The Rt Rev Michael Nazir Ali, the former Bishop of Rochester, has written to the European Court of Human Rights in support of Christians who claim they suffered discrimination at work when they were banned from displaying the symbol.
He has been granted the status of an “intervener”, meaning the Strasbourg court will take account of his 11-page submission when it hears the case in September.
The economy lost steam in the first quarter, as onetime engines of growth sputtered and robust consumer spending was unable to propel the recovery on its own.
Gross domestic product, the broadest measure of all goods and services produced in the economy, grew at an annualized rate of 2.2% in the first quarter, down from 3% at the end of 2011, the Commerce Department said Friday. The deceleration reflected sharp cutbacks in government spending and weaker business investment and came despite an unusually warm winter, which many economists said likely provided a mild economic boost.
The UK is back in recession after a surprise 0.2% contraction in the economy in the first quarter of the year, official figures revealed today.
The decline in gross domestic product (GDP) was driven by the biggest fall in construction output for three years, while the manufacturing sector failed to return to growth, the Office for National Statistics (ONS) said.
If Spain’s crisis deepens Europe’s recession, it could tip the entire world economy into a stubborn slump. The ramifications would be enormous, including: reduced odds of Barack Obama’s reelection, assuming a weaker U.S. recovery; less political cohesion and more social unrest in Europe (even now, the European Union’s unemployment rate is 10.2 percent); and growing pressures in many countries for economic nationalism and protectionism.
Spain is suffering a hangover from what economist Desmond Lachman of the American Enterprise Institute calls “the mother of all housing booms.”
The college class of 2012 is in for a rude welcome to the world of work.
A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don’t fully use their skills and knowledge.
Some of the same spoilers that interrupted the recovery in 2010 and 2011 have emerged again, raising fears that the winter’s economic strength might dissipate in the spring.
In recent weeks, European bond yields have started climbing. In the United States and elsewhere, high oil prices have sapped spending power. American employers remain skittish about hiring new workers, and new claims for unemployment insurance have risen. And stocks have declined.
There is a “light recovery blowing in a spring wind” with “dark clouds on the horizon,” Christine Lagarde, managing director of the International Monetary Fund, said Thursday….
U.S. unemployment, as measured by Gallup on a preliminary basis without seasonal adjustment, declined to 8.2% in mid-April from 8.4% in March. However, the government’s likely seasonal adjustment of 0.3 percentage points leads to a Gallup seasonally adjusted U.S. unemployment rate of 8.5% in mid-April, up from 8.1% last month.
[STEVE] INSKEEP: You’re touching on the part that is maybe even more poignant, that this is a guy, as his story unfolds, who, early in life, had an opportunity for adventure – go off to Alaska, something – and seems to have turned that aside in order to get security. He thought that selling was something that you could do all your life, you could do as an old man and support yourself. And in the end, he doesn’t even get the security.
[PHILIP SEYMOUR] HOFFMAN: No. But it’s his son. It’s his son. You know, he had sons. He really did give his life for his sons. He didn’t do it in a way that, obviously, was effective or got what he wanted or actually nurtured his sons in a way that was going to help them, but he did.
INSKEEP: Has your job of portraying this disappointed father affected your thoughts at all when you go home and you go home to your three kids?
HOFFMAN: Well, it’s – you know, it affects your life. It’s – I really do think it’s one of those plays that just seeps into – as we talk about all these aspects, I mean, it’s never that simple. I mean, this play really seeps into why we’re here, you know, what are we doing – family, work, friends, you know, hopes, dreams, careers….
Higher commodity prices, however, are a cost borne by businesses and consumers and this has mitigated the economic stimulus provided by prior bouts of QE. Higher equity prices, alas, can’t offset pain at the petrol pump and the supermarket for many consumers.
All that raises the prospect that introducing QE3 simply runs the risk of entrenching the economy in its post-financial crisis mode of a stop and start recovery.
In fact, advocates of QE3 are really betting that the Fed will err far more on the side of risking much higher inflation in the long run as it seeks to lower the unemployment rate towards 7 per cent.
…if anyone is eager for encouraging signs, it’s worth pointing out that the very broadest measure of unemployment actually improved this month. This is the U-6 metric, which tallies up all unemployed persons, plus people marginally attached to the labor force, plus people employed part-time for economic reasons. Jim Pethokoukis likes to call this “perhaps the truest measure of the labor market’s health.” And U-6 dropped from 14.9 percent in February to 14.5 percent in March. Anyone trying to dig around for optimistic signs should start there.
Still, it’s a weak report all around. And we’ll know in a few months if March was actually as tepid as everyone thinks. In theory, the real significance of this report should be whether it convinces Ben Bernanke and the Federal Reserve that a little more monetary stimulus is needed. But how likely is that? The unemployment rate is roughly in line with what the Federal Open Market Committee has been expecting. And if the Fed’s content with the current state of affairs, then more help may not be on the way after all.
Does this mean we should not enjoy all the earthly riches and goods? No. Enjoy them. Earn them. It is a misconception that one has to be poor to be spiritual, and that hard work should not be rewarded. What is important is finding the balance between greed and having enough, and defining what a joyful life means to us….
So how are we to correct the negative traits of capitalism? A Robin Hood tax, or Tobin tax, has been suggested. Yet there is a risk that such a tax is more likely to hit investors than banks. And it is not yet clear how it would discourage risky behaviour by banks.
We cannot tax ourselves out of this and hope that this will solve the problem because we are not addressing the root cause of the behaviour. We are in self-denial because we are treating the symptoms, not healing the patient.
The average wage, calculated by the International Labour Organization, is published here for the first time. It’s a rough figure based on data from 72 countries, omitting some of the world’s poorest nations. All figures are adjusted to reflect variations in the cost of living from one country to another….
Federal Reserve policymakers have backed away from the need for another round of monetary stimulus as the U.S. economy gradually improves.
Minutes of the central bank’s meeting published on Tuesday showed only two of the policy-setting Federal Open Market Committee’s 10 voting members saw the case for additional monetary stimulus.
As the total amount of student debt topples over $1 trillion, many have begun to question just how expensive a college degree is. The Student Loan Forgiveness Act was proposed in Congress at the beginning of March, but in spite of the large number of students facing debt, the bill has received much opposition.
When a bill to forgive student debt was proposed, some complained that students who had less money should have attended a public University, assuming that the large debts were the result of a private education. That is not necessarily the case, however. USA Today revealed that at the end of 2011, the cost of public universities and colleges had increased by more than 8 percent.
In 2004, tuition at public schools increased a shocking 11 percent. One couple commented on Forbes that the cost of their son’s tuition nearly doubled during his 4-year tenure….
Books on the decline of America are coming thick and fast. The latest, Time to Start Thinking: America and the Spectre of Descent, by The Financial Times’s chief US commentator Edward Luce, is published this week….In summary, he concludes that global economic dominance, having quit Europe around the end of last century, moved west to the United States and now, after another hundred years, is relocating to Asia. Nothing can be done about this, he says. It is just the way it is. China and India (and he throws in Indonesia for good measure) are simply too big and too industrious not to fight it out for the soon-to-be vacated Number One slot.
But ”“ and this is where it gets interesting ”“ Luce is frustrated by the way in which the US, outside of rhetoric, is capitulating to the inevitable, giving up almost without a fight. Were its leaders to defy history, he suggests, they would quickly regain the world’s respect and write a new and valuable interpretation of the American dream.
Spain’s first general strike for 18 months has been well-supported, as citizens protest against the government’s labour reforms and austerity plans.
Protests began early, with demonstrators clashing with police in several cities as they tried to disrupt buses and prevent lorries arriving at, or leaving, wholesale markets. Over 50 people were arrested, and a small number treated for injuries.
Unions say they were pleased with the turnout today. Transport links have been badly affected, with hundreds of flights cancelled, and trains and buses delayed.
Read it all and look at the pictures.
Update: There is more there as well.
With the highest unemployment rate in the European Union at 23 per cent and 50 per cent of young people out of work, Spain this week veered back to recession for the second time in two years.
The strike comes amid mounting international concern that Spain might become the next casualty of the eurozone debt crisis after Greece, Ireland and Portugal, which were all forced to accept financial rescue packages.
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Be careful about the personal information and opinions you broadcast online, we are wisely and repeatedly told. Anyone from a prospective employer to an insurance company might be interested in details that you’ll regret divulging someday.
But employers cross a bright, hard line when they demand, as some do, that job applicants divulge their passwords to Facebook and other social media sites, or have them log on so the interviewer can scrutinize their likes and dislikes, their relationships, their photos, their friends’ personal information.
We don’t yet know where the stay-home generation will make their church homes. When the economy improves they may hit the road. But I wonder if something has changed for good during the Great Recession. Diminished economic opportunities might have taught a generation of young adults that they cannot depend on money to make them happy. Even in a better economy your job probably won’t last long; the company may not be able to afford you, or you may soon be looking for something else to improve your meager earnings. Organizational loyalty, up and down the corporate ladder, has collapsed.
It would be easy to follow the lead of Todd and Victoria Buchholz and blame Facebook and laziness for younger Americans’ unwillingness to drop everything and move to North Dakota. But I would hope other factors, chiefly love of neighbor and family, are at work. The grass is not always greener in the Peace Garden State. Your sins will follow you even to the Canadian border. It’s challenging but rewarding to stay home and learn to love the family, church, and neighbors who have known you since youth.
Americans may take the restless pursuit of prosperity at any cost for granted, but that doesn’t make it any more acceptable in God’s eyes. the national narrative that celebrates the free-ranging individual fosters sinful discontent….
Many Evangelicals often put an emphasis on the Great Commission, but sometimes make a great omission. This is only one of three mandates we have. The first one God gave us is the creation mandate, Genesis 1 – 3: we are to be creative and create good things, for ourselves and others, being good stewards of all things entrusted to us ”“ even in the physical arena. This of course includes being creative in business ”“ to create wealth. Wealth creation is a godly talent:“Remember the LORD your God, for it is he who gives you the ability to produce wealth.”(Deut 8:18) As Christians we often focus more on wealth distribution, but there is no wealth to distribute unless it has been created.
The second mandate is the great commandment which includes loving your neighbor. In the first and second mandates you find a basis for what modern day economists call CSR ”“ Corporate Social Responsibility. It is about creating wealth and producing products and services in ways which consider ”˜your neighbor’.
As many as 20 million Americans could lose their employer-provided coverage because of President Obama’s healthcare reform law, the nonpartisan Congressional Budget Office said in a new report Thursday.
The figure represents the worst-case scenario, CBO says, and the law could just as well increase the number of people with employer-based coverage by 3 million in 2019.
[CHRIS] ARNOLD: In other words, without the rest of the economy doing better, will the recovery in the jobs market stall out?
Lawrence Katz says that idea is troubling, because even the job growth that we’re seeing right now isn’t great and we need it to get much stronger.
[LAWRENCE] KATZ: Even if we had a very rapid recovery, we have a huge distance to go still. We are still 10 million jobs behind. So it would take basically four years of strong job growth to get back to a normally functioning labor market.
ARNOLD: So slower job growth would mean an even longer period of high unemployment and economic hardship for millions of Americans.
The job outlook is brightening for younger workers, who were hit hard in the recession and play a vital role in the economy.
Jobs for 25-to-34-year-olds increased by 116,000 to 30.5 million in February. Their unemployment rate fell from 9% in January to 8.7%, the lowest since January 2009, according to the Labor Department.
Just as important, the portion of Americans in that age bracket who were employed ”” known as the employment-to-population ratio ”” rose to 74.7% from 74.5% and is up from a 29-year low of 73.2% in July. In a normal economy, about 80% of 25-to-34-year-olds have jobs.
Christians do not have a right openly to wear a crucifix at work, the government is to tell the European Court of Human Rights.
Ministers are set to argue at the Strasbourg court that employers should be able to dismiss workers who insist on wearing a cross….
Lord Carey, the former Archbishop of Canterbury, said the government’s position was another sign that Christianity was becoming sidelined.
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For the settlers, the presence of the Christian workers has more practical applications.
“Today we have more than 200 acres. It’s a lot of agriculture and it takes a lot of work,” says Veret Ben Sadon, who helps run the Tura Winery. “We saw that we cannot work alone. I can say for sure that without this help, we cannot do what we are doing today.”
Essentially she gets free labor for the heavy seasonal work that needs to be done. She says there is a labor shortage in the area and the Christians fill the gap.
[The] Greece youth unemployment rate has risen to 51.1%. It was 39% in 2010, 28.9% in 2009, 26.3% in 2008, 24.5% in 2007
–Alberto Nardelli as cited in this morning’s Telegraph.
The Billy Graham Evangelistic Association of Charlotte has laid off about 10 percent of its workers, which it says is part of a strategic move to emphasize its online ministry and other priorities.
The agency said fewer than 50 employees lost their jobs. Fewer than 20 of the layoffs involved Charlotte operations, an agency spokesman said.
Federal Reserve Chairman Ben Bernanke threw cold water on the improving economic outlook Wednesday, saying further significant declines in unemployment are not likely without stronger economic growth.
“Continued improvement in the job market is likely to require stronger growth in final demand and production,” Bernanke told the House Financial Services Committee in his semiannual report to Congress on monetary policy.
The economic recovery has not made Americans feel more secure about their financial future. In fact, many workers fear more cuts in retirement benefits and higher out-of-pocket health care costs, according to a survey by Towers Watson, a retirement consulting firm.
As a result of their worries, more than half, 55%, of workers say they are willing to give up some of their future pay increases in order to have more guaranteed income in retirement, the survey found. And 50% say they would also trade a portion of their pay to ensure health care benefits.
“This may reflect their firsthand experience with financial market volatility, continuing worries about the economy and fears of future cutbacks to benefits,” said Kevin Wagner, Towers Watson senior retirement consultant.