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Economy

existing homes sales reuters

(Photo: REUTERS)

The National Association of Realtors said on Monday U.S. existing home sales fell more than expected in August, falling 4.8% to an annual rate of 5.31 million units. Economists polled by Reuters had forecast a 5.51 million-unit pace of home sales last month, and sales for the month prior were up 6.2% on a year-over-year basis.

“Sales activity was down in many parts of the country last month — especially in the South and West — as the persistent summer theme of tight inventory levels likely deterred some buyers,” said Lawrence Yun, the NAR’s chief economist. “The good news for the housing market is that price appreciation the last two months has started to moderate from the unhealthier rate of growth seen earlier this year.”

Existing home sales fell the steepest in the South and West, both regions which have seen the fastest price gains in recent months. Nationwide, the median home price fell just slightly in August to $228,700, which is still up 4.7% from the prior year. However, on a year-over-year basis the rate is at its lowest since August 2014. Prices in the West were up 7.1% from a year earlier.

“With sales and overall demand higher than a year ago and supply mostly unchanged, low inventories will likely continue to limit options for those looking to buy this fall even with the overall pool of buyers shrinking because of seasonal factors,” adds Yun.

July’s sales pace was revised slightly lower to 5.58 million units. Meanwhile, single–family home sales declined 5.3% to a seasonally adjusted annual rate of 4.69 million in August from 4.95 million in July, but are still 6.1 percent above the 4.42 million pace a year ago. Existing condominium and co–op sales fell 1.6% to a seasonally adjusted annual rate of 620,000 units, down from 630,000 units in July. The median existing condo price was $217,400 in August, which is 2.2% higher than a year ago.

“When the Federal Reserve decides to lift short–term rates — likely later this year — the impact on mortgage rates and overall housing demand will likely not be pronounced,” says Yun. “With job growth holding steady, prospective buyers can handle any gradual rise in mortgage rates — especially if today’s stronger labor market finally leads to a boost in wages and homebuilding accelerates to alleviate supply shortages and slow price growth in some markets.”

Existing Home Sales Regional Breakdown

August existing–home sales in the Northeast were at an annual rate of 700,000, unchanged from July and 6.1 percent above a year ago. The median price in the Northeast was $271,600, which is 2.4 percent above August 2014.

In the Midwest, existing–home sales declined 1.5 percent to an annual rate of 1.28 million in August, but remain 5.8 percent above August 2014. The median price in the Midwest was $181,100, up 4.0 percent from a year ago.

Existing–home sales in the South fell 6.6 percent to an annual rate of 2.14 million in August, but are still 5.9 percent above August 2014. The median price in the South was $196,300, up 6.0 percent from a year ago.

Existing–home sales in the West dropped 7.8 percent to an annual rate of 1.19 million in August, but remain 7.2 percent above a year ago. The median price in the West was $321,300, which is 7.1 percent above August 2014.

The National Association of Realtors said Monday

Video

[brid video=”15923″ player=”1929″ title=”Carson “I Would Not Advocate That We Put a Muslim in Charge of This Nation””]

Republican presidential candidate Dr. Ben Carson said Sunday that a Muslim should not be president, and is not backing down from his comment.

“I would not advocate that we put a Muslim in charge of this nation,” Carson, a Christian and retired neurosurgeon, said on NBC’s “Meet the Press.” “I absolutely would not agree with that.”

TRANSCRIPT

CHUCK TODD: Let me wrap this up by finally dealing with what’s been going on, Donald Trump, and a deal with a questioner that claimed that the president was Muslim. Let me ask you the question this way: Should a President’s faith matter? Should your faith matter to voters?

DR. BEN CARSON: Well, I guess it depends on what that faith is. If it’s inconsistent with the values and principles of America, then of course it should matter. But if it fits within the realm of America and consistent with the constitution, no problem.

CHUCK TODD: So do you believe that Islam is consistent with the constitution?

DR. BEN CARSON: No, I don’t, I do not.

CHUCK TODD: So you–

DR. BEN CARSON: I would not advocate that we put a Muslim in charge of this nation. I absolutely would not agree with that.

CHUCK TODD: And would you ever consider voting for a Muslim for Congress?

DR. BEN CARSON: Congress is a different story, but it depends on who that Muslim is and what their policies are, just as it depends on what anybody else says, you know. And, you know, if there’s somebody who’s of any faith, but they say things, and their life has been consistent with things that will elevate this nation and make it possible for everybody to succeed, and bring peace and harmony, then I’m with them.

CHUCK TODD: And I take it you believe the president was born in the United States and is a Christian?

DR. BEN CARSON: I believe that he is. I have no reason to doubt what he says.

Republican presidential candidate Dr. Ben Carson said

Opinion

Putin-Obama-split-AP

U.S. President Barack Obama, left, and Russian President Vladimir Putin, right. (Photos: AP)

Dinesh D’Souza did a good job in his movie, America, explaining how the Western world moved over a long stretch of time from a culture of conquest to one governed by the rule of law.

That is a journey Russia never made.

There remains a canyon of difference between Russia’s culture and that of the West. If ever there was a real deficit of understanding between two peoples that could lead to war, this is it. It reminds me of the Yangs and the Coms, of Starfleet measuring up with the Klingons.

Russian culture suffers to this day from the effects of centuries of rule by the Golden Barbarian Hordes of Middle Asia. When the likes of Ghengis Khan arrived at your city, the first thing they did was to kill most of you – then they enslaved the rest. A governmental system of strongmen was set up to whom you had to pay homage and tribute. This system still exists in Russia today. Outside a brief flirtation with democracy in the 1990s, it never changed.

Canadian Prime Minister Stephen Harper was right when he said Russia doesn’t share Western values. That is no secret, but the greater point is, they don’t want to share Western values! Did you know that Russia last year imported more than half a million baseball bats? It’s not that baseball is a Russian’s favorite pastime. No, Russians love to use them to settle traffic disputes.

America was settled mainly by the English and benefits from the English rule of law. Any country that was part of the English Crown has this heritage. This has never before existed in Russian history.

Ivan the Terrible, the famous Russian tsar who is buried in the Kremlin, killed his own son, and had a bad habit of frying his opposition in huge frying pans, took this tribute system a step further. He organized a group of wealthy power brokers around him. He kept them satisfied, and in return they protected his power. They were called the Oprichnina, and they terrorized tsarist Russia. How different was that set from the group of oligarchs and state security services keeping Russian President Vladimir Putin in power?

Russia doesn’t have the death penalty because people are afraid that those in power will send their adversaries to the gallows on trumped-up charges. The federal tax agencies are a favorite tool of the ruling set to go after the political opposition.

What I am trying to say is this: Western governments should realize they are not dealing with the same type of person when sitting across the negotiating table. Russians play to win. If they need to act nice, they will. If they need to kill you to get what they want, they will. I don’t think U.S. Secretary of State John Kerry or President Barack Obama frankly comprehend that reality. Kerry famously stated when Russia invaded Crimea and East Ukraine that nations hadn’t acted in such a way since the 18th century. What he doesn’t get, or doesn’t wish to understand, is that in some ways, Russia never left the 18th century – and they’re fine with that.

In Russia, men are still expected to be men and bring home the bacon. Women are expected to look beautiful and use their sex appeal to get what they want. Feminism is abhorred by both sexes. “Why should a woman act like a man?” they ask. Nor does society accord a space for LGBT acceptance. That is why Russia was so shocked when a bearded transvestite won the Eurovision contest a couple years ago. It just doesn’t resonate with a majority of Russians. This view is reinforced by the government, which is cozy with the Russian Orthodox Church. They help each other maintain their grip on power. Russians don’t like Western culture. They see it as morally bankrupt and corrupt, no matter how hypocritical that may be.

Tsar Peter the Great is said to have dragged Russia from the past into the modern age. However, in many ways, the progress stopped there. Russia is not going to change anytime soon. Perhaps Russia needs another Peter the Great to drag Russian into the 21st century and toward the rule of law. Until then, Western leaders need to face reality when dealing with the Kremlin.

The scary thing is, when Russian President Vladimir Putin says, “Don’t forget Russia has nuclear weapons,” he means it.

L. Todd Wood explains how Russia never

US

Oasis-Tabernacle-Church-Shooting-Suspect-Selma-Alabama

James Junior Minter, 26, the suspected shooter at the Oasis Tabernacle Church in Selma, Alabama. (Photo: AP)

Police say they believe the man suspected of shooting three people in an Alabama church was likely upset over a recent breakup and visitation issues. James Junior Minter, 26, is being held without bail in the shooting of his girlfriend, his 1-month-old infant son and a pastor who tried to intervene Sunday morning, according to Selma police Lt. Curtis Muhannad.

Minter was arrested after, according to witnesses, he entered the church and sat in the front row between his girlfriend and the baby before opening fire during church service. The pastor at Oasis Tabernacle Church in East Selma, Alabama, who tried to intervene before getting shot, has been identified as Earl Carswell. After Minter pulled out a handgun and started shooting, his girlfriend, 24, fell to the ground and Minter continued to fire at her, hitting her in the jaw and shoulder. The baby, a 1-month-old boy, was shot in the hand.

When Pastor Carswell, 61, attempted to restrain Minter he was shot in the leg before other members of the congregation helped to subdue him. They managed to wrest away his gun, according to a statement from the police, and Minter ran out of the church. Pastor Carswell was taken to a local emergency room for treatment, while the woman and baby were taken to a hospital in Birmingham. Police say all of the victims are in stable condition.

Oasis-Tabernacle-Church-Shooting -Selma-Alabama

The Oasis Tabernacle Church was the site of a shooting on Sunday. (The Selma Times-Journal via AP)

Minter was captured by police a short time after he fled less than a mile away. His vehicle was left at the scene and a gun was recovered at the church. Now, Minter is being held at the Dallas County jail, and the Selma Police Department said Minter has been charged with three counts of attempted murder and may face other charges. Muhannad said authorities are also investigating whether Minter violated a protective order Minter, and although he had been arrested before the details on the suspect’s record weren’t immediately available.

James Junior Minter, 26, is being held

Opinion

Rand Paul 2016 Announcement

Sen. Rand Paul, R-Ky. arrive to a cheering and photo taking crowd for his announcement of the start of his presidential campaign, Tuesday, April 7, 2015, at the Galt House Hotel in Louisville, Ky. (Photo: Carolyn Kaster/AP)

I don’t understand why some people are hostile to libertarians. After all, our philosophy is based on the notion that we want government to be limited so it is less likely to reach into your wallet or your bedroom.

At the risk of oversimplifying, libertarians think it’s okay for government to safeguard life, liberty, and property from force and fraud, but we’re very leery about giving additional powers to the government. Seems like a reasonable governing philosophy to me, but some people object to being treated like adults and they lash out with very silly attacks on libertarianism.

Consider this article in the left-wing publication Slate, which makes it seem as if libertarians are hypocrites if they accept – and express appreciation for – assistance from firefighters.

…an Okanogan, Washington man named Brad Craig thanks firefighters for saving his home. It’s a nice moment, though if you look closely you’ll notice that Craig happened to be wearing a t-shirt that given the circumstances is quite ironic… The shirt says “Lower Taxes + Less Government = More Freedom.” …10 different government organizations are mentioned in the AP story about the large-scale coordinated response that worked to Craig’s benefit.

Wow. I’m not sure whether the author is malicious or clueless, but this is remarkable. He’s basically saying that if you want less government, you must be a hypocrite if you support or benefit from any government.

Which is the same as me asserting that leftists are hypocritical to buy I-Phones because their support for more government means that they therefore must favor total government and no private sector.

There are, of course, some libertarians who persuasively argue that we don’t need government fire departments. And some who even argue that we don’t need any government.

But even if Brad Craig (the guy with the t-shirt) was in one of these categories, that doesn’t make him a hypocrite. Many poor and middle-class families would like a voucherized education system so they could afford to send their kids to private schools. In the absence of such a reform, are they hypocrites for sending their kids to government-run schools?

Obviously not.

Here’s another example. The government today takes money from just about all of us to prop up a poorly designed Social Security system. Are the workers who have been coerced into that system hypocrites if they take Social Security benefits when they retire?

Of course not.

Jim Treacher of the Daily Caller also weighed in on this topic. Here’s some of what he wrote.

I can express a desire for less government interference in my life without rejecting the need for firefighters. Or police, or roads, or Stop signs, or whatever. I understand that it’s actually possible to advocate individual liberty while still admitting the need for government. People have been saying such things for hundreds of years.

Well said.

Let’s close with this look at how libertarians are the reasonable middle ground between two types of statists. I don’t fully agree with all the characterizations (many leftists favor corporate welfare and are not tolerant of other people’s personal choices, for instance, while there are folks on the right who aren’t very committed to economic freedom), but it’s worth reviewing.

Left-Right-and-Libertarian

 

If you want to figure out where you belong, there is a short way, medium way, and long way of answering that question. And while I don’t want put my thumb on the scale as you take these tests, I’ll simply note that decent and humane people tend to be libertarians.

P.S. Here’s a more scholarly look at the difference between libertarians and conservatives. P.P.S. And here’s my take on why there aren’t any pure libertarian societies. P.P.P.S. Here’s my collection of libertarian humor.

[mybooktable book=”global-tax-revolution-the-rise-of-tax-competition-and-the-battle-to-defend-it” display=”summary” buybutton_shadowbox=”true”]

Despite it being a reasonable governing philosophy,

Entertainment

Jackie-Collins-AP

Best-selling novelist, author Jackie Collins is pictured. (PHOTO: AP)

Best-selling author Jackie Collins has died of breast cancer at the age of 77 in Los Angeles, her publicist Melody Korenbrot confirmed. Collins, whose sexual books like “Hollywood Wives” sold hundreds of millions of novels in dozens of countries, and it led to a level of wealth, celebrity and glamour that in many ways surpassed her own characters.

Many were using Twitter to mourn her Saturday night, including Oprah Winfrey and Larry King:

Collins, herself, became an avid Twitter user in her later years, and she frequently engaged with her over 150,000 followers.

“I love tweeting. I have so much fun with my fans,” she told the AP in 2011. “I’ve asked them for reviews. I answer people’s questions. Sometimes I’ll do a little survey and say, ‘Who is hot this week?’ ”

Collins told The Associated Press in a 2011 interview that she “never felt bashful writing about sex.”

“As a writer, you can never think about who is going to read your books. Is it going to be my mom? My children? A lot of people say to me, ‘Oh, I read your books under a cover with a flashlight when I was really young and I learned everything I know about sex from you.’ ”

She was born Jacqueline Jill Collins in London in 1937, the daughter of a theatrical agent and a dance teacher.

A family statement called Collins “a true inspiration, a trailblazer for women in fiction and a creative force. She will live on through her characters but we already miss her beyond words.”

MORE ON STORY FROM FOX NEWS

Collins’ tales of sex, glamour, power and more sex were a forerunner to the culture of “Desperate Housewives” and “The Real Housewives of Beverly Hills.” Her books provided at first more than some wanted to hear, but she became the kind of author from whom readers could never get enough, providing forbidden fodder for housewives and for teenagers raiding their parents’ bookshelves.

Her first novel, “The World is Full of Married Men,” was a story of sex and show business set in “Swinging London” in the mid-1960s. It came out in 1968 and became a scandalous best-seller, banned in Australia and condemned by romance writer Barbara Cartland.

“Barbara Cartland said to me, ‘Oh, Miss Collins, your books are filthy and disgusting and you are responsible for all the perverts in England,’ ” Collins told Porter Magazine in 2014. “I pause for a few moments and said, ‘Thank you.’ ”

Collins followed in the 1970s with books like “The World is Full of Divorced Women” and “Lovers & Gamblers.”

By the 1980s, she had moved to Los Angeles and turned out the 1983 novel she is still best known for, “Hollywood Wives,” which has sold more than 15 million copies. It came at the same time that her sister hit the height of her own fame on “Dynasty.”

“Dynasty” producer Aaron Spelling would also produce the 1985 hit TV miniseries of “Hollywood Wives,” which featured Candice Bergen, Angie Dickinson and Suzanne Somers, among others.

It led to follow-ups like “Hollywood Husbands” (1986), “Hollywood Kids” (1984) and “Hollywood Wives: The New Generation” (2001).

The books made Jackie Collins a celebrity in her own right, and she loved the part, looking, living and behaving more like an actress than an author. In many ways, her own persona was her greatest character.

Collins’ books didn’t stick strictly to Hollywood. She penned a series of mafia novels documenting the lives of the Santangelo family, focusing on its patriarch Gino and his daughter Lucky. She wrote nine novels based on the family that included her last, “The Santangelos,” published this year.

Collins told People magazine, which first reported her death Saturday, in her final interview Sept. 14 that she had been diagnosed with breast cancer over six years ago, but she had chosen to keep the news among family, confiding mainly in her three daughters, 54-year-old Tracy, 48-year-old Tiffany and 46-year-old Rory.

Collins was married twice, the second time to art gallery and nightclub owner Oscar Lerman in 1965. Lerman died in 1992. She was then engaged to Los Angeles businessman Frank Calcagnini, who died in 1998.

Asked by the AP in 2011 if she was dating anyone, Collins said “I have a man for every occasion.”

“When I was a kid growing up, I used to read my father’s Playboy and I’d see these guys and they had fantastic apartments and cars,” she said. “I have all of that now. Why would I want to hook myself up with one man when I’ve had two fantastic men in my life? One was my husband for over 20 years, and one was my fiance for six years.”

Best-selling author Jackie Collins has died of

Policy

Stephen Harper David Cameron

Canada Prime Minister Stephen Harper and Prime Minister of the United Kingdom David Cameron walk through the Hall of Honour on Parliament Hill in Ottawa, Canada Thursday Sept. 22, 2011. (AP Photo/The Canadian Press, Adrian Wyld)

Just like I have a Bureaucrat Hall of Fame and a Moocher Hall of Fame to draw attention to spectacular cases of overpaid sloth and entitled dependency, I may have to set up something similar to commemorate bizarre examples of government-manufactured human rights.

Most recently, for example, I cited a case in European courts dealing with whether obese people should have “preferential rights.” Our newest example comes from Canada, where a so-called “human rights adjudicator” has decided that drunks are entitled to “accommodations” for their “special needs.”

A health-care aide’s alcohol addiction qualifies as a disability, and her employer was wrong to fire her… Linda Horrocks is entitled to be reinstated, get three years back pay and an additional $10,000 for injury to her dignity, independent adjudicator Sherri Walsh said in a report released Tuesday. “The issue for determination in this matter is…whether (the employer) made reasonable efforts to accommodate the complainant as soon as it was aware that she had a disability and special needs associated with that disability,” Walsh wrote. …Walsh ruled that alcohol addiction amounts to a disability under the human rights code.

Wow, so guess we have the answer to the question of how “human rights” are protected in Canada.

Sounds like a great deal…so long as one is willing to ignore the right of business owners and shareholders to choose their employees. Though we shouldn’t laugh too much at the Canadians. After all, the EEOC in the United States made a similar decision restricting the right of a trucking company to weed out a drunk driver.

In other words, the natural tendency of most politicians and bureaucrats is to make odd choices. If you want to read more “great moments in human rights,” here’s an ever-growing list.

P.S. Since today’s target was a foolish policy in Canada, I feel somewhat obliged to point out that our neighbors to the north have more economic freedom than the United States, in large part because various Canadian governments have done a good job reducing the burden of government spending and dramatically lowering the corporate tax burden.

P.P.S. Canada also can teach us important lessons on other issues, such as bank bailouts, the tax treatment of savings, and privatization of air traffic control. Heck, Canada even has one of the lowest levels of welfare spending among developed nations.

A so-called Canadian “human rights adjudicator” has

Economy

Have We Really Made “Significant Progress” in U.S. Economy Under Obama

Obama-Weekly-Address-9-19-15

President Barack Obama tapes the Weekly Address in the Map Room of the White House, Sept. 18, 2015. (Official White House Photo by Amanda Lucidon)

In this week’s address, President Obama called on Congress to pass a responsible budget and avoid a government shutdown over defunding Planned Parenthood. The president argued that there has been “significant progress” in the economy since the financial crisis seven years ago, despite the concerning economic data released this week.

“Thanks to the hard work and resilience of folks around the country, our businesses have created over 13 million jobs over the past 66 straight months, housing is bouncing back, manufacturing is growing again, and the unemployment rate is the lowest it’s been in over seven years,” Obama claimed.

Housing Market

On housing, the Commerce Department said this week that housing starts fell more than expected in August, dipping 3.0% to a seasonally adjusted annual pace of 1.13 million-units. While monthly data understandably fluctuates, there are two concerning underlaying trends in the housing market that the president conveniently ignored.

First, the previous composite National Mortgage Risk Index (NMRI) for Agency purchase loans hit another series high, clocking in at 12.33 percent. The NMRI results, which are based on nearly the universe of home purchase loans with a government guarantee, showed Agency loan originations continued to migrate from large banks to nonbanks. This shift in market share has accounted for much of the upward trend in the composite NMRI, as nonbank lending is substantially riskier than the large bank business it replaces.

“With leverage unconstrained by the Qualified Mortgage regulation, increasing competition between Fannie and FHA, and eventually Freddie, will slowly introduce destabilizing risk nationally,” said Edward Pinto, codirector of AEI’s International Center on Housing Risk. “The goal of the NMRI is to quantify and pinpoint these leverage trends in real time.”

In April, the market share of high-risk loans outnumbered the share of low-risk loans for the first time since NMRI tracking began, and continued in the previous month. The next NMRI is due out next week, and is forecast to show a continuance of increased risk in the housing market.

Second, financial institutions as a whole, who begin to feel the impact of a recession before anyone else, are beginning to grow increasingly concerned with the level of lending, despite the increased risk.

Manufacturing Sector

In fact, two closely-watched surveys of regional manufacturing activity indicated contraction last month. The Philadelphia Federal Reserve’s regional Manufacturing Business Outlook Survey for the mid-Atlantic tanked to -6 in September from 8.3 the month prior. The Fed’s reading came in far below economists’ expectations for a drop to positive 6. The report marked the second major regional manufacturing survey released this week showing the sector contracting, as the Empire State Manufacturing Survey out Wednesday showed regional manufacturing activity contracted for a second straight month in September, remaining well below zero at -14.7.

Labor Market

The Federal Reserve policy-making committee decided against raising short-term interest rates on Thursday, opting rather to suggest a rate hike in December. In its policy statement, Federal Open Market Committee (FOMC) backed itself out of its self-imposed deadline because they needed more evidence of “further improvement in the labor market” and they were not “reasonably confident” inflation will move back to their 2% annual target. It is a basic law of economics that inflation and wages rise when conditions reflect a truly tightening labor market, but they aren’t.

While the president is correct to say “the unemployment rate is the lowest it’s been in over seven years,” there are clearly other reasons outside of economic growth that are primarily driving that number down. As PPD reported, the labor market is a part-time animal with an abysmal civilian labor force participation rate. While the U.S. economy has technically regained all of the 8.8 million jobs lost during the financial crisis, the quality of the jobs created are low-skill, low-wage opportunities. The number of persons employed part time for economic reasons–sometimes referred to as involuntary part-time workers–stood at 6.5 million in August. These workers prefer and are searching for full-time employment, but report that their hours had been cut back or were unable to find a full-time job.

Overall, the August jobs report released by the Labor Department showed the economy added just 173,000 jobs, far fewer than the 220,000 economists expected and the 250,000 needed simply to keep pace with population growth.

Worth noting, a second quarter GDP report released by the Commerce Department alleged the economy rebounded from a weak, contraction-dominated first quarter. However, as PPD also reported, the government’s methodologies for calculating GDP were again changed ahead of the report to heavily weigh for investment, which even Bloomberg called out as an effort to make economic growth “more happy.” It is the second time in just a few years that the government altered the numbers following a quarter of contraction.

PPD fact-checks Obama's claims in his weekly

Video

[brid video=”15846″ player=”1929″ title=”Ted Cruz at the Heritage Action Take Back America Presidential Forum”]

Texas Sen. Ted Cruz ripped into the Republican established while making his pitch to voters at the Heritage Action Presidential Forum in South Carolina on Friday.

TED CRUZ: “The Washington Cartel,” that’s the term I use for politicians in both parties that get in bed with the lobbyists and special interests and grow and grow and grow government.

If we’re going to break the Washington cartel, the only way to do it is we have to take it on and bring power out of Washington and back to the people…

Have you noticed the Washington establishment, they tell us over and over that every time they run they run as a conservative, as one of us. Not a single person on that stage in California said I’m a squishy establishment moderate I stand for nothing.

And yet they say if you are actually one of us, you can’t win. They’re convinced every person in this stadium is unelectable…

To each of those men and women standing on the stage: That’s great. You’re adopting rhetoric today against Washington. If you want to be an outsider, fabulous. Show me where you stood and fought against career politicians in both parties.

Texas Sen. Ted Cruz ripped into the

Video

[brid video=”15845″ player=”1929″ title=”Obama Weekly Address “Time for Congress to Pass a Responsible Budget””]

In this week’s address, President Obama called on Congress to pass a responsible budget and avoid a government shutdown over defunding Planned Parenthood. The president argued that there has been “significant progress” in the economy since the financial crisis seven years ago, despite the concerning economic data released this week.

“Thanks to the hard work and resilience of folks around the country, our businesses have created over 13 million jobs over the past 66 straight months, housing is bouncing back, manufacturing is growing again, and the unemployment rate is the lowest it’s been in over seven years,” Obama said.

In fact, two closely-watched surveys of regional manufacturing activity indicated contraction last month. The Philadelphia Federal Reserve’s regional Manufacturing Business Outlook Survey for the mid-Atlantic tanked to -6 in September from 8.3 the month prior. The Fed’s reading came in far below economists’ expectations for a drop to positive 6. The report marks the second major regional manufacturing survey released this week showing the sector contracting, as the Empire State Manufacturing Survey out Wednesday showed regional manufacturing activity contracted for a second straight month in September, remaining well below zero at -14.7.

In his weekly address, President Obama called

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