GDP has been growing since 2009.
The stock market has doubled since 2009.
Americans net worth is up $9 trillion dollars since 2009.
3.7 million private sector jobs have been created since 2009.
Auto sales are up.
Retail sales are up.
Home sales are up.
Unemployment is down.
GM was saved, and is now the number one automaker in the world.
Bin Laden and Gaddafi are dead, and we are out of Iraq.
Obama has done a very good job.
Economic Outlook, Indicators, Forecasts - Your Business
It was welcome news, but January’s surprisingly strong report of 243,000 more jobs won’t be sustained. Unemployment will end 2012 about where it was last month — 8.3%.
Job creation will average about 175,000 a month in the coming year, only a little faster than the workforce will grow. We expect private employers to create a net of about 2.28 million jobs in 2012, while federal, state and local governments cut about 180,000 positions.
Paradoxically, unemployment will tick up a bit in the next few months as the speedup in job creation lures discouraged workers back into the job market. Then it will fall a few tenths of a percent by year-end.
The labor market faces some high hurdles. Overseas growth is slowing in Asia, and Europe is sliding into a recession.
In the U.S., housing demand remains weak, reflected in a gain of only 21,000 construction jobs net last month. And revenue-strapped local governments continue to lay off workers while businesses are slowing down their purchasing of new equipment after a tax credit has ended. As a result, gross domestic product will grow only about 2.3% in 2012, well short of the 4% or more that is typical in a recovery.
Growth also remains fragile and vulnerable to shocks, like last yearÂ’s earthquake in Japan and the political paralysis in Europe and the United States over controlling government debt, both factors that have dampened the recovery.
JanuaryÂ’s gains were widespread. The private sector in total added 257,000 jobs while governments cut 14,000. Most notable was an increase of 50,000 in manufacturing due largely to making cars and other durable goods. A good sign of continued strength is the jump in car sales last month. That will give U.S. and foreign carmakers a reason to keep production high and to plan more hiring.
One down note: Hourly earnings ticked higher but continue to lag inflation, rising 1.9% over the past 12 months. Sluggish pay gains will put a crimp in consumer spending and delay the economy from reaching its potential. In fact, if January’s job growth number were matched every month going forward, it would be about 2019 when the U.S. returned to what is considered full employment — a 6% jobless rate.
Morons
