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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPsst, the economy isn’t as bad as many think
Psst, the economy isnt as bad as many think
By Kevin G. Hall
McClatchy Washington Bureau
June 6, 2014
WASHINGTON Another strong month of hiring should put to rest fears that the U.S. economy is downshifting _ and it suggests that there might finally be a head of steam building.
Employers added 217,000 non-farm payroll jobs in May, the Labor Department said Friday, adding that the unemployment rate held steady at 6.3 percent. With that, the economy surpassed the high-water mark for the number of Americans employed before the Great Recession, passing an important albeit dubious milestone.
On top of the positive jobs report, the ratings agency Standard & Poors said Friday that it had reaffirmed its AA-plus credit rating on the United States but was prepared to restore the gold-plated AAA rating if it saw continued bipartisan efforts in Washington to address long-term fiscal challenges.
S&P in 2011 downgraded its rating of U.S. creditworthiness for the first time, concerned about political stalemates, threats of a voluntary debt default and mounting budget deficits. The loss of the coveted top rating had little practical effect but it tarnished the image of the worlds most modern economy.
Fridays jobs report was the first since the government reported that the economy shrank 1 percent in the first three months of the year. A weak jobs report would have rekindled fears of a stumbling economy.
Employers had added 225,000 jobs in April, setting expectations higher too. Soft readings just this week on employment had economists ratcheting down their forecasts, so the May report exceeded predictions.
more...
http://www.mcclatchydc.com/2014/06/06/229588/may-another-strong-jobs-month.html
Jamaal510
(10,893 posts)in Congress would get off their rumps and start doing something to create more public sector jobs. Then we'd really start to be in business (pun intended). But of course, that's out of the question since they want "limited government" (unless we're talking about what people do in their bedrooms).
spanone
(135,802 posts)and they didn't do shit.
Savannahmann
(3,891 posts)As little as a year ago, there were 89.6 million people not in the labor force according to the BLS. This year, the number is up to 91.7 million, which granted is down from the 92 million from last month.
Again, these are the numbers from the Bureau of Labor Statistics. So we have more people not in the labor force than just a year ago, but things aren't as bad as think they are? That's like saying that the patient is dying, but we can probably save the leg, where would you like it sent?
babylonsister
(171,042 posts)a standup source; maybe they know more than you do?
Professional and business services, up 55,000
Manufacturing, up 10,000
Retail, 12,500
Leisure and hospitality up 39,000
Health care, up 33,600
Finance, 3,000
Construction, up 6,000
Temporary help services, up 14,300
Transportation and warehousing, up 16,400
Government, 1000
More information
May by the numbers
Professional and business services, up 55,000
Manufacturing, up 10,000
Retail, up 12,500
Leisure and hospitality, up 39,000
Health care, up 33,600
Finance, up 3,000
Construction, up 6,000
Temporary help services, up 14,300
Transportation and warehousing, up 16,400
Government, up 1000
Read more here: http://www.mcclatchydc.com/2014/06/06/229588/may-another-strong-jobs-month.html#storylink=cpy
Of course unemployment has gone down: the denominator got smaller.
PowerToThePeople
(9,610 posts)BlueStreak
(8,377 posts)seniors, infants, students, adults that choose not to work, and prisoners?
That isn't a measure of the economy.
The "economy" was never that bad, taken as a whole. We had a few quarters of flat or slightly down GDP, but mostly our economy continued to grow.
The problem has been the unevenness. Individuals are not 8% unemployed,. They are mostly either 0% unemployed or 100% unemployed, and for millions, there just wasn't any practical way to move into a new position that was anything like their former work.
Throughout all of this, there were plenty of shit jobs -- dehumanizing jobs that paid far below the poverty level. And even with this "recovery" that is mostly what is out there. That's the issue. GOOD jobs. And that is why there is so much discussion about minimum wage now.
Cheap Labor Republicans {tm} love it when we are between 7% and 8% nominal unemployment. That's not so high that society collapses, but it is high enough that workers will beg for every job and not get uppity. The bargaining power of the American worker goes way up as we approach "full employment" (about 5% nominal unemployment. We aren't too far from that point now and we need to use that as an opportunity to reverse some of the serfdom that has been visited on the American population the past 30 years.
Support the minimum wage -- a living wage.
Oppose all trade deals.
Oppose all entry visa programs designed to undercut American workers.
alcibiades_mystery
(36,437 posts)Do you know what "Not in the labor force" means?
Do you know it includes retirements and elderly? Homemakers? military?
What makes you think that the swell in "Not in the labor force" isn't just a swell (and an expected one) in retirements? Those positions could even be refilled and the numbers would be the same.
dilby
(2,273 posts)News Articles don't put dollars in my pocket, make bread and milk cheaper or make paying the rent any easier. I will know when the economy is better because on that day I will have a little spending cash in my wallet.
WestCoastLib
(442 posts)So, since I'm making a good living now, and wasn't 5 years ago the economy is better?
My family has recovered, and then some, but I'm not sure I agree with your premise.
former9thward
(31,961 posts)The economy "is now beginning to show incremental employment growth," said Doug Handler, chief U.S. economist at IHS Global Insight. But now the focus is turning to the types of jobs being created. The first new job beyond the last peak, he said, will probably be "a barista at local coffee shop."
http://online.wsj.com/articles/u-s-adds-217-000-jobs-unemployment-rate-steady-at-6-3-1402058042?KEYWORDS=jobs+return+to+peak
Marrah_G
(28,581 posts)I see 10 dollar an hour jobs requiring a bachelors degree.
I see part-time low paying jobs with hours that make it nearly impossible to find a second job.
Doctor_J
(36,392 posts)More austerity for the proletariat. Nothing that the Republicans will ever do will help the economy for working people. So "continued bipartisan efforts" means more screwing of us by the rich.
magical thyme
(14,881 posts)Until then, as far as I'm concerned the economy has not improved.
Autumn
(45,012 posts)davidthegnome
(2,983 posts)Of course, it also depends on how you define good. True, jobs are being created and there seems to be a growing number of employees. Unfortunately, most of these jobs are terrible in various regards - they offer minimum wage, or a wage far too low to survive on. They offer few or no benefits. They are one of those jobs that requires little skill or education - and that can easily be filled by just about anyone else after a week or so of training.
Meanwhile, the economic recovery has overwhelmingly benefited the 1% and, generally speaking, hasn't done a whole heck of a lot for the 99%. The rich people who screwed us into the crisis in the first place have gotten most of their money back - some of it in the form of bailouts that came from the very people they screwed.
It's good that we have more jobs. Not so good that most of them suck. I make eight dollars an hour - and while it's better than being unemployed, my personal economy really IS as bad as I think it is - and I know I'm not alone.
LeftyMom
(49,212 posts)It's not because they've got an excess of content: the Sunday paper has less content than the weekday editions used to, at four times the price.