Better Late Than Never — The U.S. Economy in 3rd Quarter Grew At 5% Rate Above Historic Trend of 3.2% — Federal Reserve Has No Exit Strategy — Will Keep On Printing Money Next Year –Videos

Posted on December 23, 2014. Filed under: American History, Banking, Blogroll, British History, College, Documentary, Economics, Education, Energy, Federal Communications Commission, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, government, government spending, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Legal, Macroeconomics, Microeconomics, Monetary Policy, Money, Natural Gas, Oil, Tax Policy | Tags: , , , , |

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First Good Jobs Report In Years with 321,000 Jobs Created In November With 5.8% Unemployment Rate U-3, 9.1 Million Unemployed — Still 10-12 Million Jobs Short Due To Low Labor Participation Rate of 62.8% — Years Away From Near Full Unemployment Rate of 3% With 67% Labor Participation Rate — National Debt Hits $18 Trillion and Climbing — Videos

Posted on December 6, 2014. Filed under: American History, Banking, Blogroll, British History, Central Intelligence Agency (CIA), College, Communications, Constitution, Crisis, Data, Demographics, Diasters, Economics, Education, Energy, Enivornment, European History, Faith, Family, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, Freedom, Friends, government, government spending, Health Care, history, Illegal, Immigration, Inflation, Investments, Islam, Islam, Law, liberty, Life, Links, Literacy, Macroeconomics, media, Microeconomics, Monetary Policy, Money, National Security Agency (NSA_, Natural Gas, Natural Gas, Nuclear Power, Obamacare, Oil, Oil, People, Philosophy, Photos, Politics, Press, Psychology, Public Sector, Radio, Raves, Regulations, Religion, Resources, Security, Shite, Sunni, Talk Radio, Tax Policy, Taxes, Technology, Terrorism, Unemployment, Video, War, Wealth, Weapons | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 383: December 5, 2014

Pronk Pops Show 382: December 4, 2014

Pronk Pops Show 381: December 3, 2014

Pronk Pops Show 380: December 1, 2014

Pronk Pops Show 379: November 26, 2014

Pronk Pops Show 378: November 25, 2014

Pronk Pops Show 377: November 24, 2014

Pronk Pops Show 376: November 21, 2014

Pronk Pops Show 375: November 20, 2014

Pronk Pops Show 374: November 19, 2014

Pronk Pops Show 373: November 18, 2014

Pronk Pops Show 372: November 17, 2014

Pronk Pops Show 371: November 14, 2014

Pronk Pops Show 370: November 13, 2014

Pronk Pops Show 369: November 12, 2014

Pronk Pops Show 368: November 11, 2014

Pronk Pops Show 367: November 10, 2014

Pronk Pops Show 366: November 7, 2014

Pronk Pops Show 365: November 6, 2014

Pronk Pops Show 364: November 5, 2014

Pronk Pops Show 363: November 4, 2014

Pronk Pops Show 362: November 3, 2014

Pronk Pops Show 361: October 31, 2014

Pronk Pops Show 360: October 30, 2014

Pronk Pops Show 359: October 29, 2014

Pronk Pops Show 358: October 28, 2014

Pronk Pops Show 357: October 27, 2014

Pronk Pops Show 356: October 24, 2014

Pronk Pops Show 355: October 23, 2014

Pronk Pops Show 354: October 22, 2014

Pronk Pops Show 353: October 21, 2014

Pronk Pops Show 352: October 20, 2014

Pronk Pops Show 351: October 17, 2014

Pronk Pops Show 350: October 16, 2014

Pronk Pops Show 349: October 15, 2014

Pronk Pops Show 348: October 14, 2014

Pronk Pops Show 347: October 13, 2014

Pronk Pops Show 346: October 9, 2014

Pronk Pops Show 345: October 8, 2014

Pronk Pops Show 344: October 6, 2014

Pronk Pops Show 343: October 3, 2014

Pronk Pops Show 342: October 2, 2014

Pronk Pops Show 341: October 1, 2014

Pronk Pops Show 340: September 30, 2014

Pronk Pops Show 339: September 29, 2014

Pronk Pops Show 338: September 26, 2014

Pronk Pops Show 337: September 25, 2014

Pronk Pops Show 336: September 24, 2014

Pronk Pops Show 335: September 23 2014

Pronk Pops Show 334: September 22 2014

Pronk Pops Show 333: September 19 2014

Pronk Pops Show 332: September 18 2014

Pronk Pops Show 331: September 17, 2014

Pronk Pops Show 330: September 16, 2014

Pronk Pops Show 329: September 15, 2014

Pronk Pops Show 328: September 12, 2014

Pronk Pops Show 327: September 11, 2014

Pronk Pops Show 326: September 10, 2014

Pronk Pops Show 325: September 9, 2014

Pronk Pops Show 324: September 8, 2014

Pronk Pops Show 323: September 5, 2014

Pronk Pops Show 322: September 4, 2014

Pronk Pops Show 321: September 3, 2014

Story 1: First Good Jobs Report In Years with 321,000 Jobs Created In November With 5.8% Unemployment Rate U-3, 9.1  Million Unemployed — Still 10-12 Million Jobs Short Due To Low Labor Participation Rate of 62.8% — Years Away From Near Full Unemployment Rate of 3% With 67% Labor Participation Rate — National Debt Hits $18 Trillion and Climbing —  Videos

national-debt-wave

37b-cartoon Cartoon-Stretched-Thin-ALG-600 national_debt

sinkhole-cartoon_thumb

U.S. Debt Clock

http://www.usdebtclock.org/

 

sgs-emp

http://www.shadowstats.com/alternate_data/unemployment-charts

private sector payroll employment monthly change

gdp_large

world-oil-supplyunnamed

Crude Oil Brent

Latest Price & Chart for Crude Oil Brent

End of day Commodity Futures Price Quotes for Crude Oil Brent

oil_spot

 http://www.nasdaq.com/markets/crude-oil-brent.aspx#ixzz3LA0mUyxX

OilPriceChartDec2014

Get Ready for More Layoffs and Higher Unemployment

Ep 28: Media Spins Horrible Holiday Sales as Reflecting Economic Strength

The Real Reason for Falling Oil and Gas Prices

Crude Oil Drop – Richard Perrin – December 5, 2014

Could Oil Fall To $60?

Series Preview: The Global Drop in Oil Prices

Falling Gas Prices Impact US Oil Extraction

Over $150 Billion of Oil Projects Face Axe in 2015

Nook Fail, Jobs Report, Buffet backs Clinton – Today’s Investor News

Mohamed El-Erian: Nov. Jobs Report Is Great News for Economy

Hiring surge: 321k jobs added in November

Employment Situation Report – November 2014

Labor Force Statistics from the Current Population Survey

Employment Level

147,287,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

 

employment level

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138451(1) 138599 138752 139309 139247 139148 139179 139427 139393 139111 139030 139266
2011 139287(1) 139422 139655 139622 139653 139409 139524 139904 140154 140335 140747 140836
2012 141677(1) 141943 142079 141963 142257 142432 142272 142204 142947 143369 143233 143212
2013 143384(1) 143464 143393 143676 143919 144075 144285 144179 144270 143485 144443 144586
2014 145224(1) 145266 145742 145669 145814 146221 146352 146368 146600 147283 147287
1 : Data affected by changes in population controls.

 

Civilian Labor Force Level

156,397,000

Civilian Labor Force


Series Id:           
LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153404(1) 153720 153964 154642 154106 153631 153706 154087 153971 153631 154127 153639
2011 153198(1) 153280 153403 153566 153526 153379 153309 153724 154059 153940 154072 153927
2012 154328(1) 154826 154811 154565 154946 155134 154970 154669 155018 155507 155279 155485
2013 155699(1) 155511 155099 155359 155609 155822 155693 155435 155473 154625 155284 154937
2014 155460(1) 155724 156227 155421 155613 155694 156023 155959 155862 156278 156397
1 : Data affected by changes in population controls.

 

Labor Force Participation Rate

62.8%

Labor Participation Rate

Series Id: LNS11300000

Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.2 64.2 64.2 64.2 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.9 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.6
2013 63.6 63.5 63.3 63.4 63.4 63.5 63.4 63.2 63.2 62.8 63.0 62.8
2014 63.0 63.0 63.2 62.8 62.8 62.8 62.9 62.8 62.7 62.8 62.8

 

Unemployment Level

9,110,000

 

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

unemployment level

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 14953 15121 15212 15333 14858 14483 14527 14660 14578 14520 15097 14373
2011 13910 13858 13748 13944 13873 13971 13785 13820 13905 13604 13326 13090
2012 12650 12883 12732 12603 12689 12702 12698 12464 12070 12138 12045 12273
2013 12315 12047 11706 11683 11690 11747 11408 11256 11203 11140 10841 10351
2014 10236 10459 10486 9753 9799 9474 9671 9591 9262 8995 9110

Unemployment Rate U-3

5.8%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
unemployment rate

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.7 6.3 6.3 6.1 6.2 6.1 5.9 5.8 5.8

 

Employment -Population Ratio

5.9%

Series Id:           LNS12300000
Seasonally Adjusted
Series title:        (Seas) Employment-Population Ratio
Labor force status:  Employment-population ratio
Type of data:        Percent or rate
Age:                 16 years and over

employment population ratio

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 64.6 64.6 64.6 64.7 64.4 64.5 64.2 64.2 64.2 64.2 64.3 64.4
2001 64.4 64.3 64.3 64.0 63.8 63.7 63.7 63.2 63.5 63.2 63.0 62.9
2002 62.7 63.0 62.8 62.7 62.9 62.7 62.7 62.7 63.0 62.7 62.5 62.4
2003 62.5 62.5 62.4 62.4 62.3 62.3 62.1 62.1 62.0 62.1 62.3 62.2
2004 62.3 62.3 62.2 62.3 62.3 62.4 62.5 62.4 62.3 62.3 62.5 62.4
2005 62.4 62.4 62.4 62.7 62.8 62.7 62.8 62.9 62.8 62.8 62.7 62.8
2006 62.9 63.0 63.1 63.0 63.1 63.1 63.0 63.1 63.1 63.3 63.3 63.4
2007 63.3 63.3 63.3 63.0 63.0 63.0 62.9 62.7 62.9 62.7 62.9 62.7
2008 62.9 62.8 62.7 62.7 62.5 62.4 62.2 62.0 61.9 61.7 61.4 61.0
2009 60.6 60.3 59.9 59.8 59.6 59.4 59.3 59.1 58.7 58.5 58.6 58.3
2010 58.5 58.5 58.5 58.7 58.6 58.5 58.5 58.6 58.5 58.3 58.2 58.3
2011 58.4 58.4 58.4 58.4 58.4 58.2 58.2 58.3 58.4 58.4 58.5 58.5
2012 58.5 58.5 58.6 58.5 58.6 58.6 58.5 58.4 58.6 58.8 58.7 58.6
2013 58.6 58.6 58.5 58.6 58.7 58.7 58.7 58.6 58.6 58.2 58.6 58.6
2014 58.8 58.8 58.9 58.9 58.9 59.0 59.0 59.0 59.0 59.2 59.2

 

Unemployment Rate 16-19 Years Old

17.7%


Series Id:           
LNS14000012
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate – 16-19 yrs.
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 to 19 yearsteenage unemployment rate

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 12.7 13.8 13.3 12.6 12.8 12.3 13.4 14.0 13.0 12.8 13.0 13.2
2001 13.8 13.7 13.8 13.9 13.4 14.2 14.4 15.6 15.2 16.0 15.9 17.0
2002 16.5 16.0 16.6 16.7 16.6 16.7 16.8 17.0 16.3 15.1 17.1 16.9
2003 17.2 17.2 17.8 17.7 17.9 19.0 18.2 16.6 17.6 17.2 15.7 16.2
2004 17.0 16.5 16.8 16.6 17.1 17.0 17.8 16.7 16.6 17.4 16.4 17.6
2005 16.2 17.5 17.1 17.8 17.8 16.3 16.1 16.1 15.5 16.1 17.0 14.9
2006 15.1 15.3 16.1 14.6 14.0 15.8 15.9 16.0 16.3 15.2 14.8 14.6
2007 14.8 14.9 14.9 15.9 15.9 16.3 15.3 15.9 15.9 15.4 16.2 16.8
2008 17.8 16.6 16.1 15.9 19.0 19.2 20.7 18.6 19.1 20.0 20.3 20.5
2009 20.7 22.3 22.2 22.2 23.4 24.7 24.3 25.0 25.9 27.2 26.9 26.7
2010 26.0 25.6 26.2 25.4 26.5 26.0 25.9 25.6 25.8 27.3 24.8 25.3
2011 25.5 24.1 24.3 24.5 23.9 24.8 24.8 25.1 24.5 24.2 24.1 23.3
2012 23.5 23.8 24.8 24.6 24.2 23.7 23.7 24.4 23.8 23.8 23.9 24.0
2013 23.5 25.2 23.9 23.7 24.1 23.8 23.4 22.6 21.3 22.0 20.8 20.2
2014 20.7 21.4 20.9 19.1 19.2 21.0 20.2 19.6 20.0 18.6 17.7

 

Average Weeks Unemployed

33.0%

 


Series Id:           LNS13008275
Seasonally Adjusted
Series title:        (Seas) Average Weeks Unemployed
Labor force status:  Unemployed
Type of data:        Number of weeks
Age:                 16 years and over

average weeks unemployed
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 13.1 12.6 12.7 12.4 12.6 12.3 13.4 12.9 12.2 12.7 12.4 12.5
2001 12.7 12.8 12.8 12.4 12.1 12.7 12.9 13.3 13.2 13.3 14.3 14.5
2002 14.7 15.0 15.4 16.3 16.8 16.9 16.9 16.5 17.6 17.8 17.6 18.5
2003 18.5 18.5 18.1 19.4 19.0 19.9 19.7 19.2 19.5 19.3 19.9 19.8
2004 19.9 20.1 19.8 19.6 19.8 20.5 18.8 18.8 19.4 19.5 19.7 19.4
2005 19.5 19.1 19.5 19.6 18.6 17.9 17.6 18.4 17.9 17.9 17.5 17.5
2006 16.9 17.8 17.1 16.7 17.1 16.6 17.1 17.1 17.1 16.3 16.2 16.1
2007 16.3 16.7 17.8 16.9 16.6 16.5 17.2 17.0 16.3 17.0 17.3 16.6
2008 17.5 16.9 16.5 16.9 16.6 17.1 17.0 17.7 18.6 19.9 18.9 19.9
2009 19.8 20.2 20.9 21.7 22.4 23.9 25.1 25.3 26.6 27.5 28.9 29.7
2010 30.3 29.9 31.6 33.3 33.9 34.5 33.8 33.6 33.4 34.2 33.9 34.8
2011 37.2 37.5 39.2 38.7 39.5 39.7 40.4 40.2 40.2 39.1 40.3 40.7
2012 40.1 40.0 39.4 39.3 39.6 40.0 38.8 39.1 39.4 40.3 39.2 38.0
2013 35.4 36.9 37.0 36.6 36.9 35.7 36.7 37.0 36.8 36.0 37.1 37.1
2014 35.4 37.1 35.6 35.1 34.5 33.5 32.4 31.7 31.5 32.7 33.0

Not In Labor Force

2,109,000


Series Id:                       LNU05026642
Not Seasonally Adjusted
Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available
Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Available to work now

Not In Labor force
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 1207 1281 1219 1216 1113 1142 1172 1097 1166 1044 1100 1125 1157
2001 1295 1337 1109 1131 1157 1170 1232 1364 1335 1398 1331 1330 1266
2002 1532 1423 1358 1397 1467 1380 1507 1456 1501 1416 1401 1432 1439
2003 1598 1590 1577 1399 1428 1468 1566 1665 1544 1586 1473 1483 1531
2004 1670 1691 1643 1526 1533 1492 1557 1587 1561 1647 1517 1463 1574
2005 1804 1673 1588 1511 1428 1583 1516 1583 1438 1414 1415 1589 1545
2006 1644 1471 1468 1310 1388 1584 1522 1592 1299 1478 1366 1252 1448
2007 1577 1451 1385 1391 1406 1454 1376 1365 1268 1364 1363 1344 1395
2008 1729 1585 1352 1414 1416 1558 1573 1640 1604 1637 1947 1908 1614
2009 2130 2051 2106 2089 2210 2176 2282 2270 2219 2373 2323 2486 2226
2010 2539 2527 2255 2432 2223 2591 2622 2370 2548 2602 2531 2609 2487
2011 2800 2730 2434 2466 2206 2680 2785 2575 2511 2555 2591 2540 2573
2012 2809 2608 2352 2363 2423 2483 2529 2561 2517 2433 2505 2614 2516
2013 2443 2588 2326 2347 2164 2582 2414 2342 2302 2283 2096 2427 2360
2014 2592 2303 2168 2160 2130 2028 2178 2141 2226 2192 2109

 

Not In Labor Force Searched For Work and Available, Discouraged Reasons For Not Currently Looking

698,000

Series Id:                       LNU05026645
Not Seasonally Adjusted
Series title:                    (Unadj) Not in Labor Force, Searched For Work and Available, Discouraged Reasons For Not Currently Looking
Labor force status:              Not in labor force
Type of data:                    Number in thousands
Age:                             16 years and over
Job desires/not in labor force:  Want a job now
Reasons not in labor force:      Discouragement over job prospects  (Persons who believe no job is available.)

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 236 267 258 331 280 309 266 203 253 232 236 269 262
2001 301 287 349 349 328 294 310 337 285 331 328 348 321
2002 328 375 330 320 414 342 405 378 392 359 385 403 369
2003 449 450 474 437 482 478 470 503 388 462 457 433 457
2004 432 484 514 492 476 478 504 534 412 429 392 442 466
2005 515 485 480 393 392 476 499 384 362 392 404 451 436
2006 396 386 451 381 323 481 428 448 325 331 349 274 381
2007 442 375 381 399 368 401 367 392 276 320 349 363 369
2008 467 396 401 412 400 420 461 381 467 484 608 642 462
2009 734 731 685 740 792 793 796 758 706 808 861 929 778
2010 1065 1204 994 1197 1083 1207 1185 1110 1209 1219 1282 1318 1173
2011 993 1020 921 989 822 982 1119 977 1037 967 1096 945 989
2012 1059 1006 865 968 830 821 852 844 802 813 979 1068 909
2013 804 885 803 835 780 1027 988 866 852 815 762 917 861
2014 837 755 698 783 697 676 741 775 698 770 698

Total Unemployment Rate U-6

11.4%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.2 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.1 16.0 15.9 16.1 15.8 16.1 16.0 16.1 16.3 15.9 15.6 15.2
2012 15.1 15.0 14.5 14.6 14.8 14.8 14.9 14.7 14.7 14.4 14.4 14.4
2013 14.4 14.3 13.8 13.9 13.8 14.2 13.9 13.6 13.6 13.7 13.1 13.1
2014 12.7 12.6 12.7 12.3 12.2 12.1 12.2 12.0 11.8 11.5 11.4

 

Employment Situation Summary

 

Transmission of material in this release is embargoed until                  USDL-14-2184
8:30 a.m. (EST) Friday, December 5, 2014

Technical information:
 Household data:      (202) 691-6378  •  cpsinfo@bls.gov  •  www.bls.gov/cps
 Establishment data:  (202) 691-6555  •  cesinfo@bls.gov  •  www.bls.gov/ces

Media contact:       (202) 691-5902  •  PressOffice@bls.gov


                             THE EMPLOYMENT SITUATION -- NOVEMBER 2014


Total nonfarm payroll employment increased by 321,000 in November, and the unemployment
rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today.
Job gains were widespread, led by growth in professional and business services, retail
trade, health care, and manufacturing.

Household Survey Data

In November, the unemployment rate held at 5.8 percent, and the number of unemployed
persons was little changed at 9.1 million. Over the year, the unemployment rate and
the number of unemployed persons were down by 1.2 percentage points and 1.7 million,
respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men rose to 5.4 percent
in November. The rates for adult women (5.3 percent), teenagers (17.7 percent), whites
(4.9 percent), blacks (11.1 percent), and Hispanics (6.6 percent) showed little change
over the month. The jobless rate for Asians was 4.8 percent (not seasonally adjusted),
little changed from a year earlier. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was little
changed at 2.8 million in November. These individuals accounted for 30.7 percent of
the unemployed. Over the past 12 months, the number of long-term unemployed declined
by 1.2 million. (See table A-12.)

The civilian labor force participation rate held at 62.8 percent in November and has
been essentially unchanged since April. The employment-population ratio, at 59.2
percent, was unchanged in November but is up by 0.6 percentage point over the year.
(See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers), at 6.9 million, changed little in November. These
individuals, who would have preferred full-time employment, were working part time
because their hours had been cut back or because they were unable to find a full-time
job. (See table A-8.)

In November, 2.1 million persons were marginally attached to the labor force,
essentially unchanged from a year earlier. (The data are not seasonally adjusted.)
These individuals were not in the labor force, wanted and were available for work,
and had looked for a job sometime in the prior 12 months. They were not counted as
unemployed because they had not searched for work in the 4 weeks preceding the
survey. (See table A-16.)

Among the marginally attached, there were 698,000 discouraged workers in November,
little different from a year earlier. (The data are not seasonally adjusted.)
Discouraged workers are persons not currently looking for work because they believe
no jobs are available for them. The remaining 1.4 million persons marginally attached
to the labor force in November had not searched for work for reasons such as school
attendance or family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment rose by 321,000 in November, compared with an
average monthly gain of 224,000 over the prior 12 months. In November, job growth
was widespread, led by gains in professional and business services, retail trade,
health care, and manufacturing. (See table B-1.)

Employment in professional and business services increased by 86,000 in November,
compared with an average gain of 57,000 per month over the prior 12 months. Within
the industry, accounting and bookkeeping services added 16,000 jobs in November.
Employment continued to trend up in temporary help services (+23,000), management
and technical consulting services (+7,000), computer systems design and related
services (+7,000), and architectural and engineering services (+5,000).

Employment in retail trade rose by 50,000 in November, compared with an average
gain of 22,000 per month over the prior 12 months. In November, job gains occurred
in motor vehicle and parts dealers (+11,000); clothing and accessories stores
(+11,000); sporting goods, hobby, book, and music stores (+9,000); and nonstore
retailers (+6,000).

Health care added 29,000 jobs over the month. Employment continued to trend up in
offices of physicians (+7,000), home health care services (+5,000), outpatient care
centers (+4,000), and hospitals (+4,000). Over the past 12 months, employment in
health care has increased by 261,000.

In November, manufacturing added 28,000 jobs. Durable goods manufacturers accounted
for 17,000 of the increase, with small gains in most of the component industries.
Employment in nondurable goods increased by 11,000, with plastics and rubber products
(+7,000) accounting for most of the gain. Over the year, manufacturing has added
171,000 jobs, largely in durable goods.

Financial activities added 20,000 jobs in November, with half of the gain in insurance
carriers and related activities. Over the past year, insurance has contributed 70,000
jobs to the overall employment gain of 114,000 in financial activities.

Transportation and warehousing employment increased by 17,000 in November, with a
gain in couriers and messengers (+5,000). Over the past 12 months, transportation
and warehousing has added 143,000 jobs.

Employment in food services and drinking places continued to trend up in November
(+27,000) and has increased by 321,000 over the year.

Construction employment also continued to trend up in November (+20,000). Employment in
specialty trade contractors rose by 21,000, mostly in the residential component. Over
the past 12 months, construction has added 213,000 jobs, with just over half the gain
among specialty trade contractors.

In November, the average workweek for all employees on private nonfarm payrolls rose
by 0.1 hour to 34.6 hours. The manufacturing workweek rose by 0.2 hour to 41.1 hours,
and factory overtime edged up by 0.1 hour to 3.5 hours. The average workweek for
production and nonsupervisory employees on private nonfarm payrolls was unchanged at
33.8 hours. (See tables B-2 and B-7.)

Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents
to $24.66 in November. Over the year, average hourly earnings have risen by 2.1 percent.
In November, average hourly earnings of private-sector production and nonsupervisory
employees increased by 4 cents to $20.74. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for September was revised from +256,000
to +271,000, and the change for October was revised from +214,000 to +243,000. With
these revisions, employment gains in September and October combined were 44,000 more
than previously reported.

_____________
The Employment Situation for December is scheduled to be released on Friday,
January 9, 2015, at 8:30 a.m. (EST).



   __________________________________________________________________________________
  |                                                                                  |
  |               Upcoming Changes to the Employment Situation News Release          |
  |                                                                                  |
  |Effective with the release of January 2015 data on February 6, 2015, the U.S.     |
  |Bureau of Labor Statistics will introduce several changes to The Employment       |
  |Situation news release tables.                                                    |
  |                                                                                  |
  |Household survey table A-2 will introduce seasonally adjusted series on the labor |
  |force characteristics of Asians. These series will appear in addition to the not  |
  |seasonally adjusted data for Asians currently displayed in the table. Also, in    |
  |summary table A, the seasonally adjusted unemployment rate for Asians will replace|
  |the not seasonally adjusted series that is currently displayed for the group.     |
  |                                                                                  |
  |Household survey table A-3 will introduce seasonally adjusted series on the labor |
  |force characteristics of Hispanic men age 20 and over, Hispanic women age 20 and  |
  |over, and Hispanic teenagers age 16 to 19. The not seasonally adjusted series for |
  |these groups will continue to be displayed in the table.                          |
  |                                                                                  |
  |The establishment survey will introduce two data series: (1) total nonfarm        |
  |employment, 3-month average change and (2) total private employment, 3-month      |
  |average change. These new series will be added to establishment survey summary    |
  |table B. Additionally, in the employment section of summary table B, the list     |
  |of industries will be expanded to include utilities (currently published in       |
  |table B-1). Also, hours and earnings of production and nonsupervisory employees   |
  |will be removed from summary table B, although these series will continue to be   |
  |published in establishment survey tables B-7 and B-8. A sample of the new summary |
  |table B is available on the BLS website at www.bls.gov/ces/cesnewsumb.pdf.        |
  |__________________________________________________________________________________|




   __________________________________________________________________________________
  |                                                                                  |
  |            Revision of Seasonally Adjusted Household Survey Data                 |
  |                                                                                  |
  |In accordance with usual practice, The Employment Situation news release for      |
  |December 2014, scheduled for January 9, 2015, will incorporate annual revisions in|
  |seasonally adjusted household survey data. Seasonally adjusted data for the most  |
  |recent 5 years are subject to revision.                                           |
  |__________________________________________________________________________________|



 

http://www.bls.gov/news.release/empsit.nr0.htm

 

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]

CategoryNov.
2013Sept.
2014Oct.
2014Nov.
2014Change from:
Oct.
2014-
Nov.
2014

Employment status

 

Civilian noninstitutional population

246,567248,446248,657248,844187

Civilian labor force

155,284155,862156,278156,397119

Participation rate

63.062.762.862.80.0

Employed

144,443146,600147,283147,2874

Employment-population ratio

58.659.059.259.20.0

Unemployed

10,8419,2628,9959,110115

Unemployment rate

7.05.95.85.80.0

Not in labor force

91,28392,58492,37892,44769

Unemployment rates

 

Total, 16 years and over

7.05.95.85.80.0

Adult men (20 years and over)

6.75.35.15.40.3

Adult women (20 years and over)

6.25.55.45.3-0.1

Teenagers (16 to 19 years)

20.820.018.617.7-0.9

White

6.15.14.84.90.1

Black or African American

12.411.010.911.10.2

Asian (not seasonally adjusted)

5.34.35.04.8

Hispanic or Latino ethnicity

8.76.96.86.6-0.2

Total, 25 years and over

5.84.74.74.70.0

Less than a high school diploma

10.68.47.98.50.6

High school graduates, no college

7.35.35.75.6-0.1

Some college or associate degree

6.45.44.84.90.1

Bachelor’s degree and higher

3.42.93.13.20.1

Reason for unemployment

 

Job losers and persons who completed temporary jobs

5,7314,5304,3584,483125

Job leavers

89082979483844

Reentrants

3,0652,8092,8712,773-98

New entrants

1,1691,1051,0631,0641

Duration of unemployment

 

Less than 5 weeks

2,4392,3832,4732,52956

5 to 14 weeks

2,5852,5082,3122,39078

15 to 26 weeks

1,7421,4161,4171,43114

27 weeks and over

4,0442,9542,9162,815-101

Employed persons at work part time

 

Part time for economic reasons

7,7237,1037,0276,850-177

Slack work or business conditions

4,8694,1624,2144,064-150

Could only find part-time work

2,4992,5622,4472,4536

Part time for noneconomic reasons

18,85819,56119,76920,004235

Persons not in the labor force (not seasonally adjusted)

 

Marginally attached to the labor force

2,0962,2262,1922,109

Discouraged workers

762698770698

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

 

 

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Nov.
2013
Sept.
2014
Oct.
2014(p)
Nov.
2014(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

274 271 243 321

Total private

272 249 236 314

Goods-producing

68 36 28 48

Mining and logging

1 6 1 0

Construction

32 18 7 20

Manufacturing

35 12 20 28

Durable goods(1)

19 11 18 17

Motor vehicles and parts

4.7 1.7 2.0 3.0

Nondurable goods

16 1 2 11

Private service-providing(1)

204 213 208 266

Wholesale trade

16.8 2.9 6.1 2.5

Retail trade

22.3 39.9 34.2 50.2

Transportation and warehousing

32.4 7.0 15.3 16.7

Information

1 3 -5 4

Financial activities

-4 14 6 20

Professional and business services(1)

73 66 52 86

Temporary help services

36.6 23.2 19.5 22.7

Education and health services(1)

25 35 37 38

Health care and social assistance

24.4 24.8 31.5 37.2

Leisure and hospitality

37 47 55 32

Other services

-1 0 7 15

Government

2 22 7 7

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES(2)
AS A PERCENT OF ALL EMPLOYEES

Total nonfarm women employees

49.5 49.4 49.4 49.3

Total private women employees

48.0 47.9 47.9 47.9

Total private production and nonsupervisory employees

82.6 82.6 82.6 82.6

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.5 34.5 34.5 34.6

Average hourly earnings

$24.15 $24.54 $24.57 $24.66

Average weekly earnings

$833.18 $846.63 $847.67 $853.24

Index of aggregate weekly hours (2007=100)(3)

99.6 101.4 101.6 102.2

Over-the-month percent change

0.5 0.2 0.2 0.6

Index of aggregate weekly payrolls (2007=100)(4)

114.8 118.7 119.1 120.2

Over-the-month percent change

0.8 0.2 0.3 0.9

HOURS AND EARNINGS
PRODUCTION AND NONSUPERVISORY EMPLOYEES

Total private

Average weekly hours

33.7 33.7 33.8 33.8

Average hourly earnings

$20.30 $20.67 $20.70 $20.74

Average weekly earnings

$684.11 $696.58 $699.66 $701.01

Index of aggregate weekly hours (2002=100)(3)

107.1 109.1 109.6 109.8

Over-the-month percent change

0.5 -0.1 0.5 0.2

Index of aggregate weekly payrolls (2002=100)(4)

145.3 150.6 151.6 152.2

Over-the-month percent change

0.8 -0.1 0.7 0.4

DIFFUSION INDEX(5)
(Over 1-month span)

Total private (264 industries)

66.9 63.4 63.8 69.7

Manufacturing (81 industries)

65.4 59.3 64.2 63.0

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary

 

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, NOVEMBER 25, 2014
BEA 14-59

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product: Third Quarter 2014 (Second Estimate)
Corporate Profits: Third Quarter 2014 (Preliminary Estimate)
      Real gross domestic product -- the value of the production of goods and services in the United
States, adjusted for price changes -- increased at an annual rate of 3.9 percent in the third quarter of
2014, according to the "second" estimate released by the Bureau of Economic Analysis.  In the second
quarter, real GDP increased 4.6 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month.  In the advance estimate, the increase in real GDP was 3.5
percent.  With the second estimate for the third quarter, private inventory investment decreased less than
previously estimated, and both personal consumption expenditures (PCE) and nonresidential fixed
investment increased more.  In contrast, exports increased less than previously estimated (see
"Revisions" on page 3).

      The increase in real GDP in the third quarter reflected positive contributions from PCE,
nonresidential fixed investment, federal government spending, exports, residential fixed investment, and
state and local government spending that were partly offset by a negative contribution from private
inventory investment.  Imports, which are a subtraction in the calculation of GDP, decreased.

      The deceleration in the percent change in real GDP reflected a downturn in private inventory
investment and decelerations in exports, in nonresidential fixed investment, in state and local
government spending, in PCE, and in residential fixed investment that were partly offset by a downturn
in imports and an upturn in federal government spending.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.4 percent in the third quarter, 0.1 percentage point more than in the advance estimate; this
index increased 2.0 percent in the second quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.6 percent in the third quarter, compared with an increase of 1.7
percent in the second.


_____
FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2009)
dollars.  Price indexes are chain-type measures.

This news release is available on BEA's Web site along with the Technical Note and Highlights related
to this release.  For information on revisions, see "The Revisions to GDP, GDI, and Their
Major Components."
_____

      Real personal consumption expenditures increased 2.2 percent in the third quarter, compared
with an increase of 2.5 percent in the second.  Durable goods increased 8.7 percent, compared with an
increase of 14.1 percent.  Nondurable goods increased 2.2 percent, the same increase as in the second
quarter.  Services increased 1.2 percent, compared with an increase of 0.9 percent.

      Real nonresidential fixed investment increased 7.1 percent in the third quarter, compared with an
increase of 9.7 percent in the second.  Investment in nonresidential structures increased 1.1 percent,
compared with an increase of 12.6 percent.  Investment in equipment increased 10.7 percent, compared
with an increase of 11.2 percent.  Investment in intellectual property products increased 6.4 percent,
compared with an increase of 5.5 percent.  Real residential fixed investment increased 2.7 percent,
compared with an increase of 8.8 percent.

      Real exports of goods and services increased 4.9 percent in the third quarter, compared with an
increase of 11.1 percent in the second.  Real imports of goods and services decreased 0.7 percent, in
contrast to an increase of 11.3 percent.

      Real federal government consumption expenditures and gross investment increased 9.9 percent
in the third quarter, in contrast to a decrease of 0.9 percent in the second.  National defense increased
16.0 percent, compared with an increase of 0.9 percent.  Nondefense increased 0.4 percent, in contrast to
a decrease of 3.8 percent.  Real state and local government consumption expenditures and gross
investment increased 0.8 percent, compared with an increase of 3.4 percent.

      The change in real private inventories subtracted 0.12 percentage point from the third-quarter
change in real GDP after adding 1.42 percentage points to the second-quarter change.  Private
businesses increased inventories $79.1 billion in the third quarter, following increases of $84.8 billion in
the second quarter and $35.2 billion in the first.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 4.1
percent in the third quarter, compared with an increase of 3.2 percent in the second.


Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.0 percent in the third quarter, compared with an increase of 4.8 percent in the
second.


Gross national product

      Real gross national product -- the value of the goods and services produced by the labor and
property supplied by U.S. residents -- increased 3.8 percent in the third quarter, compared with an
increase of 4.6 percent in the second.  GNP includes, and GDP excludes, net receipts of income from the
rest of the world, which decreased $1.6 billion in the third quarter, in contrast to an increase of $1.4
billion in the second; in the third quarter, receipts decreased $1.1 billion, and payments increased $0.5
billion.


Current-dollar GDP

      Current-dollar GDP -- the market value of the production of goods and services in the United
States -- increased 5.3 percent, or $227.0 billion, in the third quarter to a level of $17,555.2 billion.  In
the second quarter, current-dollar GDP increased 6.8 percent, or $284.2 billion.


Gross domestic income

      Real gross domestic income (GDI), which measures the value of the production of goods and
services in the United States as the costs incurred and the incomes earned on that production, increased
4.5 percent in the third quarter, compared with an increase of 4.0 percent (revised) in the second.  For a
given quarter, the estimates of GDP and GDI may differ for a variety of reasons, including the
incorporation of largely independent source data.  However, over longer time spans, the estimates of
GDP and GDI tend to follow similar patterns of change.


Revisions

      The upward revision to the percent change in real GDP primarily reflected upward revisions to
private inventory investment, to personal consumption expenditures, and to nonresidential fixed
investment that were partly offset by a downward revision to exports and an upward revision to imports.


                                         Advance Estimate  Second Estimate

                                     (Percent change from preceding quarter)
Real GDP...............................         3.5            3.9
Current-dollar GDP.....................         4.9            5.3
Real GDI...............................         --             4.5
Gross domestic purchases price index...         1.3            1.4
Corporate Profits


Profits from current production

      Profits from current production (corporate profits with inventory valuation adjustment (IVA) and
capital consumption adjustment (CCAdj)) increased $43.8 billion in the third quarter, compared with an
increase of $164.1 billion in the second.

      Profits of domestic financial corporations increased $20.3 billion in the third quarter, compared
with an increase of $33.3 billion in the second.  Profits of domestic nonfinancial corporations increased
$22.5 billion, compared with an increase of $134.3 billion.  The rest-of-the-world component of profits
increased $1.0 billion, in contrast to a decrease of $3.6 billion.  This measure is calculated as the
difference between receipts from the rest of the world and payments to the rest of the world.  In the third
quarter, receipts were unchanged, and payments decreased $1.0 billion.

      Taxes on corporate income decreased $4.8 billion in the third quarter, in contrast to an increase
of $45.7 billion in the second.  Profits after tax with IVA and CCAdj increased $48.6 billion, compared
with an increase of $118.4 billion.

      Dividends decreased $3.9 billion in the third quarter, compared with a decrease of $0.5 billion in
the second.  Undistributed profits increased $52.5 billion, compared with an increase of $118.8 billion.
Net cash flow with IVA -- the internal funds available to corporations for investment -- increased $25.1
billion, compared with an increase of $133.4 billion.

	The IVA and CCAdj are adjustments that convert inventory withdrawals and depreciation of
fixed assets reported on a tax-return, historical-cost basis to the current-cost economic measures used in
the national income and product accounts.  The IVA increased $16.8 billion in the third quarter,
compared with an increase of $11.9 billion in the second.  The CCAdj increased $1.2 billion, in contrast
to a decrease of $0.8 billion.


Gross value added of nonfinancial domestic corporate business

      In the third quarter, real gross value added of nonfinancial corporations increased, and profits per
unit of real gross value added increased.  The increase in unit profits reflected an increase in unit prices
that was partly offset by an increase in unit nonlabor costs; unit labor costs were unchanged.


                                     *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.


                                     *          *          *


                     Next release -- December 23, 2014 at 8:30 A.M. EST for:
                  Gross Domestic Product:  Third Quarter 2014 (Third Estimate)
                    Corporate Profits:  Third Quarter 2014 (Revised Estimate)


                                     *          *          *


Release dates in 2015


Gross Domestic Product

                 2014: IV and 2014 annual     2015: I          2015: II          2015: III

Advance....           January 30              April 29         July 30           October 29
Second.....           February 27             May 29           August 27         November 24
Third......           March 27                June 24          September 25      December 22


Corporate Profits

Preliminary...        ..                      May 29           August 27         November 24
Revised.......        March 27                June 24          September 25      December 22

http://bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

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Global Government Debt Exceeds $100 Trillion and Climbing — Videos

Posted on March 9, 2014. Filed under: American History, Banking, Blogroll, Communications, Constitution, Crime, Economics, Education, Employment, Family, Federal Government, Federal Government Budget, Fiscal Policy, Freedom, Friends, government, government spending, Health Care, history, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, Obamacare, People, Philosophy, Photos, Politics, Press, Rants, Resources, Security, Talk Radio, Tax Policy, Taxes, Unemployment, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , |

National Debt Projection for 2014.IMF

090612-economist-govt-debt-2014

Public Debt 1792 - 2014

National-Deb

BL-obama-budget-2014-debt_600

U.S. Debt Clock.org

http://www.usdebtclock.org/

$17 Trillion U.S. DEBT – A Visual Perspective

Chart: Total Federal Government Debt Since 1950

How Big Is the U.S. Debt?

US Unfunded Liabilities

Peter Schiff Thinks ‘Unfunded Liabilities’ Is An Economic Indicator

Deficits, Debts and Unfunded Liabilities: The Consequences of Excessive Government Spending

Economist: Real national debt is over $70 trillion, not $17 trillion

The First 12 Hours of a US Dollar Collapse

Overdose: The Next Financial Crisis

Debt-Statue-of-Liberty

Global Debt Exceeds $100 Trillion as Governments Binge, BIS Says

By John Glover  Mar 9, 2014 6:00 AM CT

The amount of debt globally has soared more than 40 percent to $100 trillion since the first signs of the financial crisis as governments borrowed to pull their economies out of recession and companies took advantage of record low interest rates, according to the Bank for International Settlements.

The $30 trillion increase from $70 trillion between mid-2007 and mid-2013 compares with a $3.86 trillion decline in the value of equities to $53.8 trillion in the same period, according to data compiled by Bloomberg. The jump in debt as measured by the Basel, Switzerland-based BIS in its quarterly review is almost twice the U.S.’s gross domestic product.

Borrowing has soared as central banks suppress benchmark interest rates to spur growth after the U.S. subprime mortgage market collapsed and Lehman Brothers Holdings Inc.’s bankruptcy sent the world into its worst financial crisis since the Great Depression. Yields on all types of bonds, from governments to corporates and mortgages, average about 2 percent, down from more than 4.8 percent in 2007, according to the Bank of America Merrill Lynch Global Broad Market Index.

“Given the significant expansion in government spending in recent years, governments (including central, state and local governments) have been the largest debt issuers,” according to Branimir Gruic, an analyst, and Andreas Schrimpf, an economist at the BIS. The organization is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

Austerity Measures

Marketable U.S. government debt outstanding has surged to a record $12 trillion, up from $4.5 trillion at the end of 2007, according to U.S. Treasury data compiled by Bloomberg. Corporate bond sales globally jumped during the period, with issuance totaling more than $21 trillion, Bloomberg data show.

Concerned that high debt loads would cause international investors to avoid their markets, many nations resorted to austerity measures of reduced spending and increased taxes, reining in their economies in the process as they tried to restore the fiscal order they abandoned to fight the worldwide recession.

Adjusting budgets to ignore interest payments, the International Monetary Fund said late last year that the so-called primary deficit in the Group of Seven countries reached an average 5.1 percent in 2010 when also smoothed to ignore large economic swings. The measure will fall to 1.2 percent this year, the IMF predicted.

The unprecedented retrenchments between 2010 and 2013 amounted to 3.5 percent of U.S. gross domestic product and 3.3 percent of euro-area GDP, according to Julian Callow, chief international economist at Barclays Plc in London.

The riskiest to the most-creditworthy bonds have returned more than 31 percent since 2007, according to Bank of America Merrill Lynch index data. Treasury and agency debt handed investors gains of 27 percent in the period, while corporate bonds worldwide returned more than 40 percent, the indexes show.

http://www.bloomberg.com/news/2014-03-09/global-debt-exceeds-100-trillion-as-governments-binge-bis-says.html

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The U.S. Economy Real Gross Domestic Product (GDP) Grew Only 1.8% (Third Estimate) Not 2.4% (Second Estimate) in First Quarter of 2013 — Videos

Posted on June 28, 2013. Filed under: American History, Blogroll, College, Communications, Constitution, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government spending, history, Law, liberty, Life, Links, media, People, Philosophy, Politics, Raves, Resources, Security, Video, Wealth, Wisdom | Tags: , , , , , , , , , , , , |

gdp_large

GDP

saupload_Real-GDP-per-capita-since-1960_thumb1

saupload_Real-GDP-per-capita-since-1960-log

saupload_Real-GDP-per-capita-percent-off-high

http://seekingalpha.com/article/1379861-real-gdp-per-capita-another-perspective-on-the-economy

Line 2011 2012 2013
I II III IV I II III IV I
1 Gross domestic product 0.1 2.5 1.3 4.1 2.0 1.3 3.1 0.4 1.8
2 Personal consumption expenditures 3.1 1.0 1.7 2.0 2.4 1.5 1.6 1.8 2.6
3 Goods 5.4 -1.0 1.4 5.4 4.7 0.3 3.6 4.3 4.4
4 Durable goods 7.3 -2.3 5.4 13.9 11.5 -0.2 8.9 13.6 7.6
5 Nondurable goods 4.6 -0.3 -0.4 1.8 1.6 0.6 1.2 0.1 2.8
6 Services 2.0 1.9 1.8 0.3 1.3 2.1 0.6 0.6 1.7
7 Gross private domestic investment -5.3 12.5 5.9 33.9 6.1 0.7 6.6 1.3 7.4
8 Fixed investment -1.3 12.4 15.5 10.0 9.8 4.5 0.9 14.0 3.0
9 Nonresidential -1.3 14.5 19.0 9.5 7.5 3.6 -1.8 13.2 0.4
10 Structures -28.2 35.2 20.7 11.5 12.9 0.6 0.0 16.7 -8.3
11 Equipment and software 11.1 7.8 18.3 8.8 5.4 4.8 -2.6 11.8 4.1
12 Residential -1.4 4.1 1.4 12.1 20.5 8.5 13.5 17.6 14.0
13 Change in private inventories
14 Net exports of goods and services
15 Exports 5.7 4.1 6.1 1.4 4.4 5.3 1.9 -2.8 -1.1
16 Goods 5.7 3.7 6.2 6.0 4.0 7.0 1.1 -5.0 -2.5
17 Services 5.8 5.1 6.1 -8.8 5.2 1.1 4.0 2.5 2.4
18 Imports 4.3 0.1 4.7 4.9 3.1 2.8 -0.6 -4.2 -0.4
19 Goods 5.2 -0.7 2.9 6.3 2.0 2.9 -1.2 -3.9 -1.3
20 Services -0.6 4.2 13.8 -1.7 9.0 2.3 2.6 -5.6 4.5
21 Government consumption expenditures and gross investment -7.0 -0.8 -2.9 -2.2 -3.0 -0.7 3.9 -7.0 -4.8
22 Federal -10.3 2.8 -4.3 -4.4 -4.2 -0.2 9.5 -14.8 -8.7
23 National defense -14.3 8.3 2.6 -10.6 -7.1 -0.2 12.9 -22.1 -12.0
24 Nondefense -1.7 -7.5 -17.4 10.2 1.8 -0.4 3.0 1.7 -2.1
25 State and local -4.7 -3.2 -2.0 -0.7 -2.2 -1.0 0.3 -1.5 -2.1
Addendum:
26 Gross domestic product, current dollars 2.2 5.2 4.3 4.2 4.2 2.8 5.9 1.3 3.1

US first-quarter growth was 1.8%, not 2.4% – economy

Marc Faber – Economic Predictions, Debt, Crisis, Depression

Financial Crisis, Jim Rogers Interview

Peter Schiff: Don’t get Burned by a Volatile Market

Peter Schiff ~ Where Is The Bottom In Gold?

Jim Rogers Economy Predictions 2013

USA Will Lose Economic War Jim Rogers

Background Articles and Videos

GDP Propaganda Exposed

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JUNE 26, 2013
BEA 13-30

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Kate Shoemaker: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 1st quarter 2013 (third estimate);
Corporate Profits, 1st quarter 2013 (revised estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.8 percent in the first quarter of 2013 (that
is, from the fourth quarter to the first quarter), according to the "third" estimate released by the Bureau
of Economic Analysis.  In the fourth quarter, real GDP increased 0.4 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "second" estimate issued last month.  In the second estimate, real GDP increased 2.4 percent.  With
the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less
than previously estimated, and exports and imports are now estimated to have declined (for more
information, see "Revisions" on page 3).

      The increase in real GDP in the first quarter primarily reflected positive contributions from PCE,
private inventory investment, and residential fixed investment that were partly offset by negative
contributions from federal government spending, state and local government spending, and exports.
Imports, which are a subtraction in the calculation of GDP, decreased.

BOX._____________

     Comprehensive Revision of the National Income and Product Accounts

     BEA will release the results of the 14th comprehensive (or benchmark) revision of the national
income and product accounts (NIPAs) in conjunction with the second quarter 2013 "advance" estimate
on July 31, 2013.  More information on the revision is available on BEA’s Web site at
www.bea.gov/gdp-revisions.  An article in the March 2013 issue of the Survey of Current Business
discusses the upcoming changes in definitions and presentations, and an article in the May Survey
describes the changes in statistical methods.  Revised NIPA table stubs and news release stubs are also
available on the Web site.  An article in the September Survey will describe the estimates in detail.
________________

FOOTNOTE._______
Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Quarter-to-quarter dollar changes are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005) dollars.
Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note
 and Highlights related to this release.  For information on revisions, see "Revisions to GDP, GDI, and Their Major Components".
_________________

      The acceleration in real GDP in the first quarter primarily reflected an upturn in private
inventory investment, an acceleration in PCE, and smaller decreases in federal government spending and
in exports that were partly offset by a deceleration in nonresidential fixed investment and a smaller
decrease in imports.

      Motor vehicle output added 0.33 percentage point to the first-quarter change in real GDP after
adding 0.18 percentage point to the fourth-quarter change.  Final sales of computers added 0.09
percentage point to the first-quarter change in real GDP after adding 0.10 percentage point to the fourth-
quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.2 percent in the first quarter, unrevised from the second estimate; this index increased 1.6
percent in the fourth quarter.  Excluding food and energy prices, the price index for gross domestic
purchases increased 1.5 percent in the first quarter, compared with an increase of 1.2 percent in the
fourth.

      Real personal consumption expenditures increased 2.6 percent in the first quarter, compared with
an increase of 1.8 percent in the fourth.  Durable goods increased 7.6 percent, compared with an increase
of 13.6 percent.  Nondurable goods increased 2.8 percent, compared with an increase of 0.1 percent.
Services increased 1.7 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 0.4 percent in the first quarter, compared with an
increase of 13.2 percent in the fourth.  Nonresidential structures decreased 8.3 percent, in contrast to an
increase of 16.7 percent.  Equipment and software increased 4.1 percent, compared with an increase of
11.8 percent.  Real residential fixed investment increased 14.0 percent, compared with an increase of
17.6 percent.

      Real exports of goods and services decreased 1.1 percent in the first quarter, compared with a
decrease of 2.8 percent in the fourth.  Real imports of goods and services decreased 0.4 percent,
compared with a decrease of 4.2 percent.

      Real federal government consumption expenditures and gross investment decreased 8.7 percent
in the first quarter, compared with a decrease of 14.8 percent in the fourth.  National defense decreased
12.0 percent, compared with a decrease of 22.1 percent.  Nondefense decreased 2.1 percent, in contrast
to an increase of 1.7 percent.  Real state and local government consumption expenditures and gross
investment decreased 2.1 percent, compared with a decrease of 1.5 percent.

      The change in real private inventories added 0.57 percentage point to the first-quarter change in
real GDP, after subtracting 1.52 percentage points from the fourth-quarter change.  Private businesses
increased inventories $36.7 billion in the first quarter, following increases of $13.3 billion in the fourth
quarter and $60.3 billion in the third.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.2
percent in the first quarter, compared with an increase of 1.9 percent in the fourth.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.8 percent in the first quarter; it was unchanged in the fourth.

Gross national product

      Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 1.2 percent in the first quarter, compared with an increase of 0.9
percent in the fourth.  GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $17.7 billion in the first quarter after increasing $19.2 billion in the fourth; in
the first quarter, receipts decreased $16.3 billion, and payments increased $1.4 billion.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.1 percent, or $120.0 billion, in the first quarter to a level of $15,984.1 billion.  In the fourth quarter,
current-dollar GDP increased 1.3 percent, or $53.1 billion.

Gross domestic income

      Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 2.5 percent in the first quarter,
compared with an increase of 5.5 percent in the fourth.  For a given quarter, the estimates of GDP and
GDI may differ for a variety of reasons, including the incorporation of largely independent source data.
However, over longer time spans, the estimates of GDP and GDI tend to follow similar patterns of
change.

Revisions

      The downward revision to the percent change in real GDP primarily reflected downward
revisions to personal consumption expenditures, to exports, and to nonresidential fixed investment that
were partly offset by a downward revision to imports.

                                             Advance Estimate         Second Estimate         Third Estimate
				        		(Percent change from preceding quarter)

Real GDP......................................     2.5                     2.4                     1.8
Current-dollar GDP............................     3.7                     3.6                     3.1
Gross domestic purchases price index..........     1.1                     1.2                     1.2

                                              Corporate Profits

      Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $28.0 billion in the first quarter, in contrast to an increase of $45.4
billion in the fourth quarter.  Current-production cash flow (net cash flow with inventory valuation
adjustment) -- the internal funds available to corporations for investment -- increased $125.6 billion in
the first quarter, in contrast to a decrease of $89.8 billion in the fourth.

      Taxes on corporate income decreased $10.5 billion in the first quarter, compared with a decrease
of $4.4 billion in the fourth.  Profits after tax with inventory valuation and capital consumption
adjustments decreased $17.5 billion in the first quarter, in contrast to an increase of $49.8 billion in the
fourth.  Dividends decreased $103.5 billion, in contrast to an increase of $124.3 billion.  The large
fourth-quarter increase reflected accelerated and special dividends paid by corporations at the end of
2012 in anticipation of changes to individual income tax rates.   Current-production undistributed profits
increased $85.8 billion, in contrast to a decrease of $74.3 billion.

      Domestic profits of financial corporations decreased $3.4 billion in the first quarter, compared
with a decrease of $3.5 billion in the fourth.  Domestic profits of nonfinancial corporations decreased
$5.0 billion in the first quarter, in contrast to an increase of $24.8 billion in the fourth.  In the first
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added decreased.  The decrease in unit profits reflected an increase in the unit nonlabor costs incurred by
corporations that was partly offset by a decrease in unit labor costs; unit prices were unchanged.

      The rest-of-the-world component of profits decreased $19.6 billion in the first quarter, in contrast
to an increase of $24.1 billion in the fourth.  This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents.  The first-quarter decrease was
accounted for by a larger decrease in receipts than in payments.

      Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist.  This measure
reflects depreciation-accounting practices used for federal income tax returns.  According to this
measure, domestic profits of both financial and nonfinancial corporations decreased.  The decrease in
nonfinancial corporations primarily reflected decreases in "other" nonfinancial and in manufacturing that
were partly offset by increases in information and in wholesale trade.  Within manufacturing, the largest
decreases were in petroleum and coal products and in machinery.

      Profits before tax decreased $34.7 billion in the first quarter, in contrast to an increase of $27.3
billion in the fourth.  The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments.  These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts.  The capital consumption
adjustment increased $12.5 billion in the first quarter (from -$199.5 billion to -$187.0 billion), compared
with an increase of $0.5 billion in the fourth.  The inventory valuation adjustment decreased $5.8 billion
(from -$9.2 billion to -$15.0 billion), in contrast to an increase of $17.6 billion.

      The first-quarter changes in taxes on corporate income and in the capital consumption
adjustment mainly reflect the expiration of bonus depreciation claimed under the American Taxpayer
Relief Act of 2012.  For detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008,
2009, 2010, and 2012 on Selected Measures of Corporate Profits" at
www.bea.gov/national/xls/technote_tax_acts.xls.  Profits from current production are not affected
because they do not depend on the depreciation-accounting practices used for federal income tax returns;
rather, they are based on depreciation of fixed assets valued at current cost using consistent depreciation
profiles based on used-asset prices. For more details on the effect of tax act provisions on the capital
consumption adjustment, see FAQ #999 on the BEA Web site, "Why does the capital consumption
adjustment for domestic business decline so much in the first quarter of 2012?"

                                        *          *          *

      BEA’s national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA’s Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                        *          *          *

                         Next release -- July 31, 2013, at 8:30 A.M. EDT for:
                    Gross Domestic Product:  Second Quarter 2013 (Advance Estimate)
                  Comprehensive Revision of the National Income and Product Accounts
                                  (1929 through First Quarter 2013)

Real GDP Per Capita: Another Perspective On The Economy

Earlier Friday we learned that the Advance Estimate for Q1 2013 real GDP came in at 2.5 percent, up from 0.4 percent in Q4 2012. Let’s now review the numbers on a per-capita basis.

For an alternate historical view of the economy, here is a chart of real GDP per-capita growth since 1960. For this analysis I’ve chained in today’s dollar for the inflation adjustment. The per-capita calculation is based on quarterly aggregates of mid-month population estimates by the Bureau of Economic Analysis, which date from 1959 (hence my 1960 starting date for this chart, even though quarterly GDP has is available since 1947). The population data is available in the FRED series POPTHM. The logarithmic vertical axis ensures that the highlighted contractions have the same relative scale.

I’ve drawn an exponential regression through the data using the Excel GROWTH() function to give us a sense of the historical trend. The regression illustrates the fact that the trend since the Great Recession has a visibly lower slope than long-term trend. In fact, the current GDP per-capita is 11.6% below the regression trend.

(click to enlarge)

The real per-capita series gives us a better understanding of the depth and duration of GDP contractions. As we can see, since our 1960 starting point, the recession that began in December 2007 is associated with a deeper trough than previous contractions, which perhaps justifies its nickname as the Great Recession. In fact, at this point, 20 quarters beyond the 2007 GDP peak, real GDP per capita is still 1.04% off the all-time high following the deepest trough in the series.

Here is a more revealing snapshot of real GDP per capita, specifically illustrating the percent off the most recent peak across time, with recessions highlighted. The underlying calculation is to show peaks at 0% on the right axis. The callouts shows the percent off real GDP per-capita at significant troughs as well as the current reading for this metric.

(click to enlarge)
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U.S. Real Gross Domestic Product Growth Still Stagnating At 2.4% in First Quarter of 2013 As Institute for Supply Management Factory Index Sinks to 49.0 Lowest Since June 2009 — Videos

Posted on June 3, 2013. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Farming, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, history, History of Economic Thought, Illegal, Immigration, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Press, Raves, Regulations, Security, Strategy, Talk Radio, Tax Policy, Taxes, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , , |

gdp_largegdpind12_adv_chart_01

Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product

[Percent] Seasonally adjusted at annual rates

Last Revised on: May 30, 2013 – Next Release Date June 26, 2013

Line 2011 2012 2013
I II III IV I II III IV I
1 Gross domestic product 0.1 2.5 1.3 4.1 2.0 1.3 3.1 0.4 2.4
2 Personal consumption expenditures 3.1 1.0 1.7 2.0 2.4 1.5 1.6 1.8 3.4
3 Goods 5.4 -1.0 1.4 5.4 4.7 0.3 3.6 4.3 4.1
4 Durable goods 7.3 -2.3 5.4 13.9 11.5 -0.2 8.9 13.6 8.2
5 Nondurable goods 4.6 -0.3 -0.4 1.8 1.6 0.6 1.2 0.1 2.2
6 Services 2.0 1.9 1.8 0.3 1.3 2.1 0.6 0.6 3.1
7 Gross private domestic investment -5.3 12.5 5.9 33.9 6.1 0.7 6.6 1.3 9.0
8 Fixed investment -1.3 12.4 15.5 10.0 9.8 4.5 0.9 14.0 4.1
9 Nonresidential -1.3 14.5 19.0 9.5 7.5 3.6 -1.8 13.2 2.2
10 Structures -28.2 35.2 20.7 11.5 12.9 0.6 0.0 16.7 -3.5
11 Equipment and software 11.1 7.8 18.3 8.8 5.4 4.8 -2.6 11.8 4.6
12 Residential -1.4 4.1 1.4 12.1 20.5 8.5 13.5 17.6 12.1
13 Change in private inventories
14 Net exports of goods and services
15 Exports 5.7 4.1 6.1 1.4 4.4 5.3 1.9 -2.8 0.8
16 Goods 5.7 3.7 6.2 6.0 4.0 7.0 1.1 -5.0 0.3
17 Services 5.8 5.1 6.1 -8.8 5.2 1.1 4.0 2.5 2.0
18 Imports 4.3 0.1 4.7 4.9 3.1 2.8 -0.6 -4.2 1.9
19 Goods 5.2 -0.7 2.9 6.3 2.0 2.9 -1.2 -3.9 1.1
20 Services -0.6 4.2 13.8 -1.7 9.0 2.3 2.6 -5.6 5.8
21 Government consumption expenditures and gross investment -7.0 -0.8 -2.9 -2.2 -3.0 -0.7 3.9 -7.0 -4.9
22 Federal -10.3 2.8 -4.3 -4.4 -4.2 -0.2 9.5 -14.8 -8.7
23 National defense -14.3 8.3 2.6 -10.6 -7.1 -0.2 12.9 -22.1 -12.1
24 Nondefense -1.7 -7.5 -17.4 10.2 1.8 -0.4 3.0 1.7 -2.1
25 State and local -4.7 -3.2 -2.0 -0.7 -2.2 -1.0 0.3 -1.5 -2.4
Addendum:
26 Gross domestic product, current dollars 2.2 5.2 4.3 4.2 4.2 2.8 5.9 1.3 3.6

Fed’s Advisory Council Admits We’re Screwed

Even more amazing than the admission is how long it took them to figure it out. However the most amazing aspect of all is the lack of reaction. The mainstream media, including the financial media, has completely ignored the warning. It’s as if the report doesn’t even exit. Perhaps it’s part of a psychological defense mechanism whereby any information that casts doubt on the recovery myth, no matter how credible the source, is conveniently ignored.

US ECONOMY GROWS 2 4% IN Q1

U.S. GDP In Q1 Revised Lower As Austerity Measures Bite

Peter Schiff US Economy Living On Borrowed Time..

Peter Schiff predicts another economic crash

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, MAY 30, 2013
BEA 13-21

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Andrew Hodge: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, 1st quarter 2013 (second estimate);
Corporate Profits, 1st quarter 2013 (preliminary estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.4 percent in the first quarter of 2013 (that
is, from the fourth quarter to the first quarter), according to the "second" estimate released by the Bureau
of Economic Analysis.  In the fourth quarter, real GDP increased 0.4 percent.

      The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month.  In the advance estimate, real GDP increased 2.5 percent.
With the second estimate for the first quarter, increases in private inventory investment, in exports, and
in imports were less than previously estimated, but the general picture of overall economic activity is not
greatly changed (for more information, see "Revisions" on page 4).

BOX.______

     Comprehensive Revision of the National Income and Product Accounts

     BEA plans to release the results of the 14th comprehensive (or benchmark) revision of the national
income and product accounts (NIPAs) in conjunction with the second quarter 2013 "advance" estimate
on July 31, 2013.  More information on the revision is available on BEA’s Web site at
www.bea.gov/gdp-revisions.  An article in the March 2013 issue of the Survey of Current Business
discusses the upcoming changes in definitions and presentations, and an article in the May Survey
describes the changes in statistical methods.  An article in the September Survey will describe the
estimates in detail.  Revised NIPA table stubs and news release stubs will be available in June.

FOOTNOTE.______
     Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Quarter-to-quarter dollar changes are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005) dollars.  Price
indexes are chain-type measures.

      This news release is available on BEA's Web site along with the Technical Note
and Highlights related to this release.  For information on revisions, see 
"Revisions to GDP, GDI, and Their Major Components".

________________

      The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, residential fixed investment,
nonresidential fixed investment, and exports that were partly offset by negative contributions from
federal government spending and state and local government spending.  Imports, which are a subtraction
in the calculation of GDP, increased.

      The acceleration in real GDP in the first quarter primarily reflected an upturn in private
inventory investment, an acceleration in PCE, a smaller decrease in federal government spending, and
an upturn in exports that were partly offset by an upturn in imports and a deceleration in nonresidential
fixed investment.

      Motor vehicle output added 0.28 percentage point to the first-quarter change in real GDP after
adding 0.18 percentage point to the fourth-quarter change.  Final sales of computers added 0.02
percentage point to the first-quarter change in real GDP after adding 0.10 percentage point to the fourth-
quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.2 percent in the first quarter, 0.1 percentage point more than in the advance estimate; this
index increased 1.6 percent in the fourth quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.4 percent in the first quarter, compared with an increase of 1.2
percent in the fourth.

      Real personal consumption expenditures increased 3.4 percent in the first quarter, compared with
an increase of 1.8 percent in the fourth.  Durable goods increased 8.2 percent, compared with an increase
of 13.6 percent.  Nondurable goods increased 2.2 percent, compared with an increase of 0.1 percent.
Services increased 3.1 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 2.2 percent in the first quarter, compared with an
increase of 13.2 percent in the fourth.  Nonresidential structures decreased 3.5 percent, in contrast to an
increase of 16.7 percent.  Equipment and software increased 4.6 percent, compared with an increase of
11.8 percent.  Real residential fixed investment increased 12.1 percent, compared with an increase of
17.6 percent.

      Real exports of goods and services increased 0.8 percent in the first quarter, in contrast to a
decrease of 2.8 percent in the fourth.  Real imports of goods and services increased 1.9 percent, in
contrast to a decrease of 4.2 percent.

      Real federal government consumption expenditures and gross investment decreased 8.7 percent
in the first quarter, compared with a decrease of 14.8 percent in the fourth.  National defense decreased
12.1 percent, compared with a decrease of 22.1 percent.  Nondefense decreased 2.1 percent, in contrast
to an increase of 1.7 percent.  Real state and local government consumption expenditures and gross
investment decreased 2.4 percent, compared with a decrease of 1.5 percent.

      The change in real private inventories added 0.63 percentage point to the first-quarter change in
real GDP, after subtracting 1.52 percentage points from the fourth-quarter change.  Private businesses
increased inventories $38.3 billion in the first quarter, following an increases of $13.3 billion in the
fourth quarter and $60.3 billion in the third.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.8
percent in the first quarter, compared with an increase of 1.9 percent in the fourth.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.5 percent in the first quarter; it was unchanged in the fourth quarter.

Gross national product

      Real gross national product -- the goods and services produced by the labor and property
supplied by U.S. residents -- increased 1.5 percent in the first quarter, compared with an increase of 0.9
percent in the fourth.  GNP includes, and GDP excludes, net receipts of income from the rest of the
world, which decreased $30.3 billion in the first quarter after increasing $19.2 billion in the fourth; in
the first quarter, receipts decreased $20.8 billion, and payments increased $9.5 billion.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.6 percent, or $140.4 billion, in the first quarter to a level of $16,004.5 billion.  In the fourth quarter,
current-dollar GDP increased 1.3 percent, or $53.1 billion.

Gross domestic income

      Real gross domestic income (GDI), which measures the output of the economy as the costs
incurred and the incomes earned in the production of GDP, increased 2.5 percent in the first quarter,
compared with an increase of 5.5 percent (revised) in the fourth.  For a given quarter, the estimates of
GDP and GDI may differ for a variety of reasons, including the incorporation of largely independent
source data.  However, over longer time spans, the estimates of GDP and GDI tend to follow similar
patterns of change.

Revisions

      The "second" estimate of the third-quarter percent change in GDP is 0.1 percentage point, or
$3.9 billion, less than the advance estimate issued last month, primarily reflecting downward revisions
to private inventory investment, to exports, and to state and local government spending that were partly
offset by a downward revision to imports and an upward revision to personal consumption expenditures.

                                                                     Advance Estimate             Second Estimate
                                                                       (Percent change from preceding quarter)

Real GDP..........................................                          2.5                        2.4
Current-dollar GDP................................                          3.7                        3.6
Gross domestic purchases price index..............                          1.1                        1.2

                                             Corporate Profits

      Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) decreased $43.8 billion in the first quarter, in contrast to an increase of $45.4
billion in the fourth.  Current-production cash flow (net cash flow with inventory valuation adjustment) -
- the internal funds available to corporations for investment -- increased $110.9 billion in the first
quarter, in contrast to a decrease of $89.8 billion in the fourth.

      Taxes on corporate income decreased $13.6 billion in the first quarter, compared with a decrease
of $4.4 billion in the fourth.  Profits after tax with inventory valuation and capital consumption
adjustments decreased $30.2 billion in the first quarter, in contrast to an increase of $49.8 billion in the
fourth.  Dividends decreased $101.7 billion in contrast to an increase of $124.3 billion. The large fourth-
quarter increase reflected accelerated and special dividends paid by corporations at the end of 2012 in
anticipation of changes to individual income tax rates.  Current-production undistributed profits
increased $71.4 billion, in contrast to a decrease of $74.3 billion.

      Domestic profits of financial corporations decreased $2.0 billion in the first quarter, compared
with a decrease of $3.5 billion in the fourth.  Domestic profits of nonfinancial corporations decreased
$8.8 billion in the first quarter, in contrast to an increase of $24.8 billion in the fourth.  In the first
quarter, real gross value added of nonfinancial corporations increased, and profits per unit of real value
added decreased.  The decrease in unit profits reflected an increase in the unit nonlabor costs incurred by
corporations that was partly offset by a decrease in unit labor costs; unit prices were unchanged.

      The rest-of-the-world component of profits decreased $33.0 billion in the first quarter, in contrast
to an increase of $24.1 billion in the fourth.  This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated
foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus
dividends paid by U.S. corporations to unaffiliated foreign residents.  The first-quarter decrease was
accounted for by a decrease in receipts and an increase in payments.

      Profits before tax decreased $49.8 billion in the first quarter, in contrast to an increase of $27.3
billion in the fourth.  The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments.  These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts.  The capital consumption
adjustment increased $12.9 billion in the first quarter (from -$199.5 billion to -$186.6 billion), compared
with an increase of $0.5 billion in the fourth.  The inventory valuation adjustment decreased $6.9 billion
(from -$9.2 billion  to -$16.1 billion), in contrast to an increase of $17.6 billion.

	The first-quarter changes in taxes on corporate income and in the capital consumption
adjustment mainly reflect the expiration of bonus depreciation claimed under the American Taxpayer
Relief Act of 2012.  For detailed data, see the table "Net Effects of the Tax Acts of 2002, 2003, 2008,
2009, 2010, and 2012 on Selected Measures of Corporate Profits" at
www.bea.gov/national/xls/technote_tax_acts.xls.  Profits from current production are not affected
because they do not depend on the depreciation-accounting practices used for federal income tax returns;
rather, they are based on depreciation of fixed assets valued at current cost using consistent depreciation
profiles based on used-asset prices. For more details on the effect of tax act provisions on the capital
consumption adjustment, see FAQ #999 on the BEA Web site, "Why does the capital consumption
adjustment for domestic business decline so much in the first quarter of 2012?".

                                            *          *          *

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                            *          *          *

                           Next release -- June 26, 2013, at 8:30 A.M. EDT for:
                           Gross Domestic Product:  First Quarter 2013 (Third Estimate)
                           Corporate Profits:  First Quarter (Revised Estimate)

Surprise Manufacturing Downturn Holds Back U.S. Growth: Economy

 By Shobhana Chandra

the U.S. unexpectedly shrank in May at the fastest pace in four years, showing slowdowns in business and government spending are holding back the world’s largest economy.

The Institute for Supply Management’s factory index fell to 49, the lowest reading since June 2009, from the prior month’s 50.7, the Tempe, Arizona-based group’s report showed today. Fifty is the dividing line between growth and contraction. The median forecast of 81 economists surveyed by Bloomberg was 51.

Across-the-board federal budget cuts and overseas markets that are struggling to rebound will probably continue to curb manufacturing, which accounts for about 12 percent of the economy. At the same time, demand for automobiles, gains in residential construction and lean inventories may spark a pickup in orders and production in the second half of the year.

“Manufacturing is really stymied by slow corporate spending and government spending cutbacks,” said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, who was the only analyst in the Bloomberg survey to correctly project the drop in the index. “Manufacturing will grow at a modest pace this year” although it “is unlikely to accelerate in coming months,” LeBas said. “This is part of the slower expansion we’ll have in the second quarter.”

Estimates in the Bloomberg survey ranged from 49 to 54.

Stocks fluctuated between gains and losses after the report. The Standard & Poor’s 500 Index fell 0.3 percent to 1,626.19 at 12:39 p.m. in New York. The gauge had posted its first consecutive weekly losses since November.

http://www.bloomberg.com/news/2013-06-03/may-ism-manufacturing-index-decreased-to-49-from-50-7-in-april.html

Manufacturing sector contracts in May: ISM

Manufacturing activity contracted in May for the first time in six months as new orders slipped and there was less demand for exports, an industry report showed on Monday.

The Institute for Supply Management (ISM) said its index of national factory activity in May fell to 49.0 from 50.7 in April, short of expectations for 50.7.

A reading below 50 indicates contraction in the manufacturing sector. The last time the ISM manufacturing index fell below 50 was November 2012, shortly after the U.S. east coast was hit by a massive storm.

The gauge for new orders dropped to 48.8 from 52.3, while a measure of employment edged down to 50.1 from 50.2. Production fell to 48.6 from 53.5.

The exports index fell to 51.0 from 54.0, while imports held up relatively better, slipping slightly to 54.5 from 55.0.

Though growth has cooled in recent months, before May the national reading had managed to stay in expansion territory, unlike some regional reports that have shown shrinkage.

Economic growth overall in the second quarter is expected to slow from the first quarter’s 2.4 percent pace.

http://www.newsdaily.com/business/28c9c04463c338dbc2557a604a2a7502/manufacturing-sector-contracts-in-may-ism

Fed’s Advisory Council of bankers warns of risks posed by QE3

A Federal Reserve advisory panel of bankers issued a stark warning to the U.S. central bank earlier this month over the dangers of its massive bond purchases, according to documents released on Friday.

“Current policy has created systemic financial risks and potential structural problems for banks,” the Federal Advisory Council noted, according to minutes of its meeting on May 17, which the Fed posted on its public website.

In February, the council, made up of 12 representatives from the banking industry who meet four times a year, stated that it continued to support the Fed’s accommodative monetary policy.

In May, there was an acknowledgment that the policies had provided support for a slow recovery, but no explicit backing.

“However, the effectiveness of the policies in producing healthy economic and employment growth is not clear. Uncertainty about fiscal and monetary policy is deterring business investment that would spur growth,” the Council noted.

Fed officials say they are mindful of the potential costs of a campaign of their massive bond purchases, aimed at spurring growth by holding down borrowing costs, and have signaled that they may scale back buying if the economy continues to improve over the next few months.

The program, currently running at an $85 billon monthly pace, has harsh critics. The Advisory Council echoed some of these concerns in its May meeting, including a trend of low rates pushing investors into riskier assets to make up for lost yield.

The Advisory Council also noted that the Fed’s campaign of so called quantitative easing, which entered a third stage – dubbed QE3 – in September, has tripled the Fed’s balance sheet to around $3.3 trillion, and could be disruptive to exit.

“Uncertainty exists about how markets will reestablish normal valuations when the Fed withdraws from the market. It will likely be difficult to unwind policy accommodation.”

Each of the Fed’s 12 regional branches chooses a banker from its district to sit on the council, whose members include Joseph Hooley, head of Boston’s State Street Corp ; James Gorman, boss of Morgan Stanley in New York; and Kelly King, head of BB&T Corp in Winston-Salem, North Carolina. (Reporting By Alister Bull; Editing by Nick Zieminski)

http://www.reuters.com/article/2013/05/31/usa-fed-council-idUSL2N0EC1KX20130531

 

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2.5% First Quarter 2013 Real Annual Growth in Gross Domestic Product (GDP) — Stagflation — Government GDP Calculation of Investment To Include Intangibles R&D — Videos

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gdp_large

Ken Langone: Regulation Biggest Issue Hurting U.S. Economy

April 26 (Bloomberg) — Ken Langone, founder & CEO at Invemed Associates, talks with Bloomberg’s Erik Schatzker and Sara Eisen about first-quarter U.S. GDP, the impact of regulations and the anti-business stance of the Obama Administration. He speaks on Bloomberg Television’s “Market Makers.”

Peter Schiff We re in Depression, Dollar Crisis Coming

[

GDP Propaganda Exposed

Data shift to lift US economy 3%

By Robin Harding in Washington

The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development.

Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output.

Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis, told the Financial Times that the update was the biggest since computer software was added to the accounts in 1999.

“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” said Mr Moulton.

The changes will affect everything from the measured GDP of different US states to the stability of the inflation measure targeted by the Federal Reserve. They will force economists to revisit policy debates about everything from corporate profits to the causes of economic growth.

The revision, equivalent to adding a country as big as Belgium to the estimated size of the world economy, will make the US one of the first adopters of a new international standard for GDP accounting.

“We’re capitalising research and development and also this category referred to as entertainment, literary and artistic originals, which would be things like motion picture originals, long-lasting television programmes, books and sound recordings,” said Mr Moulton.

At present, R&D counts as a cost of doing business, so the final output of Apple iPads is included in GDP but the research done to create them is not. R&D will now count as an investment, adding a bit more than 2 per cent to the measured size of the economy.

GDP will soar in small states that host a lot of military R&D, but barely change in others, widening measured income gaps across the US. R&D is expected to boost the GDP of New Mexico by 10 per cent and Maryland by 6 per cent while Louisiana will see an increase of just 0.6 per cent.

Creative works are expected to add a further 0.5 per cent to the overall size of the US economy. Around one-third of that will come from movies, one-third from TV programmes, and one-third from books, music and theatre.

Deficits in defined benefit pension schemes will also be included because what companies have promised to pay out will be measured, rather than the cash they pay into plans.

“We will now show a liability for underfunded plans, which particularly has large ramifications for the government sector, where both at the state level and the federal level we have large underfunded plans,” said Mr Moulton.

The changes are in addition to a comprehensive revision of the national accounts that takes place every five years based on an economic census of nearly 4m US businesses.

Steve Landefeld, BEA director, said it was hard to predict the overall outcome given the mixture of new methodology and data updates. “What’s going to happen when you mix it with the new source data from the economic census . . . I don’t know,” he said.

But he said the revisions were unlikely to alter the picture of what has happened to the economy in recent years. “I wouldn’t be looking for large changes in trends or cycles.”

http://www.ft.com/cms/s/0/52d23fa6-aa98-11e2-bc0d-00144feabdc0.html#axzz2Rb5G6QBg

US GDP Will Be Revised Higher By $500 Billion Following Addition Of “Intangibles” To Economy

Submitted by Tyler Durden

Those who have been following the US debt to GDP ratio now that the US officially does not have a debt ceiling indefinitely, may have had the occasional panic attack seeing how this country’s leverage ratio is rapidly approaching that of a Troika case study of a PIIG in complete failure. And at 107% debt/GDP no explanations are necessary. Luckily, the official gatekeepers of America’s economic growth (with decimal point precision), the Bureau of Economic Analysis have a plan on how to make the US economy, which is now growing at an abysmal 1.5% annualized pace, or about 5 times slower than US debt growing at 7.5% annually, catch up: magically make up a number out of thin air, and add it to the total. And it literally is out of thin air: according to the FT the addition will constitute of a one-time addition of intangibles, amounting to 3% of total US GDP, or more than the size of Belgium at $500 billion, to the US economy.

From FT:

The US economy will officially become 3 per cent bigger in July as part of a shake-up that will see government statistics take into account 21st century components such as film royalties and spending on research and development.

Billions of dollars of intangible assets will enter the gross domestic product of the world’s largest economy in a revision aimed at capturing the changing nature of US output.

Brent Moulton, who manages the national accounts at the Bureau of Economic Analysis, told the Financial Times that the update was the biggest since computer software was added to the accounts in 1999.

“We are carrying these major changes all the way back in time – which for us means to 1929 – so we are essentially rewriting economic history,” said Mr Moulton.

What exactly will constitute GDP growth going forward? In a word, intangibles: films, books, magazines and iTunes songs.

“We’re capitalising research and development and also this category referred to as entertainment, literary and artistic originals, which would be things like motion picture originals, long-lasting television programmes, books and sound recordings,” said Mr Moulton.

At present, R&D counts as a cost of doing business, so the final output of Apple iPads is included in GDP but the research done to create them is not. R&D will now count as an investment, adding a bit more than 2 per cent to the measured size of the economy.

Nothing like adding intangibles in the fluid, ever-changing definition of what constitutes an economy.

Naturally, the only reason for this artificial “boost” to the US economy which apparently can be any old arbitrary number agreed upon by a few accountants, and which always goes up post revision, never down, is to make US debt/GDP under 100% once again, if only very briefly. Surely a few months later something else can be “added” to GDP making the US economy appear better than it is once more.

Finally, all of the above is a distraction for idiots.

As most people should know by know (this logically excludes economists), the only factor leading to economic “growth” is the expansion of liabilities of the financial system, whereby new credit (in a healthy environment, not one centrally-planned by several Princeton real-world rejects, where the central bank is forced to create all credit expansion with money that never leaves the banks and the capital markets closed loop) creates new money, creates demand for products and services, and circulates in the economy.

This can be seen in the chart below which shows the nearly perfect correlation between total bank liabilities in the US, as per the Fed’s Flow Of Funds report, and total US GDP.

Bottom line: the BEA can capitalize air consumption if it thinks it will make US GDP soar, but unless new credit and bank liabilities are created not due to forced supply but demand, and unless the private financial sector is finally willing to start lending money (which for the entire duration of QE it has not) US growth will stall and then proceed to decline.

Case in point: total US commerical bank loans are still lower than they were the day Lehman filed.

In other words, all the GDP “growth” since the Lehman failure has come on the back of money “created” by the Fed.

And there are still those who think the Fed will ever unwind…

http://www.zerohedge.com/news/2013-04-21/us-gdp-will-be-revised-higher-500-billion-following-addition-intangibles-economy

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 26, 2013
BEA 13-18

* See the navigation bar at the right side of the news release text for links to data tables,
contact personnel and their telephone numbers, and supplementary materials.

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Recorded message: (202) 606-5306
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product, First Quarter 2013 (advance estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.5 percent in the first quarter of 2013 (that
is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the fourth quarter, real GDP increased 0.4 percent.

      The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3 and
"Comparisons of Revisions to GDP" on page 5).  The "second" estimate for the first quarter, based on
more complete data, will be released on May 30, 2013.

      The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), private inventory investment, exports, residential investment,
and nonresidential fixed investment that were partly offset by negative contributions from federal
government spending and state and local government spending.  Imports, which are a subtraction in the
calculation of GDP, increased.

BOX_______________________
     Comprehensive Revision of the National Income and Product Accounts

     BEA plans to release the results of the 14th comprehensive (or benchmark) revision of the national
income and product accounts (NIPAs) in conjunction with the second quarter 2013 "advance" estimate
on July 31, 2013.  More information on the revision is available on BEA’s Web site at
www.bea.gov/gdp-revisions, including a link to an article in the March 2013 issue of the Survey of
Current Business that discusses the upcoming changes in definitions and presentations, including
capitalizing spending on research and development and on entertainment originals and measuring
transactions of defined benefit pension plans on an accrual accounting basis.  An article in the May
Survey will describe changes in statistical methods, and an article in the September Survey will describe
the estimates in detail.  Revised NIPA table stubs and news release stubs will be available in June.

FOOTNOTE___________________

      Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005)
dollars.  Price indexes are chain-type measures.

      This news release is available on www.bea.gov along with the Technical Note and highlights related to this release.
___________________________

      The acceleration in real GDP in the first quarter primarily reflected an upturn in private
inventory investment, an acceleration in PCE, an upturn in exports, and a smaller decrease in federal
government spending that were partly offset by an upturn in imports and a deceleration in nonresidential
fixed investment.

      Motor vehicle output added 0.24 percentage point to the first-quarter change in real GDP after
adding 0.18 percentage point to the fourth-quarter change.  Final sales of computers subtracted 0.01
percentage point from the first-quarter change in real GDP after adding 0.10 percentage point to the
fourth-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.1 percent in the first quarter, compared with an increase of 1.6 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth.

      Real personal consumption expenditures increased 3.2 percent in the first quarter, compared with
an increase of 1.8 percent in the fourth.  Durable goods increased 8.1 percent, compared with an increase
of 13.6 percent.  Nondurable goods increased 1.0 percent, compared with an increase of 0.1 percent.
Services increased 3.1 percent, compared with an increase of 0.6 percent.

      Real nonresidential fixed investment increased 2.1 percent in the first quarter, compared with an
increase of 13.2 percent in the fourth.  Nonresidential structures decreased 0.3 percent, in contrast to an
increase of 16.7 percent.  Equipment and software increased 3.0 percent, compared with an increase of
11.8 percent.  Real residential fixed investment increased 12.6 percent, compared with an increase of
17.6 percent.

      Real exports of goods and services increased 2.9 percent in the first quarter, in contrast to a
decrease of 2.8 percent in the fourth.  Real imports of goods and services increased 5.4 percent, in
contrast to a decrease of 4.2 percent.

      Real federal government consumption expenditures and gross investment decreased 8.4 percent
in the first quarter, compared with a decrease of 14.8 percent in the fourth.  National defense decreased
11.5 percent, compared with a decrease of 22.1 percent.  Nondefense decreased 2.0 percent, in contrast
to an increase of 1.7 percent.  Real state and local government consumption expenditures and gross
investment decreased 1.2 percent, compared with a decrease of 1.5 percent.

      The change in real private inventories added 1.03 percentage points to the first-quarter change in
real GDP after subtracting 1.52 percentage points from the fourth-quarter change.  Private businesses
increased inventories $50.3 billion in the first quarter, following increases of $13.3 billion in the fourth
quarter and $60.3 billion in the third.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.5
percent in the first quarter, compared with an increase of 1.9 percent in the fourth.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.9 percent in the first quarter; it was unchanged in the fourth quarter.

Disposition of personal income

      Current-dollar personal income decreased $109.1 billion (3.2 percent) in the first quarter, in
contrast to an increase of $262.3 billion (8.1 percent) in the fourth.  The downturn in personal income
primarily reflected a sharp downturn in personal dividend income and a sharp acceleration in
contributions for government social insurance -- a subtraction in the calculation of personal income.
Fourth-quarter personal dividend income was boosted by the payment of accelerated and special
dividends. The acceleration in contributions for government social insurance in the first quarter resulted
from the expiration of the "payroll tax holiday."

      Personal current taxes increased $27.2 billion in the first quarter, compared with an increase of
$34.3 billion in the fourth.

      Disposable personal income decreased $136.3 billion (4.4 percent) in the first quarter, in contrast
to an increase of $228.0 billion (7.9 percent) in the fourth.  Real disposable personal income decreased
5.3 percent, in contrast to an increase of 6.2 percent.

      Personal outlays increased $116.3 billion (4.1 percent) in the first quarter, compared with an
increase of $97.0 billion (3.4 percent) in the fourth.  Personal saving -- disposable personal income less
personal outlays -- was $313.3 billion in the first quarter, compared with $566.0 billion in the fourth.

      The personal saving rate -- personal saving as a percentage of disposable personal income -- was
2.6 percent in the first quarter, compared with 4.7 percent in the fourth.  For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s flow of funds accounts and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.7 percent, or $146.1 billion, in the first quarter to a level of $16,010.2 billion.  In the fourth quarter,
current-dollar GDP increased 1.3 percent, or $53.1 billion.

BOX_____________________
      Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."  For information on revisions, see
"Revisions to GDP, GDI, and Their Major Components."
________________________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                           *          *          *

                              Next release -- May 30, 2013, at 8:30 A.M. EDT for:
                              Gross Domestic Product:  First Quarter 2013 (Second Estimate)
                              Corporate Profits:  First Quarter 2013 (Preliminary Estimate)

                                            Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.6                  0.4
Advance to third.....................                .1                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.2                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .5
Second to third......................                .0                  .2                   .2

Advance to latest....................                .2                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2009.
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Masters of Money — Keynes — Hayek — Marx — Videos

Posted on April 24, 2013. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, History of Economic Thought, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Rants, Raves, Talk Radio, Tax Policy, Unemployment, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , |

maynard_keynes

Masters Of Money: 1/3 – John Maynard Keynes (BBC Documentary Series)

friedrich-von-hayek

Masters Of Money: 2/3 – Friedrich Hayek (BBC Documentary Series)

karl_marx

Masters Of Money: 3/3 – Karl Marx (BBC Documentary Series)

Keynes the Man: Hero or Villain? | Murray N. Rothbard

Modern Myths of Keynesian Economics | Jeffrey M. Herbener

Deck the Halls with Macro Follies

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What GDP Leaves Out: An Austrian Look

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Bill Bonner and Addison Wiggin — A Financial Reckoning Day Fallout: Surviving Today’s Global Depression — Videos

Posted on April 15, 2013. Filed under: American History, Babies, Banking, Blogroll, Books, Business, College, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, history, History of Economic Thought, Investments, Law, liberty, Life, Links, Literacy, Macroeconomics, Math, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Private Sector, Psychology, Public Sector, Raves, Security, Tax Policy, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , |

bill-bonner

AddisonWiggin_EI_play

financial_day_of_reckoning

An Empire of Debt Leading to a “Crack-up” in the Global Monetary System w/Bill Bonner!

Bill Bonner  ZURICH.MINDS INTERVIEW

Bill Bonner: Uncharted Territory –

Emerging Market Real Estate, The Most Promising Asset Class: An Interview with Bill Bonner

Bill Bonner at The Equitymaster Investment Summit 2010

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Bill Bonner: Enterprise Under Attack Part 2 – July 24

Bill Bonner:  Enterprise Under Attack Part 3 – July 24

Addison Wiggin / Financial Reckoning Day Fallout on FOX Business News

Addison Wiggin on an Empire of Debt and the Mother of all Bubbles (Part 1) 

Addison Wiggin on an Empire of Debt and the Mother of all Bubbles (Part 2) 

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U.S. Real Gross Domestic Product Grew in 3rd Quarter at 2% Annual Rate–Videos

Posted on October 26, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, history, Homes, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, Money, People, Politics, Psychology, Rants, Regulations, Resources, Tax Policy, Taxes, Technology, Video, Wealth | Tags: , , , , |

US growth up, but not enough to help Obama

The Politics Behind the Latest Government Economic Report

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GDP Rises 2% in 3rd Quarter, Consumer Spending Increases

3XSQ: U.S. GDP expands 2%

National Income and Product Accounts Gross Domestic Product: Third Quarter 2012 (advance estimate)
      Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.0 percent in the third quarter of 2012 (that
is, from the second quarter to the third quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the second quarter, real GDP increased 1.3 percent.

      The Bureau emphasized that the third-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see box below).  The
"second" estimate for the third quarter, based on more complete data, will be released on November 29,
2012.

      The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), federal government spending, and residential fixed
investment that were partly offset by negative contributions from exports, nonresidential fixed
investment, and private inventory investment.  Imports, which are a subtraction in the calculation of
GDP, decreased.

      The acceleration in real GDP in the third quarter primarily reflected an upturn in federal
government spending, a downturn in imports, an acceleration in PCE, a smaller decrease in private
inventory investment, an acceleration in residential fixed investment, and a smaller decrease in state and
local government spending that were partly offset by downturns in exports and in nonresidential fixed
investment.

____________

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted
annual rates, unless otherwise specified.  Quarter-to-quarter dollar changes
are differences between these published estimates.  Percent changes are
calculated from unrounded data and are annualized.  "Real" estimates are in
chained (2005) dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.
____________

      Final sales of computers added 0.17 percentage point to the third-quarter change in real GDP
after subtracting 0.10 percentage point from the second-quarter change.  Motor vehicle output subtracted
0.47 percentage point from the third-quarter change in real GDP after adding 0.20 percentage point to
the second-quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the third quarter, compared with an increase of 0.7 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in
the third quarter, compared with an increase of 1.4 percent in the second.

      Real personal consumption expenditures increased 2.0 percent in the third quarter, compared
with an increase of 1.5 percent in the second.  Durable goods increased 8.5 percent, in contrast to a
decrease of 0.2 percent.  Nondurable goods increased 2.4 percent, compared with an increase of 0.6
percent.  Services increased 0.8 percent, compared with an increase of 2.1 percent.

      Real nonresidential fixed investment decreased 1.3 percent in the third quarter, in contrast to an
increase of 3.6 percent in the second.  Nonresidential structures decreased 4.4 percent, in contrast to an
increase of 0.6 percent.  Equipment and software decreased less than 0.1 percent, in contrast to an
increase of 4.8 percent.  Real residential fixed investment increased 14.4 percent, compared with an
increase of 8.5 percent.

      Real exports of goods and services decreased 1.6 percent in the third quarter, in contrast to an
increase of 5.3 percent in the second.  Real imports of goods and services decreased 0.2 percent, in
contrast to an increase of 2.8 percent.

      Real federal government consumption expenditures and gross investment increased 9.6 percent
in the third quarter, in contrast to a decrease of 0.2 percent in the second.  National defense increased
13.0 percent, in contrast to a decrease of 0.2 percent.  Nondefense increased 3.0 percent, in contrast to a
decrease of 0.4 percent.  Real state and local government consumption expenditures and gross
investment decreased 0.1 percent, compared with a decrease of 1.0 percent.

      The change in real private inventories subtracted 0.12 percentage point from the third-quarter
change in real GDP after subtracting 0.46 percentage point from the second-quarter change.  Farm
inventories subtracted 0.42 percentage point from the third-quarter change after subtracting 0.17
percentage point from the second-quarter change.  Nonfarm inventories added 0.30 percentage point to
the third-quarter change after subtracting 0.29 percentage point from the second-quarter change.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 2.1
percent in the third quarter, compared with an increase of 1.7 percent in the second.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the third quarter, compared with an increase of 1.0 percent in the
second.

Disposition of personal income

      Current-dollar personal income increased $89.3 billion (2.7 percent) in the third quarter,
compared with an increase of $130.3 billion (4.0 percent) in the second.

      Personal current taxes increased $13.2 billion in the third quarter, compared with an increase of
$20.2 billion in the second.

      Disposable personal income increased $76.1 billion (2.6 percent) in the third quarter, compared
with an increase of $110.0 billion (3.8 percent) in the second.  Real disposable personal income
increased 0.8 percent, compared with an increase of 3.1 percent.

      Personal outlays increased $111.4 billion (4.0 percent) in the third quarter, compared with an
increase of $57.4 billion (2.0 percent) in the second.  Personal saving -- disposable personal income less
personal outlays -- was $445.0 billion in the third quarter, compared with $480.3 billion in the second.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 3.7
percent in the third quarter, compared with 4.0 percent in the second.  For a comparison of personal
saving in BEA’s national income and product accounts with personal saving in the Federal Reserve
Board’s flow of funds accounts and data on changes in net worth, go to
www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.0 percent, or $190.1 billion, in the third quarter to a level of $15,775.7 billion.  In the second quarter,
current-dollar GDP increased 2.8 percent, or $107.3 billion.

______________

BOX.     Information on the assumptions used for unavailable source data is provided in a technical note that
is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed "Key
Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an analysis of
the current quarterly estimate of GDP and related series is made available on the Web site; click on Survey
of Current Business, "GDP and the Economy."  For information on revisions, see "Revisions to GDP, GDI, and
Their Major Components."
______________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

                                        *          *          *

Next release -- November 29, 2012, at 8:30 A.M. EST for:
Gross Domestic Product:  Third Quarter 2012 (Second Estimate)
Corporate Profits:  Third Quarter (Preliminary Estimate)

                                        *          *          *

Release Dates in 2013

           	 2012: IV and 2012 annual    	2013: I     	2013: II          2013: III

Gross Domestic Product
Advance...		January 30            	April 26	July 31		  October 30
Second...		February 28          	May 30      	August 29	  November 26
Third... 		March 28             	June 26     	September 26	  December 20

Corporate Profits
Preliminary...          ........		May 30      	August 29	  November 26
Revised... 		March 28             	June 26     	September 26	  December 20

                                            Comparisons of Revisions to GDP

     Quarterly estimates of GDP are released on the following schedule:  the "advance" estimate, based on
source data that are incomplete or subject to further revision by the source agency, is released near the end of the
first month after the end of the quarter; as more detailed and more comprehensive data become available,
the "second" and "third" estimates are released near the end of the second and third months, respectively.
The "latest"” estimate reflects the results of both annual and comprehensive revisions.

     Annual revisions, which generally cover the quarters of the 3 most recent calendar years, are usually carried
out each summer and incorporate newly available major annual source data.  Comprehensive (or benchmark)
revisions are carried out at about 5-year intervals and incorporate major periodic source data, as well as
improvements in concepts and methods that update the accounts to portray more accurately the evolving U.S.
economy.

The table below shows comparisons of the revisions between quarterly percent changes of current-dollar
and of real GDP for the different vintages of the estimates.  From the advance estimate to the second estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the
advance estimate to the third estimate (two months later), it is 0.6 percentage point.  From the advance estimate to
the latest estimate, the average revision without regard to sign is 1.3 percentage points.  The average revision
(with regard to sign) from the advance estimate to the latest estimate is 0.2 percentage point, which is larger
than the average revisions from the advance estimate to the second or to the third estimates.  The larger average
revisions to the latest estimate reflect the fact that comprehensive revisions include major improvements, such as
the incorporation of BEA’s latest benchmark input-output accounts.  The quarterly estimates correctly indicate the
direction of change of real GDP 97 percent of the time, correctly indicate whether GDP is accelerating or
decelerating 72 percent of the time, and correctly indicate whether real GDP growth is above, near, or below trend
growth more than four-fifths of the time.

                           Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                                                     [Annual rates]

       Vintages                                   Average         Average without     Standard deviation of
       compared                                                    regard to sign      revisions without
                                                                                         regard to sign

____________________________________________________Current-dollar GDP_______________________________________________

Advance to second....................               0.2                 0.6                  0.4
Advance to third.....................                .1                  .7                   .4
Second to third......................                .0                  .3                   .2

Advance to latest....................                .3                 1.2                  1.0

________________________________________________________Real GDP_____________________________________________________

Advance to second....................               0.1                 0.5                  0.4
Advance to third.....................                .1                  .6                   .5
Second to third......................                .0                  .2                   .2

Advance to latest....................                .2                 1.3                  1.0

NOTE.  These comparisons are based on the period from 1983 through 2009.
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U.S. Real Gross Domestic Product (GDP) Declined From 3% in Fourth Quarter 2011 to 1.9% in First Quarter of 2011–U.S. GDP Peaked Heading Toward Recession in Second Half of 2012–Diving Off The Fiscal Cliff–Videos

Posted on May 31, 2012. Filed under: American History, Blogroll, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, Fiscal Policy, Food, government spending, history, Inflation, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, People, Politics, Raves, Taxes, Video | Tags: , , , , , , , |

Current Numbers:
  • 1st quarter 2012: 1.9 percent
  • 4th quarter 2011: 3.0 percent
Quarterly data: Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 1.9 percent in the first quarter of 2012 (that is, from the fourth quarter to the first quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2011, real GDP increased 3.0 percent.

Real gross domestic product (GDP) rose 1.9 percent in the first quarter of 2012 after rising 3.0 percent

in the fourth quarter, according to the second estimate released today by the Bureau of Economic Analysis. The

first-quarter growth rate was 0.3 percentage point less than the “advance” estimate released in April.

Over the past 4 quarters, real GDP grew 2.0 percent.

First-quarter highlights

An acceleration in consumer spending in the first quarter was more than offset by a slowdown in inventory investment.

Consumer spending was strong in the first quarter, rising 2.7 percent after rising 2.1 percent in the fourth quarter. The

firstquarter increase was the largest since the fourth quarter of 2010. Spending on services and nondurable goods accelerated,

more than offsetting a slowdown in spending on durable goods (mainly motor vehicles and parts).

The slowdown in inventory investment reflected a sharp downturn in inventory investment by nondurablegoods

wholesalers and manufacturers. A slowdown in business investment, mainly in industrial equipment and

in computers and software, also contributed to the slowdown in economic growth.

Revisions to GDP The downward revision of real GDP growth for the first quarter was largely accounted for by a downward

revision to inventory investment; manufacturing, wholesale, and retail inventories were all revised down. In addition,

imports was revised up. Partly offsetting these revisions, business investment and exports were revised up.

http://www.bea.gov/newsreleases/national/gdp/gdphighlights.pdf

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U.S. Recession a Possibility in 2012, Shilling Says

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Roubini Says Stimulus Will Sap Second-Half U.S. Growth

Sept. 3 (Bloomberg) — Nouriel Roubini, chairman and co-founder of Roubini Global Economics LLC, talks about the outlook for the global economy and the possible impact of a double-dip recession or an increase in risk aversion on gold and currencies. He talks with Francine Lacqua in Cernobbio, Italy, on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

Glenn Beck Interviews Ron Paul About U.S Recession (2/2/2012) 

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Growth of Real Gross Domestic Product (GDP) Falls From 3.0 Percent in Fourth Quarter 2012 to 2.2 Percent in First Quarter 2012–Economy Peaks in 2011–Start Of Global Recession As Oil Prices Spike Due to Excessive Speculation–Videos

Posted on April 27, 2012. Filed under: Banking, Blogroll, Business, College, Communications, Demographics, Economics, Education, Employment, Energy, Federal Government, Federal Government Budget, Fiscal Policy, Foreign Policy, government, government spending, Health Care, Inflation, Law, liberty, Life, Links, Macroeconomics, Medicine, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Tax Policy, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: , , , , , , , , , , |

 

U-3 Unemployment Rate for United States

U-6 Unemployment Rate for United States

US economic growth slows

U.S. GDP Growth Slows

Examination of the state of UK´s Economy – weak Economies in the EUROZONE

Europe Growth Talk Falling On Deaf Ears

China’s Q1 GDP growth slows to 8.1%

Chinese economic growth slows 

‘Mistakes push EU into deep recession’ 

26.04.2012 – Economic Calendar by Dukascopy 

Secret Exemptions Allowed Speculators to Distort Futures Markets

CHHS Director discusses excessive speculation in oil markets

Jobs News Disappoints, Facebook on Nasdaq 

Peter Schiff’s exclusive interview with Allan Meltzer at The Atlantic Economy Summit

Background Articles and Videos

Don Yacktman 

The Birth of the Speculator P1

The Birth of the Speculator P2

The Birth of the Speculator P3

The Birth of the Speculator P4

The Birth of the Speculator P5

The Birth of the Speculator P6

Keynesian Catastrophe: Big Money, Big Government & Big Lies

Keynesian Economics Is Wrong: Bigger Gov’t Is Not Stimulus

Eight Reasons Why Big Government Hurts Economic Growth 

Keynesian Economics Is Wrong: Economic Growth Causes Consumer Spending, Not the Other Way

GDP, Nominal, Real, examples 

gdp and gnp 

The multiplier effect in the simple Keynesian model:   A change in investment spending

Table 1.1.1. Percent Change From Preceding Period in Real Gross Domestic Product

[Percent] Seasonally adjusted at annual rates

Last Revised on: April 27, 2012 – Next Release Date May 31, 2012

Line 2010 2011 2012
I II III IV I II III IV I
1 Gross domestic product 3.9 3.8 2.5 2.3 0.4 1.3 1.8 3.0 2.2
2 Personal consumption expenditures 2.7 2.9 2.6 3.6 2.1 0.7 1.7 2.1 2.9
3 Goods 6.4 3.8 4.8 8.3 4.7 -1.6 1.4 5.4 6.2
4 Durable goods 9.9 7.8 8.8 17.2 11.7 -5.3 5.7 16.1 15.3
5 Nondurable goods 4.8 1.9 3.0 4.3 1.6 0.2 -0.5 0.8 2.1
6 Services 1.0 2.5 1.6 1.3 0.8 1.9 1.9 0.4 1.2
7 Gross private domestic investment 31.5 26.4 9.2 -7.1 3.8 6.4 1.3 22.1 6.0
8 Fixed investment 1.2 19.5 2.3 7.5 1.2 9.2 13.0 6.3 1.4
9 Nonresidential 6.0 18.6 11.3 8.7 2.1 10.3 15.7 5.2 -2.1
10 Structures -24.7 7.5 4.2 10.5 -14.3 22.6 14.4 -0.9 -12.0
11 Equipment and software 21.7 23.2 14.1 8.1 8.7 6.2 16.2 7.5 1.7
12 Residential -15.3 22.8 -27.7 2.5 -2.4 4.2 1.3 11.6 19.1
13 Change in private inventories
14 Net exports of goods and services
15 Exports 7.2 10.0 10.0 7.8 7.9 3.6 4.7 2.7 5.4
16 Goods 12.1 11.8 8.9 9.2 10.6 2.5 5.0 3.6 4.1
17 Services -2.7 6.1 12.6 4.7 1.7 6.2 4.0 0.4 8.6
18 Imports 12.5 21.6 12.3 -2.3 8.3 1.4 1.2 3.7 4.3
19 Goods 14.4 26.0 12.4 -0.5 9.5 1.6 0.5 3.3 3.0
20 Services 4.6 3.3 11.6 -10.4 2.2 0.4 4.8 5.6 11.0
21 Government consumption expenditures and gross investment -1.2 3.7 1.0 -2.8 -5.9 -0.9 -0.1 -4.2 -3.0
22 Federal 2.8 8.8 3.2 -3.0 -9.4 1.9 2.1 -6.9 -5.6
23 National defense 0.5 6.0 5.7 -5.9 -12.6 7.0 5.0 -12.1 -8.1
24 Nondefense 7.8 14.7 -1.8 3.1 -2.7 -7.6 -3.8 4.5 -0.6
25 State and local -3.9 0.4 -0.5 -2.7 -3.4 -2.8 -1.6 -2.2 -1.2
Addendum:  26Gross domestic product, current dollars5.55.43.94.23.14.04.43.83.8
EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, APRIL 27, 2012

BEA 12-17

* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.

<!–

–>

<!–

–><!–

–>

Lisa S. Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Andrew Hodge: (202) 606-5564 (Profits) cpniwd@bea.gov
Recorded message: (202) 606-5306
Brent Moulton: (202) 606-9606 (Annual Revision)
Bob Kornfeld: (202) 606-9285
Ralph Stewart: (202) 606-2649 (News Media)
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts Gross Domestic Product, 1st quarter 2012 (advance estimate)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.2 percent in the first quarter of 2012 (that
is, from the fourth quarter to the first quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis.  In the fourth quarter of 2011, real GDP increased 3.0 percent.

      The Bureau emphasized that the first-quarter advance estimate released today is based on source
data that are incomplete or subject to further revision by the source agency (see the box on page 3).  The
"second" estimate for the first quarter, based on more complete data, will be released on May 31, 2012.

      The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, private inventory investment, and residential fixed
investment that were partly offset by negative contributions from federal government spending,
nonresidential fixed investment, and state and local government spending.  Imports, which are a
subtraction in the calculation of GDP, increased.

      The deceleration in real GDP in the first quarter primarily reflected a deceleration in private
inventory investment and a downturn in nonresidential fixed investment that were partly offset by
accelerations in PCE and in exports.
___________________
BOX.
     Annual Revision of the National Income and Product Accounts

      The annual revision of the national income and product accounts (NIPAs), covering the first
quarter of 2009 through the first quarter of 2012, will be released along with the "advance" estimate of
GDP for the second quarter of 2012 on July 27, 2012.  The August Survey of Current Business will
contain an article that describes the annual revision in detail.
___________________

FOOTNOTE.  Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and are annualized.  "Real" estimates are in chained (2005)
dollars.  Price indexes are chain-type measures.

      This news release is available on BEA’s Web site along with the Technical Note and Highlights related to this release.
___________________

      Motor vehicle output added 1.12 percentage points to the first-quarter change in real GDP after
adding 0.47 percentage point to the fourth-quarter change.  Final sales of computers added 0.05
percentage point to the first-quarter change in real GDP after adding 0.12 percentage point to the fourth-
quarter change.

      The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.4 percent in the first quarter, compared with an increase of 1.1 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth.

      Real personal consumption expenditures increased 2.9 percent in the first quarter, compared with
an increase of 2.1 percent in the fourth.  Durable goods increased 15.3 percent, compared with an
increase of 16.1 percent.  Nondurable goods increased 2.1 percent, compared with an increase of 0.8
percent.  Services increased 1.2 percent, compared with an increase of 0.4 percent.

      Real nonresidential fixed investment decreased 2.1 percent in the first quarter, in contrast to an
increase of 5.2 percent in the fourth.  Nonresidential structures decreased 12.0 percent, compared with a
decrease of 0.9 percent.  Equipment and software increased 1.7 percent, compared with an increase of
7.5 percent.  Real residential fixed investment increased 19.1 percent, compared with an increase of 11.6
percent.

      Real exports of goods and services increased 5.4 percent in the first quarter, compared with an
increase of 2.7 percent in the fourth.  Real imports of goods and services increased 4.3 percent,
compared with an increase of 3.7 percent.

      Real federal government consumption expenditures and gross investment decreased 5.6 percent
in the first quarter, compared with a decrease of 6.9 percent in the fourth.  National defense decreased
8.1 percent, compared with a decrease of 12.1 percent.  Nondefense decreased 0.6 percent, in contrast to
an increase of 4.5 percent.  Real state and local government consumption expenditures and gross
investment decreased 1.2 percent, compared with a decrease of 2.2 percent.

      The change in real private inventories added 0.59 percentage point to the first-quarter change in
real GDP after adding 1.81 percentage points to the fourth-quarter change.  Private businesses increased
inventories $69.5 billion in the first quarter, following an increase of $52.2 billion in the fourth quarter
and a decrease of $2.0 billion in the third.

      Real final sales of domestic product -- GDP less change in private inventories -- increased 1.6
percent in the first quarter, compared with an increase of 1.1 percent in the fourth.

Gross domestic purchases

      Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the first quarter, compared with an increase of 3.1 percent in the
fourth.

Disposition of personal income

      Current-dollar personal income increased $119.6 billion (3.7 percent) in the first quarter,
compared with an increase of $105.3 billion (3.3 percent) in the fourth.

      Personal current taxes increased $38.6 billion in the first quarter, compared with an increase of
$21.1 billion in the fourth.

      Disposable personal income increased $81.0 billion (2.8 percent) in the first quarter, compared
with an increase of $84.2 billion (2.9 percent) in the fourth.  Real disposable personal income increased
0.4 percent, compared with an increase of 1.7 percent.

      Personal outlays increased $145.9 billion (5.3 percent) in the first quarter, compared with an
increase of $86.4 billion (3.1 percent) in the fourth.  Personal saving -- disposable personal income less
personal outlays -- was $466.0 billion in the first quarter, compared with $530.8 billion in the fourth.
The personal saving rate -- saving as a percentage of disposable personal income -- was 3.9 percent in
the first quarter, compared with 4.5 percent in the fourth.  For a comparison of personal saving in BEA’s
national income and product accounts with personal saving in the Federal Reserve Board’s flow of funds
accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp.

Current-dollar GDP

      Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.8 percent, or $142.4 billion, in the first quarter to a level of $15,461.8 billion.  In the fourth quarter,
current-dollar GDP also increased 3.8 percent, or $143.3 billion.

_____________________________
BOX.
     Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an
analysis of the current quarterly estimate of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."
_____________________________

      BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

Slowing Growth Stirs Recovery Fears

Weaker Business Investment Weighs on Economy in First Quarter Despite Brisk Consumer Spending

BY BEN CASSELMAN

“…The economy lost steam in the first quarter, as onetime engines of growth sputtered and robust consumer spending was unable to propel the recovery on its own.

Gross domestic product, the broadest measure of all goods and services produced in the economy, grew at an annualized rate of 2.2% in the first quarter, down from 3% at the end of 2011, the Commerce Department said Friday. The deceleration reflected sharp cutbacks in government spending and weaker business investment and came despite an unusually warm winter, which many economists said likely provided a mild economic boost.

The report did reveal a few areas of strength. Consumer spending, by far the biggest piece of the economy, accelerated in the first quarter, and the moribund housing sector also showed signs of improvement. Overall economic growth, though modest, was far stronger than at the start of last year, when the U.S. teetered on the brink of recession.

The glum economic news had a muted impact on financial markets, in part because many investors see a weakening economy as increasing pressure on the Federal Reserve to step in with a new round of stimulus. The Dow Jones Industrial Average nosed up 23.69 points to 13228.31. There was a note of caution in the bond market, where surging demand for the perceived safety of Treasurys sent 10-year bond yields to their lowest level in two months.

Recent data have suggested that the once-strong factory sector is weakening and that job growth, which picked up early this year, has begun to slow. Outside factors—from high oil prices to Europe’s continued financial turmoil—could be a further drag on growth in coming months. The weak start to the year gives the economy little momentum to help carry it past such challenges. …”

http://online.wsj.com/article/SB10001424052702304811304577369640809969900.html

Economy slowed to 2.2% growth rate in Q1

By Tim Mullaney, USA TODAY

“…The economy grew at a 2.2% annual rate in the first quarter, the government said today, as a pickup in consumer spending was partly offset by shrinking government spending and sluggish private investment.

Growth missed the 2.5% median forecast of 50 economists surveyed by USA TODAY. Yet economists focused on the 2.9% jump in consumer spending, saying it showed the economy is strong enough to support more hiring. Half the increase in gross domestic product came from auto sales and manufacturing, as sales reached a 15-million-unit per year pace in February.

“It was less than I expected, by more than a little, but when you look at it, the weakness was mostly in government spending,” said Joel Naroff, president of the consulting firm Naroff Economic Advisors. “If the consumer keeps increasing spending by nearly 3%, business confidence will rise and so will investment.”

The biggest chunk of the slowdown came from slower building of inventories by private companies, the Bureau of Economic Analysis said. Government spending also fell 3%, including an 8.1% drop in defense spending.

Growth in business investment also fell, with the biggest cuts coming in spending for new buildings. Investment in equipment and software, which is critical to productivity-enhancing innovation, rose 1.7%, weakest pace since mid-2009

If government spending had been unchanged in the quarter, the economy would have grown at a 2.8% rate, Naroff said.

The economy’s overall pace was slower than the 3% GDP growth in the fourth quarter last year, when businesses rebuilt inventories after a mid-year slump. Final demand, a measure of how much consumers, governments and businesses spent on everything but building inventories, rose 1.6% – topping the fourth-quarter pace by half a percentage point. …”

http://www.usatoday.com/money/economy/story/2012-04-27/first-quarter-gross-domestic-product/54574828/1

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The United States Fiscal Gap Is Worse Then Greece–The United States Is Bankrupt!–Videos

Posted on July 1, 2011. Filed under: Blogroll, Communications, Economics, Federal Government, Fiscal Policy, government, government spending, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, People, Philosophy, Rants, Raves, Video, War, Wealth, Wisdom | Tags: , , , , , , , , |

Laurence Kotlikoff – Next generation to suffer from fiscal gap

 

THE GOVERNMENT IS LYING ABOUT THE AMOUNT OF DEBT” 9-19-2010

 

Larry Kotlikoff – “Radical Things Needed Today Or We’ll Get Worse!”

World Economy Collapse explained in 3 minutes

Stop the Fiscal War Against Our Children Now:

“…The Congressional Budget Office just released its annual long-term fiscal forecast. It shows, after some simple calculations, that our government’s fiscal gap — the bill presumably being left to our children — has grown enormously over the past year.

The fiscal gap measures, in present value, the difference between all projected federal spending and future taxes. By including all spending on the same footing — whether official debt service, entitlement programs or discretionary government purchases — the fiscal gap makes no distinction between official and unofficial spending obligations, and properly so.

In fact, the government’s classification of obligations such as interest payments as official and others, such as Social Security payments, as unofficial is a labeling game with no basis whatsoever in economic theory. It’s a strategy politicians have used for decades to disguise the true nature of our country’s indebtedness.

How big is the fiscal gap? By my own calculations using the CBO data, it now stands at $211 trillion — a huge sum equaling 14 times the country’s economic output. To arrive at that figure, I assumed that annual noninterest spending, as well as taxes, would grow indefinitely by 2 percent a year beyond 2075, the point at which the CBO’s estimates end.

Growing Gap

The gap was $205 trillion last year, measured in today’s dollars. That’s an increase of $6 trillion. By contrast, the government’s count of official debt held by the public is $10 trillion — $850 billion more than last year’s figure, after adjusting for inflation. Hence, the real deficit we should be worrying about is more than six times larger than the $850 billion official deficit capturing all the attention.

In other words, Congress and the president’s administration could agree to run a balanced budget, making this year’s official deficit zero, and the nation’s true indebtedness would still rise by $5.15 trillion!

What accounts for the extra $5.15 trillion? In part, the CBO is now projecting somewhat smaller future taxes. But the main reason is that we are one year closer to having to pay 78 million baby boomers roughly $40,000, on average, per year in Social Security, Medicare and Medicaid benefits. Because the fiscal gap is a discounted present value, one year makes a big difference.

http://www.bloomberg.com/news/2011-06-29/stop-the-fiscal-war-against-our-children-now-laurence-kotlikoff.html

 

IMF: Major Changes Required to Close U.S. Fiscal Imbalance – Here’s Why, What and How

 

“…The United States is facing an unsupportable fiscal situation due to the combination of high deficits, aging population and growth in government-provided healthcare benefits according to a working paper by the International Monetary Fund (IMF). Their forecast implies that U.S. debt will rise rapidly relative to gross domestic product (GDP) in the medium- to long-term unless MAJOR adjustments in taxes and government payments are made to reduce the current fiscal and generational gaps and to avoid any further undesirable escalation of debt. [Let’s look at the details …”

“…The Fiscal Imbalance or “Gap”

The U.S. fiscal imbalance or “gap” (i.e. the reduction in the deficit needed to keep the debt-to-GDP ratio from growing) in association with today’s federal fiscal policy… is over 15 percent of GDP which means that the relationship between fiscal revenues and spending will need to improve by more than 15 percent of GDP each year indefinitely into the future. That sounds like a big number and certainly a challenge for the U.S. to accomplish.

What’s the Cause?

The main drivers of the fiscal gap cited are:

  1. low revenues from tax cuts,
  2. adjustments to the Alternative Minimum Tax and
  3. rising healthcare costs which will boost mandatory spending above 18 percent of GDP by 2050.  …”

http://www.munknee.com/2011/04/imf-major-changes-required-to-close-u-s-fiscal-imbalance-heres-why-what-and-how/

Background Articles and Videos

Larry Kotlikoff on Alex Jones Tv 1/3:Economic Meltdown!!

 

Larry Kotlikoff on Alex Jones Tv 2/3:Economic Meltdown!!

Larry Kotlikoff on Alex Jones Tv 3/3:Economic Meltdown!!

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The Party of Food Stamps–Government Dependency Party (GDP) vs. The Party of Paychecks–Grand Old Party (GOP)–Record 41,836,330 Americans On Food Stamps!

Posted on October 7, 2010. Filed under: Agriculture, Babies, Blogroll, Communications, Computers, Culture, Demographics, Economics, Education, Employment, Farming, Federal Government, government, government spending, Law, liberty, Life, Links, media, People, Philosophy, Politics, Quotations, Rants, Raves, Taxes, Video, Wisdom | Tags: , , , , , , , , |

 

Jackass

“a man who is a stupid incompetent fool”

The Party of Paychecks vs. The Party of Food Stamps

 

Gingrich Dismantles Pelosi’s Liberal Math on Food Stamps

 

Limbaugh on Food Stamps: Nancy Pelosi Is On Crack

 

Rush Limbaugh calls President Obama a jackass jack ass imam child video

 

John King, USA: CNN: Newt Gingrich tweets about food stamps

 

US Recession Leads to Big Increase in Number of Hungry Families

 

SUPPLEMENTAL NUTRITION ASSISTANCE PROGRAM:  NUMBER OF PERSONS PARTICIPATING
( Data as of October 4, 2010 )
        Percent Change
State /  July June July July 2010 vs
Territory 2009 2010 2010 Jun 2010 Jul 2009
    Preliminary Initial    
Alabama 725,619 816,400 826,277 1.2% 13.9%
Alaska 69,940 81,102 81,606 0.6% 16.7%
Arizona 894,269 1,037,367 1,044,940 0.7% 16.8%
Arkansas 431,667 471,211 475,025 0.8% 10.0%
California 2,849,133 3,323,895 3,376,982 1.6% 18.5%
Colorado 349,614 417,989 419,737 0.4% 20.1%
Connecticut 273,545 348,636 353,104 1.3% 29.1%
Delaware 98,346 117,026 118,883 1.6% 20.9%
District of Columbia 107,176 121,340 124,281 2.4% 16.0%
Florida 2,160,887 2,681,377 2,749,224 2.5% 27.2%
Georgia 1,387,721 1,635,928 1,657,782 1.3% 19.5%
Guam 33,682 37,432 37,833 1.1% 12.3%
Hawaii 122,704 141,293 144,006 1.9% 17.4%
Idaho 148,745 204,204 208,458 2.1% 40.1%
Illinois 1,527,269 1,654,898 1,674,410 1.2% 9.6%
Indiana 732,197 823,818 839,080 1.9% 14.6%
Iowa 308,192 346,551 349,609 0.9% 13.4%
Kansas 235,367 276,349 282,968 2.4% 20.2%
Kentucky 727,117 787,147 794,818 1.0% 9.3%
Louisiana 760,022 833,950 851,744 2.1% 12.1%
Maine 211,780 235,455 236,262 0.3% 11.6%
Maryland 491,262 580,252 588,726 1.5% 19.8%
Massachusetts 674,552 762,323 771,886 1.3% 14.4%
Michigan 1,566,574 1,822,418 1,844,919 1.2% 17.8%
Minnesota 375,884 443,834 447,630 0.9% 19.1%
Mississippi 534,567 578,040 586,090 1.4% 9.6%
Missouri 837,476 909,139 918,839 1.1% 9.7%
Montana 100,552 117,291 118,174 0.8% 17.5%
Nebraska 142,260 165,345 167,568 1.3% 17.8%
Nevada 228,524 290,842 299,168 2.9% 30.9%
New Hampshire 86,859 108,682 109,159 0.4% 25.7%
New Jersey 525,204 647,262 669,770 3.5% 27.5%
New Mexico 314,998 370,334 378,805 2.3% 20.3%
New York 2,478,604 2,824,845 2,860,394 1.3% 15.4%
North Carolina 1,209,776 1,356,607 1,393,165 2.7% 15.2%
North Dakota 56,025 60,774 60,822 0.1% 8.6%
Ohio 1,456,145 1,646,418 1,652,927 0.4% 13.5%
Oklahoma 511,000 590,924 601,111 1.7% 17.6%
Oregon 631,937 719,445 725,098 0.8% 14.7%
Pennsylvania 1,389,375 1,592,282 1,625,400 2.1% 17.0%
Rhode Island 112,721 145,361 146,338 0.7% 29.8%
South Carolina 724,610 810,620 818,691 1.0% 13.0%
South Dakota 81,120 97,918 99,001 1.1% 22.0%
Tennessee 1,138,392 1,249,367 1,251,862 0.2% 10.0%
Texas 2,991,828 3,721,663 3,760,275 1.0% 25.7%
Utah 205,249 268,573 262,628 -2.2% 28.0%
Vermont 78,984 86,286 86,244 0.0% 9.2%
Virginia 699,986 802,376 811,169 1.1% 15.9%
Virgin Islands 17,880 20,653 21,088 2.1% 17.9%
Washington 835,216 979,660 988,703 0.9% 18.4%
West Virginia 318,290 341,647 340,840 -0.2% 7.1%
Wisconsin 602,732 735,334 747,492 1.7% 24.0%
Wyoming 29,365 35,574 35,319 -0.7% 20.3%
     TOTAL 35,602,939 41,275,457 41,836,330 1.4% 17.5%
The following areas receive Nutrition Assistance Grants which provide benefits analogous to the Supplemental Nutrition Assistance Program:  Puerto Rico, American Samoa, and the Northern Marianas. 
June and July 2010 data are preliminary and are subject to significant revision.

 

Food Stamp Recipients at Record 41.8 Million Americans in July, U.S. Says

By Alan Bjerga – // Oct 5, 2010

“…The number of Americans receiving food stamps rose to a record 41.8 million in July as the jobless rate hovered near a 27-year high, the government said.

Recipients of Supplemental Nutrition Assistance Program subsidies for food purchases jumped 18 percent from a year earlier and increased 1.4 percent from June, the U.S. Department of Agriculture said today in a statement on its website. Participation has set records for 20 straight months.

Unemployment in September may have reached 9.7 percent, according to a Bloomberg News survey of analysts in advance of the release of last month’s rate on Oct. 8. Unemployment was 9.6 percent in July, near levels last seen in 1983.

An average of 43.3 million people, more than an eighth of the population, will get food stamps each month in the year that began Oct. 1, according to White House estimates. …”

http://www.bloomberg.com/news/2010-10-05/food-stamp-recipients-at-record-41-8-million-americans-in-july-u-s-says.html

Nancy Pelosi accuses Newt Gingrich of waging class warfare

“…House Speaker Nancy Pelosi struck back Wednesday at Newt Gingrich over comments the former GOP leader made urging Republican candidates to make next month’s election a fight “between the Democratic Party of food stamps and the Republican Party of paychecks.”

In an appearance in her hometown of San Francisco, Pelosi said Gingrich and the Republicans are trying to use class warfare in order to gain electoral advantage.

//

“There is some subliminal message that is being sent out there about us and them, meaning people who need food stamps and the rest of the country, which I think is an unfortunate course to go down,” Pelosi said.

“It is the biggest bang for the buck when you do food stamps and unemployment insurance — the biggest bang for the buck,” she added.

On Tuesday, Gingrich — the former House speaker and mastermind behind the GOP’s 1994 Contract With America — penned a letter attacking Democrats and their handling of the economy and giving generic advice on how Republicans in 2010 can repeat their success from more than 15 years ago.

“It is an unassailable fact that in June, more food stamps were distributed by the government than ever before in American history. (It turns out that Barack Obama’s idea of spreading the wealth around was spreading more food stamps around.),” Gingrich wrote. “Most Americans would like to get a paycheck. Most Americans would not like to be forced to have food stamps handed out by liberal Democrats.”

Read more: http://www.politico.com/news/stories/1010/43264.html#ixzz11hxvpIRq

 

Related Posts On Pronk Palisades

 

Poverty Rates Skyrocket Under Obama Presidency–1 In 7 Americans In Poverty–Videos

Obama Depression Continues–30,000,000 American Citizens Seeking Full Time Jobs–More Than Twice The Great Depression–Nearly 40,000,000 On Food Stamp Bread Lines or SNAP!

Forget The National ID Card–40 Million Americans On Food Stamps–30 Million Americans Seeking Full-time Jobs–Time To Deport 30 Million Illegal Aliens Is Now!

Food Stamps Hit Record Of 38,200,000 Americans Needing Assistance–Everbody Hates Food Stamps–Until You and Your Children Are Hungry

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President Barack Obama Peddling The Government Dependency Package (GDP) and Fear Mongering The Raw Deal!

Posted on February 6, 2009. Filed under: Blogroll, Economics, Employment, Energy, Investments, People, Politics, Quotations, Raves, Taxes, Video | Tags: , , , , |

 
President Obama on Economic Recovery

 

Obama Finally Lays Into the Opposition re: Stimulus Package 02-05-09

For economists GDP means Gross Domestic Product and measures the national income and output produced over a specified period time such as a year.

 

U.S. 4Q GDP Falls 3.8% – Bloomberg

 

Art Laffer on CNBC’s Kudlow Jan 23

 

President Obama apparently thinks it stands for Government Dependency Package, aka the so-called Stimulus Package–payoffs for the Democratic constitutents–play for pay.

When you actually look at what is in the so-called stimulus package, much of it is just more government spending and creates more  dependency upon the Federal government:

“…Wasteful and Non-Stimulus Spending Provisions

• $2 billion earmark to re-start FutureGen, a near-zero emissions coal power plant in Illinois that the Dept. of Energy defunded last year because the project was inefficient
• A $246 million tax break for Hollywood movie producers to buy motion picture film
• $650 million for the digital television (DTV) converter box coupon program
• $88 million for the Coast Guard to design a new polar icebreaker (arctic ship)
• $448 million for constructing the Dept. of Homeland Security headquarters
• $248 million for furniture at the new Dept. of Homeland Security headquarters
• $600 million to buy hybrid vehicles for federal employees
• $400 million for the CDC to screen and prevent STD’s
• $1.4 billion for a rural waste disposal programs
• $150 million for Smithsonian museum facilities
• $1 billion for the 2010 Census, which has a projected cost overrun of $3 billion
• $75 million for “smoking cessation activities”
• $200 million for public computer centers at community colleges
• $75 million for salaries of employees at the FBI
• $25 million for tribal alcohol and substance abuse reduction
• $10 million to inspect canals in urban areas
• $6 billion to turn federal buildings into “green” buildings
• $500 million for state and local fire stations
• $650 million for wildland fire management on Forest Service lands
• $150 million for Smithsonian museum facilities
• $1.2 billion for “youth activities,” including youth summer job programs
• $88 million for renovating the headquarters of the Public Health Service
• $412 million for CDC buildings and property
• $500 million for building and repairing NIH facilities in Bethesda, MD
• $160 million for “paid volunteers” at the Corporation for National and Community Service
• $5.5 million for “energy efficiency initiatives” at the VA “National Cemetery Administration”
• $850 million for Amtrak
• $100 million for reducing the hazard of lead-based paint
• $75M to construct a new “security training” facility for State Dept Security officers when they can be trained at existing facilities of other agencies.
• $110 million to the Farm Service Agency to upgrade computer systems
• $200 million in funding for the lease of alternative energy vehicles for use on military installations.
• State Medicaid Bailout: $87.7 billion Through 3 different mechanisms, the bill would provide additional federal funds to state Medicaid programs over the next 3 years. This is nearly $70 billion more than the governors asked President Obama for in December, and should be a loan to be repaid by the states.

Questionable Policy

• Eliminates fees on loans from the Small Business Administration, thus pushing private capital toward unproductive businesses and away from productive businesses.
• Increases the definition of “youth” for certain summer job programs from age 21 to age 24.
• $160 million to the Job Corps program at the Dept. of Labor, but not for job programs – rather, to construct, alter or repair buildings.
• Requires a government study on the impact of minimum wage laws on the Northern Mariana Islands and American Samoa.
• $79 billion State Fiscal Stabilization (slush) Fund to bailout the States by providing billions of dollars for “education” costs of any kind.
• $47.843 billion is appropriated for a variety of energy programs that are primarily focused on renewable energy development and energy conservation/efficiency. Not one dollar is appropriated to make fossil fuels more affordable in the near future. More than $6 billion of these funds go to environmental clean ups.
• Increases eligibility for “weatherization” assistance to households 200 percent above the poverty level.
• The “Making Work Pay” credit of $500 to every individual making less than $75,000 (or $1000 to couples making $150,000 or less) would pay people whether they are productive or not – akin to welfare.
• The Supplemental Nutrition Assistance Program (SNAP – food stamps) would temporarily suspend the 3-month limit for non-working adults to receive SNAP benefits, thus giving incentives not to find a job.
• Installs government as the creator of broadband deployment regardless of whether the specific local/regional market can sustain it.
• Funds new “green jobs” job-training program without eliminating inefficient job-training programs or consolidating duplicative job-training programs.
• $890 million to the Social Security Administration without any provisions to reduce improper payments, or any plan to increase solvency of the trust fund.
• Nothing requires the products that are purchased with these funds be here in America. Lithium ion batteries, for instance, are primarily made in Asia.  …”

http://coburn.senate.gov/public/index.cfm?FuseAction=RightNow.Home

 

When it comes to economics President Obama demonstrates his ignorance of the subject and his bias towards socialism or a government program to “solve'” any problem.

The result is ever growing government spending, deficits, national debt–Big Government!

 

Power of the Market – Big Government 1

 

Power of the Market – Big Government 2

 

Suggest President Obama watch the entire series Free to Chose by the late economist Milton Friedman, especially the videos pertaining to the failure of socialism:

Free to Choose: The Failure of Socialism (Part 1 of 5)

http://www.youtube.com/watch?v=UZ9zD-duYqU

 

Free to Choose: The Failure of Socialism (Part 2 of 5)

http://www.youtube.com/watch?v=okQuS5nnmPw

 

Free to Choose: The Failure of Socialism (Part 3 of 5)

http://www.youtube.com/watch?v=p1t2S82NbhE

 

Free to Choose: The Failure of Socialism (Part 4 of 5)

http://www.youtube.com/watch?v=EACx7rm59L4

 

Free to Choose: The Failure of Socialism (Part 5 of 5)

http://www.youtube.com/watch?v=r_bRDr4HY0I 

 

Socialism not capitalism are the old worn ideas that have failed Mr. President.

 

As for this recession being the worse one in history and the one from which “perhaps” we will not recover–utter rubbish Mr. President: 

 

President urges Congress to act!

 

Glenn Beck’s Comrade Update — [02-05-09]

Recessions and other Economic Crises

Name  ↓ Dates  ↓ Duration  ↓ Time since start of previous entry  ↓ Causes References
Panic of 1797 1797–1800 &0000000000000003.0000003 years The effects of the deflation of the Bank of England crossed the Atlantic Ocean to North America and disrupted commercial and real estate markets in the United States and the Caribbean. Britain‘s economy was greatly affected by developing disflationary repercussions because it was fighting France in the French Revolutionary Wars at the time. [8] [4]
Depression of 1807 1807–1814 &0000000000000007.0000007 years &0000000000000010.00000010 years The Embargo Act of 1807 was passed by the United States Congress under President Thomas Jefferson. It devastated shipping-related industries. The Federalists fought the embargo and allowed smuggling to take place in New England. [9][10][4]
Panic of 1819 1819–1824 &0000000000000005.0000005 years &0000000000000012.00000012 years The first major financial crisis in the United States featured widespread foreclosures, bank failures, unemployment, and a slump in agriculture and manufacturing. It also marked the end of the economic expansion that followed the War of 1812. [11][12][4]
Panic of 1837 1837–1843 &0000000000000006.0000006 years &0000000000000018.00000018 years A sharp downturn in the American economy was caused by bank failures and lack of confidence in the paper currency. Speculation markets were greatly affected when American banks stopped payment in specie (gold and silver coinage). [13][4]
Panic of 1857 1857–1860 &0000000000000003.0000003 years &0000000000000020.00000020 years Failure of the Ohio Life Insurance and Trust Company burst a European speculative bubble in United States railroads and caused a loss of confidence in American banks. Over 5,000 businesses failed within the first year of the Panic, and unemployment was accompanied by protest meetings in urban areas. [14][4]
Panic of 1873 1873–1879 &0000000000000006.0000006 years &0000000000000016.00000016 years Economic problems in Europe prompted the failure of the Jay Cooke & Company, the largest bank in the United States, which burst the post-Civil War speculative bubble. The Coinage Act of 1873 also contributed by immediately depressing the price of silver, which hurt North American mining interests. [15][4]
Long Depression 1873–1896 &0000000000000023.00000023 years The collapse of the Vienna Stock Exchange caused a depression that spread throughout the world. It is important to note that during this period, the global industrial production greatly increased. In the United States, for example, industrial output increased fourfold. [16][4]
Panic of 1893 1893–1896 &0000000000000003.0000003 years &0000000000000020.00000020 years Failure of the United States Reading Railroad and withdrawal of European investment led to a stock market and banking collapse. This Panic was also precipitated in part by a run on the gold supply. [17][4]
Panic of 1907 1907–1908 &0000000000000001.0000001 year &0000000000000014.00000014 years A run on Knickerbocker Trust Company deposits on October 22, 1907 set events in motion that would lead to a severe monetary contraction. [18][4]
Post-World War I recession 1918–1921 &0000000000000003.0000003 years &0000000000000011.00000011 years Severe hyperinflation in Europe took place over production in North America. It was a brief but very sharp recession and was caused by the end of wartime production, along with an influx of labor from returning troops. This in turn caused high unemployment. [19][4]
Great Depression 1929–1939 &0000000000000010.00000010 years &0000000000000011.00000011 years Stock markets crashed worldwide, and a banking collapse took place in the United States. This sparked a global downturn, including a second, more minor recession in the United States, the Recession of 1937. [20][4]
Recession of 1953 1953–1954 &0000000000000001.0000001 year &0000000000000024.00000024 years After a post-Korean War inflationary period, more funds were transferred into national security. The Federal Reserve changed monetary policy to be more restrictive in 1952 due to fears of further inflation. [21][22][4]
Recession of 1957 1957–1958 &0000000000000001.0000001 year &0000000000000004.0000004 years Monetary policy was tightened during the two years preceding 1957, followed by an easing of policy at the end of 1957. The budget balance resulted in a change in budget surplus of 0.8% of GDP in 1957 to a budget deficit of 0.6% of GDP in 1958, and then to 2.6% of GDP in 1959. [23][4]
Recession of 1960-1 1960–1961 &0000000000000001.0000001 year &0000000000000004.0000004 years After President Kennedy’s 30 January 1961 call for increased government spending to improve the Gross National Product and to reduce unemployment, the 1960-61 recession ended in February.[24]
1973 oil crisis 1973–1975 &0000000000000002.0000002 years &0000000000000016.00000016 years A quadrupling of oil prices by OPEC coupled with high government spending due to the Vietnam War led to stagflation in the United States. [25][4]
Early 1980s recession 1980–1982 &0000000000000002.0000002 years &0000000000000007.0000007 years The Iranian Revolution sharply increased the price of oil around the world in 1979, causing the 1979 energy crisis. This was caused by the new regime in power in Iran, which exported oil at inconsistent intervals and at a lower volume, forcing prices to go up. Tight monetary policy in the United States to control inflation led to another recession. The changes were made largely because of inflation that was carried over from the previous decade due to the 1973 oil crisis and the 1979 energy crisis. [26][27][4]
Early 1990s recession 1990–1991 &0000000000000001.0000001 year &0000000000000010.00000010 years Industrial production and manufacturing-trade sales decreased in early 1991. [28][4]
Early 2000s recession 2001–2003 &0000000000000002.0000002 years &0000000000000011.00000011 years The collapse of the dot-com bubble, the September 11th attacks, and accounting scandals contributed to a relatively mild contraction in the North American economy. [29][4]
Late 2000s recession 2007–present ongoing &0000000000000006.0000006 years The collapse of the housing market led to bank collapses in the US and Europe, causing the amount of available credit to be sharply curtailed. [30][31]

 This is utter nonsense and fear mongering of the worse kind.

If the Speaker of the House and the President of the United States cannot get the numbers right nor the history, what makes them think the American people trust them to get the policy right. 

Nancy Pelosi ‘500 MILLION AMERICANS LOSE JOBS EVERY MONTH’

 

Obama Claims He’s Visited 57 States

 

FYI Obama kool aid drinkers– the population of the entire United States is about 304 million and there are 50 states–Google it!

The American people are looking for real hope and real change–jobs.

Here is one that will work:

 

American People’s Plan = 6 Month Tax Holiday + FairTax = Real Hope + Real Change!–Millions To March On Washington D.C. Saturday, July 4, 2009! 

Tea Parties Take Off In Texas–Spreading Nationwide–Are You Going To Washington Fair? Millions Celebrate The Second American Revolution–Saturday, July 4, 2009

 

President Obama needs to show some courage and leadership–emulate President Lincoln or President Truman.

 

This is how  professionals do it:

US Airways Flight 1549 – Audio Tapes Released

 

If President Obama is successful in rushing through the Government Dependency Package, aka the “stimulus bill” or talk radio’s favorite description the “crap sandwich” , Obama ‘s Presidency just crashed and burned.

By the time Obama sorts it out, the economy will be on its way to a two year recession followed by two years of very high inflation–the joys of stagflation–Carter 2 all over again.

 

 

Background Articles and Videos

 

Congressman Pence on “Hannity” to discuss stimulus

 

The No-Stimulus Bill
Don’t be fooled.By Phil Kerpen

“…How can any reasonable person believe that our country needs another pile of consumption spending and debt that will have to be repaid out of future income? The credit crisis was caused, in large part, by far too much borrowing to finance consumption expenditures at the household, corporate, and government levels. More borrow-and-spend isn’t change, it’s more of the same.

And truth be told, there’s barely any stimulus in this bill. Only about 3.5 percent of the expenditures in the current package would actually go to highways and bridges, the real physical infrastructure of our country. The rest would be spent on non-stimulus items such as global-warming computer modeling (I thought the debate was over), digital TV coupons, the National Endowment for the Arts, war bonuses for veterans in the Philippines, increased Amtrak subsidies, and new housing slush funds that could subsidize ACORN’s illicit political activities.

Conservatives who stand against this bill need to keep arguing the economic lessons of the 1930s — that rather than create wealth, government spending can destroy it, and that the jobs government spending does create are far fewer than the unseen jobs it destroys. But conservatives also need to be mindful of the political lessons of the 1930s: Democrats today are poised with this bill to construct a national political-patronage machine designed first and foremost to assure their election and re-election, which is the real legacy of the New Deal. …”
 

 

 

 

 

 

Gross domestic product

“The gross domestic product (GDP) or gross domestic income (GDI) is one of the measures of national income and output for a given country’s economy. GDP can be defined in three ways, all of which are conceptually identical. First, it is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time (usually a 365-day year). Second, it is equal to the sum of the value added at every stage of production (the intermediate stages) by all the industries within a country, plus taxes less subsidies on products, in the period. Third, it is equal to the sum of the income generated by production in the country in the period—that is, compensation of employees, taxes on production and imports less subsidies, and gross operating surplus (or profits).[1] [2]

The most common approach to measuring and quantifying GDP is the expenditure method:

GDP = consumption + gross investment + government spending + (exports − imports), or,
GDP = C + I + G + (X − M).

“Gross” means that depreciation of capital stock is not subtracted out of GDP. If net investment (which is gross investment minus depreciation) is substituted for gross investment in the equation above, then the formula for net domestic product is obtained. Consumption and investment in this equation are expenditure on final goods and services. The exports-minus-imports part of the equation (often called net exports) adjusts this by subtracting the part of this expenditure not produced domestically (the imports), and adding back in domestic area (the exports).

Economists (since Keynes) have preferred to split the general consumption term into two parts; private consumption, and public sector (or government) spending. Two advantages of dividing total consumption this way in theoretical macroeconomics are:

  • Private consumption is a central concern of welfare economics. The private investment and trade portions of the economy are ultimately directed (in mainstream economic models) to increases in long-term private consumption.
  • If separated from endogenous private consumption, government consumption can be treated as exogenous,[citation needed] so that different government spending levels can be considered within a meaningful macroeconomic framework.

GDP can be contrasted with gross national product (GNP, or gross national income, GNI), which the United States used in its national accounts until 1992. The difference is that GNP includes net foreign income (the current account) rather than net exports and imports (the balance of trade). Put simply, GNP adds net foreign investment income compared to GDP. United States GDP, GNP and GNI (Gross National Income) can be compared at EconStats [1].

GDP is concerned with the region in which income is generated. It is the market value of all the output produced in a nation in one year. GDP focuses on where the output is produced rather than who produced it. GDP measures all domestic production, disregarding the producing entities’ nationalities.

In contrast, GNP is a measure of the value of the output produced by the “nationals” of a region. GNP focuses on who owns the production. For example, in the United States, GNP measures the value of output produced by American firms, regardless of where the firms are located. Year-over-year real GNP growth in the year 2007 was 3.2%. …”

http://en.wikipedia.org/wiki/Gross_domestic_product 

 

GDP vs. GNP
 

 

 

Personal Income Falls 0.2%, Consumer Spending Falls 1% – Bloomberg

 

Rush Limbaugh on Hannity: Does Rush Want Obama to Succeed?

 

Response to Obama, 4: What’s wrong with Obama’s Leftist View


 

Response to Obama, 5: Tax Rates and Job Creation

 

 Response to Obama, 6: The Difficulty of Change

 

Response to Obama, 7: Liberals and the fall of Detroit

LOL

Pelosi is an Idiot and Obama has No Balls…

 

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