NPR 2012-07-19

 Tepid hiring, modest growth, that's the economic picture being revealed on the Federal Reserve Survey, officially known as the Beige Book. The economy expanded in June and early July in several parts of the country, but overall growth pulled back. The survey says 3 of the Fed's 12 banking 1 districts, New York, Philadelphia and Cleveland have reported weaker growth. Fed chairman Ben Bernanke returned to Capitol Hill today to update the health financial services committee. As NPR's Craig Windham reports Bernanke says the central bank's large scale bond purchases have helped lift the economy out of the great recession, but economy remains 2 sluggish 3. 

 
Bernanke insists though that the economy is not headed back into recession. 
 
We don't see a double dip recession. We see continued moderate growth. 
 
Bernanke says the Fed is prepared to take new steps to bolster 4 the recovery if necessary.
 
It's certainly possible that we will take additional action if we conclude that we're not taking progress towards higher levels of employment. 
 
Bernanke suggested one reason the Fed may be holding off on new action for now. He says the central bank wants to determine whether the economy's current slowdown is temporary and seasonal 5 or if something more fundamental is occurring. Craig Windham, NPR News, Washington.
 
The threat of mass layoffs 6 in the defense 7 industry also has the attention of many congressional members today. Major defense manufacturers warn that threat of budget cuts could lead to huge losses of defense related jobs. The CEOs of four companies told law makers 9 in congress should do something to avoid sequestration across the board budget cuts set for next year. NPR's Larry Abramson reports that the administration and the congress remain deadlocked 10 on how to approach that issue.
 
House armed services committee chairman, republican Buck 11 Mckeon has been pushing to administration to assess the potential impact of additional budget cuts for defense programs. CEOs like David Hess of Pratt&Whitney say that without any information, his company and others are slowing productions.
 
Companies are limiting hiring and halting investments largely due to the uncertainty 12 about how sequestration cuts will be applied 13. 
 
The Pentagon and the Office of Management of Budge 8 have refused to provide any guidance. The administration argues sequestration will simply be disastrous 14 for defense and all sectors 15 of the budget and says congress has to come up with alternative strategies. Larry Abramson, NPR News.
 
The UN security council vote on the new Syrian resolution has been postponed 16 until tomorrow, as diplomats 17 make a last digit 18? attempt at getting all council members on board. Russian have been warning that it will veto sanctions that would open the door to military intervention 19.
 
At a last check on Wall Street, Dow was up 89 points, made that 90 points of more than a half a percent at 12'896.
 
You're listening to NPR News.
 
The White House is tracking a drought that's now covering more than half the continental 20 US. President Obama received briefing this morning from agriculture secretary Tom Vilsack whose department's been monitoring the devastating 21 impact the dry weather's having on crops. In a monthly report the national climatic data center in North Carolina noted 22 that 55% of the country was in moderate to extreme drought at the end of June. It says crops, pastures and ranch 23 land have deteriorated 24 at a rate rarely seen in the last 18 years.
 
Nelson Mandela is 94 years old. NPR's Ofeibea Quist-Arcton says the former South African president and an anti-apartheid hero is spending the day quietly with family at his home at eastern Cape 25.
 
School children all over South Africa sung a specially 26 composed 94th birthday anthem 27 for Nelson Mandela. To mark the number of years he spent in public life, people worldwide are encouraged to spend at least 67 minutes helping 28 the less fortunate. Traditionally his birthday is celebrated 29 with South Africa's poorer communities receiving help. Mr. Mandela himself is at home in Qunu in his native Eastern Cape. President Obama and the first lady have paid tribute to the anti-apartheid giant. Former president Bill Clinton who opened a primary school library in Qunu yesterday visited Mr. Mandela on the eve of his birthday. Ofeibea Quist-Arcton, NPR News, Dakar?.
 
US stocks have been trading higher. Dow up 92, NASDAQ up 29 and S&P 500 up 7 points.
 
This is NPR News.