The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label IBT. Show all posts
Showing posts with label IBT. Show all posts

Saturday, February 16, 2013

US Economy: Progress and a Lomming Threat

Economic news continues to skewer to the positive.  We are fortunate the news is good.

The economy is improving, but as is the case with all things 112th and 113th Congress, there is trouble on the horizon.  The Obama Administration (which is singularly responsible for our improving economy) and obstructionist legislative bodies are moving the nation closer and closer to the self-imposed "Sequester".   

Congress is in "recess" as of yesterday with three to four days in session before the sequester kicks-in.  We can only hope our broken federal government avoids dragging the nation into a recession.

Our periodic visits to the following economic data could very well reflect a "snapshot of what might have been": an economy improved to the level of approaching fully recovered. "Fully recovered" is not practical, but steady progress from the Obama Team since the hard-fought Stimulus is welcome . 

Let's take a quick journey through relevant economic indicators. 

  Budget, Deficit and all related

Huffington Post is reporting economic performance for January that provides additional indicators our economy is slowly coming back to life.
The Treasury Department said Tuesday that the government took in a surplus of $2.9 billion in January, helped by nearly $9 billion more in Social Security taxes. Last month Congress and the White House allowed a temporary cut in Social Security taxes to expire.
The monthly surplus was the first since September.
Through the first four months of the 2013 budget year, the deficit has grown $290.4 billion. That's nearly $60 billion lower than the same period a year ago.
Revenue through those four months is 12.4 percent higher compared with the same period last year, while spending has grown only 3.5 percent.

The budget year began on Oct. 1.

Business InsiderUS Budget Surplus  

us budget surplus

Economic Confidence (Gallup)
February 5, 2013
Monthly U.S. Economic Confidence Matches Five-Year High

Economic confidence improved most weeks in January

by Dennis Jacobe, Chief Economist 

WASHINGTON, D.C. -- U.S. Economic Confidence improved to -13 in January, matching the five-year monthly high set in November 2012. Economic confidence improved steadily from September to November before falling back to -17 after the presidential election, but has now returned to its pre-election peak.
Gallup Economic Confidence Index -- Monthly Averages, 2008-2013
These results are based on Gallup Daily tracking interviews, conducted by landline and cellphone, with more than 14,000 Americans from Jan. 2-31.
  US Department of Labor Employment 

January’s report marks 35 consecutive months of private sector job growth totaling more than 6.1 million jobs. It also shows that the economy gained 2.25 million private sector jobs in 2012, which includes an annual revision to the survey that resulted in an additional 424,000 jobs.
Chart showing monthly change in total private employment.
Monthly Change in Total Private Employment, February 2008 - January 2013. Source: Bureau of Labor Statistics, Current Employment Statistics Program.
Our recovery from the Great Recession continues at a steady pace as we build on previous gains in job creation. The recent strengthening of the housing market, in particular, is driving welcome growth in construction employment, with 98,000 jobs added over the past four months and 296,000 jobs over the past two years. Retail jobs, health care jobs, and professional and business services jobs also contributed to the positive numbers in today’s report.
Chart of employment in major industries
Employment in Major Industries Since the Employment Trough, February 2010 - January 2013. Source: Bureau of Labor Statistics, Current Employment Statistics Program.
Over the last three months, we’ve added an average of 208,000 private sector jobs, and that is a real testament to the resilience of our economy. But there is more work to do.

  Employment, GDP, CPI, Retail Sales, Industrial       Production (The St. Louis Federal Reserve Bank)

See more after the break