Instant View: U.S. July nonfarm payrolls up 162,000

NEW YORK (Reuters) - U.S. employers slowed their pace of hiring in July but the jobless rate fell anyway, mixed signals that could make the U.S. Federal Reserve more cautious about drawing down its huge economic stimulus program.

The number of jobs outside the farming sector increased by 162,000, the Labor Department said on Friday.

That was below the median forecast in a Reuters poll of 184,000. Compounding that miss, the government also cut its previous estimates for hiring in May and June.

At the same time, the jobless rate fell two tenths of a point to 7.4 percent, its lowest in over four years. Gains in employment fueled some of that decline, but the labor force also shrank during the month, robbing some of the luster from the decline in the unemployment rate.

U.S. June personal income rose 0.3 percent

COMMENTS: BRUCE McCAIN, CHIEF INVESTMENT STRATEGIST, KEY PRIVATE BANK, CLEVELAND, OHIO:

"The anticipation of stronger growth in the second half I think has led us to expect more improvement sooner than is realistic given the sluggish growth in the first half of the year? I think this was a reminder of that."

MARK CHANDLER, GLOBAL HEAD OF CURRENCY STRATEGY AT BBH:

"The U.S. employment report is disappointing. Fewer people are working, a shorter work week and for lower pay.

"The Fed's tapering decision does not rest on a single print, especially of high frequency and noisy data, but on the margins, between the FOMC statement that gave no hint of a move in September, a manufacturing PMI that showed prices falling and now a soft employment report, look for some soul searching by those who thought and acted as if reducing long term asset purchases next month was a done deal."

MARCUS BULLUS, TRADING DIRECTOR AT MB CAPITAL:

"With a lower than expected jobs number but a better-than expected drop in the unemployment rate, it's hard to know which way to turn. The result is that markets are likely to stay relatively neutral, with a slight tilt towards the negative.

"The downward revisions to both May and June are also a setback. The world's biggest economy is still growing, but it's not growing as much as we had expected or hoped.

"The taper is still set to happen but after Wednesday's moderate GDP number and this underwhelming dataset it may drift away from September."

MOHAMED EL-ERIAN, CHIEF EXECUTIVE OFFICER OF PIMCO, NEWPORT BEACH, CALIFORNIA:

"Today's jobs report points to a labor markets that continues to improve, but still only at a modest rate unfortunately. It is disappointing that the 162,000 job creation in July was accompanied by an unusual slip in average earnings. We, and Congress in particular, should never lose sight of the internals of the monthly report, particularly persistently high long-term unemployment and alarming youth joblessness."

TIM GHRISKEY, CHIEF INVESTMENT OFFICER, SOLARIS GROUP, BEDFORD HILLS, NEW YORK:

"The report shows that the health of the labor market is improving but at the same time, unhealthy. The stock market is a bit schizophrenic here, because while it does keep the Fed more on the sidelines, it's not a good sign of our economy. There is this balancing act here where the market wants growth but not too much too soon."

MILTON EZRATI, SENIOR ECONOMIC STRATEGIST, LORD ABBETT & CO, JERSEY CITY, NEW JERSEY:

"It's a much weaker number than was generally expected, and it's not troubling but it's a reminder that the labor market remains weak. We've had some good numbers lately and it gave people a little more enthusiasm than was warranted. This is a reality check."

ADAM SARHAN, CHIEF EXECUTIVE OF SARHAN CAPITAL IN NEW YORK:

"The market is yawning at the news. At this stage of the game, in some perverse way, weak news is bullish for the market because it gives the Fed no choice but to continue printing money. If it had been way stronger, that would also have been bullish because it means the economy is growing. The bulls are in a win-win situation."

GORDON CHARLOP, MANAGING DIRECTOR, ROSENBLATT SECURITIES, NEW YORK:

"The idea that the unemployment dropped at all, went below 7.6, is showing that the trend is going the right way. We're sort of grinding along here. We're not surging.

"I don't think there's anything here that will cause the Fed to do anything significant, so from a trading standpoint I think the numbers are more or less benign."

TODD SCHOENBERGER, MANAGING PARTNER AT LANDCOLT CAPITAL IN NEW YORK:

"Similar to the reaction following Wednesday's weak GDP report, today's jobs data is terrifying for Main Street. Despite the proactive actions from the Fed and stimulus help from Capitol Hill, the labor market remains stuck in quicksand.

"For Wall Street, however, this is terrific news as tepid growth in jobs means the Fed will continue with QE and delay tapering its current bond buying program."

JOSEPH TREVISANI, CHIEF MARKET STRATEGIST, WORLDWIDEMARKETS, WOODCLIFF LAKE, NEW JERSEY:

"This disappointing payroll number will undo some of the positive market momentum on the economy and the dollar from yesterday's strong ISM and jobless claims reports and justify the Fed's caution on quantitative easing.

"Still, with good or improving economic statistics outnumbering poor over the past several weeks it is likely that better numbers will return in August or that the July result will gain upon revision."

(Americas Economics and Markets Desk; +1-646 223-6300)

Source: http://news.yahoo.com/instant-view-u-july-nonfarm-payrolls-162-000-124315887.html

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J.D. Power: AT&T unseats Verizon as customer care leader

AT&T is the absolute bee's knees in customer care among the big four carriers. That's if you're listening to J.D. Power, anyway, which finds that longtime champion Verizon is no longer the best at solving its customers' problems. As a precaution, this study is rather narrow in scope and considers just three components of customer care: telephone assistance, online support and in-store personnel. Naturally, this is just one component of customer satisfaction, and factors such as coverage, data speed and call quality aren't considered -- look to Consumer Reports for insight on those. Still, customer care is important and J.D. Power suggests that it's now at its highest levels since 2009. Sadly, not everyone's a winner, as the study also finds that Sprint and T-Mobile both fall below the industry average.

On the prepaid side, MetroPCS is keeping its position as the front-runner, but even more curious, it's said that a whopping 69 percent of non-contract customers use carrier apps to manage their accounts. What's more, customer satisfaction is reportedly considerably higher among prepaid carriers that provide these management apps to their subscribers. In this context, it seems that well-targeted bundled apps aren't necessarily bloatware, but we still think its carriers should let you remove that stuff.

Filed under: Wireless, Mobile, Verizon, Sprint, AT&T, T-Mobile

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Source: http://www.engadget.com/2013/08/02/jd-power-wireless-customer-care-survey/?utm_medium=feed&utm_source=Feed_Classic&utm_campaign=Engadget

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Touch football? Safety concerns make for new NFL practice model

Pro football summer training camps once were filled with two practices a day, gruelling sessions that featured helmeted players clashing gladiator-style under a merciless sun.

That was before the average NFL salary soared to more than US$2-million, forcing coaches and owners to weigh the risk and cost of pre-season injuries. At the same time, the athletic community has been changed by research outlining the cumulative, debilitating effects of recurrent head trauma, even in practice. What?s left is a training camp landscape that would have been unrecognizable 10 years ago.

As 32 NFL teams opened their camps in recent days, the new practice model virtually prohibits tackling and tolerates only nominal full-scale contact between the players, often no more than five minutes a week.

At NFL training camps across the nation this week, it?s as if a bunch of touch football games have broken out.

The trend against tackling and what is known in football parlance as ?live contact? began about five years ago, but it has been especially pronounced this summer.

This week, after season-ending knee injuries cost the Philadelphia Eagles two of their starters, coach Chip Kelly, in his first year with the team, banned tackling for the duration of training camp. Coaches for the Carolina Panthers have issued a similar edict and have been reprimanding any player who knocks someone to the ground. Six days into their training camp, the New York Giants on Thursday were expecting to wear full pads and engage in limited live contact for the first time.

?The amount of contact now is pretty minimal,? Giants co-owner John Mara said Tuesday, standing near his team?s practice. ?I would contend it?s just not necessary. So this has been a good thing.?

But if the job of defensive football players is to tackle, don?t they need to practice it? And don?t the running backs and receivers need to practice avoiding tacklers? In spring training in baseball, the batters don?t hit off a tee and the pitchers don?t throw only to catchers.

You?ve got to get a team ready to play and they?ve got to be physical, but you can?t step over the line. It?s not worth it

Giants coach Tom Coughlin conceded that there was a challenge to preparing 300-pound players for a violent game without letting teammates turn their ferocity on each other.

?In this day and age, it?s a very fine line and it is not easy,? Coughlin said. ?You?ve got to get a team ready to play and they?ve got to be physical, but you can?t step over the line. It?s not worth it.?

Philadelphia?s Kelly called it ?a dance that everybody?s got to dance,? adding that his players would have four preseason games with unrestricted tackling. Some teams also schedule scrimmages with other teams.

?They?ll get plenty of hitting in the games,? Kelly said. ?But we?ve got to get our guys to the games.?

At parts of every training camp practice ? sessions now conducted only once a day, as mandated by a new labor agreement ? there is contact between players. Linemen knock shoulders, although not often at full speed. Wide receivers and defensive backs jostle during pass routes, and running backs sprint through narrow gaps between linemen. But almost every time a ball carrier is encountered by a defensive player, that defender will feint a tackle, but instead just tap or tag the offensive player.

Infrequently, there is a shoulder lowered to deliver a glancing blow, but in the new NFL, except in sporadic cases, defenders in training camp do not use their arms to wrap up a ball carrier and drag or thrust him to the ground.

?There is just too much threat of injury to bring a guy down during practice,? said Chase Blackburn, Carolina?s middle linebacker.

Much of this new model reflects the evolution of a pro football training camp that, like a lot of summer camps, is not what it used to be. Gone are days when practices were full of primal confrontations and coaches deprived players of water breaks because they believed it toughened them for the harshest conditions of the regular season.

?I remember working at training camp when the players were allowed one little cup of Gatorade per practice,? said Mara, whose father was a Giants owner and who is attending his 52nd training camp this summer. ?That was my job ? one cup per player ? and let me tell you, it was a difficult rule to enforce. We just didn?t know better.?

There is just too much threat of injury to bring a guy down during practice

The modern camp has a water brigade that trolls the grounds, hydrating the players with various liquids. Multiple athletic trainers line the fields. Every step is videotaped by camera operators hoisted in cranes so practice exercises can be analyzed in evening meetings. Many players come into camp in top physical condition, and most of the drills are about technique, not brute force; rest is common; and if there is yelling from the coaches, it?s usually directed at a player who has forgotten a page in the 4-inch-thick playbook rather than a rebuke for not playing with fury. A practice itinerary is distributed to everyone beforehand, with segments scheduled to the second. An air horn blast announces the beginning and end of each portion of practice, with packs of players trotting from station to station like worker bees.

The regular-season games may still be three hours of vicious collisions, but training camp, once six weeks long, is now a three-week summer exercise in getting players prepared, as safely as possible, for the physical rigor that awaits them.

Eagles safety Nate Allen, a four-year veteran, likes it that way. He said that by the time a player reaches the NFL, he needs practice at tackling tactics, but not actual tackling. That can be reserved for games.

?You just have to flip that switch,? Allen said. ?And we?ve all been playing long enough to know how to do that.?

Some NFL coaches, like the New York Jets? Rex Ryan, decide how much live contact there will be by feel; it depends how each training camp develops. Wednesday, Ryan said he had overseen camps where tackling was prohibited throughout. Other times, he said: ?You want to see the cream rise to the top. You put it out there, put the ball on the ground and say, ?Let?s have at it.??

As of Wednesday, the Jets had not tackled in practice.

For the all the measured civility and protective deference now routine at NFL training camps, some of the fundamental instincts of the sport still emerge. Tuesday at Giants camp, another prohibited activity ? shoving and fighting after a play is over ? occurred between the 300-pound linemen Eric Herman and Marvin Austin. The scuffle was quickly broken up, but not before teammates boisterously hooted and hollered, as if recognizing that some level of aggression was inevitably going to surface under the hot sun.

That notion was quickly smothered by Coughlin.

?There?s no place for that,? the Giants? coach barked. ?Somebody could get hurt.?

Source: http://sports.nationalpost.com/2013/08/01/touch-football-safety-concerns-make-for-new-nfl-practice-model/

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Fate of Indiana school grading system uncertain

INDIANAPOLIS (AP) ? Indiana's A-F grading system designed to hold schools accountable faces an uncertain future as state leaders review it to ensure that marks awarded are fair and impartial.

The Indiana Department of Education is reviewing all grades awarded under an A-F system implemented by former schools chief Tony Bennett. The review followed revelations that Bennett and his staff changed the formula to improve the score of a top Republican donor's charter school.

Bennett resigned Thursday as Florida's education commissioner.

An Indiana teachers union called Thursday for the grading system to be suspended. Many school superintendents say they don't want a system "connected to corruption and manipulation."

Superintendent Glenda Ritz has ordered a review of grades. Republican Gov. Mike Pence says he supports the system but that a review is in order.

Source: http://news.yahoo.com/fate-indiana-school-grading-system-uncertain-201532499.html

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Divergence In Official And HSBC China PMI - Business Insider

We just got the official and HSBC China PMI numbers, and both are painting different pictures of the nation's manufacturing sector.

Official PMI climbed to 50.3 in July, beating expectations, while HSBC PMI fell to 47.7, in line with expectations.

Bank of America's Ting Lu explains that the divergence in the official and HSBC Flash PMI readings could be driven by seasonal factors and the survey samples for each. The HSBC Flash PMI represents 85 - 90% of the respondents to the survey:

"First, the decline of flash HSBC PMI, which was conducted in mid-July, was likely impacted by the prolonged pessimistic sentiment as a result of the interbank turmoil in June and the uncertainty regarding the new government's growth floor (or even worry of an engineered hard landing as part of the so called ?Li Keqiang Economics?). However, since mid-July Premier Li has made it very clear that his government will try to achieve the 7.5% growth target with some policy easing measures including more investment in infrastructure FAI. So the official PMI survey which was conducted late July could be impacted by the more positive sentiment.

"Second, the HSBC PMI sample is overly represented by small exporters which were hit by rising RMB, rising wage and sluggish global demand. However, the official PMI is more represented by domestic big enterprises with large exposure to FAI. The improved sentiment will surely support the official PMI."

The other logical question that follows is which number investors should pay attention to. And Lu writes that we should focus on the official number, since the HSBC survey is more exposed to exporters, and "exports now only contribute 10% of China's GDP."

This chart from SocGen, which does not reflect the data for July, shows the difference in the trajectory of the HSBC and official PMI:

Societe Generale

Source: http://www.businessinsider.com/divergence-in-official-and-hsbc-china-pmi-2013-7

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Cincinnati sports double header through mid-August on the riverfront

CINCINNATI, OH (FOX19) - Between the Reds continued push towards the MLB postseason and Bengals training camp, the riverfront will be filled with sports fans through August.

Here is a schedule of dates when Reds games and? Bengals training camps collide:

Thursday, August 1

? Family Night at Paul Brown Stadium (6 p.m.)

Friday, August 2

? Bengals Practice at Bengals Practice Field (3 p.m.)

? Reds vs. St. Louis Cardinals at Great American Ball Park (7:10 p.m.)

Tuesday, August 6

? Reds vs. Oakland A?s at Great American Ball Park ? Votto Bobblehead Night (7:10 p.m.)

Saturday, August 10

? Bengals Practice at Bengals Practice Field (3 p.m.)

? Reds vs. San Diego Padres at Great American Ball Park ? Bengals cornerback Dre Kirkpatrick will throw out a ceremonial first pitch (7:10 p.m.)

Sunday, August 11

? Reds vs. San Diego Padres at Great American Ball Park (1:10 p.m.)

? Family Night at Paul Brown Stadium (6 p.m.)

For more information on the Bengals practices and Reds games, please visit Bengals.com and Reds.com.

Source: http://downtown-mtauburn.fox19.com/news/sports-recreation/159781-cincinnati-sports-double-header-through-mid-august-riverfront

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iPhone 6 Release Date Sooner than Expected, as Apple Rushes to Embrace the Raging Phablet Fever?

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Source: www.ibtimes.com --- Wednesday, July 31, 2013
The iPhone 6 release date could come a little sooner, as Apple feels the mounting pressure of smartphone users turning their attention to Samsung Galaxy rivals, with large screen emerging as the top lure for gadget buyers. ...

Source: http://www.ibtimes.comhttp:0//www.ibtimes.co.in/articles/496020/20130801/iphone-6-release-date-sooner-expected-apple.htm

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