the commerce department or a chain like target where the controls are superb and the numbers are not subject to interpretation? who's giving you the real skinny? a government department that may be using probably not the technology near what the private sector uses to compile data or a store like walmart where 140 million people shop each week? does costco have a better handle on retail sales than the department of commerce given they have the sales per square footage of every store in the head while the commerce department doesn't have a permanent secretary at the helm? how about retail sales of autos. in the month of june chrysler sold 20% more cars than last year. more than any year since 2007. gm's numbers are the best since 2008. ford sales were up only 7%. the numbers told us more about retail auto sales than the miserable commerce number but chrysler doesn't trade as an individual company. none of these numbers compare to reports from the banks since earnings season began. today we got citigroup's numbers. they were certainly better than expected. the terrific portion of earni

they really do call the commerce department statistics into question and do seem to go with the mark twain thesis. the scandal of the whale that swallowed jamie as in jamie dimon dominated the report from jpmorgan. uh i would rather focus on the credit card and a small business and medium businesses were. the amazing part came from the commentary about the strength jpmorgan saw here during june. i thought june was terrible. retail spending and lending were the bright spots and the numbers were more spectacular when you consider how weak investment banking and m & a were. jpmorgan saw sales in the areas that would most impact consumer spending. the most remarkable quarter came from wells fargo. now the largest and most aggressive lender in the united states. it's got the pulse of the consumer like no other single most important sales category out there. that's the sale of homes. do you know wells fargo has 40% of the mortgage market? that's unheard of in a company where the limit for one bank's tentacles in housing. we never let a bank get this powerful. the financial crisis allowed u

rose at one point five percent on an annualized basis aborting to the commerce department the wall street journal points out this so-called current economic recovery through the last couple of years is the second weakest rebound post world war two but is it much worse than that even we'll talk to doug casey bestselling author also founder and publisher of casey research and get his answer to that speaking of getting worse let's look at europe spain has for the first time conceded it may need a full e.u. i.m.f. bailout supporting to reuters meanwhile spanish unemployment has hit the highest level since the country's transition to democracy out of dictatorship which was back in the late seventy's and early eighty's and that's just spain will take stock of the entire eurozone crisis with the man who wrote the book mind you my prices investing finally our own dmitri copius will debrief us on the gore of the national innovate or die conference which is wrapping up today in vancouver dimitri will hopefully tell us how to avoid debt let's get to today's capital account. here it is friday and one

gross domestic product data from the commerce department showing the economy is slowing down it grew one point five percent in the second quarter on an annualized basis and this is down from two percent the prior quarter and four point one percent the quarter before that consumers are reportedly cutting back spending on big ticket items businesses are holding off on investment so in light of this number in these this data q. speculation about the federal reserve taking more action or q talk of how government g.d.p. numbers aren't reliable in the first place also how this so-called recovery lags compared to others but when did things really start going downhill economically in the u.s. stepping back was it after a peak of good times for america in the late fifty's to mid sixty's with the one nine hundred fifty nine cadillac a relic of a bygone era not just of iconic tailfins but of a decent standard of living for americans that was not yet built on unsustainable debt to make up for stagnant wages or was this what sealed america's fate back in one nine hundred seventy one. i had. very

said the commerce department hit the highest level in almost four years.of the increase was for multiunit housing however, the lum offing -- however the number of building processes. that went down more than 3.5%. that's a sign that building could slow in the coming months. >>> residents were allowed back home to san luis obispo. a brush fire is 65% contained. >>> today, governor plan will hold two ceremonies. now, the new law gives the project $8 billion. that will be enough to break ground on a rail section in the central valley. the project will cost around $69 billion. >>> bay bridge -- bay bridge is beginning to improve. you can see this picture here. it looks pretty good. it looks like we could have a little bit of clearing by the time we reached 9:00. northbound 101, san francisco, moderately heavy traffic coming up to the downtown area. 280 extension. remember the giants are out of town today. >>> some sun out there. maximum temperatures yesterday. sacramento, only 74. redding 76. their normal high is 99. only 70. -- i mean, that's way below averag

so, i don't think that that's duplicative with the department of commerce, but that was certainly -- that's certainly not the intent. >> reclaiming my time as, chairman, again, i will support the amendment but i hope maybe as this sort of gets, moves along, that, you know, the department is given guidance that they really should work together with the department of commerce because they have, in my opinion, a fabulous infrastructure, already, as i said, all over the world in terms of connecting u.s. exporters with new customers and opportunities. and with that understanding, which it sounds like your answer is not adversarial to then, i would support the amendment and yield back the balance of my time. >> gentleman yields back the balance of his time. are there additional requests for recognition on this gentleman, the ranking member, strike the last word? >> mr. chairman, i vote to strike the last word. >> gentleman is recognized for five minutes. >> i have a request from the former member of the committee who has a letter to you and i regarding the food for peace program and so fort

according to the commerce department, sales of new homes fell 8.4% last month to $350,000.his is the lowest it has been in five months. it has been reported in the northeast, the worst, plunging 60%. for those of you wanting to stretch out your legs on long flights, your which has been granted. american airlines will be the first to install lying flat seats. for flights between new york and california, beginning in 2013. 10 of the seats will be available in first class and another 20 in business class. they're already available on several airlines for international flights. >> now your 11 insta-weather plus forecast. >> a beautiful day today. a cold front last night that triggered some bigger thunderstorms. that front is to our southeast. we have a beautiful of area of high pressure coming from new england. the flow is out of the north. we can see the temperatures in the 60's and 70's. we are going to end up with some comfortable weather. that should be the case, at least for the next 24 hours. 93 right now in kansas city. they will get close to 100 degrees again. that stuf

commerce department plans to regional offices in silicon valley, detroit, near dallas, and in denver. mcdonald's is focusing on soar.n as beef prices that is making a backyard barbecues more expensive for the fourth of july holiday. stories coming up next hour. headquartersberg in new york, linda bell reporting for abc 7 news. back to you. >> thank you. looking at 76 degrees on this tuesday. power problems are frustrating enough, the are affecting traffic signals. may for summer of commutes. [ female announcer ] with swiffer dusters, a great clean doesn't have to take longer. i'm done... i'm going to read one of these. i'm going to read one of these! [ female announcer ] unlike sprays and dust rags, swiffer 360 dusters extender gets into hard to reach places so you can get unbelievable dust pick up in less time. i love that book! can you believe the twin did it? ♪ [ female announcer ] swiffer. great clean in less time. or your money back. ♪ tuesday morning, we have a little rain, isolated and spotty showers. let's go to live super doppler 7. in dale city over 95 towards the potomac an

today the commerce department is expected to announce three more locations including san jose >> we thinkt will speed things up. right now unfortunately there is a big delay. we're behind hundreds of thousands of patents, a three- year delay, that is absurd. that is the product life in the technology world >> other offices are planned for dallas and denver. more than 600 cities have applied. >> coming up, cancer fighting caffeine. evidence that a cup of coffee could keep you healthy >> the numbers show it will work but city employees disagree. the aftermath of pension reform in the south bay. >> no magic for mike at,,,,,,,,, ♪[linkin park "burn it down"] ♪[rock] ♪ [narrator] can't wait for the honda civic tour featuring linkin park? neither can we. go to facebook.com/hondacivictour for details. >> a lot of clouds outside but rather mild to start your day. temperatures in the '50's and even some 60s. >> getting a check of some bridges across the bay area. it looks like they're doing some lane changes on the golden gate bridge. very like conditions across the san mateo bridge. we will have

commerce department. lot of excitement in the south bay over the subject. >>> san jose one of a groin number of cities coping with budget cuts by slashing pay and pension of city employees. city leaders are seeing a backlash. >>> how do you feel about leaving? >>> says at it is a tough decision >>> after 15 years as a motorcycle cop in san jose the sergeant says he cannot afford to keep patrol in the streets. >>> i live in santa's head and own a home here but if i take a 25% pay cut i lose my house. >>> he's decided to look for a new job and a new city joining an exodus of police officers leaving san jose fallout of the reform of a vote to reform pension pay. mayor ed reed requires workers pay more now into their pension plans and abandon some benefits already promised. >>> some people do when some people do not i don't know what the percentages. >>> mayor ed reed said the cuts were the only way to avoid going down the san path of the other cities such as vallejo and stockton and which recently filed bank

. >> the commerce department reports consumer spending was unchanged in may. americans cut spending on cars and other goods. wages remain unchanged and income up a bit because investment income rose. and there are economists say this is disappointing. a study finds we care more about what -- where we shop than the items we buy there. and this shows 62% of us searched for store-center deals and only 14% searched for brand name products. discounts online nearly half of all u.s. consumers will use online coupons and codes during 2012. and this will be interesting. are we moving away from name brands? i know my kids are. >> and this takes older folks longer, like use there are study suggesting spanking kids could lead to mental illless later in live. and researchers found they're associated with an increased risk of major depression and alcohol and drug abuse. findings are true even for people who never suffered excessive abuse or neglect. >> and new research suggests the longer children spend in the womb, better they'll do academically. this study babies born at

and the commerce department said new home sales dropped 8.4% last month. and that is disappointing because markets seem to be rebounded in may. and that is when sales jumped more than 7%. sales are still better than last year at this time. that is good news. builders stop building during a recession. >> have you ever stayed in a hotel room wishing you'd booked somewhere else? that is the feeling of a lot of travelers these days. there is a survey finding more qlolt guests are disappointed this year. the company polled 61,000 travelers and gave lower marks for amenities. biggest complaint guests didn't like being charged to use the internet and having a wifi that was way too slow. and saying it takes a big toll on fun. >> it does. >> and thank you. >> sure. >> and have you gob to the comedy club and found yourself a target of a comedian? she didn't think its funny. she became a target of lesbian jokes. it's an incident turning into a you tube sensation. we're live from pleasanton with the story. >> this happened here at tommy t's. there was an audience of 2

the struggle was highlighted in a report from the commerce department. consumer spending powers the u.s. economy, but americans weren't hitting the stores this spring, and when they did, they weren't spending nearly as much. as a result, economic output, measured as the gross domestic product, rose at an annual rate of just 1.5% from april through june. the commerce department did raise its estimate of first quarter growth to 2%. still, that's not considered sufficient to encourage hiring and bring down unemployment. at the white house, spokesman jay carney pointed to 12 straight quarters of growth, but acknowledged it's not enough. >> we obviously, despite this, sustained growth, despite the private sector job creation, are still in a position where we're pulling ourself out of the very deep hole caused by the great recession. and there is still, of course, a great deal of anxiety in the country about the economy. >> woodruff: mitt romney's campaign charged the new numbers are further proof of "a grossly disappointing presidency". romney's top economic

commerce department award satellite patent office to san jose. silicon valley long known as ground zero for inknows with 25% of all patents in america coming from this region. new offices are being built in denver and dallas ft. worth. >>> still ahead, another oppressive day back east. the miserable conditions that left millions still without power. >>> call it a caffeine boost. why coffee may reduce your chance for getting a certain type of skin cancer.1ñ great idea. so we'll switch to u-verse tv and internet... that's just what we need... i got accepted into juilliard. [ dad ] that's great! can we talk about wireless plans? now we can video-chat. and faster internet... [ female announcer ] with at&t u-verse, you can build a personalized bundle to fit your needs. even when they change. switch now. bundles including u-verse tv, internet and home phone start as low as $79 a month for 12 months -- our best bundle price ever. plus get a total home dvr free for life. choose from a variety of u-verse tv packages that let you record four shows at once.

commerce department award satellite patent office to san jose. silicon valley long known as ground zero for inknows with 25% of all patents in america coming from this region. new offices are being built in denver and dallas ft. worth. >>> still ahead, another oppressive day back east. the miserable conditions that left millions still without power. >>> call it a caffeine boost. why coffee may reduce your chance for getting a certain before copd... i took my son fishing every year. we had a great spot, not easy to find, but worth it. but with copd making it hard to breathe, i thought those days might be over. so my doctor prescribed symbicort. it helps significantly improve my lung function starting within five minutes. symbicort doesn't replace a rescue inhaler for sudden symptoms. with symbicort, today i'm breathing better. and that means...fish on! symbicort is for copd including chronic bronchitis and emphysema. it should not be taken more than twice a day. symbicort may increase your risk of lung infections, osteoporosis, and some eye proble

and technology and be sure that we use the wonderful grant from our federal partners in the department of commerce to help us engage healthier, happier, and more connections with our aged community and persons with disabilities. it is a wonderful goal, and we have a lot to talk about today. i also want to welcome all of the businesses that have been partners with this. you know, when it comes to technology, we in the government can never do it alone. whether it is federal, state, or local government, we have got to work with our private partners so that all of the media connections can happen. i want to give a shout out to comcast, verizon, the san francisco health plan, scan health med, unlock, our media partners, and all the organizations and volunteers working along with us to help our seniors and helping our people with disabilities connect end. this launch, this summit really is to launch a new program, our sf connected program. this allows us to work with all of our seniors in as many locations throughout the city get connected up. to provide a higher level of digital literacy and broadband

commerce department announced today that one of the nation's first retail patent offices will be in san jose. no surprise because one-fourth of u.s. patents originated in silicon valley, a location for the san jose office still needs to be chosen. the first regional patent office will open in detroit. >> 10 east palo alto high school students getting a rare look at the inner workings of the social networking giant. patrick reports that they're teaming up with mentors from the company's ranks. >> facebook is all about creating an open and connected world and therefore we do need to be a part of the community and we want to be a part of the community. >> to back up the open their doors to 10 juniors and seniors from east palo alto in the first ever facebook academy, an internship on the campus of a popular website. >> everyone has a facebook page? that is great. >> we give them an opportunity to come to the top technology company in their backyard and expose them to technology. >> davis as good grades in order to be prepared for college, in particular the courses that involve technology.

the commerce department reported that construction on new homes in june rose almost 7%, the fastest pace since 2008. and year over year, housing starts were up over 23%. joining us now, housing analyst megan mcgrath, of mkm partners. >> megan, you have said that the housing starts report is very critical in giving a gaze at the health of the housing sector. what do today's numbers tell you. >> we tend to look at the single family member too, that's important for the builders. that number was up 20% year over year, and 5 fx*r% from las month, and year to date we're up 20% year over year. so we've probably hit the bottom, and bouncing up off of it. >> susie: now we're getting more housing daylighta this week, and existing home sales coming up. >> once we look at all the data pints what kind of picture do you think we're going to get. we're seeing slow and steady progress. existing home sales will comeute tomorrow. that can be a little more volatile than the other number. it will give us a good gauge in terms of gauge, and inventory is important, what is a month's supply. and new home sales

the economgrew at a 1.5% annual rate between aprian june according to the commerce department. that's slightly higher than economist expectations. but it represents the slowest growth since last fall and down considerably from the faster growth the economy experienced during the holidays last year and the first three months of this year. it turns out, those growth rates were revised higher, making the second quarter slowdown that much more. the drag on the second quarter economy came from a slowdown in spending by consumers. it was the smallest gain in a year with spending on big items, especially vehicles, falling. spending from the federal government down to city halls also fell and that comes ahead of the automatic spending cuts due to take effect next year at the federal level. this report is the latest to show a slowing recovery just as the federal reserve meets next tuesday and wednesday to discuss its options. >> next week, we think that they may consider extending the zero rate guidance. right now, they're telling us that they will be on hold until late 2014. they may d

meanwhile, the commerce department says americans are buying fewer new homes.ales of new homes in june fell more than 8% from may. that is the biggest month-to-month drop in nearly a year and a half. >>> a warning to investors in pharmaceuticals. fitch rating service expects fewer drugs to be approved by the fda this year. fitch blames the slowdown on fewer experimental drugs entering late-stage testing and disappointing test results on other medications. >>> ben bernanke may have to open the federal reserve's books. the house voted yesterday on a bill that would give congress greater power over the central bank. the legislation allows lawmakers to audit the fed's decision-making on monetary policy and its agreements with foreign central banks. >>> and "newsweek" may be leaving magazine racks in the future. the head of the parent company says producing a weekly print magazine isn't easy. one option could be to shift to an online only publication. another would be to publish less frequently. i think we're going to be hearing more and more about that trend happen

according to the commerce department, housing starts rose 6.9% to 760,000 in may, the highest level in almost four years. analysts say it's more than expected and an indication the real estate market is strengthening. they think record low mortgage rates and cheaper properties are luring buyers, prompting builders to boost construction. >>> if you've tried to rent an apartment lately, you know already, rents are high. now, one rental information service is saying they're at the highest level ever. in some yars of the country, rent have gone up 10 to 15% in the last year. some of the reasons, an improving job market and a lingering hang over from the housing recession. >>> former cal star and current pro-football player marshawn lynch was officially charged with dui today and his attorney is now fighting back. lynch is the starting running back for the seattle seahawks. they say his car nearly hit two other vehicles before officers pulled him over on interstate 880 in emoriville. they suggest discrepancies in the blood alcohol testing and hope charges will be reduced or even dismissed.

our commerce department says the economy grew at annual rate of 1.5% from april to june. americans spending at their slowest pace in a year. economists say growth at or below 2% is not enough to lower the unemployment rate. they do not expect growth to pick up much in the second half of the year either. let's talk about it with karl rove, former senior advisor and deputy chief of staff to president george w. bush. he is also a fox news contributor. karl, what do you make of these numbers? >> well not good, not good for the country and not good politically for the president. here's a look, jon, if you will, you remember the growth here, number in the second quarter is 1.5%. for the year it is estimated to be 2% though i suspect a lot of people will be lowering their estimates now that we've had 1.5% in the second quarter and 2% in the first quarter. but here's what looked like in previous reelections. when president bush ran for re-election it was 2.6% in the second quarter. and 3.5% for the fiscal year. when clinton ran for re-election it was 7.1% and 3.7 for the year. wh

commerce department, and it is the executive branch agency that is in charge of advising the president on telecommunications and information policy issues. we are at the forefront of the obama administration's push to establish a broadband foundation needed to support the innovation economy in the united states. we are looking to produce better and new jobs and position to ensure that america remains at the forefront of the economy in the 21st century. we are working to ensure that all americans have the resources and the skills necessary to fully share in all of the possibilities, civic, social, and economic. all of these made possible by the internet. that is one of the reasons we are here today. he discovered for the administration is the broadband technology opportunities program or btop. this program was established in 2009 by the american reinvestment and recovery act and is administered by ntia. we have nearly $4 billion invested in roughly 230 projects across the country, all aimed at expanding broadband access and adoption in the country. and i want to tell you a little bit ab