United States Economy Keeps Stagnating Along With Low Real GDP Economic Growth Rates Below 3% and Labor Participation Rates Below 66% — Obama’s Failed Economic Policies and Massive Deficits and Debt — Videos

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Story 2: United States Economy Keeps Stagnating Along With Low Real GDP Economic Growth Rates Below 3% and Labor Participation Rates Below 66% — Obama’s Failed Economic Policies and Massive Deficits and Debt — Videos

sgs-emp

gdp_large

Ep 81: The April Jobs Report and My Encounter With Ben Bernanke

U.S. gains 223,000 jobs in April

Labor Force Participation Rate

Labor participation rate is down to unprecedented levels

Governor Perry: Labor Force Participation Rate Reveals a ‘Sick Economy’

WSJ Markets Wrap: May 8, 2015

Modern Wall Street AM Anticipation: May 8, 2015

Weekly Market Wrap Up – May, 8 2015

May 8, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News

Closing Bell Happy Hour: May 8, 2015

April Produces Encouraging Jobs Report

Civilian Labor Force Level

157,072,00

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

civilian labor force

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 153484(1) 153694 153954 154622 154091 153616 153691 154086 153975 153635 154125 153650
2011 153314(1) 153227 153377 153566 153492 153350 153276 153746 154085 153935 154089 153961
2012 154445(1) 154739 154765 154589 154899 155088 154927 154726 155060 155491 155305 155553
2013 155825(1) 155396 155026 155401 155562 155761 155632 155529 155548 154615 155304 155047
2014 155486(1) 155688 156180 155420 155629 155700 156048 156018 155845 156243 156402 156129
2015 157180(1) 157002 156906 157072
1 : Data affected by changes in population controls.

Labor Force Participation Rate

62.8%

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

Civilian labor force participation

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 64.1 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.8 63.8 63.7 63.8 63.8 63.7 63.5 63.6 63.7 63.6 63.7
2013 63.7 63.5 63.3 63.4 63.4 63.4 63.3 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 62.9 62.7 62.8 62.9 62.7
2015 62.9 62.8 62.7 62.8

 

Employment Level

 

148, 523, 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
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 138438(1) 138581 138751 139297 139241 139141 139179 139438 139396 139119 139044 139301
2011 139267(1) 139400 139649 139610 139639 139392 139520 139940 140156 140336 140780 140890
2012 141633(1) 141911 142069 141953 142231 142400 142270 142277 142953 143350 143279 143280
2013 143328(1) 143429 143374 143665 143890 144025 144275 144288 144297 143453 144490 144671
2014 145206(1) 145301 145796 145724 145868 146247 146401 146451 146607 147260 147331 147442
2015 148201(1) 148297 148331 148523
1 : Data affected by changes in population controls.

Unemployment Level
8,549,000

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
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 15046 15113 15202 15325 14849 14474 14512 14648 14579 14516 15081 14348
2011 14046 13828 13728 13956 13853 13958 13756 13806 13929 13599 13309 13071
2012 12812 12828 12696 12636 12668 12688 12657 12449 12106 12141 12026 12272
2013 12497 11967 11653 11735 11671 11736 11357 11241 11251 11161 10814 10376
2014 10280 10387 10384 9696 9761 9453 9648 9568 9237 8983 9071 8688
2015 8979 8705 8575 8549

U- 3 Unemployment Rate

5.4%

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
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 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3
2011 9.2 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.0 7.8 7.8 7.7 7.9
2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.6 6.2 6.3 6.1 6.2 6.1 5.9 5.7 5.8 5.6
2015 5.7 5.5 5.5 5.4

Not In Labor Force

93,194,000

Series Id:           LNS15000000
Seasonally Adjusted
Series title:        (Seas) Not in Labor Force
Labor force status:  Not in labor force
Type of data:        Number in thousands
Age:                 16 years and over

Not in labor force

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 69142 69120 69338 69267 69853 69876 70398 70401 70645 70782 70579 70488
2001 70088 70409 70381 70956 71414 71592 71526 72136 71676 71817 71876 72010
2002 72623 72010 72343 72281 72260 72600 72827 72856 72554 73026 73508 73675
2003 73960 74015 74295 74066 74268 73958 74767 75062 75249 75324 75280 75780
2004 75319 75648 75606 75907 75903 75735 75730 76113 76526 76399 76259 76581
2005 76808 76677 76846 76514 76409 76673 76721 76642 76739 76958 77138 77394
2006 77339 77122 77161 77318 77359 77317 77535 77451 77757 77634 77499 77376
2007 77506 77851 77982 78818 78810 78671 78904 79461 79047 79532 79105 79238
2008 78554 79156 79087 79429 79102 79314 79395 79466 79790 79736 80189 80380
2009 80529 80374 80953 80762 80705 80938 81367 81780 82495 82766 82865 83813
2010 83349 83304 83206 82707 83409 84075 84199 84014 84347 84895 84590 85240
2011 85390 85624 85623 85580 85821 86140 86395 86125 85986 86335 86351 86624
2012 87824 87696 87839 88195 88066 88068 88427 88840 88713 88491 88870 88797
2013 88838 89432 89969 89774 89801 89791 90124 90430 90620 91766 91263 91698
2014 91429 91398 91077 92019 91993 92114 91975 92210 92601 92414 92442 92898
2015 92544 92898 93175 93194

Total Unemployment Rate U-6

10.8%

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

u6-unemploment rate

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
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 17.1 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.2 16.0 15.9 16.1 15.8 16.1 15.9 16.1 16.3 15.8 15.5 15.2
2012 15.2 15.0 14.5 14.6 14.8 14.8 14.8 14.6 14.7 14.4 14.4 14.4
2013 14.5 14.3 13.8 14.0 13.8 14.2 13.8 13.6 13.6 13.7 13.1 13.1
2014 12.7 12.6 12.6 12.3 12.1 12.0 12.2 12.0 11.7 11.5 11.4 11.2
2015 11.3 11.0 10.9 10.8

Employment Situation Summary

Transmission of material in this release is embargoed until                  USDL-15-0838
8:30 a.m. (EDT) Friday, May 8, 2015

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 -- APRIL 2015


Total nonfarm payroll employment increased by 223,000 in April, and the 
unemployment rate was essentially unchanged at 5.4 percent, the U.S. Bureau
of Labor Statistics reported today. Job gains occurred in professional and 
business services, health care, and construction. Mining employment 
continued to decline.

Household Survey Data

In April, both the unemployment rate (5.4 percent) and the number of 
unemployed persons (8.5 million) were essentially unchanged. Over the 
year, the unemployment rate and the number of unemployed persons were down 
by 0.8 percentage point and 1.1 million, respectively. (See table A-1.)

Among the major worker groups, the unemployment rate for Asians increased 
to 4.4 percent. The rates for adult men (5.0 percent), adult women (4.9 
percent), teenagers (17.1 percent), whites (4.7 percent), blacks (9.6 
percent), and Hispanics (6.9 percent) showed little or no change in April. 
(See tables A-1, A-2, and A-3.)

The number of persons unemployed for less than 5 weeks increased by 241,000 
to 2.7 million in April. The number of long-term unemployed (those 
jobless for 27 weeks or more) changed little at 2.5 million, accounting 
for 29.0 percent of the unemployed. Over the past 12 months, the number 
of long-term unemployed has decreased by 888,000. (See table A-12.)

In April, the civilian labor force participation rate (62.8 percent) 
changed little. Since April 2014, the participation rate has remained 
within a narrow range of 62.7 percent to 62.9 percent. The employment-
population ratio held at 59.3 percent in April and has been at this level 
since January. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes 
referred to as involuntary part-time workers) was little changed at 6.6 
million in April, but is down by 880,000 from a year earlier. 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 April, 2.1 million persons were marginally attached to the labor 
force, little changed over the year. (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 756,000 discouraged workers 
in April, 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 April 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 223,000 in April, after 
edging up in March (+85,000). In April, employment increased in 
professional and business services, health care, and construction, 
while employment in mining continued to decline. (See table B-1.)

Professional and business services added 62,000 jobs in April. 
Over the prior 3 months, job gains averaged 35,000 per month. In 
April, services to buildings and dwellings added 16,000 jobs, 
following little change in March. Employment continued to trend up 
in April in computer systems design and related services (+9,000), 
in business support services (+7,000), and in management and 
technical consulting services (+6,000).

Health care employment increased by 45,000 in April. Job growth was 
distributed among the three major components--ambulatory health care 
services (+25,000), hospitals (+12,000), and nursing and residential 
care facilities (+8,000). Over the past year, health care has added 
390,000 jobs.

Employment in construction rose by 45,000 in April, after changing 
little in March. Over the past 12 months, construction has added 
280,000 jobs. In April, job growth was concentrated in specialty 
trade contractors (+41,000), with employment gains about evenly 
split between the residential and nonresidential components. 
Employment declined over the month in nonresidential building 
construction (-8,000).

In April, employment continued to trend up in transportation and 
warehousing (+15,000).

Employment in mining fell by 15,000 in April, with most of the job 
loss in support activities for mining (-10,000) and in oil and gas 
extraction (-3,000). Since the beginning of the year, employment 
in mining has declined by 49,000, with losses concentrated in 
support activities for mining.

Employment in other major industries, including manufacturing, 
wholesale trade, retail trade, information, financial activities, 
leisure and hospitality, and government, showed little change 
over the month.

The average workweek for all employees on private nonfarm payrolls 
remained at 34.5 hours in April. The manufacturing workweek for 
all employees edged down by 0.1 hour to 40.8 hours, and factory 
overtime edged down by 0.1 hour to 3.2 hours. The average workweek 
for production and nonsupervisory employees on private nonfarm 
payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private 
nonfarm payrolls rose by 3 cents to $24.87. Over the past 12 
months, average hourly earnings have increased by 2.2 percent. 
Average hourly earnings of private-sector production and 
nonsupervisory employees edged up by 2 cents to $20.90 in April. 
(See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was 
revised from +264,000 to +266,000, and the change for March was 
revised from +126,000 to +85,000. With these revisions, 
employment gains in February and March combined were 39,000 
lower than previously reported. Over the past 3 months, job 
gains have averaged 191,000 per month.

_____________
The Employment Situation for May is scheduled to be released 
on Friday, June 5, 2015, at 8:30 a.m. (EDT).

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

Civilian noninstitutional population247,439249,899250,080250,266186Civilian labor force155,420157,002156,906157,072166Participation rate62.862.862.762.80.1Employed145,724148,297148,331148,523192Employment-population ratio58.959.359.359.30.0Unemployed9,6968,7058,5758,549-26Unemployment rate6.25.55.55.4-0.1Not in labor force92,01992,89893,17593,19419Unemployment rates
Total, 16 years and over6.25.55.55.4-0.1Adult men (20 years and over)5.95.25.15.0-0.1Adult women (20 years and over)5.74.94.94.90.0Teenagers (16 to 19 years)19.117.117.517.1-0.4White5.34.74.74.70.0Black or African American11.410.410.19.6-0.5Asian5.94.03.24.41.2Hispanic or Latino ethnicity7.56.66.86.90.1Total, 25 years and over5.24.54.44.50.1Less than a high school diploma8.88.48.68.60.0High school graduates, no college6.35.45.35.40.1Some college or associate degree5.65.14.84.7-0.1Bachelor’s degree and higher3.32.72.52.70.2Reason for unemployment
Job losers and persons who completed temporary jobs5,1534,1804,1894,136-53Job leavers786884875828-47Reentrants2,6312,6552,6892,685-4New entrants1,05297281586853Duration of unemployment
Less than 5 weeks2,4512,4312,4882,7292415 to 14 weeks2,3462,2232,3122,307-515 to 26 weeks1,5091,3351,2531,139-11427 weeks and over3,4132,7092,5632,525-38Employed persons at work part time
Part time for economic reasons7,4606,6356,7056,580-125Slack work or business conditions4,5173,8474,0693,885-184Could only find part-time work2,6242,4262,3372,37437Part time for noneconomic reasons18,91519,83719,73320,056323Persons not in the labor force (not seasonally adjusted)
Marginally attached to the labor force2,1602,1592,0552,115Discouraged workers783732738756– 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.
http://www.bls.gov/news.release/empsit.a.htmEmployment Situation Summary Table B. Establishment data, seasonally adjustedhttp://www.bls.gov/news.release/empsit.b.htm2015 April Job Cut Report: Cuts Surge to 61,582, 3-Year High

Falling oil prices contributed to a 68 percent surge in job cuts last month, as US-based employers announced workforce reductions totaling 61,582 in April, up from 36,594 in March, according to the latest report on monthly layoffs released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The April total was 53 percent higher than the same month a year ago, when 40,298 planned job cuts were recorded. It represents the highest monthly total since May 2012 (61,887) and the highest April total since 2009 (132,590).

Year to date, employers have announced 201,796 planned job cuts, which marks a 25 percent increase from the 161,639 layoffs tracked in the first four months of 2014. This is the largest four-month total since 2010.

Driving the increased pace of job cutting in April and for the year is the dramatic decline in oil prices, which is forcing producers and suppliers to cut production. Of the 61,582 job cut announced last month, 20,675 or 34 percent were directly attributed to oil prices.

For the year, oil prices were blamed for 68,285 job cuts, or about 34 percent of the 201,796 planned layoffs announced between January 1 and April 30.

“Schlumberger, Baker Hughes and Halliburton have all announced multiple rounds of job cuts in recent months, including April. The largest job cut of the month came from Schlumberger, which announced that it will shed 11,000 workers, in addition to the 9,000 laid off in January,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

“The jobs that are most vulnerable are those in the field – engineers, oil rig operators, drill operators, refinery operators, etc. Managers and executives in the corporate offices are more secure, but the drop in oil prices is leading to increased merger activity, which could put more executives at risk of job loss,” said Challenger.

Most of the oil-related layoffs have occurred in the energy sector, which is the top job-cutting industry to date, with 57,556 planned cuts. That is more than double the second-ranked retail sector, which has announced 26,096 job cuts this year.

The pace of retail sector job cuts is slightly higher than a year ago, when these employers announced 25,224 job cuts through the first four months.

“Low oil prices should be helping retailers. However, the extra money in Americans’ wallets do not appear to be making it into the nation’s cash registers. Retail sales have been lackluster, at best. Furthermore, consumer products giant Procter & Gamble announced in April that it would reduce its headcount by as many as 6,000 workers over the next two years, following a poor earnings report,” noted Challenger.

“We could be witnessing the after-effect of the severe and protracted recession. Much like the generation that lived through the Great Depression, those who scraped by during the recession are being extra careful with their money. Another factor is that not everyone’s boat is rising with the tide. Many Americans are still struggling to find work and those that do are not earning as much they once did,” he said.

https://www.challengergray.com/press/press-releases/2015-april-job-cut-report-cuts-surge-61582-3-year-high

 

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

CategoryApr.
2014Feb.
2015Mar.
2015Apr.
2015Change from:
Mar.
2015-
Apr.
2015

Employment status

 

Civilian noninstitutional population

247,439249,899250,080250,266186

Civilian labor force

155,420157,002156,906157,072166

Participation rate

62.862.862.762.80.1

Employed

145,724148,297148,331148,523192

Employment-population ratio

58.959.359.359.30.0

Unemployed

9,6968,7058,5758,549-26

Unemployment rate

6.25.55.55.4-0.1

Not in labor force

92,01992,89893,17593,19419

Unemployment rates

 

Total, 16 years and over

6.25.55.55.4-0.1

Adult men (20 years and over)

5.95.25.15.0-0.1

Adult women (20 years and over)

5.74.94.94.90.0

Teenagers (16 to 19 years)

19.117.117.517.1-0.4

White

5.34.74.74.70.0

Black or African American

11.410.410.19.6-0.5

Asian

5.94.03.24.41.2

Hispanic or Latino ethnicity

7.56.66.86.90.1

Total, 25 years and over

5.24.54.44.50.1

Less than a high school diploma

8.88.48.68.60.0

High school graduates, no college

6.35.45.35.40.1

Some college or associate degree

5.65.14.84.7-0.1

Bachelor’s degree and higher

3.32.72.52.70.2

Reason for unemployment

 

Job losers and persons who completed temporary jobs

5,1534,1804,1894,136-53

Job leavers

786884875828-47

Reentrants

2,6312,6552,6892,685-4

New entrants

1,05297281586853

Duration of unemployment

 

Less than 5 weeks

2,4512,4312,4882,729241

5 to 14 weeks

2,3462,2232,3122,307-5

15 to 26 weeks

1,5091,3351,2531,139-114

27 weeks and over

3,4132,7092,5632,525-38

Employed persons at work part time

 

Part time for economic reasons

7,4606,6356,7056,580-125

Slack work or business conditions

4,5173,8474,0693,885-184

Could only find part-time work

2,6242,4262,3372,37437

Part time for noneconomic reasons

18,91519,83719,73320,056323

Persons not in the labor force (not seasonally adjusted)

 

Marginally attached to the labor force

2,1602,1592,0552,115

Discouraged workers

783732738756

 

– 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.

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
CategoryApr.
2014Feb.
2015Mar.
2015(p)Apr.
2015(p)

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

 

Total nonfarm

33026685223

Total private

31326194213

Goods-producing

5820-2131

Mining and logging

6-14-12-15

Construction

4131-945

Manufacturing

11301

Durable goods(1)

1261-1

Motor vehicles and parts

0.53.4-0.76.0

Nondurable goods

-1-3-12

Private service-providing

255241115182

Wholesale trade

14.910.49.9-4.5

Retail trade

42.723.124.512.1

Transportation and warehousing

12.99.48.115.2

Utilities

-0.80.91.01.3

Information

5703

Financial activities

9979

Professional and business services(1)

72493562

Temporary help services

13.8-4.413.216.1

Education and health services(1)

39613561

Health care and social assistance

29.738.730.655.6

Leisure and hospitality

4561-617

Other services

151016

Government

175-910

(3-month average change, in thousands)

 

Total nonfarm

248265184191

Total private

237261186189

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

 

Total nonfarm women employees

49.449.349.349.3

Total private women employees

47.947.947.947.9

Total private production and nonsupervisory employees

82.782.582.582.4

HOURS AND EARNINGS
ALL EMPLOYEES

 

Total private

 

Average weekly hours

34.534.634.534.5

Average hourly earnings

$24.34$24.78$24.84$24.87

Average weekly earnings

$839.73$857.39$856.98$858.02

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

100.5103.1102.8103.0

Over-the-month percent change

0.30.3-0.30.2

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

116.8121.9121.9122.3

Over-the-month percent change

0.30.30.00.3

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

 

Total private (263 industries)

69.862.059.557.0

Manufacturing (80 industries)

58.154.445.650.6

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

NOTE: Data have been revised to reflect March 2014 benchmark levels and updated seasonal adjustment factors.

 

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Give President Obama What He Wants A Massive Tax Increase–Jump Barack Jump!–Republican Senator Paul’s $3 Trillion Budget for Fiscal Year 2014 Would Really Cut Over $500 Billion in Spending–A Balanced Approach Leading To A Balanced Budget!–Videos

Posted on December 28, 2012. Filed under: American History, Banking, Blogroll, Business, Communications, Demographics, Diasters, Economics, Education, Employment, Federal Government, Federal Government Budget, Food, Foreign Policy, government, government spending, Health Care, history, Inflation, Investments, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, People, Philosophy, Politics, Programming, Psychology, Public Sector, Radio, Rants, Raves, Regulations, Strategy, Talk Radio, Tax Policy, Taxes, Television, Unemployment, Unions, Video | Tags: , , , , , , , , |

senator_rand_paul

Passerby pushes suicide jumper off bridge in frustration

China bridge jumper ‘gets a push’ 1

The Deal with Jack Hunter: Ignoring Rand Paul’s Budget

Sen. Rand Paul: People in Congress Don’t Deserve to Manage Any More Money

Rand Paul: We Should Let Dems Raise Taxes And Then Let Them Own It –

Rand Paul: We Should Let Democrats Raise Taxes

Rand Paul On The Fiscal Cliff: Spending Cuts Are Fiction, The Tax Increases Should Be Too

Sen. Rand Paul on $500B in Spending Cuts: The American People Are Ready

Senator Rand Paul on Neil Cavuto about $500 Billion spending cut S.162

TEA PARTY THE ANSWER TO GOVT. SPENDING?: Sen. Rand Paul: $500 billion budget cuts

Rand Paul: I’m Mad At My Dad! I Had 500 Billion In Cuts, Now He Comes Out With A Trillion!

Since President Obama wants to grow government and make all Americans dependent upon the Government and Democratic Party, let the Democratic Party and Obama jump from the fiscal cliff.

They will own the resulting recession and will be committing political suicide.

Do not negotiate with a person or party that wants to jump off the cliff by raising taxes on all Americans.

The Republican Party should stop negotiating with the person responsible with the massive spending problem resulting in huge deficits and over $5 trillion of new national debt.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of theUnited States Government for Fiscal Years 2002-2012[in million of dollars]
Fiscal Year Tax Receipts Spending Outlays Deficits (+)  or Surplus (-)
2002 1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,286 1,089,193
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Simply tell the American people that the Republican Party wants no tax increase for any American and is willing to have a Fiscal Year 2014 budget of $3 trillion that represents a real spending cut of over $500 billion.

Obama rejected the proposal and jumped. Rest in peace.

Pass Senator Rand Paul’s $500 billion spending cuts for Fiscal Year 2014!

FINANCIAL MANAGEMENT SERVICE STAR - TREASURY FINANCIAL DATABASE TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS) ACCOUNTING DATE: 11/12 PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-) + ____________________________________________________________ _____________________ _____________________ _____________________ PRIOR YEAR OCTOBER 163,072 261,539 98,466 NOVEMBER 152,402 289,704 137,302 DECEMBER 239,963 325,930 85,967 JANUARY 234,319 261,726 27,407 FEBRUARY 103,413 335,090 231,677 MARCH 171,215 369,372 198,157 APRIL 318,807 259,690 -59,117 MAY 180,713 305,348 124,636 JUNE 260,177 319,919 59,741 JULY 184,585 254,190 69,604 AUGUST 178,860 369,393 190,533 SEPTEMBER 261,566 186,386 -75,180 YEAR-TO-DATE 2,449,093 3,538,286 1,089,193 CURRENT YEAR OCTOBER 184,316 304,311 119,995 NOVEMBER 161,730 333,841 172,112 YEAR-TO-DATE 346,045 638,152 292,107 - - - - - - - - 0REPORT ID: STM0P081 USER ID : DATE: 2012-12-10 TIME: 18.47.19 PAGE http://www.fms.treas.gov/mts/mts1112.txt
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No Spending Cuts, No Tax Cuts, No Balanced Budget, No Spending Cap, No Hope, No Change–Obama Recession–Fiscal Year 2013 Deficit Will Exceed $1 Trillion–We Have A Spending Problem–Videos

Posted on December 18, 2012. Filed under: American History, Banking, Blogroll, Business, College, Communications, Economics, Education, Employment, Federal Government, Federal Government Budget, government, government spending, history, Investments, Law, liberty, Life, Links, Macroeconomics, media, Microeconomics, Monetary Policy, People, Philosophy, Politics, Radio, Rants, Raves, Security, Tax Policy, Taxes, Technology, Unemployment, Video, War, Wisdom | Tags: , , , , , , , , , , , , , , |

U.S. Debt Clock

http://www.usdebtclock.org/

$16 Trillion U.S. DEBT – A Visual Perspective

What Are the Dangers of Too Much Debt?

Does Government Have a Revenue or Spending Problem?

Funding Government by the Minute

Will Higher Tax Rates Balance the Budget?

Will Taxing the Rich Fix the Deficit?

What Can We Cut to Balance the Budget

Does Stimulus Spending Work?

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of the

United States Government for Fiscal Years 2002-2012

[in million of dollars]

Fiscal Year Tax Receipts Spending Outlays Deficits (+)  or Surplus (-)
2002 1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,286 1,089,193
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

FINANCIAL MANAGEMENT SERVICE
                                                  STAR - TREASURY FINANCIAL DATABASE
             TABLE 1.  SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS)

                                                        ACCOUNTING DATE:  11/12

   PERIOD                                                                     RECEIPTS                OUTLAYS    DEFICIT/SURPLUS (-)
+  ____________________________________________________________  _____________________  _____________________  _____________________
   PRIOR YEAR

     OCTOBER                                                                   163,072                261,539                 98,466
     NOVEMBER                                                                  152,402                289,704                137,302
     DECEMBER                                                                  239,963                325,930                 85,967
     JANUARY                                                                   234,319                261,726                 27,407
     FEBRUARY                                                                  103,413                335,090                231,677
     MARCH                                                                     171,215                369,372                198,157
     APRIL                                                                     318,807                259,690                -59,117
     MAY                                                                       180,713                305,348                124,636
     JUNE                                                                      260,177                319,919                 59,741
     JULY                                                                      184,585                254,190                 69,604
     AUGUST                                                                    178,860                369,393                190,533
     SEPTEMBER                                                                 261,566                186,386                -75,180

       YEAR-TO-DATE                                                          2,449,093              3,538,286              1,089,193

   CURRENT YEAR

     OCTOBER                                                                   184,316                304,311                119,995
     NOVEMBER                                                                  161,730                333,841                172,112

       YEAR-TO-DATE                                                            346,045                638,152                292,107
-
-
-
-
-
-
-
-
0REPORT ID: STM0P081
 USER ID  :     
 DATE: 2012-12-10 TIME: 18.47.19                                                                                         PAGE 
http://www.fms.treas.gov/mts/mts1112.txt

Ron Paul- Discussing The Fiscal Cliff- John Stossel Show

GOP offers fiscal cliff ‘plan b’

US fiscal cliff & options at hand

Woodward: Obama Would Own Recession From Going Over Fiscal Cliff

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Marc Farber: The problem with President Obama & Recession 2013!

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Fiscal Cliff An Artificial Crisis

Show News: Hume Boehner has a weak hand in fiscal cliff talks

Peter Schiff: Ben Bernanke throws the dollar over the Currency Cliff

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Obama Economic Recovery Ends: Shortest and Weakest Recovery After 10 Post War Recessions–Obama Recession Starts–Videos

Posted on August 15, 2012. Filed under: American History, Blogroll, Books, Business, Demographics, Economics, Education, Employment, Energy, Federal Government Budget, Fiscal Policy, Food, Foreign Policy, government, government spending, Health Care, history, Immigration, Inflation, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, People, Philosophy, Politics, Rants, Raves, Resources, Security, Tax Policy, Taxes, Technology, Uncategorized, Unemployment, Video, War, Weather, Wisdom | Tags: , , , , , , , |

U-6 Unemployment Rate

Debacle: How Obama Incentivized Sloth & Created the Weakest Recovery In Modern History

Congressman Kevin Brady (R-TX) speaks about July’s Employment Numbers on CNBC

The President’s Policies Aren’t Working

Economic recovery is weakest since World War II

“…recession that ended three years ago this summer has been followed by the feeblest economic recovery since the Great Depression.

Since World War II, 10 U.S. recessions have been followed by a recovery that lasted at least three years. An Associated Press analysis shows that by just about any measure, the one that began in June 2009 is the weakest.

The ugliness goes well beyond unemployment, which at 8.3 percent is the highest this long after a recession ended.

Economic growth has never been weaker in a postwar recovery. Consumer spending has never been so slack. Only once has job growth been slower.

More than in any other post-World War II recovery, people who have jobs are hurting: Their paychecks have fallen behind inflation.

Many economists say the agonizing recovery from the Great Recession, which began in December 2007 and ended in June 2009, is the predictable consequence of a housing bust and a grave financial crisis.

Credit, the fuel that powers economies, evaporated after Lehman Brothers collapsed in September 2008. And a 30 percent drop in housing prices erased trillions in home equity and brought construction to a near-standstill.

So any recovery was destined to be a slog.

“A housing collapse is very different from a stock market bubble and crash,” says Nobel Prize-winning economist Peter Diamond of the Massachusetts Institute of Technology. “It affects so many people. It only corrects very slowly.”

The U.S. economy has other problems, too. Europe’s troubles have undermined consumer and business confidence on both sides of the Atlantic. And the deeply divided U.S. political system has delivered growth-chilling uncertainty.

The AP compared nine economic recoveries since the end of World War II that lasted at least three years. A 10th recovery that ran from 1945 to 1948 was not included because the statistics from that period aren’t comprehensive, although the available data show that hiring was robust. There were two short-lived recoveries — 24 months and 12 months — after the recessions of 1957-58 and 1980.

Here is a closer look at how the comeback from the Great Recession stacks up with the others:

—FEEBLE GROWTH

America’s gross domestic product — the broadest measure of economic output — grew 6.8 percent from the April-June quarter of 2009 through the same quarter this year, the slowest in the first three years of a postwar recovery. GDP grew an average of 15.5 percent in the first three years of the eight other comebacks analyzed.

The engines that usually drive recoveries aren’t firing this time.

Investment in housing, which grew an average of nearly 34 percent this far into previous postwar recoveries, is up just 8 percent since the April-June quarter of 2009.

That’s because the overbuilding of the mid-2000s left a glut of houses. Prices fell and remain depressed. The housing market has yet to return to anything close to full health even as mortgage rates have plunged to record lows.

Government spending and investment at the federal, state and local levels was 4.5 percent lower in the second quarter than three years earlier.

Three years into previous postwar recoveries, government spending had risen an average 12.5 percent. In the first three years after the 1981-82 recession, during President Ronald Reagan’s first term, the economy got a jolt from a 15 percent increase in government spending and investment.

This time, state and local governments have been slashing spending — and jobs. And since passing President Barack Obama’s $862 billion stimulus package in 2009, a divided Congress has been reluctant to try to help the economy with federal spending programs. Trying to contain the $11.1 trillion federal debt has been a higher priority.

Since June 2009, governments at all levels have slashed 642,000 jobs, the only time government employment has fallen in the three years after a recession. This long after the 1973-74 recession, by contrast, governments had added more than 1 million jobs.

—EXHAUSTED CONSUMERS

Consumer spending has grown just 6.5 percent since the recession ended, feeblest in a postwar recovery. In the first three years of previous recoveries, spending rose an average of nearly 14 percent.

It’s no mystery why consumers are being frugal. Many have lost access to credit, which fueled their spending in the 2000s. Home equity has evaporated and credit cards have been canceled. Falling home prices have slashed home equity 49 percent, from $13.2 trillion in 2005 to $6.7 trillion early this year.

Others are spending less because they’re paying down debt or saving more. Household debt peaked at 126 percent of after-tax income in mid-2007 and has fallen to 107 percent, according to Haver Analytics. The savings rate has risen from 1.1 percent of after-tax income in 2005 to 4.4 percent in June. Consumers have cut credit card debt by 14 percent — to $865 billion — since it peaked at over $1 trillion in December 2007.

“We were in a period in which we borrowed too much,” says Carl Weinberg, chief economist at High Frequency Economics. “We are now deleveraging. That’s a process that slows us down.”

—THE JOBS HOLE

The economy shed a staggering 8.8 million jobs during and shortly after the recession. Since employment hit bottom, the economy has created just over 4 million jobs. So the new hiring has replaced 46 percent of the lost jobs, by far the worst performance since World War II. In the previous eight recoveries, the economy had regained more than 350 percent of the jobs lost, on average.

During the 1981-82 recession, the U.S. lost 2.8 million jobs. In the three years and one month after that recession ended, the economy added 9.8 million — replacing the 2.8 million and adding 7 million more.

Never before have so many Americans been unemployed for so long three years into a recovery. Nearly 5.2 million have been out of work for six months or more. The long-term unemployed account for 41 percent of the jobless; the highest mark in the other recoveries was 22 percent.

Gregory Mann, 58, lost his job as a real estate appraiser three years ago. “Basically, I am looking for anything,” he says. He has applied to McDonald’s, Target and Nordstrom’s.

“Nothing, not even a rejection letter,” he says.

His wife, a registered nurse, has lost two jobs in the interim — and just received an offer to work reviewing medical records near Atlanta.

“We are broke and nearly homeless,” he says. “If this job for my wife hadn’t come through, we would be out on the street come Sept. 1 or would have had to move in with relatives.”

Federal Reserve Chairman Ben Bernanke has called long-term unemployment a “national crisis.” The longer people remain unemployed, the harder it is to find work, Bernanke has said. Skills erode, and people lose contact with former colleagues who could help with the job search.

—SHRINKING PAYCHECKS

Usually, workers’ pay rises as the economy picks up momentum after a recession. Not this time. Employers don’t have to be generous in a weak job market because most workers don’t have anywhere to go.

As a result, pay raises haven’t kept up with even modest levels of inflation. Earnings for production and nonsupervisory workers — a category that covers about 80 percent of the private, nonfarm workforce — have risen just over 6.2 percent since June 2009. Consumer prices have risen nearly 7.2 percent. Adjusted for inflation, wages have fallen 0.8 percent. In the previous five recoveries —the records go back only to 1964 — real wages had gone up an average 1.5 percent at this point.

Falling wages haven’t hurt everyone. Lower labor costs helped push corporate profits to a record 10.6 percent of U.S. GDP in the first three months of 2012, according to the Federal Reserve Bank of St. Louis. And those surging profits helped lift the Dow Jones industrials 54 percent from the end of June 2009 to the end of last month. Only after the recessions of 1948-49 and 1953-54 did stocks rise more.

Stock investments may be coming back, but savings are still getting squeezed by the rock-bottom interest rates the Fed has engineered to boost the economy. The money Americans earn from interest payments fell from nearly $1.4 trillion in 2008 to barely $1 trillion last year — a drop of more than $370 billion, or 27 percent. That amounts to shrinking income for many retirees.

Washington isn’t doing much to help the economy. An impasse between Obama and congressional Republicans brought the U.S. to the brink of default on the federal debt last year —a confrontation that rattled financial markets and sapped consumer and business confidence.

Given the political divide, businesses and consumers don’t know what’s going to happen to taxes, government spending or regulation. Sharp tax increases and spending cuts are scheduled to kick in at year’s end unless Congress and the White House reach a budget deal.

In the meantime, it’s difficult for consumers to summon the confidence to spend and businesses the confidence to hire and expand. Never in the postwar period has there been so much uncertainty about what policymakers will do, says Steven Davis, an economist at the University of Chicago Booth School of Business: “No one is sure what will actually happen.”

As weak as this recovery is, it’s nothing like what the U.S. went through in the 1930s. The period known as the Great Depression actually included two severe recessions separated by a recovery that lasted from March 1933 until May 1937.

It’s tough to compare the current recovery with the 1933-37 version. Economic figures comparable to today’s go back only to the late 1940s. But calculations by economist Robert Coen, professor emeritus at Northwestern University, suggest that things were far bleaker during the recovery three-quarters of a century ago: Coen found that unemployment remained well above 10 percent — and usually above 15 percent — throughout the 1930s.

Only the approach and outbreak of World War II — the ultimate government stimulus program — restored the economy and the job market to full health.

Comparison of U.S. Recoveries from Recession

1949-2007

Real Gross Domest Product (GDP) Growth Rates

Background Articles and Videos

Did Mitt Romney Call President Obama A Liar?

Romney Aid: Obama’s Ad Is a Lie

Current Population Survey

August 3, 2012

Employment from the BLS household and payroll surveys:

summary of recent trends

http://www.bls.gov/web/empsit/ces_cps_trends.pdf

Employment Situation Summary

Transmission of material in this release is embargoed                          USDL-12-1531
until 8:30 a.m. (EDT) Friday, August 3, 2012

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 -- JULY 2012

Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate
was essentially unchanged at 8.3 percent, the U.S. Bureau of Labor Statistics reported
today. Employment rose in professional and business services, food services and drinking
places, and manufacturing.

Household Survey Data

Both the number of unemployed persons (12.8 million) and the unemployment rate (8.3
percent) were essentially unchanged in July. Both measures have shown little movement
thus far in 2012. (See table A-1.)

Among the major worker groups, the unemployment rate for Hispanics (10.3 percent) edged
down in July, while the rates for adult men (7.7 percent), adult women (7.5 percent),
teenagers (23.8 percent), whites (7.4 percent), and blacks (14.1 percent) showed little
or no change. The jobless rate for Asians was 6.2 percent in July (not seasonally
adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In July, the number of long-term unemployed (those jobless for 27 weeks and over) was
little changed at 5.2 million. These individuals accounted for 40.7 percent of the
unemployed. (See table A-12.)

Both the civilian labor force participation rate, at 63.7 percent, and the employment-
population ratio, at 58.4 percent, changed little in July. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) was essentially unchanged at 8.2 million in July. These
individuals 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 July, 2.5 million persons were marginally attached to the labor force, down from 2.8
million a year earlier. (These 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 852,000 discouraged workers in July, a decline
of 267,000 from a year earlier. (These 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 1.7 million persons marginally attached to the labor
force in July had not searched for work in the 4 weeks preceding the survey for reasons
such as school attendance or family responsibilities.

Establishment Survey Data

Total nonfarm payroll employment rose by 163,000 in July. Since the beginning of this
year, employment growth has averaged 151,000 per month, about the same as the average
monthly gain of 153,000 in 2011. In July, employment rose in professional and business
services, food services and drinking places, and manufacturing. (See table B-1.)

Employment in professional and business services increased by 49,000 in July. Computer
systems design added 7,000 jobs, and employment in temporary help services continued
to trend up (+14,000).

Within leisure and hospitality, employment in food services and drinking places rose by
29,000 over the month and by 292,000 over the past 12 months.

Manufacturing employment rose in July (+25,000), with nearly all of the increase in durable
goods manufacturing. Within durable goods, the motor vehicles and parts industry had fewer
seasonal layoffs than is typical for July, contributing to a seasonally adjusted employment
increase of 13,000. Employment continued to trend up in fabricated metal products (+5,000).

Employment continued to trend up in health care in July (+12,000), with over-the-month
gains in outpatient care centers (+4,000) and in hospitals (+5,000). Employment also
continued to trend up in wholesale trade.

Utilities employment declined in July (-8,000). The decrease reflects 8,500 utility workers
who were off payrolls due to a labor-management dispute.

Employment in other major industries, including mining and logging, construction, retail
trade, transportation and warehousing, financial activities, and government, showed little
or no change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at
34.5 hours in July. Both the manufacturing workweek, at 40.7 hours, and factory overtime,
at 3.2 hours, were unchanged over the month. The average workweek for production and
nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See
tables B-2 and B-7.)

In July, average hourly earnings for all employees on private nonfarm payrolls edged up 
by 2 cents to $23.52. Over the year, average hourly earnings rose by 1.7 percent. In July,
average hourly earnings of private-sector production and nonsupervisory employees increased
by 2 cents to $19.77. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000,
and the change for June was revised from +80,000 to +64,000.

_____________
The Employment Situation for August is scheduled to be released on Friday, September 7, 2012,
at 8:30 a.m. (EDT).

Glenn Hubbard: The Romney Plan for Economic Recovery

Tax cuts, spending restraint and repeal of Obama’s regulatory excesses would mean 12 million new jobs in his first term alone

By Glenn Hubbard

“…We are currently in the most anemic economic recovery in the memory of most Americans. Declining consumer sentiment and business concerns over policy uncertainty weigh on the minds of all of us. We must fix our economy’s growth and jobs machine.

We can do this. The U.S. economy has the talent, ideas, energy and capital for the robust economic growth that has characterized much of America’s experience in our lifetimes. Our standard of living and the nation’s standing as a world power depend on restoring that growth.

But to do so we must have vastly different policies aimed at stopping runaway federal spending and debt, reforming our tax code and entitlement programs, and scaling back costly regulations. Those policies cannot be found in the president’s proposals. They are, however, the core of Gov. Mitt Romney’s plan for economic recovery and renewal.

In response to the recession, the Obama administration chose to emphasize costly, short-term fixes—ineffective stimulus programs, myriad housing programs that went nowhere, and a rush to invest in “green” companies.

As a consequence, uncertainty over policy—particularly over tax and regulatory policy—slowed the recovery and limited job creation. One recent study by Scott Baker and Nicholas Bloom of Stanford University and Steven Davis of the University of Chicago found that this uncertainty reduced GDP by 1.4% in 2011 alone, and that returning to pre-crisis levels of uncertainty would add about 2.3 million jobs in just 18 months.

The Obama administration’s attempted short-term fixes, even with unprecedented monetary easing by the Federal Reserve, produced average GDP growth of just 2.2% over the past three years, and the consensus outlook appears no better for the year ahead.

Moreover, the Obama administration’s large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation. A recent study by Ernst & Young finds that the administration’s proposal to increase marginal tax rates on the wage, dividend and capital-gain income of upper-income Americans would reduce GDP by 1.3% (or $200 billion per year), kill 710,000 jobs, depress investment by 2.4%, and reduce wages and living standards by 1.8%. And according to the Congressional Budget Office, the large deficits codified in the president’s budget would reduce GDP during 2018-2022 by between 0.5% and 2.2% compared to what would occur under current law.

President Obama has ignored or dismissed proposals that would address our anti-competitive tax code and unsustainable trajectory of federal debt—including his own bipartisan National Commission on Fiscal Responsibility and Reform—and submitted no plan for entitlement reform. In February, Treasury Secretary Tim Geithner famously told congressional Republicans that this administration was putting forth no plan, but “we know we don’t like yours.”

Other needed reforms would emphasize opening global markets for U.S. goods and services—but the president has made no contribution to the global trade agenda, while being dragged to the support of individual trade agreements only recently.

The president’s choices cannot be ascribed to a political tug of war with Republicans in Congress. He and Democratic congressional majorities had two years to tackle any priority they chose. They chose not growth and jobs but regulatory expansion. The Patient Protection and Affordable Care Act raised taxes, unleashed significant new spending, and raised hiring costs for workers. The Dodd-Frank Act missed the mark on housing and “too-big-to-fail” financial institutions but raised financing costs for households and small and mid-size businesses.

These economic errors and policy choices have consequences—record high long-term unemployment and growing ranks of discouraged workers. Sadly, at the present rate of job creation and projected labor-force growth, the nation will never return to full employment.

It doesn’t have to be this way. The Romney economic plan would fundamentally change the direction of policy to increase GDP and job creation now and going forward. The governor’s plan puts growth and recovery first, and it stands on four main pillars:

Stop runaway federal spending and debt. The governor’s plan would reduce federal spending as a share of GDP to 20%—its pre-crisis average—by 2016. This would dramatically reduce policy uncertainty over the need for future tax increases, thus increasing business and consumer confidence.

Reform the nation’s tax code to increase growth and job creation. The Romney plan would reduce individual marginal income tax rates across the board by 20%, while keeping current low tax rates on dividends and capital gains. The governor would also reduce the corporate income tax rate—the highest in the world—to 25%. In addition, he would broaden the tax base to ensure that tax reform is revenue-neutral.

Reform entitlement programs to ensure their viability. The Romney plan would gradually reduce growth in Social Security and Medicare benefits for more affluent seniors and give more choice in Medicare programs and benefits to improve value in health-care spending. It would also block grant the Medicaid program to states to enable experimentation that might better serve recipients.

Make growth and cost-benefit analysis important features of regulation. The governor’s plan would remove regulatory impediments to energy production and innovation that raise costs to consumers and limit new job creation. He would also work with Congress toward repealing and replacing the costly and burdensome Dodd–Frank legislation and the Patient Protection and Affordable Care Act. The Romney alternatives will emphasize better financial regulation and market-oriented, patient-centered health-care reform.

In contrast to the sclerosis and joblessness of the past three years, the Romney plan offers an economic U-turn in ideas and choices. When bolstered by sound trade, education, energy and monetary policy, the Romney reform program is expected by the governor’s economic advisers to increase GDP growth by between 0.5% and 1% per year over the next decade. It should also speed up the current recovery, enabling the private sector to create 200,000 to 300,000 jobs per month, or about 12 million new jobs in a Romney first term, and millions more after that due to the plan’s long-run growth effects.

But these gains aren’t just about numbers, as important as those numbers are. The Romney approach will restore confidence in America’s economic future and make America once again a place to invest and grow.

Mr. Hubbard, dean of Columbia Business School, was chairman of the Council of Economic Advisers under President George W. Bush. He is an economic adviser to Gov. Romney. …”

http://online.wsj.com/article/SB10000872396390443687504577562842656362660.html

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Posted on December 4, 2009. Filed under: Blogroll, Communications, Demographics, Economics, Education, Employment, Fiscal Policy, Foreign Policy, government spending, Health Care, history, Homes, Immigration, Investments, Language, Law, liberty, Life, Links, Monetary Policy, People, Philosophy, Politics, Psychology, Quotations, Rants, Raves, Regulations, Resources, Taxes, Video, Wisdom | Tags: , , , , , , , , , |

 

The Great Depression and the Current Recession (Robert Higgs)

Background Articles and Videos

Robert Higgs
Senior Fellow in Political Economy

“…Robert Higgs is Senior Fellow in Political Economy for The Independent Institute and Editor of the Institute’s quarterly journal The Independent Review. He received his Ph.D. in economics from Johns Hopkins University, and he has taught at the University of Washington, Lafayette College, Seattle University, and the University of Economics, Prague. He has been a visiting scholar at Oxford University and Stanford University, and a fellow for the Hoover Institution and the National Science Foundation. 

He is the recipient of numerous awards, including the Gary Schlarbaum Award for Lifetime Defense of Liberty, Thomas Szasz Award for Outstanding Contributions to the Cause of Civil Liberties, Lysander Spooner Award for Advancing the Literature of Liberty, Friedrich von Wieser Memorial Prize for Excellence in Economic Education, and Templeton Honor Rolls Award on Education in a Free Society. 

Dr. Higgs is the editor of The Independent Institute books Opposing the Crusader State, The Challenge of Liberty, Re-Thinking Green, Hazardous to Our Health? and Arms, Politics, and the Economy, plus the volume Emergence of the Modern Political Economy

Bob is also the author of Depression, War, and Cold War, available in April 2009 in a new paperback edition, and Neither Liberty Nor Safety, Politická ekonomie strachu (The Political Economy of Fear, in Czech), Resurgence of the Warfare State, Against Leviathan, The Transformation of the American Economy 1865-1914, Competition and Coercion, and Crisis and Leviathan. A contributor to numerous scholarly volumes, he is the author of more than 100 articles and reviews in academic journals.  …”

http://www.independent.org/aboutus/person_detail.asp?id=489

Robert Higgs

“…Robert Higgs (born 1 February 1944) is an American economist of the Austrian School and a libertarian anarchist. His writings in economics and economic history have most often focused on the causes, means, and effects of government growth.

He is a Senior Fellow in Political Economy at the Independent Institute (since September 1994), and is editor of Independent Review (since 1995).[1] He is an adjunct faculty member of the Ludwig von Mises Institute[2] and is an adjunct scholar at the Cato Institute.[3] Higgs is also a contributor to LewRockwell.com.[4]

Higgs has held teaching positions at University of Washington, Lafayette College, and Seattle University. He has also been a visiting scholar at Oxford University and Stanford University. Higgs held a visiting professorship at the University of Economics, Prague in 2006,[1] and has supervised dissertations in the Ph.D. program at Universidad Francisco Marroquín.[5] …”

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

Robert Higgs on Federal Reserve Transparency

 

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