Daily Archives: October 25, 2012

Two sets of impending economic data are likely to hit the headlines in the last days of the US presidential campaign, the first estimate of GDP for the third quarter of the year, out on Friday October 26, and the employment situation report for October, published on Friday November 2, four days before the election.

After the release of labour market data for September, President Obama’s camp made much of strong growth in hiring, up 114,000 compared with August, and a fall in the unemployment rate from 8.1 per cent to 7.8 per cent, taking the rate back to where it was when the president took office in 2009. Mitt Romney’s campaign countered that, if not for people exiting the labour market, the rate would be in double figures.

In the data due to be released there will again be enough detail for either side to claim vociferously that the economy is or isn’t recovering.

But perhaps not too much store should be given to either release. A study by the FT of revisions after initial publication shows how the data in the minds of the voters on election day may be very different when either Mr Obama or Mr Romney is inaugurated next January.

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David Pilling

Much of the action in China is now centred in cities you’ve probably never heard of.  Read more

Esther Bintliff

The youtube video of Gangnam Style has received over 530 million views. As a point of reference, Nasa estimates that about 530 million people watched Neil Armstrong take one small step for man in 1969. What on earth is going on?  Read more

Germany’s Angela Merkel, left, with Greece’s Antonis Samaras during her Athens visit.

With Athens and the so-called “troika” of international lenders close to a deal on an overhauled bailout that would extend the programme by two years, the focus today shifts to Brussels, where talks begin on round two of the revised Greek rescue: how to pay for it.

As we reported in today’s dead-tree edition of the FT, those talks will focus on how to fill a new financing gap of between €16bn-€18bn through 2016.

Although officials have toyed with a bond buyback programme – which would have reduced Greek financing needs by purchasing debt at current distressed prices and retiring the bonds – it now looks like they’re going to focus instead on what they’ve done in the past: lowering rates on bailout loans even further to scrape together extra money. Currently, Greece borrows at 1.5 per cent more than the cost of the cash to lenders. So there’s room to cut.

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Welcome to a round up of media coverage of the presidential election as the campaign reaches the stage where the air miles really begin to stack up for those following the candidates on their jet-powered whistlestop tours.

Today, President Barack Obama and his challenger Mitt Romney criss-cross the country in search of support in critical states. The president begins the day in Florida before flying up the east coast to Virginia, then home to Chicago to cast his own (early) vote before hopping to Ohio, two states to the east, for an evening rally.

With just 11 days of campaigning left, the citizens of these states can expect to see the candidates plenty more times and hear an awful lot of speeches, but Thursday’s headlines feature remarks made by the president in what he thought was a private conversation. Read more