The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label CNN Money's Economic Snapshot. Show all posts
Showing posts with label CNN Money's Economic Snapshot. Show all posts

Friday, September 4, 2015

TPI Quick Hit: August Jobs Report

chart showing 66 months of  private sector job growth
See Dept. of Labor (below CNN Money video)


Jobs created in August did not meet expectations (forecasts, hopes, and GOP disdain), but nonetheless a report that indicates the best all around jobs growth since the Clinton Era.


August-jobs-report. CNN Money





Department of Labor

What You Should Know About the August Unemployment Numbers

Filed in DataDOLSecretary Perez by  on September 4, 2015 

The strong and steady recovery of the U.S. economy continued last month, with the addition of 173,000 new jobs. August was the 66th consecutive month of private sector job growth with private employers having now created 13.1 million jobs since the beginning of 2010.

The unemployment rate continues to fall, with August’s rate at 5.1 percent, down from a year ago when it was 6.1 percent. That makes a full year below 6 percent, following more than six years (73 straight months) of an unemployment rate above 6 percent.

We saw growth in different sectors of the economy in August, for instance in health care, a sector that includes traditional occupations like nursing and jobs of the future like health IT. Local governments were also hiring, creating thousands of jobs such as teachers as our children head back to school in the fall.

While the Great Recession is behind us, not every household is experiencing rising incomes and living standards. So many people are still struggling to find work. Even many of those who have jobs find themselves running in place, still unable to get ahead despite working harder than ever. For an even more robust recovery that lifts up more people, we need Congress to come together to raise the national minimum wage and pass a transportation infrastructure bill, along with avoiding self-inflicted wounds by eliminating sequestration.

It’s also critical that workers have the ability to stand up and speak out for better wages, benefits and working conditions. The labor movement and union membership have traditionally been our most powerful expressions of worker voice. Next month when President Obama convenes a Summit on Worker Voice, we will focus on ways to strengthen organizing efforts and protect collective bargaining rights, in addition to exploring new models for empowering workers.
In my travels around the country over the last month, I’ve met with workers, employers and community leaders who are working together to build an economy that expands opportunity for everyone. They share the president’s belief and my belief that we build a stronger nation through shared prosperity, that America is at its best when more people have more.

As we celebrate Labor Day this weekend, let’s remember that this is a holiday about more than picnics, barbecues and enjoying the final, fleeting days of summer. It is a tribute to the ingenuity and mettle of America’s extraordinary working men and women. For everything they contribute to our economic strength and resilience, let’s do everything possible to help them thrive.

Follow Secretary Perez on Twitter and Instagram as @LaborSec. 
____________________________________





And, what you have above is the very reason the GOP has no (NONE) interest in injecting the US economy in their quest for the Oval Office in 2016.
StumbleUpon

Friday, November 2, 2012

CNN Money's Economic Snapshot

The unbelievable undecided and the reality of a return to this (with different faces)
As we move closer to the most important election since Bill Clinton left the White House, there are people who for some reason are undecided about their vote next Tuesday.  Undecided in this election is both unbelievable and dangerous.  

Unbelievable considering empirical data showing an improving economy. The economy immediately started to improve after the Obama Stimulus (Aka American Recovery and Reinvestment Act - ARRA). Contrary to GOP rhetoric and Fox News propaganda any basic US economic chart will show an immediate economic turn-around for a certain fall into another Great Depression. 


And Mitt Romney continues to rail about how the stimulus did not work.  

I am sure you have heard the following. You might even have stated the towards yourself  "Obama's failed economy".  Well, a failed economy is depicted in the chart just above and it is illustrated in red bars.  The Obama economy is as follows.

CNN Money has published 13 charts that make shows nothing but improvements in the US economy. The charts do not address the number one issue impacting the USA economy.  Job growth. Yes, there is a chart that depicts job growth, but the chart cannot depict the impact of GOP obstructionism in developing or reinstating public sector jobs.  Private Sector employment has grown consistently since the ARRA. Public Sector employment has been stifled by Mitch McConnell's proclamation of obstructionism and Boehner/Cantors refusal to consider viable jobs bills.

Jobs drives the US economy  It does not take much thought to realize the GOP knows that and was bound and determined not to support job creation  Their factual and over the top angst when the unemployment rate tipped below 8% is clear evidence of one of their strategies gone not according to plan. 

GOP Mantra and political sloganeering fizzles in the face of CNN Money's "Obama.s economy: A snapshot".


Obama's economy: A snapshot

When the president entered office on Jan. 20, 2009, the economy was issue No. 1. It still is today. Here's a look at where the economy stood then and what's changed since.
Job growth
Job growth
Job losses peaked in early 2009, and steadily declined throughout the year. The economy finally started creating jobs in the beginning of 2010, but then employers pulled back in the summer. A similar trend occurred in 2011, and then again in 2012, when strong momentum early in the year stumbled in the spring.

UnemploymentUnemployment
The unemployment rate surged to 10% in Obama's first year in office and has fallen gradually since then, landing at 7.9% as of October. Part of the decline has come as some Americans have gone back to work, but also because many workers have dropped out of the labor force.

Economic growth
Economic growth
During the first three months of 2009, the economy slumped at an annual rate of 5.3%. Since then GDP has been growing and slowly recovering, but the rebound has been a lackluster one compared to those following prior recessions.

Home prices

Home prices
Home prices have moved up and down since the start of Obama's term. Lifted in 2010 on the back of the Recovery Act's homebuyer tax credit, prices later fell when the credit expired. But overall, the trend has been lower, and housing remains in a major slump.

Foreclosures

Foreclosures
More than 3 million Americans have lost their homes to foreclosure since early 2009, but bank repossessions have fallen in half since they peaked in September 2010.

Inflation
Inflation
Gas and food prices have had a few temporary growth spurts in the past few years, but overall, inflation has remained relatively low, held back by falling home prices and stagnant wages.

Gas prices

Gas prices
Three-and-a-half years ago, filling up at the pump cost around $1.60 a gallon. But then, gas prices began to climb, eventually topping out at nearly $4 a gallon in mid-2011, and coming pretty close again in 2012. Since then, prices have fallen back a bit. 

See January 2009 chart addendum 


Gas Prices Addendum
Econographia


About rising gas prices: January 2001 - February 2012
Gasoline prices have been rising and represent a threat .. or, at the very least, head-winds .. to economic recovery. American drivers could experience record high gas prices over the remainder of this year. This price escalation is occurring in the face of domestic crude oil production that has increased dramatically over the past few years .. and, at a time when demand for gasoline is approaching the lowest level in a decade. Moreover, the U.S. has become a net exporter of gasoline. Still, gas prices are rising, providing political fodder for exploitation in the presidential campaign.
The U.S. Energy Information Administration (EIA) collects, analyzes, and disseminates a wide range of information and data products covering energy production, stocks, demand, imports, exports, and prices. This includes historical data and on-going updates on regional and national gasoline and diesel fuel prices. The following graph shows the history of weekly gas prices from January 22, 2001 to February 20, 2012. The data is sourced from the U.S. EIA’s Table 12, and represents the national retail price (dollars per gallon) for all grades and all formulations (click) here.
 
Here’s the graph:
Weekly U.S. Retail Gasoline Prices, All Grades All Formulations: January 2001 – February 2012


Over this period, the record peak U.S. Retail price occurred on July 14, 2007, at $4.17 per gallon. Spanning the Bush years, EIA’s records show falling production until 2005 and flat production from 2005 until 2009 .. and higher consumption levels. Moreover, these years saw minimal oil company investment in renewable and alternative energy ventures .. and a long, well documented succession of federal budget cuts for alternative energy. Under these circumstances, price escalations are understandable. While prices plunged during the Great Recession, they have risen steadily since Obama was sworn in. This is the case despite domestic crude oil production that has increased dramatically over the past few years to the highest level of output in 8 years .. and at a time when inventories of stored oil are unusually high .. and at a time when demand for gasoline is approaching the lowest level in a decade .. and at a time when the U.S. has become a net exporter of gasoline, diesel and jet fuels for the first time in 60 years. 

Given this context, the price of oil and gasoline has leaped far beyond conventional supply and demand variables. The hubristic accusations that “Obama environmental policies” are at fault simply don’t add up. A far more rational explanation is that with increased tension over Iran the last few months, financial speculators are fanning the Iranian fear factor into ever-higher prices. Approximately 60 to 70 percent of oil contracts in the futures markets are not held by companies that need oil, for instance airlines and oil companies. Rather, they are held by investors that are looking to make money from their speculative positions. These investors don’t actually take delivery of the oil. They buy the paper, and hope to bid up and sell it for more than they paid for it … before they have to take delivery. How much of the price inflation is due to a speculative premium .. is a guessing game.
Stocks

Stocks

After bottoming out in 2009, stocks came roaring back over the next several years. But after starting 2012 with the best quarter in years, the European debt crisis and a slowing U.S. economy spooked investors, putting CNNMoney's Fear & Greed index in extreme fear territory. Experts still predict the S&P 500 will end 2012 on a high note. Most strategists surveyed by CNNMoney think the broad index will end the year up 15% from where it started.

Interest rates

Interest rates
Already-low interest rates rose steadily in 2009 as the economy slowly began to recover, with the yield on the benchmark 10-year note hitting 4.01% in the spring of 2010. But since then, extreme fear has settled in, causing investors to flee for the safety of government-backed U.S. Treasuries, sending 10-year yields tumbling. 
Manufacturing

Manufacturing
Manufacturing slowed through much of 2009, bottoming out midway through the year. Since then, the sector has steadily rebounded, with industrial production hitting a nearly four-year high in April.

Consumer spending

Consumer spending
Amid slumping home prices and rising unemployment, consumers pulled back on their spending during the recession. Stimulus programs temporarily boosted auto sales and home purchases in 2009, but since then, spending has picked up only gradually. Consumers are focusing on paying down debt instead.


National debt (% of GDP)

National debt (% of GDP)
The financial crisis of 2008 spurred a big chunk of spending increases and tax cuts to stem the pain of the downturn. That's a key reason why debt held by the public -- individual bondholders, big investors, and foreign governments -- has increased significantly since 2008. That jump will have to be paid off with interest. 


Government spending

Government spending

The bank bailout and federal stimulus programs aimed at juicing the economy pushed up spending significantly in fiscal 2009, which began in October of 2008. Revenue, meanwhile, fell to 60-year lows as the economy slumped and millions of people lost their jobs. That, in turn, increased safety net spending.


Of course, I say undecideds are unbelievable  but there mus be considerations of people who would vote against President Obama even if the economy was booming.  The reason for such.......another issue for another screed.


StumbleUpon