The results of Obamanomics

[CARLHAYDEN]

Economy Grows at Sluggish 1.3%; Consumers Pull Back

Published: Friday, 29 Jul 2011 | 8:38 AM ET

By: Reuters

The U.S. economy grew less than expected in the second quarter as consumer spending barely rose, and growth braked sharply in the prior quarter, a government report showed on Friday

http://www.cnbc.com/id/43941459

[CARLHAYDEN]

GDP Report Shatters Illusion of Jobless, Productivity-Packed Recovery

By Derek Thompson

Jul 29 2011

Great charts at The Atlantic.

http://www.theatlantic.com/business/archive/2011/07/gdp-report-shatters-illusion-of-jobless-productivity-packed-recovery/242761/

[CARLHAYDEN]

August 15, 2011

Moody’s Lowers Economic Growth Outlook

By Tess Stynes

Moody’s Analytics, a sister company to credit-ratings company Moody’s Investors Service, now expects real gross domestic product to increase at an annualized rate of about 2% in the second half of this year and just over 3% next year, compared with its estimate a month ago for growth of 3.5% for the second half of this year and through 2012.

http://blogs.wsj.com/economics/2011/08/15/moodys-lowers-economic-growth-outlook/

[CARLHAYDEN]

Waiting for jobless claims report.

The so-called experts are projecting between 395,000 and 400,000, but I suspect that it will be somewhere in the neighborhood of 408,000 (which may be subsequently revised upward).

[CARLHAYDEN]

Waiting for jobless claims report.

The so-called experts are projecting between 395,000 and 400,000, but I suspect that it will be somewhere in the neighborhood of 408,000 (which may be subsequently revised upward).

Jobless Claims in U.S. Top Forecast

By Shobhana Chandra - Aug 18, 201

“Jobless claims climbed by 9,000 to 408,000 in the week ended Aug. 13, the highest in a month, Labor Department figures showed today in Washington.”

http://www.bloomberg.com/news/2011-08-18/first-time-unemployment-claims-in-u-s-rise-more-than-estimated-to-408-000.html

[CARLHAYDEN]

For “unexpected” news on the Consumer (and Wholesale) Price Indexes:

http://www.reuters.com/article/2011/08/18/us-usa-economy-idUSTRE77A2BR20110818

[CARLHAYDEN]

Waiting for jobless claims report.

The so-called experts are projecting between 395,000 and 400,000, but I suspect that it will be somewhere in the neighborhood of 408,000 (which may be subsequently revised upward).

Aug. 25, 2011, 8:57 a.m. EDT

Jobless claims in U.S. rise to 417,000

Verizon strike inflates applications for unemployment compensation
By Jeffry Bartash, MarketWatch

WASHINGTON (MarketWatch) — The number of Americans seeking new jobless benefits rose for the second week in a row as thousands of phone workers at Verizon Communications filed claims, government data showed.

New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday.

Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000.

http://www.marketwatch.com/story/jobless-claims-in-us-rise-to-417000-2011-08-

[CARLHAYDEN]

August 26, 2011

Youth employment in July 2011

"In July, the employment-population ratio for youth—the proportion of the 16- to 24-year old civilian noninstitutional population that was employed—was 48.8 percent, a record low..."

http://bls.gov/opub/ted/2011/ted_20110826.htm

[Gravis Marketing]

Only one poster has commented on this thread since July 1.

[Politico]

It almost feels like Obamanomics would have been more successful had the massive stimulus package been solely $800 billion or so in tax credits for firms that did not lay people off.

[CARLHAYDEN]

It almost feels like Obamanomics would have been more successful had the massive stimulus package been solely $800 billion or so in tax credits for firms that did not lay people off.

Yes.

Or, if it had concentrated on construction which would have benefited the economy, such as the border fence and repair to interstate highway system.

Instead, much of it went to feeding the bureaucracy, federal, state and local.

[CARLHAYDEN]

Aug. 30, 2011

Expectations pound August consumer confidence
Lowest level in two years
   
By Ruth Mantell, MarketWatch

WASHINGTON (MarketWatch) — Consumer confidence plunged in August as expectations dived, with worsening views on future business conditions, jobs and income, the Conference Board reported Tuesday.

http://www.marketwatch.com/story/expectations-pound-august-consumer-confidence-2011-08-30?link=MW_pulse

[CARLHAYDEN]

Thursday, Sep. 08, 2011

Reports: Bank of America to shutter 600 branches

Bank of America will close up to 600 branches as part of its reorganization and cost-cutting moves, according to multiple reports this morning.

Read more: http://www.thestate.com/2011/09/08/1962797/reports-bank-of-america-to-shutter.html#ixzz1XMeQbJ00

[CARLHAYDEN]

New jobless claims rise

On Thursday September 8, 2011, 9:14 am
By Pedro Nicolaci da Costa

WASHINGTON (Reuters) -The number of Americans filing new claims for jobless benefits rose unexpectedly last week, further evidence of a weak labor market just hours before President Barack Obama unveils a plan on job creation in a major address to Congress.

http://finance.yahoo.com/news/New-jobless-claims-rise-to-rb-3640825807.html?x=0&sec=topStories&pos=main&asset=&ccode=

[CARLHAYDEN]

A Whopping 77% Of Financial Professionals See No Recovery In Next Year
Gus Lubin | Sep. 13, 2011\

Here's a particularly grim survey of financial professionals from Sageworks Inc. 76.5 percent expect no recovery within the next year. 22.2 percent expect things to get worse.

Read more: http://www.businessinsider.com/sageworks-financial-professionals-77-percent-2011-9#ixzz1XqblqcUb

[CARLHAYDEN]

Number of poor hit record 46 million in 2010

The highlights:
        
1.)   The number of poor Americans in 2010 was the largest in the 52 years that the Census Bureau has been publishing poverty estimates
2.)   the poverty rate was the highest since 1993
3.)   median income declined by 2.3 percent
4.)   About 1.5 million fewer Americans were covered by employer-sponsored health insurance plans

http://www.reuters.com/article/2011/09/13/us-usa-economy-poverty-idUSTRE78C3YV20110913

[Yelnoc]

CARLHAYDEN,

WHAT IS THE BLANK BETWEEN "THAT" AND "THE" IN NUMBER 1?

THANKS,
YELNOC

[CARLHAYDEN]

CARLHAYDEN,

WHAT IS THE BLANK BETWEEN "THAT" AND "THE" IN NUMBER 1?

THANKS,
YELNOC

The space was a typo error.

Thanks for bringing it to my attention.

[CARLHAYDEN]

(Reuters) - The number of Americans filing new claims for jobless benefits rose unexpectedly last week

Applications for unemployment benefits climbed to 428,000 in the week ending September10 from an upwardly revised 417,000 the prior week, the Labor Department said.

http://www.reuters.com/article/2011/09/15/us-usa-economy-idUSTRE78C33C20110915

[CARLHAYDEN]

(Reuters) - The number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the military and Bank of America, a private report on Wednesday showed

http://www.reuters.com/article/2011/10/05/us-usa-economy-idUSTRE78C33C20111005

[Lief]

Yes, Carl, the GOP has done a very good job of destroying the economy and convincing simpletons that it's all Obama's fault. You can stop updating us.

[CARLHAYDEN]

Yes, Carl, the GOP has done a very good job of destroying the economy and convincing simpletons that it's all Obama's fault. You can stop updating us.

Lief,

I will continue to post the facts.

If that offends you, too bad.

[Lief]

Many things about you offend me, Carl (your racism and xenophobia, for instance). But your hackery just depresses me.

[True Federalist]

Posting this only since it has CARL's favorite word in all of economics:

http://www.jsonline.com/business/economy-adds-103000-jobs-but-unemployment-rate-stays-at-91-131333799.html

The nation's economic vital signs showed unexpected improvement Friday as a report showed that employers added just over 100,000 new jobs last month

The government's labor-market snapshot for September showed that twice as many jobs were created as economists had expected. It suggests that the U.S. is plodding ahead with growth that's too tepid to help the millions of jobless Americans, but just enough to skirt a double-dip recession, at least for the time being.

The unemployment rate remained at 9.1% for the third consecutive month and has hovered above 9.0% since April, according to the report from the U.S. Bureau of Labor Statistics.

Of course, unexpected seems to only be CARL's favorite word when the economic news is worse than expected, so he might not appreciate this.  I don't appreciate it either, but for other reasons. It's an improvement, but it's not anywhere near what we need.  Until the eurozone crisis is resolved, I don't expect the economy to improve, which means the economy will likely be blah until at least 2013 and then whoever wins the election will claim credit for doing something about the economy that they didn't really do.  (That will be true if Obama or a Republican wins next November.)

Of course, it's always possible for the government to do something to make the US economy worse, but I don't foresee anything except gridlock to happen between now and 2013.

[phk]

Posting this only since it has CARL's favorite word in all of economics:

http://www.jsonline.com/business/economy-adds-103000-jobs-but-unemployment-rate-stays-at-91-131333799.html

The nation's economic vital signs showed unexpected improvement Friday as a report showed that employers added just over 100,000 new jobs last month

The government's labor-market snapshot for September showed that twice as many jobs were created as economists had expected. It suggests that the U.S. is plodding ahead with growth that's too tepid to help the millions of jobless Americans, but just enough to skirt a double-dip recession, at least for the time being.

The unemployment rate remained at 9.1% for the third consecutive month and has hovered above 9.0% since April, according to the report from the U.S. Bureau of Labor Statistics.

Of course, unexpected seems to only be CARL's favorite word when the economic news is worse than expected, so he might not appreciate this.  I don't appreciate it either, but for other reasons. It's an improvement, but it's not anywhere near what we need.  Until the eurozone crisis is resolved, I don't expect the economy to improve, which means the economy will likely be blah until at least 2013 and then whoever wins the election will claim credit for doing something about the economy that they didn't really do.  (That will be true if Obama or a Republican wins next November.)

Of course, it's always possible for the government to do something to make the US economy worse, but I don't foresee anything except gridlock to happen between now and 2013.

48k out of 103k was due to the Verizon strike ending.