Archive for the ‘employment’ Category

Congressional Budget Office: Unemployment 10.5 Next Year

May 21, 2009

The Congressional Budget Office chief told Congress Thursday that rising unemployment likely will continue into next year.
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By Mosheh Oinounou
FOXNews.com

While the economy will begin growing again by the end of 2009, the unemployment rate will continue to expand into next year, the Congressional Budget Office reported Thursday.

The CBO projects Americans will continues to lose jobs through mid-2010, with the umemployment rate peaking at 10.5 percent next year, CBO Director Doug Elmendorf said in testimony before the House Budget Committee.

The CBO’s March assessment initially predicted unemployment would peak at 9.5 percent.

“We think it will be a slow, a painfully slow recovery,” Elmendorf told the committee, citing the ongoing crises in the housing and credit markets.

He added that the financial system is still in a “weakened state” even though it “has crawled back from the edge of the abyss.”

“All of those factors will lead to a tepid recovery, somewhat more tepid than we thought and assessed the conditions a few months ago,” Elmendorf noted.

He said employment numbers are often a lagging indicator of economic recovery, noting a number of positive trends including stabilizing manufacturing output, signs of life when it comes to consumer spending and confidence and that the decline in housing construction may be close to bottoming out.

The current unemployment rate is 8.9 percent. The Labor Department on Thursday reported 631,000 new jobless claims last week. 

The Federal Reserve said Wednesday that the unemployment rate could rise to 9.6 percent this year and remain elevated until 2011. Some private economists told The Associated Press they expect the rate to reach 10 percent by the end of this year.

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May 21 (Bloomberg) — More Americans than forecast filed claims for unemployment insurance last week, and the total number of workers receiving benefits rose to a record, signs the job market continues to weaken even as the economic slump eases.

Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16, from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said today in Washington. The total number of people collecting benefits rose to 6.66 million, a record reading for a 16th straight week, and a sign companies are still not hiring.

Job losses are likely to continue after Chrysler LLC filed for bankruptcy and General Motors Corp. may follow suit and terminate 1,100 U.S. dealers. The auto slump threatens to slow any recovery from the deepest recession in half a century and keep pushing unemployment higher.

“We expect upward pressure on claims stemming from auto- related layoffs,” said Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, who acurately forecast the initial claims number. “The labor market will remain weak, with gradual improvement on the horizon.”

Stock index futures were lower and Treasuries were little changed after the report. The contract on the Standard & Poor’s 500 Index fell 0.7 percent to 893.2 as of 8:38 a.m. in New York. The benchmark 10-year note yielded 3.18 percent, down 1 basis point from yesterday.

Economists surveyed by Bloomberg had forecast claims would drop to 625,000 from the 637,000 initially reported for the prior week, according to median of 42 estimates. Projections ranged from 585,000 to 675,000.

The four-week moving average of initial claims, a less volatile measure, decreased to 628,500 from 632,000.

Joblessness Climbs

Today’s Labor report showed the unemployment rate among people eligible for benefits, which tends to track the jobless rate, climbed to 5 percent in the week ended May 9, the highest level since December 1982, from 4.9 percent. These data are reported with a one-week lag.

Thirty-four states and territories reported an increase in new claims for the week ended May 9, while 19 reported a decrease.

The ‘majority’ of last week’s decrease in claims was in states that reported a jump in auto-related filings the prior week, a spokesman for the Labor Department said.

Read the rest:
http://www.bloomberg.com/apps/news?pi
d=20601087&sid=a56LXUHX28Ig&refer=home

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Romney says US is less safe now

May 16, 2009

Former Massachusetts governor Mitt Romney joined Bush administration officials, including the former vice president, Dick Cheney, yesterday in arguing that President Obama’s approach to combating terrorism had left the country less safe.

By Sasha Issenberg
Boston Globe Correspondent 

“It’s the very kind of thinking that left America vulnerable to the attacks of Sept. 11th,” Romney told the National Rifle Association’s annual gathering. “And the approval of left-wing law professors and editorial boards won’t be worth much if this country lets down its guard and suffers an attack.”

Even while declaring an end to interrogation practices he calls “torture,” Obama has alienated many in his own party with a cautious approach to the issue. He has rebuffed calls to investigate Bush administration policymakers and release photographs that military leaders have said would be unnecessarily provocative.

Yesterday, the White House announced it would resume the use of military commissions to try those in American custody, a practice that Obama had criticized as a candidate.

“I’m glad he’s continuing to hold military tribunals for terrorists,” said Romney, who also said he approved of Obama’s hawkish approach to ongoing wars in Iraq and Afghanistan. “In fact, whenever he adopts the policies of John McCain and George W. Bush like this, I’m glad.”

Romney, who ran for president in 2008, was the closing speaker on an agenda that included Republican National Committee chairman Michael Steele and McCain, last year’s Republican presidential nominee. The stop was Romney’s latest on a circuit of conservative interest groups that many Republicans see as the opening lap in a prospective 2012 campaign.

Despite Romney’s solidarity with their priorities, gun owners were slow to rally behind him as a candidate. Romney joined the National Rifle Association only shortly before becoming a national candidate and did not own a gun. He reluctantly acknowledged that he had only been hunting twice in his life and had focused on prey such as rodents and rabbits. “Small varmints, if you will,” he said then.

Yesterday Romney was warmly received as he paid tribute to gun rights. Most of his speech, however, was devoted to the day’s broadest critique of a Democratic agenda he said amounted to “the greatest federal power-grab in American history.”

Romney took issue with Obama’s plans to change the healthcare system, which is based partially on the plan Romney helped enact in Massachusetts: mandating that citizens carry insurance.

“The best path to healthcare reform is to let the American people make their own decisions, not have those decisions forced on them by government,” Romney said. “Let Washington choose the stamps for the Post Office, but let the American people choose who we want for our doctor.”

Top Ten Reasons The Republican Party Will Recover

May 13, 2009

Here’s our Peace and Freedom list of the top ten reasons to expect the Republican Party to make gains over the course of the next two to four years:

1)  The economy: Despite the huge spending measures already enacted by the Obama administration, including the stimulus and the many ‘bailouts,” the economy may not even start any really significant recovery until this time next year.  Voters are already tiring of the recession and showing discontent.

Related:
Bank of England: Recovery will be slow, starting next year
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New Jobless Claims Rise More Than Expected, as 52,000 Auto Workers Become Unemployed

2)  Democratic leaders like Harry Reid, Nancy Pelosi, and John Murtha.  There is already rumbling that our Congressional leaders are disappointing voters.  Most polls rate congress very poorly even though some 60% like Obama.  Scandals, a lack of integrity and broken promises on transparency can add to the woes of Democrats easily over time.

Related:
Pushy Practices of Pelosi, Murtha Back To Haunt Them?
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Democratic Party a “One Man Show” — After Obama, It’s a “Second-Division Ball Club”
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Pelosi Vehemently Challenges CIA’s Account of Briefings To Her on Waterboarding; Agency “Lied to Congress”
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“Democratic Party is Bought and Paid For By The Unions” Lawmaker Says

House Speaker Nancy Pelosi of Calif. gestures during a news ...

3)  National debt, deficit and spending.

Related:
America’s Ability To Borrow More Questioned, At Risk — Too Much Spending “Breaking the bank”?
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What Did We Get for $180 Billion “Bailout”? AIG Still “Toxic”
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One Hundred Billion Goes To IMF: Money U.S. Taxpayers Will Likely Never See Again
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Obama’s Spending, Debt, Taxes Will Lower America’s Standard of Living

4)  Taxes.  Taxes will go up.  There is just no way to support all our current spending let alone the promises of overhauls to health care, education, and the environment without raising more money and that means raising taxes.

Related:
Taxes: People and Business Flee Higher Rates; Why Can’t Obama, Congress Get That?
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Governors of Texas, South Carolina to Host “Tea Party 2.0″ This Week


Gov. Rick Perry, Texas
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5)  Unexpected world events.  Just as nobody could have predicted 9/11, there could well be an event as yet unknown that unfolds to change the game for everyone before long.  Just as Joe Biden predicted last year, this president will be tested….

Related:
Battles over energy may lead to wars, Russian strategists conclude

China’s Navy Grows and the World Watches Warily
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6)  Democratic Infighting.  This is the party that has, for a long time, been unable to get along with itself, for too long, before all hell breaks loose….

7)  Inflation.  With all the borrowing of the federal government, inflation is indeed likely.  Nobody will like that one bit.  Which will hurt incumbents….

8)  Loss of buying power and credit.  Obama’s current campaign to rein in the credit card companies is admirable but it may result in millions of people unable to get the credit they’ve grown used to….Expect retail sales to lag other indicators of recovery…..

Retail sales remain slow in April:
http://finance.yahoo.com/news/Reta
il-sales-drop-apf-15227744.html?.v=3

9)  Broken Promises.  “Green jobs” won’t be as numerous or high paying as once promised and work for good jobs will dry up as GM and Chrysler and others move more jobs overseas….The health care overhaul may actually harm enough people that there could be a backlash that wants to punish lawmakers…

Related:
Latest News On Social Security, Medicare, Debt Show Inability of Government To Make Accurate Financial Predictions
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Obama, Daschle and Socialized Medicine: Care of GE
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Fiat threatens to walk away from Chrysler deal unless unions agree to concessions

10) Desire for Change/Hope (The Pendulum): In our American system, the pendulum has been swinging to and fro; from Republicans to Democrats and back again for almost all of time.  People will tire of our current way of doing business and even the euphoria over Obama will wane.

Related:
Republican Party Dead? Hardly. Polls Show Erosion and Doubt in Democratic Advantage

Bonus:

11) Traditional Republican Discipline.  The Republicans in general have traditionally shown much more discipline and togetherness than Democrats.  The current squabbling over Cheney, Powell, Gingrich, Rush et al can be expected to wind down as elections near.

12)  The law of unintended consequences.  President Obama has changed so much, so aggressively, so often, so soon in his presidency that the effort is unprecedented.  But this could mean that there is trouble lurking that has not been foreseen.  And we know how well our government foresees things: like the current recession….

13)  Bad Obama planning and staff work.  Nobody had time to read the stimulus?  This will come back to hurt the president and the Democrats in Congress.  Many other examples of stupidity an ineptitude come to mind…..

14)  The “Tea Parties.”  “The real genesis of the tea party movement was not taxes, but out-of-control spending and the debts we are leaving our children,” wrote Paul Gessing in the Albuquerque Conservative Examiner.  “The tea party movement (at least in Albuquerque) is not simply a bunch of angry Republicans who don’t like Obama and understand their own self-interest. Rather, the tea party here was organized by average citizens who are terrified of what the government is doing to our economy. The fact is that America can’t live on borrowed money forever.”  The fact that people are taking to the streets — people who are both Democrats and republicans — is unprecedented.John E. Carey
Peace and Freedom
In this photograph released by the White House, Air Force One ...

 

Related:
Republicans Determined to Lose?
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Obama Backs Off Promise to Release Abuse Photos
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If you had told me some of these Obama stories three months ago I would have said “impossible!”
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Obama’s Dumb Moves Getting More Difficult to Ignore? On Friday Mainstream Media Realizes Monday’s Cabinet Meeting Was Laughable, Really

Conservatives Need To Recommit to Conservative Values

Michelle Malkin:
http://michellemalkin.com/2009/05/1
3/big-labors-investment-in-obama-pays-off/

http://hotair.com/archives/2009/05/13/
stupid-rnc-to-pass-resolution-rebrand
ing-democrats-the-democrat-socialist-party/

Bank of England: Recovery will be slow, starting next year

May 13, 2009

The Bank of England warned on Wednesday that the UK’s recovery from its worst recession in decades is likely to be slow.

By Angela Monaghan
Telegraph (UK)

Mervyn King, the Bank’s governor, played down evidence that “green shoots” are starting to appear in some areas of the economy, and said it was impossible to say when recovery would come, or how sustainable it would be.

“The economy will eventually heal, but the process may be slow,” he said at a press conference as the Bank published its latest quarterly Inflation Report.

In its central projection, the Bank’s Monetary Policy Committee (MPC) predicts the economy will start to grow again next year, in contrast to the Chancellor’s forecast that the economy will start growing by the end of this year.

Read the rest:
http://www.telegraph.co.uk/finance/financetop
ics/recession/5317808/Bank-of-England-Go
vernor-Mervyn-King-warns-UK-recove
ry-will-be-slow.html

Latest News On Social Security, Medicare, Debt Show Inability of Government To Make Accurate Financial Predictions

May 13, 2009

This is exactly why all Americans should be gravely concerned about the current rates of government spending:

“Today’s report confirms that the so-called Social Security crisis exists in only one place — the minds of Republicans,” said Senate Democratic Leader Harry Reid of Nevada on March 23, 2005. “In reality, the program is on solid ground for decades to come.”
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Yesterday, Social Security trustees said that Social Security will start paying out more in benefits than it collects in taxes in 2016, one year sooner than projected last year, and the giant trust fund will be depleted by 2037, four years sooner than predicted last year.

The trustees said Medicare was in even worse shape. They said that the trust fund for hospital expenses will pay out more in benefits than it collects this year and will be insolvent by 2017, two years earlier than the date projected in last year’s report.

Both of these programs are likely to be adding to the national debt before long.

President Obama has already added to the national debt with the $787 billion stimulus, the omnibus spending bill topping $400 billion, enormous “bailouts,” and budgets in the trillions.

He still wants to fix health care, education and the environment.
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On Monday, the Office of Management and Budget said for the first time ever, the U.S. government is borrowing 50 cents of every dollar it spends.
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This could even still go up.

Barack Obama and democrats will quadruple the U.S. deficit this year, based upon the current rate of spending and receipts.

The receipts of the U.S. government from taxes paid was down 15% in January 2009 compared to January 2008.  In April, receipts were off a full 30%.

April 2009 was the first April since 1983 that the U.S. government spent more than it took in….

Meanwhile, U.S. government spending is way up: up fully $38 billion in April alone over April 2008.

The difference between receipts and money spent is the deficit and that could exceed $1.8 trillion this year; added to the U.S. burden of borrowed money and interest paid.

The massive budget deficit created by democrats this year represents a massive 12.9%of gross domestic product. President Obama expected the deficit level to be 12% of GDP this year. This puts the US above the UK deficit that runs more than 10% of GDP, and puts the US above troubled states Pakistan and Hungary.

As several commentators have said, the U.S. would not be given permission to join the EU with this much debt….

Makes one ask: if the January and February government economic predictions on debt and deficit are $600 billion too low by May 11: what else is wrong and how bad can it get?

All the budget and debt figures in the Obama plan are based upon assumptions and prediction which have already been proven to be way wrong….

Social Security and Medicare Finances Worsen; Likely Will Add To Nation’s Debt
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Obama Debt, Budget Numbers Stagger Most (One Trillion = Million Million)
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U.S. Government Borrowing 50 Cents on Every Dollar Spent; Interest Likely To Rise
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America’s Ability To Borrow More Questioned, At Risk — Too Much Spending “Breaking the bank”?

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From CNN Money

The government ran up a $21 billion budget shortfall last month, the first April deficit in 26 years, the Treasury Department said Tuesday.

The total deficit for the first seven months of the fiscal year hit $802 billion, compared to a deficit of $153 billion in the same period a year earlier, the government said in the monthly budget report.

“This is historic,” said Dan Clifton, head of policy research at Strategas Research Partners. “Our country has never seen something like this.”

From October – the beginning of the fiscal year – to April, total revenue declined 19%, Clifton said. That’s the largest drop in revenue and almost double the previous record, he said.

Notably, April is usually a good month for Uncle Sam because many taxpayers file their returns and send checks to the Treasury. But this year, tax receipts have fallen sharply because of the recession and the government’s response to it.

The downturn is a triple whammy to government revenue: fewer people are working and providing income taxdollars; corporation tax receipts are on the wane; and tax cuts aimed at juicing the economy reduce paycheck withholdings.

“It’s a perfect storm of every tax revenue source declining at once,” Clifton said.

At the same time, government is spending massive amounts to try to recapitalize the nation’s financial system and spur economic growth.

In March, the government added $191.6 billion to the deficit.

Spending: The total outlays for April were $287.1 billion, a decrease from $320.5 billion spent in March.

Spending is up 26% year-over-year, according to Clifton, who said the number is “astronomical. Even a fifth of that increase would have been a big deal.”

So far this fiscal year, the government has spent $2.06 trillion and expects to spend $3.94 trillion for the full year ending Sept. 30.

Total receipts for April were $266.2 billion, bringing the total amount that the government has taken in so far this year to $1.3 trillion.

Read the rest:
http://finance.yahoo.com/news/US-budge
t-deficit-jumps-with-cnnm-15222803.html?.v=7

http://hotair.com/archives/2009/0
5/13/us-speeding-towards-financial-crash/

Republican Party Dead? Hardly. Polls Show Erosion and Doubt in Democratic Advantage

May 12, 2009

Last October, 51% of voters said Democrats had the best plan for the economy.  Today only 44% still think that.

In October, 47% of voters thought the Democrats had the right plan for national security.  Today that vote of confidence in Democrats on national security is only 41%

In fact, the Democratic edge on issues such as health care, education, ethics, taxes and immigration is slipping.

A lot can make the voters change their minds and the tremendous spending of the Obama Administration offers great hope to Democrats.  But the poll numbers for support for all this spending are slipping.

Related:
Top Ten Reasons The Republican Party Will Recover

Today, Florida Governor Charlie Crist, a Republican, said he would run for the U.S. Senate from Florida.

Crist is a moderate that supported Obama’s stimulus.

“Here in Florida, we’ve shown that when we put people first and work together much can be accomplished, and I intend to bring that same approach to Washington,” Crist said in a statement announcing his bid.

He has maintained approval ratings in the high 60-percent range despite the state’s gloomy economy, budget cuts, a high foreclosure rate and the highest unemployment level since 1975.

Pollsters say Crist’s bipartisan approach has seen him through.

FILE - In this Thursday, Jan. 22, 2009 file photo, Gov. Charlie ...

Gov. Charlie Crist (AP Photo/Phil Coale, file)

Crist will be worth watching and may be a barometer of the future of the Republican Party.

The quietly rusting Democratic advantage
http://www.redstate.com/moe_lane/2
009/05/11/rasmussen-and-the-quie
tly-rusting-democratic-advantage/

Christ to run for Senate:
http://news.yahoo.com/s/ap/20090512/ap_o
n_re_us/us_senate_race_crist;_ylt=ApCZm
AScUU3f.BusHm5tf0es0NUE;_ylu=X3oDM
TJsY2htcXU1BGFzc2V0A2FwLzIwMDk
wNTEyL3VzX3NlbmF0ZV9yYWNlX2
NyaXN0BGNwb3MDMwRwb3MDOQR
zZWMDeW5fdG9wX3N0b3J5BHNsa
wNnb3ZjcmlzdHRvcnU

Related:
“Democratic Party is Bought and Paid For By The Unions” Lawmaker Says

Stimulus Meant To Make Jobs But States Lay-Off Amid Budget Cuts

May 12, 2009

Eleven weeks after Congress settled on a stimulus package that provided $135 billion to limit layoffs in state governments, many states are finding that the funds are not enough and are moving to lay off thousands of public employees.

By Alec MacGillis
The Washington Post

The state of Washington settled on a budget two weeks ago that will mean 1,000 layoffs at public colleges and several times that many in elementary and high schools.

The governor of Massachusetts, who cut 1,000 positions late last year, just announced 250 layoffs, with more likely to come soon.

Arizona has already laid off 800 social service workers this year and is facing the likelihood of deeper cuts over the next two. The state no longer investigates all complaints of child or elder abuse.

“Don’t be a child or a vulnerable adult in Arizona,” said Tim Schmaltz of the Protecting Arizona’s Family Coalition.

The layoffs are one early indication of how the stimulus funding could be coming up short against the economic downturn. As the stimulus plan was being drawn up, there was agreement among the White House, congressional Democrats and many economists that a key goal was to keep states from making big layoffs at a time when 700,000 Americans were losing their jobs every month.

Read the rest:
http://www.washingtonpost.com/wp-dyn/con
tent/article/2009/05/11/AR2009051103
062.html?hpid=topnews

California Says Unions Have Inappropriate Influence With Obama Administration

May 11, 2009

If there was any doubt about labor’s influence, look west to the state of California’s troubles. Officials in Governor Schwarzenegger’s administration say that the SEIU may have had inappropriate influence over the Obama Administration’s decision to withhold stimulus funds for California if the Governor did not undo a scheduled wage cut for workers who are part of the SEIU.

Officials from the Schwarzenegger administration said that they were troubled that the SEIU was included in a conference call between federal and state officials, who were reviewing the wage cut and stimulus funding. The SEIU had lobbied the federal government to intervene.

The state’s health and human services secretary, Kim Belshe, expressed concern over the Obama Administration inviting a siginificant stakeholder into federal-state government negotiatons. According to a list provided by California officials, participants in the conference call included an SEIU lawyer from Washington, D.C. and a California-based SEIU lobbyist and policy staffer.

As part of its budget deal, California legislators agreed to cut $74 million in wages for home health workers. That cut would lower the pay for home health workers – members of the SEIU – by two dollars an hour. The Obama Administration ruled that California must rescind the wage cut or lose $6.8 billion in stimulus funds. Undoing the wage cuts will require a two-thirds vote in the state legislature, which The Wall Street Journal compared to “moving the Sierra Nevadas.”

From LaborPains.org
http://laborpains.org/index.php/2009/05/1
1/ca-says-seiu-influenced-obama-adm
in-on-stimulus/

SEIU is allied with ACORN….

Related:
Stimulus Not About Jobs, But About Control, Payback, Punishment by Fed Government — California Lawmaker Says
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Where Are The Jobs? Ask The Unions
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States Acting Like Tea Party Goers: Fighting Obama’s Spending, Borrowing Recovery Plan: Want Tax and Spending Cuts; Resisting Stimulus
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Top Obama Billionaire Donors Object To His Support Of Unions, “Cardcheck”
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Fed Tells California: Can’t Cut Pay of Union Jobs To Save Budget; Threatens Loss of Stimulus Money

Obama Moving America To Less Dynamic, Less Innovative, Less Skilled and Poorer Nation

May 11, 2009

Something bad and dangerous is happening in Barack Obama’s America.

The powers that the Obama administration claimed in order to arrest the financial crisis and mitigate the recession are being used and abused in ways that are underming the legal and financial stability of the United States. Investors: You are warned.

By David Frum
National Post

The first warning was the attempt to snatch Chrysler’s assets away from their rightful owners to pay off administration friends and supporters.

The Obama plan to save Chrysler would have sold Chrysler’s most valuable assets into a new company co-owned by the U. S. and Canadian governments, Fiat and the United Auto Workers (UAW) — with the UAW getting the biggest piece, 55%. (more…)

White House: stimulus on pace for 3.5 million jobs

May 11, 2009

The Obama administration defended its claim Monday that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011, an assertion questioned by some economists and GOP lawmakers.

A report by the White House Council of Economic Advisers says the projections are based on conservative estimates and widely accepted assumptions. The 3.5 million job estimate remains valid, the report says, now that stimulus money is starting to pay for various projects throughout the nation.

The report says the analysis is based on what the CEA considers “the relatively conservative rule of thumb that a 1 percent increase in GDP corresponds to an increase in employment of approximately 1 million jobs,” the report says.

However, it also notes that every increase in the GDP does not translate into new jobs. Existing workers absorb some of the increased economic activity by working longer hours and being more productive, it says.

Models that predict the number of U.S. jobs with and without the stimulus still conclude that the bill will create or save 3.5 million by the end of 2010, the report says.

The Obama administration defended its claim Monday that the $787 billion economic stimulus plan will save or create 3.5 million jobs before 2011, an assertion questioned by some economists and GOP lawmakers.

A report by the White House Council of Economic Advisers says the projections are based on conservative estimates and widely accepted assumptions. The 3.5 million job estimate remains valid, the report says, now that stimulus money is starting to pay for various projects throughout the nation.

The report says the analysis is based on what the CEA considers “the relatively conservative rule of thumb that a 1 percent increase in GDP corresponds to an increase in employment of approximately 1 million jobs,” the report says.

However, it also notes that every increase in the GDP does not translate into new jobs. Existing workers absorb some of the increased economic activity by working longer hours and being more productive, it says.

Models that predict the number of U.S. jobs with and without the stimulus still conclude that the bill will create or save 3.5 million by the end of 2010, the report says.

Read the rest from the Associated Press:
http://news.yahoo.com/s/ap/2009051
1/ap_on_go_ca_st_pe/us_stimulus_jobs_1