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China responds to a U.S. threat of tariff of 10% on additional $300 billion of exports to the U.S. by suspending all agricultural imports from the U.S.

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The U.S. "quit rate" reflecting job churn in the economy with workers leaving for better job opportunities increased to 1.8% in Nov. 2013, increasing from 1.2% low in Sept. 2009, according to the Labor Department. 2.4 million workers resigned in Nov. 2013. This includes workers retiring and choosing not to work. The quit rate was about 2.1% betwen 2000 and 2006. About 20% of the churn is from the lower paying hotel and restaurant sector. As the U.S. population ages and workers look for more stable jobs the number of workers leaving jobs is declining since the 1990's.

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Izzo looks at the diverging picture presented by two Labor Department surveys of unemployment in the U.S. for July 2012- an increase of 163,000 jobs or 195,000 fewer people working. One, the Household Survey is based on survey of individual households counts people and the other the Establishment Survey based on a survey of employers counts jobs. If one person holds two jobs he would be counted twice in the Establishment Survey and once in the Household Survey. If a person is a unincorporated self employed person, a family employee who isn't paid, a farm worker who is employed but not paid he is counted in the Household Survey, but left out in the Establishment Survey. The Labor Department prepares a third measure of the number of people working by adjusting for multple jobholders and for workers not counted in the survey of businesses. By this third measure the U.S. economy added 108,000 jobs in July, which is far less than the 163,000 jobs shown added in the Establishment Survey. Because of the increase in parttime work it is likely that more people are doing multiple jobs which may explain some of this difference. Another reason could be the severe drought in the U.S. that may be reducing the opportunities for work for freelance construction maintenance and day laborers because of restrictions on water use. This shows that it takes several months of data to get some sense of where unemployment is headed, adjusting the numbers for unusual events or weather, and looking behind the numbers to the sectors generating jobs. In the first quarter of 2012 more jobs were generated in the U.S. because of a mild winter, followed by fewer jobs in the second quarter, which required looking at the two quarters together to get a better picture. Adjusting for the long term unemployed who have quit looking is also necessary to get a correct reading of U.S. unemployment levels....

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Efforts by president Macron to setup a meeting between Rouhani of Iran and president Trump in New York to reduce tensions of miscalculation and disproportionate response after the attacks on Saudi oil facilities by drones and missiles. Macron says the "maximum pressure" sanctions placed by the U.S. are resulting in Iran placing "maximum pressure" on its neighbors. The Yemen civil war is fought by proxy.  One outcome appears to be the Houthi rebels backed by Iran in Yemen announcing a unilateral ceasefire. And the Saudis announcing a ceasefire of their own. This gives the European Union, the U.S., Saudis, Iran, China and Japan, time to consider the implications of the counterproductive approaches of the different sides to give enough room for new talks. Iran nuclear deal, U.S. relations with Iran, and any new talks on these issues are now seen in a different way. The nuclear deal is now linked with other issues in the region, including building peace in the region. Countries that depend on oil flowing through the Straits of Hormuz such as Japan, China, South Korea, and India are now also involved as silent partners pushing for peace in the region.  ...

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The cost of electric and hybrid cars, with the added factor of electricity shortages, make 'green cars' a rare sight on Indian roads. The Prius in India costs $40,000. Only 12,000 battery powered scooters and motorcycles were sold in 2010. With the right economics and convenience the situation could change. About 1 million compressed natural gas vehicles are on Indian roads, according to Asian NGV. This is because CNG vehicles are similiar in price to gasoline vehicles and the switch to CNG is inexpensive for regular vehicles.

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Ford's CFO Lewis Booth says Ford will take a charge to its first quarter 2011 earnings and use cash or shares to cut its debt by $3 billion. This would lower Ford's debt to $16.1 billion. It would reduce Ford's interest rate expense by $190 million. Ford spent $1.8 billion on interest expense in 2010. S&P rates Ford at BB- or three levels below investment grade. S&P will not change its rating because it considers this part of Ford's ongoing effort to reduce debt.