« "Hey, Norm!" | Main | More Iraq news that you won't see in the MSM »

Thursday's Business News

Economic Growth -- GDP

Revised figures show 4.9% inflation-adjusted GDP growth back in Q3 (July-September). That follows a 3.8% growth rate in Q2.

Common Cents

President Bush shrinks federal pay raises

Federal workers living in more expensive regions of the country will get much smaller pay raises than scheduled under an executive order from President Bush, who said Wednesday that the proposed raises were unacceptably high.

There's more:

This year, Bush's order means that federal government workers scheduled to receive location pay differentials will now receive a total pay raise of 3 percent, not 15 percent, on average.

Go figure.

Housing Markets

New home sales in October were reported to have been 728,000 (annualized). That was below Wall St. expectations. September's figure was revised down to 716,000.

Existing home sales in October were reported to have been 4.97 million units (annualized). That was in line with Wall St. expectations and slightly below September's figure of 5.03 million units.

Obviously home sales are way down on year-over-year bases.

Drilling for Dollars and Sense

Here's a good albeit terse article regarding an American energy company's acquisition of an ownership interest in what might be a huge foreign source of natural gas and liquid hydrocarbons.

No, Chomsky, we're neither discussing Iraq nor Halliburton. The company is called Apache and the energy is located in Chile.


TrackBack

TrackBack URL for this entry:
/cgi-bin/mt-tb.cgi/25709.

Comments (4)

This year, Bush's order ... (Below threshold)
Veeshir:

This year, Bush's order means that federal government workers scheduled to receive location pay differentials will now receive a total pay raise of 3 percent, not 15 percent, on average.

I've been trying to find this elsewhere, but, as a federal employee in one of the locations that gets bigger raises (DC), I don't recall that 15% number.

Gee whiz. I'd love a 15% r... (Below threshold)
COgirl:

Gee whiz. I'd love a 15% raise. But you left out this part:

"But John Gage, president of the American Federation of Government Employees, said the union is working to ensure that Congress approves a 3.5 percent pay raise for federal workers."

How much you want to bet that Pelosi and pals get that thru.

Veeshir,They are t... (Below threshold)
tongancat:

Veeshir,

They are talking about the 1990 Federal Employees Pay Comparability Act, which was a law that was passed to bring federal salaries in line with comparable jobs in the private sector. This law has been ignored every year by all presidents since Bush Sr., because the average federal job is in the neighborhood of 25% underpaid compared to the 'outside workforce'. See: http://www.govexec.com/story_page.cfm?articleid=38676&dcn=todaysnews

Since the congress hasn't passed the appropriations bills, meanwhile, federal employees all begin paying the higher insurance premiums in January, but won't get any pay raise until...well, whenever they get around to doing their FREAKIN' job! :)

tongancat-Thanks f... (Below threshold)
Rory:

tongancat-

Thanks for the explanation.




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy