Indeed, the impact of this latest round of unconventional monetary policy is already fading. Analysts at Morgan Stanley this week decided that returns in the high-yield market were no longer attractive in the face of deteriorating fundamentals. The stock market is struggling to make further headway, while yields on mortgage-backed securities have started to turn up after an initial drop. A drop in third-quarter capital expenditure suggests the Fed policy hasn’t been a catalyst for corporate investment at all.

One major reason for the lack of effectiveness of this latest round of quantitative easing may well be a growing concern with the “fiscal cliff”, automatic US tax rises and spending cuts due to kick in on January 1. Uncertainty over “cliff risk” ”“ and the prospects of a deal in Congress on deficit reduction ”“ seems to be offsetting any positive impact of Fed policies.

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…even though survey accuracy is difficult to achieve and experts are by no means unanimous, it would appear that women are, indeed, catching up. In my own work as a psychologist and in my social circle, I see more women not only having affairs but actively seeking them out. Their reasons are familiar: validation of their attractiveness, emotional connection, appreciation, ego””not to mention the thrill of a shiny new relationship, unburdened by the long slog through the realities of coupledom.

Researchers also point to other factors that might be leading women to stray more. One is what might be called “infidelity overload.” Scan the plots on any given week in television, and there seems to be more extramarital sex than marital sex. (Few spouses stay put in “Mad Men.”) With women portrayed as eager participants and aggressive instigators, there may be a feeling that infidelity has become more acceptable.

And then there is the opportunity factor””more travel, more late nights on the job and more interaction with men mean that the chances and temptations to stray have multiplied for the new generation of working women….

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No matter who gets elected president next month, the United States economy in 2013 will have only tepid growth.

Does that sound like this year all over again? Yes, indeed.

At least that’s the view of 44 professional economic forecasters, members of the National Association of Business Economics, who on Monday released their outlook for the coming year.

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In an experiment apparently aimed at keeping down the cost of health-care reform, Orlando-based Darden Restaurants has stopped offering full-time schedules to many hourly workers in at least a few Olive Gardens, Red Lobsters and LongHorn Steakhouses…In an emailed statement, Darden said staffing changes are “just one of the many things we are evaluating to help us address the cost implications health care reform will have on our business. There are still many unanswered questions regarding the health care regulations and we simply do not have enough information to make any decisions at this time.”

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The greatest risk to US financial markets stems from other countries’ willingness (or lack thereof) to continue to hold dollar reserves as the value depreciates. If those nations suspect that the US cannot maintain the strength of our currency, they will begin to drain assets from American banks ”“ seeking safer havens for their wealth. That could entail trading US treasury bonds for perceived “safer” currencies such as those of New Zealand or Canada or even switching to an entirely different asset class such as gold or silver.

While there may not be any significant signs of capital flight yet, just look east. The Chinese are the largest, external holder of US debt. And they’re already heading down this path ”“ dropping the share of their portfolio comprised of US dollar assets from 74 to 54 percent in the last five years. It may very well be a harbinger of what’s to come.

Attempting to counter fears fanned by trends like this, Bernanke talks of a “soft landing…”

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Do you sleep with your smartphone? Are you on 24/7? Do you think that your success depends on your non-stop connection to work?

Harvard Business School professor Leslie Perlow has a better way.

In her latest book, Sleeping with Your Smartphone: How to Break the 24/7 Habit and Change the Way You Work, Perlow shows how to disconnect and become more productive in the process. She provides techniques for devoting more time to your personal life while simultaneously accomplishing more at work.

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Among the 23 recipients of the MacArthur “genius” grants this past week: an economist, a mathematician, a photographer, a neuroscientist, and a Boston-based stringed instrument bow maker.

Benoit Rolland acknowledges that the violin reigns supreme as the star of the strings, capable of fetching millions of dollars at auction. But what about the bow? “A violin with no bow is not a violin, that’s clear,” says Rolland.

“A lot of people, even some instrumentalists, in our younger years we believe that the violin is of paramount importance and the bow is just a tool,” says Elita Kang, assistant concert master of the Boston Symphony Orchestra. “But the bow is just as important as the violin because that is our breath. That’s how we draw the sound out of the instrument, so without a fine bow that’s responsive and flexible and finely made, we can’t express ourselves fully.”

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The reality is that more than three years into this weakest of economic recoveries, 12.1 million Americans are still out of work””nearly 23 million by the broader definition that includes those who have stopped looking or can’t find full time work””and the labor participation rate is still down to 1981 levels at 63.6%. Hooray!

Of the 114,000 new jobs, 104,000 were in the private economy, and all of the 86,000 in upward revisions for July and August came in government jobs. Job growth for 2012 has averaged 146,000 a month, which is down from 153,000 in 2011.

Manufacturing employment fell again (down 38,000 in the last two months) further dampening one of the few bright spots in this recovery. A still abysmal 40.1% of the unemployed in America have been jobless for six months or more. Such a job market is anemic by any historic measure for this stage in an expansion and reflects continuing slow GDP growth in the 1%-2% range.

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The U.S. unemployment rate fell sharply in September to its lowest level since January 2009, suggesting that summer job growth was stronger than previously thought and providing new fodder for a presidential race that has focused on competing views of the nation’s economic health.

Data released Friday portrayed a labor market that has perked up a bit since the spring but is still growing modestly. The unemployment rate slid to 7.8%, the Labor Department said, falling below 8% for the first time since President Barack Obama’s inauguration. The rate has fallen half a percentage point since July, when it was 8.3%.

Read it all. Mish did an excellent job in his analysis. Blog readers know I prefer U-6, which I consider the most representative rate–it stayed the same month over month–KSH

Federal Reserve officials debated the risks of beginning an ambitious new stimulus policy before ultimately giving it a green light, according to minutes of the central bank’s September meeting released Thursday.

The minutes show officials concerned during their two-day meeting that without further action, the unemployment rate could remain stubbornly high. Officials were also troubled by signs of slowing growth abroad, including in China, and the possibility of a so-called fiscal cliff at home.

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Americans have poured record amounts of money into savings accounts even though interest rates are at historic lows, new federal data show, a sign that average people may be missing out on a booming stock market and recovering real estate sector.

The total amount in those accounts climbed nearly 5 percent to $6.9 trillion in the spring, the highest level recorded since the Federal Reserve launched its regular reports on the flow of money in the economy in 1945. At the same time, other data show that Americans are fleeing the stock market and avoiding the purchase of new homes.

The pattern suggests that Americans, wounded by the financial crisis and scared by an uncertain job market, do not want to take any risks with their money ”” even as the government is encouraging risk-taking.

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The Spanish government Saturday said the effort to clean up an ailing banking system will have a big impact on its finances, widening its budget gap and increasing its debt load.

Budget Minister Cristobal Montoro said the government forecasts its budget deficit will stand at 7.4% of gross domestic product this year. Excluding the impact of measures to help banks to digest a massive pile of toxic real-estate assets, he said Spain will comply with the deficit target of 6.3% of GDP for 2012 it has committed to with the European Union.

The new budget projections come at a time of uncertainty about the country’s solvency amid soaring borrowing costs. Many analysts expect the government’s effort to lower a budget gap to below the 3%-of-GDP limit for EU countries by 2014 to go off track also because of a deep recession that is pushing the unemployment rate to a record high of almost 25%.

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Both India and China have intense national testing programs to find the brightest students for their elite universities. The competition, the preparation and the national anxiety about the outcomes make the SAT testing programs in the U.S. seem like the minor leagues. The stakes are higher in China and India. The “chosen ones”””those who rank in the top 1%””get their choice of university, putting them on a path to fast-track careers, higher incomes and all the benefits of an upper-middle-class life.

The system doesn’t work so well for the other 99%. There are nearly 40 million university students in China and India. Most attend institutions that churn out students at low cost. Students complain that their education is “factory style” and “uninspired.” Employers complain that many graduates need remedial training before they are fully employable.

For now, the U.S. university system is still far ahead. But over the next decade, there will be a global competition to educate the next generation, and China and India have the potential to change the balance of power.

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Estimates of the number of businesses eligible to take the tax credit have ranged from 1.4 million to 4 million companies, but in May, the Government Accountability Office reported that only 170,300 firms actually claimed the credit in 2010. Of these, only a small fraction, 17 percent, were able to claim the whole credit….

So why has the credit fallen short of expectations? The G.A.O. concluded that the credit was too small to sway business owners. Moreover, it said, claiming the credit is a task so complicated as to discourage many companies from trying.

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They walked with heads held high, harboring dreams imagined in black and gold, marching to the peculiar orders of the times.

A movement was beginning. That day, 50,000 people passed through the doors of Three Rivers Stadium, the massive concrete structure looming just west of the infamous Bridge to Nowhere, this time hoping that the Steelers, after 40 irrelevant seasons, were finally taking them somewhere worth going.

Each person in the stadium had his or her own dramas outside of it. There was the war that seemingly would not end, the intensifying of racial tensions across the city and, for those who were paying close enough attention, the fear that those hulking mills that lined the rivers were not going to be needed forever. But, the Steelers were host to the Oakland Raiders in the first round of the NFL playoffs, and such pressing matters could be thrust to the back burner for the good of Pittsburgh.

An absolute must read article for oh-so-many reasons, but perhaps above all for what it teaches about American history. Take the time to peruse it all–KSH.

For years, Sean McGroarty ignored his mother’s urging to save money.

Then his mother, Karen Zader, 54 years old, lost her job as an administrative assistant. The family home, where Mr. McGroarty grew up, went into foreclosure, and Ms. Zader had to raid her retirement savings to pay bills.

Mr. McGroarty was shocked into action. He signed up for his employer’s 401(k) retirement-savings program last year. “What if life throws me a curve ball like that?” said the 27-year-old radio DJ.

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…Rajoy is the victim of his electoral success: his majority government, ironically, is weaker for not including regionalist partners. The Catalan government sees the dissatisfaction with Madrid’s handling of the crisis as an opportunity: it may give the regionalists enough of a boost at the polls to force Madrid to hand them more autonomy, in other words, control of taxes. If Catalonia had control over its own taxes, the argument goes, the region would not have needed a bailout.

Rajoy’s choices are limited: he either refuses Catalan demands for more autonomy and risks enflaming Catalan nationalist sentiment, or agrees to increased autonomy, and risks enflaming Spanish nationalist sentiment.

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(Please note that you can find a map of all New Jersey counties here. You may know that I grew up in Lawrenceville, which is in Mercer County–KSH).

Just 30 minutes outside Philadelphia, amid the rolling farmland that produces some of the nation’s largest peach and bell pepper crops, more Gloucester County parents are seeking help to feed their children, while others live in tents in the wooded areas near major shopping centers.

From 2010 to 2011, the rate of child poverty in Gloucester County more than doubled, a shocking statistic in a county where the median income is more than $72,000, according to census data. In 2011, 7,395 children in Gloucester County were living in families earning about $22,000 a year or less, up from 4,687 children in 2010, according to census figures.

“Gloucester County is a distinctly middle-class place,” said Assemblyman John Burzichelli (D., Gloucester). “When you see those kind of numbers, it’s a reflection of what’s happening with the national economy.”

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Columbia leaders are trying to prepare the Midlands for an economy based on a leaner federal government and more white-collar jobs in the private sector.

“Everyone is rather bullish on the economy here in the Midlands, but I think nationally we’re seeing people come out of this Great Recession and focus on getting people back to work,” Mayor Steve Benjamin said. “We are aggressively seeking to attract more corporate headquarters, more white-collar jobs and make sure people are prepared for these jobs in the new economy.”

Columbia is projected to lose 16 percent of its federal jobs over the next 10 years as the overextended federal government trims down, according to a new report from IHS Global Insight, prepared for the U.S. Conference of Mayors, which is holding a meeting on workforce skills this week in Dallas.

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States saw little relief from poverty in the past year, especially among children, the unemployed and those in the lowest income brackets.

The latest Census figures show that 17 states had increases in the number of people living in poverty between 2010 and 2011. Only one state, Vermont, had a decrease; the other 32 showed no change.

Although the national poverty rate has been steady at 15.9%, the Census data show pockets of increases by geography and among demographic groups. The data reflect the economy’s slow recovery and anemic job growth, policy analysts say.

“The problem is high unemployment,” says Chuck Sheketoff, executive director of the Oregon Center for Public Policy….

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While addressing over 50 religious leaders at the Democracy and Peace Week dialogue, Rwaje said some members of the public shun going to church due to disappointment of messages relayed.

“Religious leadership is a calling from God and it is about teaching the word of God, but not looking for money from the faithful. There are biblical principles urging churchgoers to give offerings and tithes, but it should not be used as a platform to squeeze money out of believers,” Rwaje advised.

He added: “Religious leaders are allowed to have their personal business ventures besides performing their church duties; therefore, they should act faithfully and please God by keeping the two positions independent of each other. They must separate God’s work from their personal work”.

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An overwhelming majority of Greeks believe new austerity measures the government has promised its international lenders in exchange for more financial aid are unfair and hurt the poorest sections of society, a poll showed on Saturday.

Near-bankrupt Greece needs the European Union and International Monetary Fund’s blessing on measures worth nearly 12 billion euros ($16 billion) to unlock its next tranche of aid, without which it faces default and a potential exit from the euro zone.

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Unemployment taxes for S.C. businesses could rise by as much as 12 percent next year because state officials are not enforcing a new state law, a state senator said Tuesday.

But officials at the state Department of Employment and Workforce, which administers the state’s jobless benefits, say they expect those tax rates to drop by 12 percent, adding they are enforcing the law.

Earlier this year, lawmakers passed a law that strips unemployment benefits from people who were fired for misconduct. State Sen. Kevin Bryant, R-Anderson, and some other Republican senators say the state agency is not enforcing the new law properly.

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The problem with the unemployment metric is that an additional 6.6% report being “underemployed,” meaning they are left out of the 8.1% unemployed because they have part-time work but wish they were employed full time; they’re not classified as “unemployed.” They’re not in the 8.1% everyone’s watching, and this makes things complicated. Nearly 15% underemployed, including the unemployed, is much more accurate and significant than the single 8.1%.

My big point here is that the current U.S. unemployment metric is an over-complicated mess and misleads smart American leaders and citizens. Bluntly, we don’t honestly know when we see the government’s unemployment data if the employment situation got a little better or a little worse.

Gallup has a solution and breakthrough. We will start reporting Payroll to Population employment rates (P2P) every day on our website as of today. We will use a big sample of 30,000 completed telephone interviews in the U.S. and compute a new global employment metric that will be pure and unadjusted.

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U.S. job growth slowed in August, a sign of a slack recovery that could mute any postconvention momentum for President Barack Obama and spur the Federal Reserve to take further steps in an effort to stimulate the economy.

U.S. payrolls increased by a seasonally adjusted 96,000 jobs last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, fell to 8.1% from 8.3%.

Economists surveyed by Dow Jones Newswires expected a gain of 125,000 in payrolls and an 8.3% jobless rate.

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The United States has slipped further down a global ranking of the world’s most competitive economies, according to a World Economic Forum (WEF) survey released on Wednesday.

The world’s largest economy, which was placed 5th last year, fell two positions to the 7th spot – marking its fourth year of decline.

A lack of macroeconomic stability, the business community’s continued mistrust of the government and concerns over its fiscal health were some of the reasons for the downgrade, according to the annual survey.

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Christians should leave their religious beliefs at home or accept that a personal expression of faith at work, such as wearing a cross, means they might have to resign and get another job, government lawyers have said.

Landmark cases, brought by four British Christians, including two workers forced out of their jobs after visibly wearing crosses, have been heard today at the European Court of Human Rights
David Cameron, the Prime Minister, has previously pledged to change the law to protect religious expression at work but official legal submissions on Tuesday to Strasbourg human rights judges made a clear “difference between the professional and private sphere”.

James Eadie QC, acting for the government, told the European court that the refusal to allow an NHS nurse and a British Airways worker to visibly wear a crucifix at work “did not prevent either of them practicing religion in private”, which would be protected by human rights law.

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Euro-zone youth unemployment will remain elevated for at least the next half-decade, the International Labor Organization said Tuesday, forecasting a small reduction in the jobless rate will come from young people withdrawing from the labor market instead of stronger hiring activity.

The Geneva-based agency of the United Nations projects that 15-to-24 year-olds in the 17-member economic bloc will face jobless rates of nearly 22% in 2013 that will dip modestly to 21.4% in 2017. In the U.S., youth unemployment is forecast to fall from 17.4% this year to 13.3% in 2017.

Long-term youth unemployment has long-term consequences for young people and for businesses, according to the ILO and other labor market experts.

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Here we are, smack dab in the middle of convention season. Cue the balloons. The Republicans had their turn last week, the Democrats come next. And there are plenty of personal finance issues being aired by the two guys who want to be president. But what are the issues voters are most interested in?

Marketplace’s David Gura recently traveled through both states hosting this year’s conventions as part of our coverage of the how all the tub-thumping plays out where it really matters: the economy.

Gura started down the I-4 corridor, which cuts through Daytona Beach, Orlando and site of the Republican Convention, Tampa. That highway has a high concentration of undecided voters. Some view it as the line between the more conservative north and more liberal south.

Read or listen to it all.