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Showing posts with label falls. Show all posts
Showing posts with label falls. Show all posts

Thursday, May 19, 2011

Japan's economy falls into recession

GDP falls by an annualized rate of 3.7% in the first quarter of the calendar yearDrop is much steeper than Japanese economists had predictedIn the fourth quarter of 2010, GDP fell 0.8% compared to the same quarter of 2009

Tokyo, Japan (CNN) -- Japan's economy, sputtering since the March 11 earthquake, tsunami and nuclear disaster, has fallen into recession, according to government figures released Thursday.

The country's gross domestic product fell by an annualized rate of 3.7% in the first quarter of the calendar year, according to the government, a much steeper fall than Japanese economists had predicted.

Comparing the first quarter to the previous year, according to Japan's cabinet office, the GDP fell 0.9%. In the fourth quarter of 2010, the GDP fell 0.8% as compared to the same quarter of the previous year. Thursday's GDP figures show a second consecutive quarterly drop, which fits the economic definition of a recession.

Industrial output in March was down 15.3%, the worst monthly drop in the country's history.

Businesses in the region affected by the tsunami were hit hard, with 10,000 of 24,000 businesses affected and 600 expected to close.

The figures, which did not include data from tourism or trade, underscore the fact that the natural disaster of March has become an economic disaster.


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Sunday, May 15, 2011

Yemen thrust into deeper uncertainty after Gulf deal falls through (The Christian Science Monitor)

Sanaa, Yemen – When demonstrations began in February aimed at toppling long-ruling President Ali Abdullah Saleh, they were of a humble size, filling only the area immediately outside the entrance to Sanaa University, an area now known as Change Square.

Now as the movement enters its fourth month, the sit-in has swollen to a veritable tent city that stretches nearly two miles, shutting off traffic in a large portion of the nation's capital and resembling a shantytown. Many tents there have a permanent look, wired for electricity, satellite television and, in many cases, wireless Internet service.

Still, the demonstrators seem no closer to achieving their goal. A supposed agreement that would have had Saleh resign, brokered by the Gulf Cooperation Council, appears to have fallen through, with neither the demonstrators nor Saleh willing to support it.

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"How can anything headed by the GCC lead to democracy," commented Abdulrahman Abdullah al Kamadi, a demonstrator who has been camped out in the square for over two months.

"The emirates and kingdoms of the GCC are the enemy of any revolution. They cannot even admit what is going on here. This is not a political crisis: this is a revolution."

'We have no fear of violence'

On Wednesday, gunfire broke out here as army troops loyal to Saleh moved against the demonstrators in what appeared to be an effort to push them back from the huge swath of territory they've claimed over the weeks. More than a dozen protesters were killed in the four-hour firefight, but the pro-Saleh forces gained no ground, and protesters were putting up new structures Thursday.

"We have no fear of violence," said Bassem Moghram, one the leaders of the young people who make up the heart of the protest movement. "Freedom is not cheap."

Increasing hardship, uncertainty

Where the protest movement will go is uncertain. Similar tent cities have sprung up in other Yemeni cities, and the political turmoil is showing itself in growing hardship for the average Yemeni.

Gas rationing, water shortages and power outages have become commonplace in many parts of the country; and the cost of food has risen, as the value of the Yemeni rial has plunged.

RELATED: As Yemenis run low on gas and food, revolution could take off

Yemen's oil industry has been particularly affected; with production dropping nearly 50 percent, the result of damaged pipelines and the temporary closure of some oil facilities.

Amir al Aydarous, the country's oil minister, recently told the state-run news agency that continued unrest could lead to "catastrophe beyond imagination." Yemen's modest oil reserves provide nearly 70 percent of the government's revenues.

A largely leaderless movement

The movement itself remains largely leaderless. While some of the demonstrators are affiliated with opposition parties, most continue to fiercely assert their independence. Images of slain former President Ibrahim al Hamdi, who ran the country from 1974 to 1977, far outnumber images of current opposition leaders.

"We will talk about parties when we are talking about elections," said Ibrahim Yayha al Kulani. "Until then, we will remain one united front, not differentiating between party, region or sect."

Various self-described "revolutionary youth committees" have sprouted in different areas of Yemen. Notably, the past weeks have seen growing cooperation between groups in different cities, culminating in the formation this week of a single, nationwide "Media Council of the Revolution." Another group, the Supreme Coordination Council of the Revolution, has called for a series of marches, strikes and camp expansions, culminating in a march Tuesday on the Presidential Palace.

US role

For its part, the US, for which Saleh has been a key ally in the war on terror, and the European Union remain supportive of the GCC plan, which would grant Saleh immunity from prosecution for the hundreds of deaths suffered in the crackdown on the protests. The young people who've remained camped out in protest reject that idea in particular, and many Yemen observers believe the GCC plan is doomed.

"It is a mistake for the United States to continue to let the GCC take the lead on this, both for the future of Yemen as well as for U.S. security interests," commented Gregory Johnsen, a Yemen scholar at Princeton University. "The US must take the lead in constructively shaping a post-Saleh Yemen."

Others say the US support for any plan makes it unworkable.

"This is not even just a GCC plan," said Feris al Areeqi, a professor of engineering at Sanaa University. "This is a GCC-EU-USA plan. How can they intervene positively when they have supported Saleh?"

(Baron is a McClatchy special correspondent.)


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Tuesday, April 19, 2011

Unemployment Falls in Two-Thirds of States

Associated Press

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The unemployment rate fell in two-thirds of the nation's states last month, the latest evidence that the strengthening economy is encouraging many employers to boost hiring.

The Labor Department said Tuesday that the unemployment rate dropped in 34 states in March. That's the largest number of states to record a decline since June. The rate rose in seven states and was unchanged in nine and Washington, D.C.

Employers hired more workers in 38 states. A government survey of employer payrolls found only 12 states plus Washington, D.C. lost jobs last month, the fewest since October.

Nationally, the unemployment rate fell in March to a two-year low of 8.8 percent, and private employers added more than 200,000 jobs for the second consecutive month. That's the largest two-month hiring total in four years.

New Mexico reported the biggest monthly drop in unemployment among all states, falling from 8.7 percent in February to 8.1 percent in March. Florida, Oklahoma, Indiana, Missouri and Ohio posted the next biggest monthly declines.

Texas added 37,200 net jobs in March, the most of any state. It was followed by Missouri and Florida, both of which reported strong gains. California lost 11,600 net jobs -- the most of any state. Connecticut, Louisiana, Maryland and Maine all had large job losses, too.

Nevada again had the highest unemployment rate of any state, although it fell from 13.6 percent to 13.2 percent in March. California, at 12 percent, was second, followed by Florida (11.1 percent) and Rhode Island (11 percent).

North Dakota had the nation's lowest unemployment rate at 3.6 percent. It was followed by Nebraska at 4.2 percent and South Dakota at 4.9 percent.

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Sunday, April 3, 2011

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