Forget Four Years Ago: We're Worse Off Than In 2011

[g5000]

Forget four years ago: We're worse off than in 2011 - The Term Sheet: Fortune's deals blog Term Sheet

Over the past six months, the economy has added an average of 97,000 jobs a month. At this time a year ago, the six-month average was 136,000, meaning the economy was growing 40% faster than it is today.

For the whole year, the economy has added an average of 139,000 jobs a month. That's better, but still worse than a year ago when that figure was 143,000.

Secondly, the wage picture isn't improving either. The industry with the biggest hiring jump in August was restaurants, which are jobs, but not high paying ones. Employment in the manufacturing industry, on the other hand, dropped by 15,000. A year ago, the economy was still adding manufacturing jobs.

As a result, the average hourly wage for all workers fell in August by a penny to $23.52. That was up $0.40 from a year ago. But at just 1.7%, it's not much more than inflation. And it's less than the $0.49 increase we had a year ago.

Then there are temp workers. Most economists believe temporary hires are a good indication of where the job market is headed. It's a way for employers to dip their toe in the water, and many of the jobs lead to permanent positions. A year ago, companies were adding temp workers, nearly 21,000 in August alone. That's not the case any more. Last month, employers cut the number of temp workers they had working for them by nearly 5,000.

But in the same time, the pace of people dropping out of the workforce is up too. That number rose by 2.7 million in the past year, or a half a million more than a year before that. Yes, some of those people voluntarily retired. But a good percentage of those people have just given up. That's probably the best gauge of optimism in the economy that there is. If you don't believe you can land a job, you basically don't believe in the economy. And as long as the number of people who lose faith in the economy is rising, it's hard to make the case that we're better off.

In short, we are trending downward.


Obamaloids will do everything possible to deflect from this reality.

Roll out the cancer lady and the race card!


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[beretta304]

Forget four years ago: We're worse off than in 2011 - The Term Sheet: Fortune's deals blog Term Sheet

Over the past six months, the economy has added an average of 97,000 jobs a month. At this time a year ago, the six-month average was 136,000, meaning the economy was growing 40% faster than it is today.

For the whole year, the economy has added an average of 139,000 jobs a month. That's better, but still worse than a year ago when that figure was 143,000.

Secondly, the wage picture isn't improving either. The industry with the biggest hiring jump in August was restaurants, which are jobs, but not high paying ones. Employment in the manufacturing industry, on the other hand, dropped by 15,000. A year ago, the economy was still adding manufacturing jobs.

As a result, the average hourly wage for all workers fell in August by a penny to $23.52. That was up $0.40 from a year ago. But at just 1.7%, it's not much more than inflation. And it's less than the $0.49 increase we had a year ago.

Then there are temp workers. Most economists believe temporary hires are a good indication of where the job market is headed. It's a way for employers to dip their toe in the water, and many of the jobs lead to permanent positions. A year ago, companies were adding temp workers, nearly 21,000 in August alone. That's not the case any more. Last month, employers cut the number of temp workers they had working for them by nearly 5,000.

But in the same time, the pace of people dropping out of the workforce is up too. That number rose by 2.7 million in the past year, or a half a million more than a year before that. Yes, some of those people voluntarily retired. But a good percentage of those people have just given up. That's probably the best gauge of optimism in the economy that there is. If you don't believe you can land a job, you basically don't believe in the economy. And as long as the number of people who lose faith in the economy is rising, it's hard to make the case that we're better off.

In short, we are trending downward.


Obamaloids will do everything possible to deflect from this reality.

Roll out the cancer lady and the race card!


.

You just won't stop with being factual, will you? Reality has no place on this board! So knock it off!

Oh and as far as people dropping out of the workforce... didn't you hear? They all retired, that's all.

 

[Sinjorri]

racist.

 

[Katzndogz]

If obama says we are better off who can dispute that without being racist?

 

[BlindBoo]

Least we forget what President Obama took over in 2009:

The U.S. economy lost 1.9 million jobs in the first 11 months of 2008, including 533,000 jobs in November.

In the third quarter of 2008, GDP declined at an annual rate of 0.5 percent

New home sales in October 2008 were 40.1% lower than a year earlier

In the third quarter of 2008, the trade deficit was at 4.9% of gross domestic product.

Economic Snapshot for December 2008 | Center for American Progress

 

[beretta304]

Least we forget what President Obama took over in 2009:

The U.S. economy lost 1.9 million jobs in the first 11 months of 2008, including 533,000 jobs in November.

In the third quarter of 2008, GDP declined at an annual rate of 0.5 percent

New home sales in October 2008 were 40.1% lower than a year earlier

In the third quarter of 2008, the trade deficit was at 4.9% of gross domestic product.

Economic Snapshot for December 2008 | Center for American Progress

Two can play your game Boo Boo. Picking and choosing what sounds best...using the same source as you did.



American families saw few gains during the recovery before the crisis hit in 2008 and experienced no income gains during the current economic recovery after 2009.


Income inequality is on the rise. This is the largest gap between the top 5 percent and the bottom 20 percent of households since the U.S. Census Bureau kept record in 1967.

Poverty continues to rise across a wide spectrum. The poverty rate rose to 15.1 percent in 2010—its highest rate since 1993. The African American poverty rate was 27.4 percent, the Hispanic rate was 26.6 percent, and the white rate was 9.9 percent in 2010.

The suffering of the unemployed stays high. The unemployment rate stood at 8.3 percent in July 2012. Long-term unemployment ballooned in recent years alongside high unemployment rates.

Worker productivity—the amount of goods and services produced in an hour of work in the nonfarm business economy—is a key measure of the economy’s global competitiveness. Productivity now stands 7.3 well below the average increase of 8.5 percent for similar periods in the past.


Government spending cuts reflect the continued fiscal crisis among federal, state, and local governments, as well as declining business investment. The reasonable business investment and export growth were not enough to overcome lackluster consumption and shrinking government spending growth.


The share of people with employer-sponsored health insurance dropped from 59.8 percent in 2007 to 55.3 percent in 2010. The share of private-sector workers who participated in a retirement plan at work fell to 39.5 percent in 2010, down from 42 percent in 2007. Families have less economic security than in the past due to fewer employment-based benefits, requiring more private savings to make up the difference.


Total family wealth is down $10.9 trillion (in 2012 dollars) from June 2007—its last peak—to March 2012. Homeowners on average own a near-record low of only 40.7 percent of their homes, with the rest owed to banks. Homeowners feel pressure to save more and consume less to rebuild their equity, slowing consumer spending and holding back economic growth.

The median new house price in June 2012 was 3.2 percent lower than a year earlier.



One in eight mortgages is still delinquent or in foreclosure even though mortgage troubles have gradually eased since March 2010.



Corporations used their resources for purposes other than investments in plants and equipment. The share of investment out of GDP stayed low with 10.4 percent in the first quarter of 2012.



Economic Snapshot for August 2012 | Center for American Progress

 

[Soggy in NOLA]

Oh no, Obama saved 4 gazilliony trilliony jobs and real GDP is at 95% and we're actually running a $5,000,000,000,000 surplus and Social Security is in such good shep, they just lowered the retirement age to 27!

 

[tinydancer]

Rainbows, lollipops and unicorns. Everything is rosy with Obama.

 

[Seawytch]

So it WAS getting better...until the GOP took over the House. How odd...

 

[tinydancer]

I remember the days when the libs were slagging Bush for a 4. something unemployment rate. McJobs wasn't it?

The jobs weren't good enough? Bad bad Bush. Obama's at 8. something for months on end and he's a champ to the libs.

The world is upside down.

 

[Seawytch]

I remember the days when the libs were slagging Bush for a 4. something unemployment rate. McJobs wasn't it?

The jobs weren't good enough? Bad bad Bush. Obama's at 8. something for months on end and he's a champ to the libs.

The world is upside down.

Saying that Bush had a better unemployment rate on average is like saying, on average, the Titanic had a great first voyage.

Apollo 13, on the other hand, was a pretty horrible trip on average. Which ship would you have preferred to be on?

 

[beretta304]

I remember the days when the libs were slagging Bush for a 4. something unemployment rate. McJobs wasn't it?

The jobs weren't good enough? Bad bad Bush. Obama's at 8. something for months on end and he's a champ to the libs.

The world is upside down.

Hey but those good old days are for people living in the past. We need to get into the present and enjoy that 8.1 unemployment rate, the loss of 5,000 in income, the 14,000,000+ more people on food stamps and all that good stuff.

It a veritable boom!

 

[g5000]

Some more disturbing "It's the economy, stupid" facts Obama must avoid speaking of at all costs:

1. The working age population from August 2011 to August 2012 grew by 3.7 million. The number of employed persons grew by only 2.3 million.

2.

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 8.0 million in August. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.

http://www.bls.gov/news.release/pdf/empsit.pdf

3.

The share of the unemployed finding work is very close to the recently set all-time low, and has barely improved over the last year. The share of the unemployed dropping out of the labor force, however, has been rising for more than a year, and now has exceeded those finding work for two years.

The Liscio Report

4. In the last Labor Bureau employment report 28,000 of the 96,000 jobs created were in the bar and restaurant business. Anyone care to bet on how many of those 28,000 were recent college grads who can't find work in their fields?

5. The BLS just revised several previous months' employment numbers down.

6. Despite the number of jobs being created not keeping up with the number of people in the workforce, Unemployment dropped from 8.3% to 8.1% in August. The reason for this is because 195,000 people went from "employed" to "not in labor force", and another 226,000 went from "unemployed" to "not in labor force". People are choosing to involuntarily retire when losing their jobs, or have given up looking for jobs entirely.


We are trending downward, folks. This is not good.

Congress and the President have their thumbs firmly up their asses and have put the entire onus of recovery on the Federal Reserve. But the Federal Reserve is out of bullets. QE3 is not going to do shit to help. The Fed is firing blanks now.

So good luck with that.

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[Dick Tuck]

U.S. stock indexes rise on global optimism

U.S. stocks climbed Tuesday, positioning the Dow industrials for their highest close in nearly five years, with investors hopeful ahead of decisions by a German court and the Federal Reserve.

 

[jillian]

U.S. stock indexes rise on global optimism

U.S. stocks climbed Tuesday, positioning the Dow industrials for their highest close in nearly five years, with investors hopeful ahead of decisions by a German court and the Federal Reserve.

shhhhh... that whole fact thing...

upsets some people

 

[g5000]

U.S. stock indexes rise on global optimism

U.S. stocks climbed Tuesday, positioning the Dow industrials for their highest close in nearly five years, with investors hopeful ahead of decisions by a German court and the Federal Reserve.

shhhhh... that whole fact thing...

upsets some people

Hey, dipshits. It ain't rich people who are unemployed. The rich are bouncing back just fine. The stock market, which the one percent literally own half of, is doing fine.

You are missing the big picture entirely.

Nice try, though. Maybe you will wake up to the reality on the ground some day. Do you think the 12.5 million unemployed and god knows how many millions of underemployed give a flying fuck about how the stock market is doing?


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[g5000]

Facts hurt.

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