New York Subway and Buses Rolling Again|
According to the MTA on Thursday, New York City subway and bus services are
rolling once again, with certain limitations, just a few days after being shut
down due to record flooding by Hurricane Sandy. New York Governor Andrew Cuomo
has waived fares until midnight Friday in order to encourage commuters to use
public transportation rather than cars to access the city. Additionally, Fares
have also been waived on the Long Island Railroad, Metro-North Railroad and
Access-a-Ride. Buses will operating at near-normal schedules. Because of ongoing
power outages in certain parts of the New York the subway service is still not
available between 34th Street Manhattan and Downtown Brooklyn. Shuttle buses
will be operating to help cover some of the non-operational routes.
According to reports on Thursday, New Jersey train and bus service which was
shut down earlier this week due to Hurricane Sandy, is slowly coming back
online. NJ Transit has resumed partial service on 80% of it routes and, Academy
Bus has resumed service between New York City as well as several N.J.
communities. Amtrak trains are running again between Newark and points south,
with limited service to New York expected to resume on Friday. Limited flight
service has resumed at Newark Liberty International Airport. The AirTrain Newark
train service is running again between the airport and Northeast Corridor Rail
Station although most commuter trains remain out of commission. NJ Transit's
website reported that NJ Transit, Newark Light Rail and HBLR service would
remain suspended until further notice. River Line trains however, were running
between Camden and Trenton. The Port Authority of New York and New Jersey
reports indicate that PATH train service also remains suspended at this time.
The Labor Department reported on Thursday that U.S. productivity rose 1.9% in Q3
as the output of goods and services rose faster than the amount of time
employees worked. Output rose 3.2% in the July-to-September period, while hours
worked increased at a slower 1.3% rate. Both output and hours worked were up
sharply from Q2, though all the gains took place outside the manufacturing
sector. Unit-labor costs fell by 0.1% after rising 1.7% in Q2. Hourly wages rose
1.8%, but after adjusting for inflation, they actually fell 0.4% for the biggest
decline in three quarters. In the manufacturing sector, productivity dropped
0.4% following a 0.2% increase in Q2. Output and hours both fell, as did
inflation-adjusted wages. During Q2, U.S. productivity was revised down to 1.9%
from previous estimate of 2.2%.
ADP on Thursday reported 158,000 private-sector jobs were created during
October, with service-providing jobs accounting for 144,000 positions and goods
producing jobs created 14,000 new jobs. "Businesses are adding consistently to
their payrolls. October's job gains were in line with the average monthly gains
of the past two years, with sturdy albeit less than stellar growth across most
industries and company sizes. Businesses have turned more cautious in recent
months, but that has yet to impact their hiring and firing decisions," said Mark
Zandi, chief economist of Moody's Analytics, in a statement.
U.S. Labor Deported on Thursday reported that applications for U.S. unemployment
benefits fell by 9,000 to a seasonally adjusted 363,000 in the week of October
21-27. Based on more complete data collected at the state level, according to
the U.S. Labor Department, initial jobless claims from two weeks ago were
revised up to 372,000 from an original reading of 369,000. The average of new
jobless claims over the past month fell by 1,500 to 367,250. The four-week
average reduces seasonal volatility in the weekly data and is seen as a more
accurate barometer of labor-market trends. Labor Department also said continuing
jobless claims increased by 4,000 to a seasonally adjusted 3.26 million in the
week ended October 20. Nearly 5.04 million people received some type of state or
federal benefit in the week ended October 13, up 112,147 from previous week.
Markit reported the final reading for the U.S. manufacturing purchasing managers
index in October was 51.0, lower than the flash reading of 51.3 and down from
51.1 in September. For the Markit PMI index, this is a new three-year low
reading. The PMI signals further subdued improvement in factory business
conditions, Markit said and added that new order growth lost momentum and
exports remained a drag in October.
The Institute for Supply Management's index of purchasing managers consists of
executives who order raw materials and other goods. ISM edged up to 51.7% during
October from 51.5% in September and a three-year-low of 49.6% in August. During
October, American manufacturers expanded at a slightly faster pace. New orders
rose to 54.2% from 52.3%. Production index gained 2.9 points to 52.4%. The
employment and exports indexes declined.
The Conference Board reported Thursday that Consumer Confidence jumped to 72.2
during October, from a downwardly revised 68.4 in September from prior estimate
of 70.3, to strike the highest level seen since February 2008. The move higher
was apparently led by brighter views on present employment and business
conditions. "Consumers were considerably more positive in their assessment of
current conditions, with improvements in the job market as the major driver,"
said Lynn Franco, director of economic indicators at the Conference Board, a New
York research group.
Former president of Penn State, Graham Spanier, was slammed with multiple felony
charges on Thursday for his role in covering up the Jerry Sandusky child-rape
scandal. Spanier now faces perjury, conspiracy and endangering the welfare of
children. Two other former Penn State officials, Timothy Curley and Gary Schultz
who were already facing perjury charges, had obstruction, endangering the
welfare of children and conspiracy tacked on. "This was not a mistake by these
men, this was not an oversight," state Attorney General Linda Kelly. "It was not
misjudgment on their part. This was a conspiracy of silence by top officials to
actively conceal the truth."
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Nov 1, 2012