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Thursday, August 26, 2021

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The Age of Diminished Expectations

                                                           
The Bureau of Economic Analysis on Thursday released its revised estimate of second-quarter economic growth.
 
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Breitbart Business Digest
August 26, 2021
 

Today's Top Stories From the Breitbart News Desk

The Bureau of Economic Analysis on Thursday released its revised estimate of second-quarter economic growth. You might recall that the first estimate had the economy expanding at an annualized, real rate of 6.5 percent, missing analyst forecasts for growth of 8.4 percent. It turned out that supply chain and labor shortages were a bigger drag than economists expected, slowing what was supposed to be a blockbuster quarter down to just above the 6.1 percent growth of the first quarter and also showing that the boost to demand from the stimulus checks had faded faster than expected.

A month ago, a lot of the talk was about perspective revisions to the preliminary estimate. After all, the pandemic had made data collection difficult, and the unevenness of the recovery had made a lot of the usual seasonal adjustments and methods of estimating growth unreliable. Just look at those ADP private payroll reports!

But that talk had faded as more evidence poured in that although inflation was running above expectations, GDP was not. So going into today, the consensus forecast was for 6.6 percent growth—which is exactly what the BEA reported. Unfortunately, the BEA figure also included an upgrade to the pace of inflation as measured by the Personal Consumption Price Index to 5.8 percent, also a tenth of a percentage point higher. So the story of the second quarter remains largely the same: disappointing growth and alarming inflation.

The Kansas City Fed's report on manufacturing suggests that this will also be the narrative for the current quarter. Growth ticked down a bit in August, while the measure of prices received hit an all-time high and prices paid for raw materials rose back toward the record hit in May. The manufacturing sector is still growing, of course, and growing quickly. It's just starting to show signs of not growing as quickly.

One worry was that the Federal Reserve would see the slower than expected growth as a sign that it should keep monetary policy ultra-accommodative even though inflation had jumped ahead of what the central bank anticipated. But appearances by three different Fed officials on CNBC on Thursday seem to put that worry to rest. All three called for the Fed to begin to reduce its $120 billion of bond purchases sooner rather than later and appeared cognizant of the damage inflation can do to the economy, especially for those on fixed-incomes or with low incomes.

Alex Marlow & John Carney
Breitbart News Network

 
 

TOP STORY

 
Inflation Hits Record High in Kansas City Fed Manufacturing Index
Inflationary pressures on goods manufactured in central U.S. rose to a record level in August, according to a survey from the Federal Reserve Bank of Kansas City released Thursday. The Kansas City Fed's index for prices received jumped to a seasonally adjusted 61 from July's 52, the previous record high. Fifty-nine percent of manufacturers surveyed said they were increasing prices, 42 percent said they had not changed their prices in the month, and none reported lower prices. The prices paid index jumped to 80, up from 78 in July. This was the second-highest reading recorded after May's 86. Eighty-two percent of manufacturers reported paying higher prices for materials, 16 percent reported no change, and two percent reported lower prices. [Click here for more]
 

IN OTHER STORIES...

Jobless Claims Rise for First Time in Five Weeks
The number of Americans applying for unemployment benefits climbed higher for the first time in five weeks, highlighting how the pace of economic growth appears to have slowed in August. The Labor Department reported Thursday that initial claims rose to 353,000 from a slight upwardly revised... [Click here for more]
 
Analyst: Google to Pay Apple $15 Billion to Remain Default Search Engine
Google will reportedly pay Apple as much as $15 billion in 2021 to remain the default search engine on iPhone, iPad, and Mac according to a new report from analysts. Apple could enjoy payments of up to $20 billion from the search monopoly in 2022. 9to5Mac reports that according to a new report from analysts at Bernstein, Google could pay Apple up to $15 billion in 2021 to have its search engine remain the default option on iPhone, iPad, and Mac. This would be an increase from... [Click here for more]
 
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Have an encounter with Jesus!


Friend,

Before the month is over, we want to give you one more opportunity to request a copy of Tim Keller's insightful book, Encounters with Jesus: Unexpected Answers to Life's Biggest Questions.

It's our thanks for your gift to help people all over the world experience their own encounter with Jesus.

But this book is only available for the remainder of August.

Throughout the book you'll see Jesus meeting people at the point of their big unspoken questions, and you'll learn how these conversations continue to speak to your own questions today.

Request your copy of Encounters with Jesus today, and thanks for your generous support.

In Him,

The Gospel in Life Team

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Timothy Keller

Timothy Keller was born and raised in Pennsylvania and educated at Bucknell University, Gordon-Conwell Theological Seminary, and Westminster Theological Seminary. His first pastorate was in Hopewell, Virginia. In 1989 he started Redeemer Presbyterian Church in New York City with his wife, Kathy, and their three sons. Today, Redeemer has nearly six thousand regular Sunday attendees and has helped to start more than three hundred new churches around the world. In 2017 Keller moved from his role as senior minister at Redeemer to the staff of Redeemer City to City, an organization that helps national church leaders around the world reach and minister in global cities. He is the author of God's Wisdom for Navigating Life, Hidden Christmas, Making Sense of God, The Meaning of Marriage , The Prodigal God , and The Reason for God , as well as On Birth , On Marriage , and On Death , among others. 

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Watch "Passion - How Great Is Our God (World Edition) [feat. Chris Tomlin]" on YouTube



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I'm just a nobody
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If you are wondering where the pages that contained the words "excerpt", "Introducing" or other words indicating I was quoting a book have all gone, I migrated all of them over to Posts and Posted them all on August 18 and August 19 2024. I did that so you could use the search widget that is built in to the blog on the upper right hand corner. You will be happy to know that there are more of them than just the batch that were migrated, there were also lots of posts that contained the same words that did not have to be migrated over, they were there all along. I am really enjoying doing introductions and excerpts because it really makes for powerful and fascinating reading when I do them. You get the feeling you are in a bookstore holding a book in your hand looking at the table of contents and deciding whether or not to buy the book.


The following website is called Indie Reader and the founder is Amy Edelman . it is an Arts & Humanities Website (the company is called Edelman Books/Media)
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About Me

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Jesus Christ is alive and living in the hearts and lives of billions of Christians. I am interested in what He is saying and doing in the lives of those who know and love Him and interested in being a familiar and trusted blogger about Him

Dallas Theological Seminary Fighting Human Trafficking video on youtube

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Human Trafficking Victims Program Introduction


She said two urls that are no longer the urls to use.
The first one, www.dhs.gov/humantrafficking automatically becomes www.dhs.gov/blue-campaign
The facebook site was the old site which does not automatically update to the following, the new facebook site is http://facebook.com/dhsbluecampaign
Click this link to search all of the DHS site for mentions of the Blue Campaign


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Kevin Livermore embedded Podcast Till We Have Faces. CS Lewis’ favorite book that he wrote

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2,380,500 views May 27, 2015 This song is on the album "Sovereign" From Michael W. Smith
Sky Spills Over · Michael W. Smith
Sovereign
℗ 2014 The MWS Group, under exclusive license to Sparrow Records
Released on: 2014-01-01
Producer: Christopher Stevens
Composer Lyricist: Michael W. Smith
Composer Lyricist: Christopher Stevens
Composer Lyricist: Ryan Smith

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Wow. You must be kidding me! This is a way for the blog to really begin to pay commissions!


This email to the blog is dated 6/16/2024 but I did not read the email until today 7/30/2024

Sun, Jun 16, 12:12 PM

Consumer Cellular
Dear Richard,
Welcome to the Consumer Cellular Affiliate Program! We are excited to have you become a part of our very successful program.
CONTENT
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The Affiliate Management Team
As a result of the above acceptance letter I have generated the following ads and information links:

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