Assets of major public pension funds fell 8.5% in third quarter

News that the UK did manage to eke out a little growth will give George Osborne some respite in the build up to his Budget following last week’s decision by Moody’s credit rating agency to strip the country of its prized AAA status. In its second estimate of GDP for the final three months of last year, the Office for National Statistics revealed that it had revised its growth calculations for earlier in 2012.

WASHINGTON — After more than a century, the U.S. Census Bureau is dropping its use of the word “Negro” to describe black Americans in surveys. Instead of the term that came into use during the Jim Crow era of racial segregation, census forms will use the more modern labels “black” or “African-American”.

Things are getting rather interesting in the Netherlands as low interest rates have increased pension deficit liabilities. Unlike the US and other parts of Europe where deficits are ignored, Dutch law requires 105% funding and the plans fell from 152% funded in 2007 to 102% funded today. This has forced pension plans to cut benefits by as much as 7% for some trades. As might be expected, this has given rise to a 50 Plus Party, which won election to the Dutch parliament for the first time last year on promises to defend the interests of pensioners.

For the first time in three years, US Quarterly Earnings are Poised to Drop. Third-quarter earnings of Standard & Poor's 500 companies are now expected to fall 0.1 percent from a year ago, a sharp revision from the July 1 forecast of 3.1 percent growth, Thomson Reuters data showed on Thursday. That would be the first decline in earnings since the third quarter of 2009, the data showed.

Guest blog post by Deputy Commerce Secretary Rebecca BlankCensus Bureau Director Robert Groves has been an exceptional and dedicated leader. Over the past several years, Dr. Groves has done outstanding work to transform and modernize the Census Bureau. So our announcement today is bittersweet: Dr. Groves is resigning as Director of the Census Bureau in August to become the provost of Georgetown University. This is a significant and highly deserved honor for him – and a major capstone to his notable academic career.  Dr. Groves has led the Census Bureau for almost three years. During that time, his remarkable leadership of the 2010 Census resulted in a historic, successful operation that was completed on time and $1.9 billion under budget. Dr. Groves helped shape a strategy for planning a more cost-efficient 2020 Census and launched an employee-led operational efficiency program that saved millions of additional taxpayer dollars. He also led a formal reorganization of the Census Bureau, reestablishing the research directorate to spur technical innovation. With the implementation of a corporate hiring and job rotation program, Dr. Groves has worked to expand the breadth of skills among Census staff to effectively lead the Bureau into the 21st century.

In 2011, the Commerce Department's U.S. Census Bureau continued to provide quality statistics to governments and businesses to inform the decisions that affect everyone’s lives. These statistics touch every aspect of Americans’ lives–health, crime, income, education, labor force participation, housing conditions, consumer expenditures and a host of others.While we have plenty to be proud of, here we highlight some of this year’s big successes.