Ouch, the government today released its final estimate of U.S. economic activity in the second quarter, and the news isn’t good, GDP was revised downward to 1.3% from the initial estimate of 1.7%: The fragile state of the US’s economic recovery was thrown into focus once more Thursday as the government announced growth was slowing […]
Recession
AP: What Recovery?
The Associated press has been one of the President’s biggest cheerleaders but with unemployment now topping ten percent even they’re asking What recover? Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that […]
Ouch: Unemployment Climbs to 10.2%
Ouch, unemployment climbed to a 26 year high in October as as more than 558,000 Americans lost their jobs in October: In another sign that workers are being left out of the budding economic recovery, the U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years. […]
Unemployment Climbs to 9.8%
If there’s a silver lining in the September Jobs report I can’t find it: U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery. The Labor Department said the unemployment rate […]
Unemployment Climbs to 9.5 Percent
Unemployment climbed to its highest level in 26 years rising to 9.5 percent in June. All told, 14.7 million people were unemployed in June: WASHINGTON (Reuters) – U.S. employers cut far more jobs than expected last month and the unemployment rate hit 9.5 percent, the highest in nearly 26 years, underscoring the likelihood of a […]
Bleak Outlook: Economists See Three Straight Quarters of Economic Contraction
From the Wall Street Journal: The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. On average, the 52 economists surveyed now expect gross domestic product to contract in the third and fourth quarters of this year, […]
Recession?
Can we put an end to the recession talk at least for now? The last time I checked a recession was defined as two or more consecutive quarters of negative growth. So far we haven’t had a single quarter of negative growth so all this talk of a recession is, well, premature. Make no mistake […]