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Probably the key economic release this coming week is the advance estimate of Q2 GDP on Friday. The consensus is that real GDP increased 1.8% annualized in Q2. Note: Bloomberg is showing the consensus as 1.9%. Goldman Sachs is forecasting “real GDP growth decelerated further in Q2, to an annualized growth rate of just 1.5%”.

In addition to the advance release of GDP, the Bureau of Economic Analysis will release revisions for the previous three years:

On July 29, 2011, the Bureau of Economic Analysis will release the results of the annual revision of the national income and product accounts (NIPAs) together with the advance estimate of gross domestic product (GDP) for the second quarter of 2011. In addition to the regular revision of estimates for the most recent 3 years and for the first quarter of 2011, this flexible annual revision will result in revisions to GDP and some components back to the first quarter of 2003.

My guess is the revisions will show the recovery has been weaker than the original estimates indicated.

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Tags: Gdp, Q2 Gdp

In the battle against illegal immigration, the latest tactic is to hammer employers, putting the onus on them to discourage illicit crossings by ensuring that illegals arent able to find U.S. jobs.

Eighteen states now require the use of E-Verify, Uncle Sams massive national database of legitimate Social Security numbers and their owners. The exact provisions vary from state to state; some exempt small firms from the requirement, for example. Some hit noncompliant employers very hard. Arizona, Mississippi and Alabama, for instance, can suspend or even revoke the business licenses of companies that knowingly hire folks with no authorization to work. In South Carolina, hiring illegal immigrants is a felony punishable by up to five years in prison.

Now that the Supreme Court has upheld Arizonas law, other states are headed down similar paths. For companies with employees in multiple states, this hodgepodge approach is a nightmare, making them toe different marks in different locations.

In addition, E-Verify remains a flawed system.

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Tags: Employers, Employers Taking

Regional and state unemployment rates were little changed in June. Twenty-eight states and the District of Columbia registered unemployment rate increases, 8 states recorded rate decreases, and 14 states had no rate change, the U.S. Bureau of Labor Statistics reported today.
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Nevada continued to register the highest unemployment rate among the states, 12.4 percent in June. California had the next highest rate, 11.8 percent. North Dakota reported the lowest jobless rate, 3.2 percent, followed by Nebraska, 4.1 percent …

Nevada recorded the largest jobless rate decrease from June 2010 (-2.5 percentage points). Two other states had rate decreases of at least 2.0 percentage points–Michigan (-2.1 points) and Indiana (-2.0 points). Eleven additional states had smaller but also statistically significant decreases over the year. Read more…

Tags: June, State Unemployment, State Unemployment Rates, Unemployment Rates

Penny auctions are on-line sales that provide merchandise towards the greatest bidder, however with a twist about the traditional auction model. Unlike eBay, for example, penny auction sites make use of a different sales model that needs that customers pay a fee for each bid positioned on the auction. Penny auction bids are available in a large range of prices but typically average fifty to 70 five cents per bid. Penny auction bids can be purchased in “packs”, generally in categories of 20 to 100 bids at any given time. Sites generally don’t discount the per-bid cost on quantity purchases, but packages of bids are frequently set up for auctions, which makes it achievable to get a bundle of bids at under the entire retail cost.

At some sites, new clients could possibly get free penny auction bids once they buy their first package of bids. These free penny auction bids are frequently offered like a bonus to new bidders. The putting in a bid procedure works almost as much ast it will with every other on-line auction site.

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Tags: Auction, Penny Auction