Many were rattled by Friday's surprisingly weak jobs report because the labor market has, for months, been a source of resolute strength. The May payroll report came in at 38,000 new jobs, well below the consensus expectation for a 160,000 gain. Making matters worse, March and April were revised lower by a combined 59,000. The result was the weakest month of job creation in five years. This is a big deal for a few reasons. For one, it has dramatically lowered rate hike expectations from the Federal Reserve. The futures market now assigns only better-than-even odds for a hike in December as policymakers are likely to continue their wait-and-see approach. In comments on Friday, Fed Governor Lael Brainard said it was prudent to wait for additional economic data to build further confidence about the economy's path. Moves in the equity, fixed-income, commodities and currencies markets on Friday suggest traders were surprised by the severity of the data disappointment after weeks of … [Read more...] about Why the jobs slowdown is a big deal
Claims of water on Mars have been made before, but a new discovery of potential liquid water on the Red Planet's surface last week is still making waves in the science world. What differentiates the new find from previous discoveries is the fact that it's the strongest evidence yet for liquid water, as opposed to ice, and it's on the Martian surface, as opposed to miles underground where it would be difficult to verify its presence. The research is based on observations by NASA's Mars Reconnaissance Orbiter, which observed seasonal changes in slopes carved into the planet's surface that appear most likely to have been formed by flowing salty, briny water. "In the last 15 years, we've certainly discovered that Mars has water," said one of the researchers, geophysicist Philip Christensen of Arizona State University in Tempe, during an Aug. 4 news conference announcing the find. "Much of that water is frozen. What makes these new observations so interesting is that they occur at … [Read more...] about CBS News Logo Scientists: Potential Mars water find a “big deal”
Why Abolishing China's Presidential Term Limits Is Such A Big Deal Listen · 4:31 4:31 Toggle more options Download Embed Embed <iframe src="https://www.npr.org/player/embed/593155818/593452933" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player"> Facebook Twitter Flipboard Email Enlarge this image Chinese President Xi Jinping casts his vote for an amendment to China's constitution that abolishes term limits on the presidency, during a plenary session of the National People's Congress at the Great Hall of the People in Beijing on Sunday. Andy Wong/AP hide caption toggle caption Andy Wong/AP Chinese President Xi Jinping casts his vote for an amendment to China's constitution that abolishes term limits on the presidency, during a plenary session of the National People's Congress at the Great Hall of the People in Beijing on Sunday. Andy Wong/AP It took just about two weeks from … [Read more...] about Why Abolishing China’s Presidential Term Limits Is Such A Big Deal
WASHINGTON -- Melting ice sheets in Greenland and Antarctica are speeding up the already fast pace of sea level rise, new satellite research shows. At the current rate, the world's oceans on average will be at least 2 feet -- 61 centimeters -- higher by the end of the century compared to today, according to researchers who published in Monday's Proceedings of the National Academies of Sciences. Sea level rise is caused by warming of the ocean and melting from glaciers and ice sheets. The research, based on 25 years of satellite data, shows that pace has quickened, mainly from the melting of massive ice sheets. It confirms scientists' computer simulations and is in line with predictions from the United Nations, which releases regular climate change reports. U.S. communities will face chronic flooding as sea levels rise "It's a big deal" because the projected sea level rise is a conservative estimate and it is likely to be higher, said lead author Steve Nerem of the … [Read more...] about CBS News Logo “It’s a big deal”: Melting ice sheets are accelerating sea level rise
Summer fun means boating for countless people around the country. Our Jim Gaffigan has some thoughts on that: Summer is here, and so are the boats. I'm not a boat person. I'm not anti-boat. I'm not afraid of the water. I don't get seasick. I just don't understand what the big deal of being on a boat is. "We're floating on water. How exciting." I'm aware boats have and remain an important form of transportation. I appreciate some people make a living using a boat. I even understand that some musicians and celebrities enjoy cavorting on boats to impress fans. It's the other boat owners that I don't understand -- the seemingly normal people who own boats. Those wierdos. If you're not using your boat for work, as a place of residence, or to impress shallow friends, why do you own a boat? Paying insane amounts of money so you can float around in open water, drinking beer in direct sunlight and eating soggy sandwiches from a cooler has very little appeal to me. My sister, Pam, … [Read more...] about Jim Gaffigan: What’s the big deal about owning a boat?