MERRY CHRISTMAS!!!

MERRY CHRISTMAS TO ALL!!!

Tis the Season for a Woeful Economy... fa-la-la-la-la... la-la la la....

3rd Quarter growth weak due to cut in inventories.

The U.S. economy grew more slowly than previously estimated in the third quarter... Gross domestic product grew at a 2.0 percent annual rate in the July-September quarter, the Commerce Department said in its second estimate on Tuesday, down from the previously reported 2.5 percent...

The government revised third-quarter output to account for an $8.5 billion drop in business inventories, the first decline since the fourth quarter of 2009.

The November unemployment rate drops to 8.6%. Reeeeally???

There are three elements that U-6 tracks that the official U-3 does not – “discouraged” workers (which is not nearly the same as the “want a job but haven’t looked lately” number mentioned above), those who hadn’t searched for work in the last 4 weeks because of reasons other than the job market (both not seasonally adjusted, and together being the number of those marginally attached to the workforce), and those employed part-time because of economic reasons.

The number of “discouraged” workers rose from October’s 967,000 to 1,096,000 in November, though the BLS does note that November 2011′s number is less than November 2010′s 1,282,000.

So, what about those questionable unemployment numbers.

The civilian participation rate in the workforce dropped 0.2% to 64.0% last month, barely above the 30-year low of 63.9% achieved in July of this year. The reason that both the topline and U-6 numbers declined is that both are based on the base number of workers, actual and potential, in the labor force that have plummeted in the last two years. The dramatic reduction in this number is what allowed a gain of only 120,000 jobs — which only covers the population growth in a month — drop unemployment by 0.4%.

In other words, the drop isn’t an indication of hope — it’s an indication of despair.

The "400,000 benchmark" myth explained.

Economy now hitting the breaks.

A different look at the economy in relation to past recessions and their subsequent recoveries.

Retail sales for November aren't so hot (so much for Black Friday saving the day).

Retail sales grew at their slowest pace in five months in November, tempering expectations for a strong holiday shopping season.

Retail sales increased a weaker-than-expected 0.2 percent after gaining 0.6 percent in October, a Commerce Department reportshowed on Tuesday...

Some of the weakness in the November retail sales might be because stores discounted heavily to attract customers, said Millan Mulraine, a macro strategist at TD Securities in New York.

"It's fairly disappointing given that all the evidence was pointing to fairly strong gains during the month," said Mulraine.

Oh, yeah... and that 2.0% growth for the 3rd quarter I posted just a few inches above in this post? Ahem... it's actually been revised downward to 1.8%.

Meanwhile, S&P warns all 17 Euro nations that they could be downgraded if things don't improve there.

Fitch ups the timeframe of a possible downgrade of France.

Fitch also warns of a possible downgrade of the U.S. rating (something S&P already did this summer).

All Things Perry...

I made it known last month that my fairly consistent first choice for the (R) candidate for president is Rick Perry (of those who officially threw their hats in the ring). Over the last six months we've all seen the booms and busts of quite a few candidates and potential candidates.

Non-candidates:

Palin

Huckabee

Daniels

Barbour

McDonnell

Pence

Thune

Bloomberg

Jindal

Rubio

Ryan

Christie

Trump

Official candidates:

Pawlenty

McCotter

Bachmann

Perry

Cain

Gingrich

Romney (who never seems to be able to get above 25% - no surprise here)

And the remaining existing crazies, light weights or long shots:

Paul

Johnson

Huntsman

Santorum

Perry has been making a strong and steady comeback. Below is a list of more links, stories, interviews, debate updates and campaign ads.

The Cornerstone Speech in late October (in full, not in distorted snippets and soundbites).

Gator at RedState's 11/10 post on Perry.

Erick at RedState's 11/14 post on Perry.

Ken Blackwell's 11/13 post on Perry at TownHall.

Analysis of Perry's government reform speech, and the actual speech here.

Perry's take-down of the President.

His criticism of the botched "Fast & Furious" debacle and of AG Eric Holder.

His endorsement by AZ Sheriff Arpaio here and here.

Full 3-hour video of the Thanksgiving Family Forum with the candidates (Romney and Huntsman declined to attend).

Perry's ad that ran on during the Leno/Tonight Show broadcast on December 1.

Erick at RedState analyzes the comeback of Perry in his 12/4 post.

Perry's ad in Iowa on faith. More here.

His fight against "political correctness" here.

And Capt. Ed's post on Perry's big push in that state (via HotAir), and about Perry hitting the road in Iowa.

Perry talks about his back surgery in July, and it's effect on the early part of his campaign.

Ace of Spades has two posts of proposed Perry amendments here and here.

Ben Howe at RedState talks about "the Perry I know" which also has an 11-minute clip of Perry talking to veterans.

The Huckabee Forum and Perry suggests term limits for Supreme Court Justices.

Yet another new ad in Iowa here ("Momentum").

Clip of Perry at the last debate on 12/15.

Erick's analysis of that debate here.

And, finally, Perry's newest ad focusing back on the economy.

*WHEW*

That gives you all plenty of stuff to read, watch and listen.

BTW... Perry's Official Website.

Busy Busy Busy...

I know I've been away from posting lately. Life takes over sometimes. Been busy with house hunting in this crazy housing market, and my wife & I are currently in the middle of a potential purchase of a short sale property. Updates to come. Also, the Thanksgiving and Christmas holiday seasons takes time away from blogging, as well. But I have been following the news and have plenty of links to come.