeding the prior three quarters and increasing over Q2 2015. Should the economy be in recession, one would suspect that this is too optimistic.
Since housing seems to be lagging a bit, with construction value increases YoY dropping sharply the last few months (at a time when weather was very favorable), that would leave us in pretty rough territory this year. Also, the unfavorable second-half retail spend is going to be cutting into state and some local budgets:
This is SA level Total Construction Spending. That impetus tailed out.
We had already lost this one - this is Industrial Production YoY, and it is not a pretty sight. End 2015.
This is retail YoY ex motor vehicles. One would assume that car dealers are working hard on the incentives, so maybe they'll move out the inventory and Q2 production will be okay. But on the other hand, when one looks at the rest of the economy one is skeptical.
Car sales have been the remaining push, although really light truck sales was what carried the end of the year.
Shortly we will get NMI Composite. This morning's manufacturing was the same as last month - crap. I have never seen services not follow manufacturing with a fall of this magnitude before.
The peak for existing home sales, most categories of retail, and NMI Composite seems to have centered on July of 2015, with only a slow drift down since.
But FUT!!! As of January 28th MTD:
[January 2016](https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=16012800.txt): 512 [January 2015](https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=a&fname=15012800.txt): 524
I would say that services is following now.
Federal Unemployment Tax seems to be a very sensitive recession indicator, probably because it is charged quarterly on a very low level of wages, and thus it captures new hirings and opportunities to change employment for better wages/opportunity.
Positives:
There was some sort of calculation change which increased SS awards for recent retirees. I don't know the details, but BEA calculated it at +8.8 billion annually. That will help.
Walmart's March increase may be pushing some other retailers to increase wages slightly.
### Friday, January 29, 2016
## But Fut
Okay, this hasn't been very encouraging.
I found your replies on the last post rather deflating, because you seemed to be describing what a recession looks like in its early stages, with patchy growth and caution. There is a good argument to the effect that most business-led recessions would never occur at all if more worry were felt earlier, because that would spread out the necessary adjustments and prevent the "oomph" stage when too many cuts are made at once, which precipitates the final impact.
Economies are always experiencing negative and positive adjustments - it's when the negative adjustments are too long deferred that one gets recessions.
I am really, really pressed for time, but here are the basics:
1) If my claim that we had fallen into a recessionary cycle sometime late in the fourth quarter 2015 were correct, two things would have to happen in January. The first would be that we would see the near-term bond rates kind of converge.
2)
The best countervailing news is
All the rest:
Going forward:
I expect this morning's
I still think February is a good guess for the point at which NBER will eventually date this recession. Not that it matters.
I think that this recession should start out to be mild. Most business-led recessions are, and layoffs are mild. They are more of business credit corrections than anything else. The effect on employment and unemployment is initially very little. It is more change in job growth than anything else. They do tend to have a longer tail.
For this cycle, I believe that smaller businesses are generally going to be less impacted.
But - WHAT HAPPENS WHEN WE REACH THE TAIL? If this continues too long, we have the potential for one of those European-style events.
I found your replies on the last post rather deflating, because you seemed to be describing what a recession looks like in its early stages, with patchy growth and caution. There is a good argument to the effect that most business-led recessions would never occur at all if more worry were felt earlier, because that would spread out the necessary adjustments and prevent the "oomph" stage when too many cuts are made at once, which precipitates the final impact.
Economies are always experiencing negative and positive adjustments - it's when the negative adjustments are too long deferred that one gets recessions.
I am really, really pressed for time, but here are the basics:
1) If my claim that we had fallen into a recessionary cycle sometime late in the fourth quarter 2015 were correct, two things would have to happen in January. The first would be that we would see the near-term bond rates kind of converge.
[This did happen](http://www.bloomberg.com/markets/rates-bonds/government-bonds/us). It's continuing to happen. The second would be that FUT (Federal Unemployment Tax, aka FUTA, receipts) would have to stop rising YoY. Unfortunately, [that has](https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=a&fname=15012700.txt) [also happened](https://www.fms.treas.gov/fmsweb/viewDTSFiles?dir=w&fname=16012700.txt). As of January 27th 2015/2016, FUTA receipts MTD are 460 > 442. This is a very definite change in trend that marks diffusion of negatives, which occurs after a recessionary cycle has begun.
2)
[CMI](http://web.nacm.org/CMI/PDF/CMIcurrent.pdf)is about where I expect it to be - showing that manufacturing isn't very good, and forecasting that services has another downtick still to catch up to manufacturing. If services had already backed down more, I would think that maybe there would be a chance of a very short contraction. But it doesn't look that way right now.
The best countervailing news is
[Walmart's announcement about pay increases in March](http://fortune.com/2016/01/20/walmart-employees-pay-raise/). This will provide a bit of a helpful bump right when we need it. Whether the theoretical positive is compensated for by hourly cuts is another issue, so I can't try to estimate the real impact. It is a favorable and not a negative.
All the rest:
- Corporation income taxes continue to be down significantly YoY as seen in Daily Treasury receipts.
- The SS recipients get no increase this year, which is going to suppress consumer spending somewhat.
- We are on the wrong side of the credit cycle.
- As of this morning, BEA reports two consecutive contractions in Gross Private Domestic Investment. Despite the GDP headlines about consumer spending, there is
[a clear business spending problem](http://www.bea.gov/newsreleases/national/gdp/2016/pdf/gdp4q15_adv.pdf), with contractions in nonresidential structures, computers and equipment categories.
- Industrial production we already knew about.
[Rail](https://www.aar.org/Pages/Freight-Rail-Traffic-Data.aspx#weeklyrailtraffic)is not rebounding even as I expected it to rebound. I'm negatively surprised there. Purple was at one time considered a color of mourning.
- The
[advance report on durables](http://www.census.gov/manufacturing/m3/adv/pdf/durgd.pdf)was painful to the eyeballs. Let's just say there's more downside in manufacturing. This was a "Don't go into the basement alone!" report.
- If you look at
[unemployment claims](https://research.stlouisfed.org/fred2/graph/?id=IC4WSA,), it is clear that they have been slowly worsening since October.
- As for the theory that services will carry us through - look at this graph from
[the Markit survey](https://www.markiteconomics.com/Survey//PressRelease.mvc/92cd070acc544064944770204b3be525): [manufacturing](https://www.markiteconomics.com/Survey//PressRelease.mvc/1a8aa2bcfdd74d8197c327d1363bc250)is not a bonus either:
Going forward:
I expect this morning's
[GDP release](http://www.bea.gov/newsreleases/national/gdp/2016/pdf/gdp4q15_adv.pdf)to be revised up to about 1.1 or so. Maybe I am too optimistic, but compared to Q3 I think this is too low. Nonetheless, it's not pretty and I don't see any positives. Over the long run, the average GDP revision from the advance release is over 1%. Seriously. So I do not place much weight on reported GDP at the time it is reported. We really do not know GDP within 1% at any given current time. We really don't. It is much easier to track impetus and direction than worry about GDP.
I still think February is a good guess for the point at which NBER will eventually date this recession. Not that it matters.
I think that this recession should start out to be mild. Most business-led recessions are, and layoffs are mild. They are more of business credit corrections than anything else. The effect on employment and unemployment is initially very little. It is more change in job growth than anything else. They do tend to have a longer tail.
For this cycle, I believe that smaller businesses are generally going to be less impacted.
But - WHAT HAPPENS WHEN WE REACH THE TAIL? If this continues too long, we have the potential for one of those European-style events.
### Sunday, January 17, 2016
## Natural Born (Because My Brother Is REALLY Irritating Me)
Alright. Enough. I've wasted enough time on this.
First, there is no legal support for the idea that there are three categories of citizens under US law - natural born, naturalized at birth by statute, and naturalized by election (acquiring citizenship under the laws of the US by successful application).
AND THAT IS THE ONLY LEGAL ARGUMENT on which the theory that Ted Cruz is not a natural born citizen is really grounded. If it is fatally flawed, then Ted Cruz is a natural born citizen under US law. That is so because he is a citizen by circumstance of birth.
Ted Cruz was born in Canada in 1970. His mother was born in Delaware, attended high school in the US, and attended college in the US. She then went to England to work and either married there or had married here and went with her first husband. There they divorced. While in England she gave birth to her first son, who sadly died. It appears he died in 1966 in England.
Because of all that, it doesn't seem possible that Cruz' mother had met the residency requirements for Canadian citizenship by 1970, when Cruz was born. Not surprisingly, when she returned with her son in 1974 or 1975, Cruz was considered to have been born a US citizen due to having been born to a US citizen.
While there has never been an SC case on the "natural born" presidential eligibility clause, there is plenty of history. Not surprisingly, most of it is on the issue of children born of alien parents on US soil. This is because, under English common law being born in the country gives you birthright citizenship, but in most western nations, citizenship follows the parents' (or parent's) citizenship.
In English common law, the children of foreign parents who were born in territory under the jurisdiction of the British crown were considered British citizens. However, by statute dating back to the 1300s, which pretty much makes it the body of law that was relevant at the time the Constitution was written and ratified, children of British citizens born abroad were also British citizens.
This goes way back. For
But to expand a little, I suggest you also refer to the
I suggest you start on page 13, where the topic of citizenship is taken up. There is a pretty definitive coverage of the jus soli issue.
On page 15 ( 248 internal), we reach the question of whether the 1802 act declaring children of American citizens born abroad citizens changed the law:
These are the relevant sections (omitting the Fourteenth Amendment, which obviously came later):
In
The Fourteenth Amendment has probably changed that to the effect that Congress probably doesn't have the power to rule that persons born in the US don't have birthright citizenship.
However, for the purposes of this controversy, there is no internal evidence whatsoever the Founders intended to establish some unique class of natural born citizens having some meaning not then generally understood in common law. They used the term "natural born" because it was an understood term in law; they elaborated no further, because it was understood.
Finally, should the Supreme Court ever get such a case, I would expect them to see it as a powers case, and unananimously rule that since the Constitution cedes the power of providing for uniform naturalization laws to Congress, it MUST cede to Congress the power of determining to whom citizenship is granted by circumstances of birth. I would also expect at least one of the hapless aged US justices to observe that this matter being first determined by the electorate, and then by Congress, harassing the Supreme Court over the matter is superfluous in the extreme.
And do not trouble your sister any more with this Vattel Law of Nations crap.
First you must read the book, and if you do, you will find that Vattel's theory of citizenship is in fact in contrast to the English common law theory,
Never again. Get thee hence, Satanic Ranting Engineer! You tried to quote a Swiss who wrote a book about the law of nations in French
I should call you up tomorrow and insist that sometimes current moves from the lower voltage to the higher voltage. And when you say no, it does not, I'll start bellowing that yes, it does, because the English royal house is actually a clan of space lizards.
Your noble qualities are many, but on this topic, they are pretty much buried under a mound of coal. Putrid, flaming coal.
It reminds me of those ancient, wise words;
*Reading a few things on the internet written by people who are trying to convince you of something isn't "serious". There are also those who believe the royal family of England are really alien lizards. They are indeed impassioned and deeply serious, but you will not be held to be so if you read their reasoning and adopt it.* **Engineers should not try to be lawyers unless they are really serious about it.**
First, there is no legal support for the idea that there are three categories of citizens under US law - natural born, naturalized at birth by statute, and naturalized by election (acquiring citizenship under the laws of the US by successful application).
AND THAT IS THE ONLY LEGAL ARGUMENT on which the theory that Ted Cruz is not a natural born citizen is really grounded. If it is fatally flawed, then Ted Cruz is a natural born citizen under US law. That is so because he is a citizen by circumstance of birth.
Ted Cruz was born in Canada in 1970. His mother was born in Delaware, attended high school in the US, and attended college in the US. She then went to England to work and either married there or had married here and went with her first husband. There they divorced. While in England she gave birth to her first son, who sadly died. It appears he died in 1966 in England.
Because of all that, it doesn't seem possible that Cruz' mother had met the residency requirements for Canadian citizenship by 1970, when Cruz was born. Not surprisingly, when she returned with her son in 1974 or 1975, Cruz was considered to have been born a US citizen due to having been born to a US citizen.
While there has never been an SC case on the "natural born" presidential eligibility clause, there is plenty of history. Not surprisingly, most of it is on the issue of children born of alien parents on US soil. This is because, under English common law being born in the country gives you birthright citizenship, but in most western nations, citizenship follows the parents' (or parent's) citizenship.
In English common law, the children of foreign parents who were born in territory under the jurisdiction of the British crown were considered British citizens. However, by statute dating back to the 1300s, which pretty much makes it the body of law that was relevant at the time the Constitution was written and ratified, children of British citizens born abroad were also British citizens.
This goes way back. For
*more objective sources than people who think Vattel claimed that children born in a land to foreign citizens acquire birthright citizenship in that land, try the Congressional Research Service, 2011, which* **slightly** [you may find here.](http://fas.org/sgp/crs/misc/R42097.pdf)
But to expand a little, I suggest you also refer to the
[Lynch v. Clarke case](http://tesibria.typepad.com/whats_your_evidence/lynch_v_clarke_1844_ocr.pdf), decided in 1844, which does in fact include a lot of common law history. As it points out, the children born abroad of British parents were in fact considered British citizens. Thus, the theory that Congress' view that persons such as Ted Cruz do not require naturalization somehow makes them citizens by statute instead of natural born citizens is bizarre, in my view. The laws and views of Congress on this topic have instead been based on the the laws preceding, and in effect, at the time the Constitution became the law of the land.
I suggest you start on page 13, where the topic of citizenship is taken up. There is a pretty definitive coverage of the jus soli issue.
On page 15 ( 248 internal), we reach the question of whether the 1802 act declaring children of American citizens born abroad citizens changed the law:
With regard to the Act of 1802, I do not think the children of our citizens born abroad, are aliens. Not that I subscribe to the argument of complainant's opening counsel, that the terms of the act itself embrace the children of all future citizens. But, as at present advised,You may read on at your leisure. But do not omit this section
I believe it to have been the common law of England that children born abroad of English parents, were subjects of the crown. *(beginning at the bottom of external page 17, internal page 250)*, because it is material to the issue of the meaning of "natural born citizen", as understood in law at the time of the Constitution's enactment:
In various statutes which have been enacted from time to time for more than fifty years past, to authorize aliens to take, purchase, hold and convey real estate, the expression used by the legislature in declaring the extent of the rights granted, is that they are to be as full as those of "any natural-born citizen", or of "natural born citizens". ...In other words, the English common law knew two classes of citizens or subjects - those who were citizens or subjects by birth and those who were subjects by "naturalization". The laws of succession and inheritance of real property (real estate) were preoccupied with this issue, because dating from the feudal days, it would have been awkward for England if, as could well have occurred otherwise, the King discovered one day that large sections of British land were now subject to the authority of dukes who were subjects of a foreign king. That is why common law had to be changed in the colonies to allow aliens to inherit real property.
In one statute, passed April 27, 1836, Laws of 1836, chapter 200, the alien was to hold land as fully as if he had been a naturalized or natural born citizen, as if those two constituted all the classes of citizenship known to our laws. In the numerous colonial statutes of naturalization to which I have already referred, the expression which is used, is "
natural born subjects." Both expressions assume that birth is a test of citizenship; and the continuance of the language subsequent to the Revolution and to the Federal Constitution, show that the effect of birth continued to be the same as it was before. *This is really UNQUESTIONABLE. I would also note that this particular case and the legal reasoning within were cited later when official US legal opinions were requested. May I suggest* **Thus, at the time the Constitution was written and ratified, the common law understanding of "natural born citizen" (they couldn't use the word "subject" any more) was a person who was a citizen by right of birth.** [starting with Wikipedia](https://en.wikipedia.org/wiki/Natural-born-citizen_clause)? **Is there any indication within the Constitution that the framers had anything else in mind?**
These are the relevant sections (omitting the Fourteenth Amendment, which obviously came later):
[Article I, Section 3](https://www.law.cornell.edu/constitution/articlei#section3):
No person shall be a Senator who shall not have attained to the
age of thirty years, and been nine years a citizen of the United Statesand who shall not, when elected, be an inhabitant of that state for which he shall be chosen. [Article II, Section 1:](https://www.law.cornell.edu/constitution/articleii#section1)
No person except aIt is worth noting that the Constitution, as originally written and as amended, delegates to Congress the official endorsement and selection of the President and Vice President based on the electors' lists. Thus there's a step in there in which, at least in theory, a constitutionally ineligible elected president could not be seated, and an alternate (the VP) chosen.
natural born citizen, or a citizen of the United States, at the time of the adoption of this Constitution, shall be eligible to the office of President; neither shall any person be eligible to that office who shall not have attained to the age of thirty five years, and been fourteen Years a resident within the United States.
In
[Section 8 of Article I](https://www.law.cornell.edu/constitution/articlei#section8), we find that Congress has the authority to determine rules of naturalization:
The Congress shall have power ...Now, right there the thought should occur that, since Parliament had passed legislation in England clarifying (declatory) rules of subjects or citizenry by birth, and since this power is explicitly delegated to Congress in our Constitution, it is very likely that the Framers intended that matters would continue as before, and that Congress would have the authority to clarify who was and was not a citizen by birth in the future.
To establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States;
The Fourteenth Amendment has probably changed that to the effect that Congress probably doesn't have the power to rule that persons born in the US don't have birthright citizenship.
However, for the purposes of this controversy, there is no internal evidence whatsoever the Founders intended to establish some unique class of natural born citizens having some meaning not then generally understood in common law. They used the term "natural born" because it was an understood term in law; they elaborated no further, because it was understood.
**FURTHERMORE, there is internal evidence that the Framers did consider the issue of those born and residing abroad. The key is in the residence qualifications of 9 and 14 years for senators and presidents, respectively. 30 - 9 is 21. And 35 - 9 is 21. The idea was that those born or largely raised abroad who came back to this country and made a life here at their ages of majority (then 21, now 18), were valid candidates.**
Finally, should the Supreme Court ever get such a case, I would expect them to see it as a powers case, and unananimously rule that since the Constitution cedes the power of providing for uniform naturalization laws to Congress, it MUST cede to Congress the power of determining to whom citizenship is granted by circumstances of birth. I would also expect at least one of the hapless aged US justices to observe that this matter being first determined by the electorate, and then by Congress, harassing the Supreme Court over the matter is superfluous in the extreme.
And do not trouble your sister any more with this Vattel Law of Nations crap.
First you must read the book, and if you do, you will find that Vattel's theory of citizenship is in fact in contrast to the English common law theory,
**which he specifically states.** [Try it!!!](http://oll.libertyfund.org/titles/2246/212414)Go to Chapter 19.
The citizens are the members of the civil society: bound to this society by certain duties, and subject to its authority, they equally participate in its advantages. The natives, or natural-born citizens, are those born in the country, of parents who are citizens. As the society cannot exist and perpetuate itself otherwise than by the children of the citizens, those children naturally follow the condition of their fathers, and succeed to [218] all their rights. The society is supposed to desire this, in consequence of what it owes to its own preservation; and it is presumed, as matter of course, that each citizen, on entering into society, reserves to his children the right of becoming members of it. The country of the fathers is therefore that of the children; and these become true citizens merely by their tacit consent.At the bizarre concept that Vattel, who if I am not mistaken was Swiss, is the preeminent authority on English common law, I may only laugh. Indeed, Vattel's rule is that the place of birth does not matter, and that children follow the citizenship of their fathers (now mothers and fathers), although he notes the English exception. Under Vattel's reasoning, Cruz is a natural born US citizen and a natural born Cuban citizen. Under English and US law (Canada follows English common law), Cruz was a Canadian citizen (until he did renounce his citizenship) and a US citizen.
A nation, or the sovereign who represents it, may grant to a foreigner the quality of citizen, by admitting him into the body of the political society. This is called naturalisation. There are some states in which the sovereign cannot grant to a foreigner all the rights of citizens,—for example, that of holding public offices,—and where, consequently, he has the power of granting only an imperfect naturalisation. It is here a regulation of the fundamental law, which limits the power of the prince. In other states, as in England and Poland, the prince cannot naturalise a single person, without the concurrence of the nation represented by its deputies.
Finally, there are states, as, for instance, England, where the single circumstance of being born in the country naturalises the children of a foreigner. [⚓] [✪][219] §215.
Children of citizens, born in a foreign country
. It is asked, whether the children born of citizens in a foreign country are citizens? The laws have decided this question in several countries, and their regulations must be followed. By the law of nature alone, children follow the condition of their fathers, and enter into all their rights (§212); the place of birth produces no change in this particular, and cannot of itself furnish any reason for taking from a child what nature has given him; I say “of itself,” for civil or political laws may, for particular reasons, ordain otherwise.
Never again. Get thee hence, Satanic Ranting Engineer! You tried to quote a Swiss who wrote a book about the law of nations in French
*(which I can read and have READ and you cannot, nyah, nyah, nyah, note my kindness in finding an English version)*as an authority on English common law. Worse, he disproves your argument. This is the definition of legal insanity.
I should call you up tomorrow and insist that sometimes current moves from the lower voltage to the higher voltage. And when you say no, it does not, I'll start bellowing that yes, it does, because the English royal house is actually a clan of space lizards.
**It would make more sense - in their universe, it does!!! I am relatively sure that I would be able to convince Prince Charles that it does.**
Your noble qualities are many, but on this topic, they are pretty much buried under a mound of coal. Putrid, flaming coal.
It reminds me of those ancient, wise words;
What do you call it when you kill a man? Homicide!
What do you call it when you kill your father? Patricide!
What do you call it when you kill your mother? Matricide!
What do you call it when you kill your little brother? Pesticide!!!


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[HKT - M The Five](/ca-si-862/hkt-m-the-five.html)
Trình bày: HKT - M The Five | Thể loại: Nhạc Trẻ
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Trình bày: HKT - M The Five | Thể loại: Nhạc Trẻ
[Khác Biệt](/bai-hat-50826/khac-biet.html)
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[Album HKT - M The Five](/ca-si-862/album-1/hkt-m-the-five.html)
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Phim.org
[Xem phim](http://phim.org) nhanh nhất - Nguồn phim được cập nhật tự động từ các website chia sẽ video miễn phí như: Youtube.com, Clip.vn, Dailymotion.com, Zing.vn... Nếu muốn tranh chấp bản quyền video vui lòng Liên hệ BQT website, chúng tôi sẽ xem xét gỡ bỏ trong thời gian sớm nhất.
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### Top xem nhiều
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**Náŧi dung phim:** ** - NháŧŊng Cuáŧc PhiÃŠu LÆ°u Cáŧ§a Tom Sawyer** **nÃģi váŧ Tom lÃ máŧt cášu bÃĐ tinh ngháŧch, thÃīng minh, ham hiáŧu biášŋt, giÃ u trÃ tÆ°áŧng tÆ°áŧĢng. Tom ÄÆ°áŧĢc dášĄy dáŧ, chÄm sÃģc, háŧc hÃ nh Äáš§y Äáŧ§ nhÆ°ng rášĨt hay tráŧn háŧc vÃ khÆĄi mÃ o cho nháŧŊng trÃē ngháŧch tinh quÃĄi. KhÃĄc váŧi Tom, Huck láŧn lÃŠn nhÆ° máŧt báŧĨi cÃĒy dášĄi giáŧŊa ráŧŦng, thÃch sáŧą táŧą do, chÃĄn ghÃĐt nháŧŊng khuÃīn mášŦu bÃģ buáŧc, trung tháŧąc, sášĩn sÃ ng hy sinh vÃŽ bÃĻ bášĄn. Trong khi Äang chÆĄi váŧi nhau, Tom vÃ Huck ÄÃĢ phÃĄt hiáŧn ra máŧt váŧĨ giášŋt ngÆ°áŧi cÆ°áŧp cáŧ§a. Tom ÄÃĢ dÅĐng cášĢm ÄáŧĐng lÃŠn lÃ m cháŧĐng, vášĄch tráš§n táŧi ÃĄc cáŧ§a kášŧ giášŋt ngÆ°áŧi vÃ cáŧĐu ngÆ°áŧi báŧ oan.** [Tom Sawyer](tag/tom-sawyer.html)
Qua nháŧŊng trang sÃĄch sinh Äáŧng, Äáš§y káŧch tÃnh, hÃŽnh ášĢnh cáŧ§a nháŧŊng ÄáŧĐa trášŧ khÃīng cháŧ biášŋt ÄÃđa vui, phiÃŠu lÆ°u khÃĄm phÃĄ mÃ cÃēn nhášn tháŧĐc ÄÃšng ÄášŊn váŧ cÃĄc thÃģi xášĨu, nháŧŊng kášŧ tham lam, tÃ n bášĄo cÃ ng khiášŋn tÃĄc phášĐm chiášŋm ÄÆ°áŧĢc cášĢm tÃŽnh cáŧ§a nhiáŧu ngÆ°áŧi, qua ÄÃģ táŧ cÃĄo sáŧą tháŧi nÃĄt cáŧ§a xÃĢ háŧi Máŧđ tháŧi ÄÃģ máŧt cÃĄch mášĄnh máš―.

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Âm Trạch Nhập Phần Đoán
Vào núi xem mộ , bỗng nghe gió thổi tùng , ám tàng cái tượng sát phạt , lại nghe tiếng vượn hót hổ gầm , cùng là chim kêu bi thương , đều là cái tượng bi thương bất cát , ứng đoán quan tai , thị phi , ly biệt , tật ách tai họa , từ xưa đến giờ chẳng bao giờ không ứng nghiệm . Xem vùng đất bằng phẳng , nên nhìn kỹ hình trạng của mộ , vỏ ngoài của quách , hai bên của áo , hoặc tổn thương nát vụn không ngay ngắn , tô điểm trang hoàng , tất cả đều dùng làm cơ sở phán đoán . Chuyện xưa có một nắm rõ phép này , vào mùa đông năm mão đến xem mộ cho một người bạn , chưa cần đến đất , tại trong thuyền xem tới , thấy trên mộ phần bóng tùng che kín , xanh biếc một màu , tiếp đến khi cập bờ bên chân trái ngẫu nhiên đạp vụn một viên gạch , xem kỹ là một cái nghiên bị vỡ , mộ đó táng sau hai mươi năm ngành trưởng tất phát khoa giáp , định rất phát đinh tài lưỡng vượng , phú quý miên trường , mọi người đều kính phục .
Lại xem một mộ , lên đến bờ , chỉ thấy hai con chim thước theo nam phương hót bi thương , rồi theo phía tây bay đi , hoát liền mấy tiếng , tiếp đến nơi , thấy rừng tùng sơ sác , màu sắc úa tàn , đúng là cảnh điêu linh , tức đoán rằng : chỗ này sau khi táng , tất liên tao hồi lộc , tổn đinh hao tài , mọi người khâm phục .
Có một người nhà giàu mời tới xem mộ , vừa đến nơi , thầy đưa mắt nhìn , chỉ thấy cây tùng xanh biếc , địa thế bình thản , nước đẹp trong xanh , ánh quang ngùn ngụt ,
Đỉnh đầu ứng xuất cho phòng thứ, chính trong lúc đàm luận, chỉ thấy một người cưỡi ngựa Thanh Thông mà đến, vụt nói, phát giàu sang, chính ứng trên thân nhân mộ ấy, theo người ấy, đã được nhẹ bước mây xanh liên tiếp, khoa giáp đứng đầu. Có một người học trò mời Thầy xem đất, chưa ra đến mộ, lập tức nói: Mỗ cũ này ứng vào một con, nửa năm mùi thì hoàn tất, họ rất kinh phục, sang năm trong nhà có người vào trường thi đứng đầu bảng, mọi người đều không tin, sau đều như đoán. Trước lại có người mời Thầy xem mộ, nguyên bởi đường xa, dùng thuyền nhỏ mà đến, sau đến nơi mộ, bỗng gãy mái chèo, người chèo không biết phải làm sao, chủ nhân bảo bỏ chèo lấy sào chống, đến bờ lau cỏ trải tận xuống mép nước, đến lúc cập vào bờ , bỗng thấy hai con thỏ trắng từ trong huyệt chạy ra, theo hướng Tây mà chạy, tức đoán rằng, đi thuyền gãy chèo, mọ này táng song trưởng nam gặp nạn, bờ lau xuống nước, phụ nữ đẻ khó không khỏi, trước huyệt thỏ chạy theo hướng tây nam, trong nhà con nhỏ có tai ách, quả nhiên mọi người đều công nhận.
Lại xem một mộ cũng đến chỗ đất, xa trông có một cái tháp, khoảng nửa dặm, mà đỉnh tháp bắn thẳng vào mộ, bởi thế đoán rằng : Mộ này táng song, chủ tổn nhân khẩu cùng trẻ nhỏ, lại có sự về đèn lửa. Lại đến một chỗ, gần chỗ trước huyệt, nhìn thấy một cây cổ thụ bóng rợp , phong cảnh tiêu sơ, có một loại khí thanh nhã, tượng siêu phàm, liền đoán rằng : Mộ này táng song xuất nghề nghiệp thanh cao, phong lưu cao sĩ, người thích ẩn mình.
Thế Anh Trích Dịch Từ " Thông Huyền Quỷ Linh Kinh"
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BẢN QUYỀN 2012 CÔNG TY CỔ PHẦN CÔNG NGHỆ HÓA CHẤT VÀ THIẾT BỊ Y TẾ VIỆT NHẬT (VIET NHAT MEDICAL) CÔNG TY TNHH PRESWO VĂN PHÒNG GIAO DỊCH: SỐ NHÀ 18, NGÕ 46 PHỐ PHƯƠNG MAI, Q ĐỐNG ĐA, TP HÀ NỘI ĐT: 04 3681 6888 – 3927 5995 . FAX: 04 3927 5995 HOTLINE: 096 3333 278/ 0989 103 076/ 0123 262 6868/ 0916 894 936 |
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- Đăng tin ưu tiên
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__Các dịch vụ ưu tiên trên Rồng Bay__
-
__Ưu đãi cho khách hàng thường xuyên__ [Sử dụng tài khoản chuyên nghiệp](http://rongbay.com/su-dung-tai-khoan-chuyen-nghiep.html)
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__Ðăng tin thu hút khách hàng__ [Cách viết tiêu đề thân thiện, lôi cuốn khách hàng](http://rongbay.com/Cach-viet-tieu-de-than-thien-loi-cuon-khach-hang-fp39.html)
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Rồng bay ra mắt ứng dụng mới cho Người đăng tin
[Từ App store](https://itunes.apple.com/us/app/rong-bay-cong-cu-quan-ly-tin/id1099691034?ls=1&mt=8) [Từ Google play](https://play.google.com/store/apps/details?id=vn.vccorp.rongbay)
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[Hỏi & đáp](http://rongbay.com/faqs.html)
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Điện thoại : **(04) 73095555**(ext: 497 / 496 / 495) Hotline : **0936 194 226**(Dành cho cá nhân) **0926 863 922**(Dành cho doanh nghiệp) : [lienhe@rongbay.com](mailto:lienhe@rongbay.com) Skype : [cskh.rongbay](skype:cskh.rongbay?chat)
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[Mua quảng cáo](http://rongbay.com/mua-quang-cao.html) [Đăng ký](javascript:void(0);) [Đăng nhập](javascript:void(0);)

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### Tin tức – Sự kiện
## Slide 0
[](http://src.com.vn/2016/08/16/bao-cao-soat-xet-thong-tin-tai-chinh-giua-nien-do/)
[Báo cáo soát xét thông tin tài chính giữa niên độ](http://src.com.vn/2016/08/16/bao-cao-soat-xet-thong-tin-tai-chinh-giua-nien-do/)
16/08/2016
[Cổ đông](http://src.com.vn/category/co-dong/), [Thông tin công bố](http://src.com.vn/category/co-dong/thong-tin-cong-bo/), [Thông tin công bố khác](http://src.com.vn/category/co-dong/thong-tin-cong-bo/thong-tin-cong-bo-khac/)
Xem tại đây...
## Slide 1
[](http://src.com.vn/2016/07/27/cong-bo-thong-tin-ke-hoach-sxkd-quy-iii-nam-2016/)
[Công bố thông tin: Kế hoạch SXKD quý III năm 2016](http://src.com.vn/2016/07/27/cong-bo-thong-tin-ke-hoach-sxkd-quy-iii-nam-2016/)
27/07/2016
[Cổ đông](http://src.com.vn/category/co-dong/), [Thông tin công bố](http://src.com.vn/category/co-dong/thong-tin-cong-bo/), [Thông tin công bố khác](http://src.com.vn/category/co-dong/thong-tin-cong-bo/thong-tin-cong-bo-khac/)
Xem tại đây...
[](http://src.com.vn/2016/07/27/bao-cao-tinh-hinh-quan-tri-cong-ty-niem-yet-6-thang-dau-nam-2016/)
[Báo cáo tình hình quản trị Công ty niêm yết 6 tháng đầu năm 2016](http://src.com.vn/2016/07/27/bao-cao-tinh-hinh-quan-tri-cong-ty-niem-yet-6-thang-dau-nam-2016/)
27/07/2016
[Cổ đông](http://src.com.vn/category/co-dong/), [Thông tin công bố](http://src.com.vn/category/co-dong/thong-tin-cong-bo/), [Thông tin công bố khác](http://src.com.vn/category/co-dong/thong-tin-cong-bo/thong-tin-cong-bo-khac/)
Xem tại đây...
## Slide 2
[](http://src.com.vn/2016/07/25/giai-trinh-bien-dong-ket-qua-sxkd-quy-ii-nam-2016/)
[Giải trình biến động kết quả SXKD quý II năm 2016](http://src.com.vn/2016/07/25/giai-trinh-bien-dong-ket-qua-sxkd-quy-ii-nam-2016/)
25/07/2016
[Báo cáo tài chính](http://src.com.vn/category/co-dong/thong-tin-cong-bo/bao-cao-tai-chinh/), [Cổ đông](http://src.com.vn/category/co-dong/), [Thông tin công bố](http://src.com.vn/category/co-dong/thong-tin-cong-bo/)
Xem tại đây...
[](http://src.com.vn/2016/07/20/bao-cao-tai-chinh-quy-ii-nam-2016/)
[Báo cáo tài chính quý II năm 2016](http://src.com.vn/2016/07/20/bao-cao-tai-chinh-quy-ii-nam-2016/)
20/07/2016
[Báo cáo tài chính](http://src.com.vn/category/co-dong/thong-tin-cong-bo/bao-cao-tai-chinh/), [Cổ đông](http://src.com.vn/category/co-dong/), [Thông tin công bố](http://src.com.vn/category/co-dong/thong-tin-cong-bo/)
Xem tại đây...
## Slide 3
### Các dòng sản phẩm chính
TÌM LỐP XE PHÙ HỢP
Tìm theo loại xe
Tìm theo kích cỡ lốp xe
### Đối tác
## Slide 0
Wooowww…, it’s so gorgeous WordPress theme and very easy to use. You’re rock, man. I can even use this theme while having a sex, hahahaha. Five star for you and very recomended author. It’s also work great with Spanish Letters and Accents (á, é, í, ó, ú, ü, ñ, ¿, ¡)

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# Giáo án Đạo đức lớp 1 - Bài 6: NGHIÊM TRANG KHI CHÀO CỜ (tiết 1)
Chia sẻ: Nguyenhoang Phuonguyen | Ngày: | Loại File: PDF | Số trang:5
lượt xem 62
download
![](http://image.tlvnimg.com/document/thumbnail/2010/20100731/audi123/80x100/dao_duc_1_bai_6_tiet_1_9913.jpg)
##
Giáo án Đạo đức lớp 1 - Bài 6: NGHIÊM TRANG KHI CHÀO CỜ (tiết 1)
[Vui lòng tải xuống để xem tài liệu đầy đủ](javascript:void(0);)
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I-Mục tiêu: 1.Kiến thức:Hs hiểu: Trẻ em cần có quốc tịch. Lá cờ Việt nam là lá cờ đỏ ở giữa có ngôi sao vàng năm cánh. Quốc kỳ tượng trưng cho đất nước cần phải trân trọng và giữ gìn. 2.Kĩ năng : Nhận biết được cờ tổ quốc. Biết nghiêm trang khi chào cờ. 3.Thái độ : Hs biết tự hào mình là người Việt nam, biết tôn trọng quốc kỳ và yêu quý tổ quốc. II-Đồ dùng dạy học: .GV: - 1 lá cờ Việt nam. - Bài hát “Lá cờ việt Nam” .HS : -Vở...
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Today: Tháng 8 24, 2016
### Liên hoan trống kèn quận 3 2014-2015
### Trường THCS Bạch Đằng đón học sinh lớp 6 ngày khai giảng năm học 2015-2016
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| ![ In](/images/M_images/printButton.png)
![ In](/images/M_images/printButton.png)
|Thứ sáu, 04 Tháng 3 2011 05:51|
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LỊCH SỬ THÀNH LẬP
Trường được thành lập từ năm 1964 mang tên trường tư thục cấp 2, 3 Lê Bảo Tịnh do các linh mục thuộc giáo xứ Vườn Xoài mở ra giảng dạy.
Từ năm 1975 , Trường THCS Bạch Đằng được tiếp quản theo hệ trường công lập và tiếp tục hoạt động từ đó đến nay.
Tổng diện tích khuôn viên trường : 1973 m
- Diện tích sân chơi : 557m
Tổng số phòng học : 24 – và đầy đủ các phòng chức năng : 18 phòng gồm: TNTH Lý - Hóa Sinh, Lab , Thư viện, Thiết bị đuáng quy cách...
Được sự quan tâm của UBND Quận 3, năm học 2006-2007, Trường được cải tạo lại khang trang sạch đẹp hơn. Mặc dù sửa chữa, làm sân trường nhưng hiện nay, trường vẫn giữ 02 cây phượng vĩ :
- Một cây phượng đã có từ trước năm 1975 rất đẹp, bóng mát tỏa rộng che phủ ½ sân trường.
- Một cây phượng được trồng khoảng năm 1992 cũng tạo bóng mát cả 1/3 sân trường.
Sau khi cải tạo lại trường đã trồng một cây bàng Đài loan , tán tầng từ năm 2006 ( đến nay khoảng 3 tuổi ). Đồng thời, trường đã xây thêm nhiều bồn hoa ngay hàng rào và trên dãy hành lang nối khu A - khu C tạo thêm vẻ mỹ quan và mảng xanh trong sân trường.
- Sân trường nhỏ, số học sinh đông, nên các em không có khoảng sân rộng rãi để nô đùa và tập thể dục.
- Trường muốn phát triển thêm mảng xanh nhưng không có khoảng trống
- Trường đạt chuẩn đơn vị văn hóa trong 10 năm thực hiện phong trào Tòan dân xây dựng đời sống văn hóa cơ sở ( 2000 – 2010 ) – Đơn vị văn hoa liên tục 2 năm 2010-2011
- Trường tọa lạc ngay khu trung tâm đông dân cư trong hẻm 386, nên rất cần khoảng không khí thoáng đãng cho dân chúng quanh vùng. Đây là nơi thoáng mát nên vào buổi sáng , trường đã tạo thuận lợi cho các bác hưu trí và dân quanh vùng đến tập thể dục .
- Bên cạnh đó, trường đã cố gắng tạo thêm mảng xanh, mỹ quan, phát triển phong trào Xanh-Sạch-Đẹp” thêm cho khu phố.
- Về phía Đội viên Đội Thiếu niên Tiền phong Hồ Chí Minh cũng đã tham gia trồng cây và luân –hiên chăm sóc cây hàng ngày . Các em cũng giữ vệ sinh, thực hiện cuộc vận động”làm cho thế giới sạch hơn” bằng cách làm tổng vệ sinh sân trường, Chủ nhật xanh, trồng thêm cây kiểng, trang trí thêm hoa, là xanh...
Tin mới hơn:
|Lần cập nhật cuối lúc Thứ năm, 15 Tháng 9 2011 09:42|

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## Giá tăng do yên giảm xuống mức thấp nhất kể từ tháng 6/2009, làm tăng sức hấp dẫn của các hợp đồng mua bằng yên.
Giá cao su giao tháng 9 trên sàn Tocom tại Tokyo tăng 16,8 yên, tương đương tăng 6,6% lên 270,9 yên/kg, mức tăng mạnh nhất trong 6 tháng trở lại đây
Giá cao su giao tháng 9 trên sàn Thượng Hải tăng 1,3% lên 21.735 nhân dân tệ/tấn.
Giá cao su Thái Lan giao tại cảng giảm 1,2% xuống 81,75 baht/kg (2,79 USD) hôm 5/4, theo Viện nghiên cứu cao su Thái Lan. Đây cũng là mức giá thấp nhất kể từ tháng 11/2009, theo dữ liệu của Bloomberg.
Giá cao su Tocom phiên này tăng mạnh do đồng yên xuống thấp so với USD sau tuyên bố nới lỏng tiền tệ của Ngân hàng trung ương Nhật Bản.
Yên xuống mức 98,41 yên/USD sau khi chạm mức 98,85 yên/USD, mức thấp nhất kể từ tháng 6/2009. Đồng yên giảm ngày thứ 3 liên tiếp sau khi BOJ tuần trước cho biết sẽ tăng gấp đôi lượng trái phiếu mua vào để đạt được mục tiêu lạm phát 2% trong vòng hai năm.
Ngoài ra, việc thị trường Trung Quốc hoạt động trở lại sau kỳ nghỉ lễ dài cũng có tác động hỗ trợ giá.

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Thông Tin Gia Lai. Com : Web rao vặt Gia Lai của người Pleicu tỉnh Gia Lai. Tập trung rao vặt việc làm Gia Lai- Nhà đất Gia Lai, Du lịch Gia Lai. Ngoài ra, website cho phép thành viên đăng ký và đăng tin rao vặt miễn phí. Với tiêu chi trên, Ban quản trị hy vọng Thông Tin Gia Lai. Com sẽ đáng ứng nhu cầu trao đổi, mua bán rao vặt Gia Lai 24h của người Gia Lai, Tỉnh Gia Lai đồng thời góp phần phát triển giao thương, mua bán với các tỉnh bạn và Toàn quốc...
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