Kai Ryssdal: This may be more macro-economic detail than you want, but the Federal Reserve splits this country into 12 parts or regions. About every eight weeks it publishes something called the "Commentary on Current Economic Conditions." Otherwise known as the beige book. It's a look at the U.S. economy broken down by those 12 districts.
And the report that came out today says things in 11 of the 12 are distinctly positive. Except for the labor market, which is a big exception. Commentator Robert Reich says whatever economic recovery there may eventually be depends on jobs.
ROBERT REICH: According to last Friday's jobs report, almost one out of six Americans who needs a full-time job either can't find one or is working part-time. Meanwhile, wage growth among people who have jobs has just about stopped. And the typical workweek is now so short, at just over 33 hours, that if and when companies need workers they'll just expand the hours of people already on payrolls rather than hire anyone new.
Bottom line: No net new private-sector jobs, probably for years.
Does this mean a jobless recovery? No. It means no recovery, at least none lasting beyond inventory corrections and the government stimulus. You see, with so many people unemployed or underemployed, there won't be enough demand to fuel a real recovery.
But according to a recent report by Bank of America Merrill Lynch, we shouldn't worry: 42 percent of consumer spending before the meltdown came from the top-earning 10 percent of Americans. Not too surprising given that the top 10 percent was raking in half of total earnings..
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Number of poor in US climbs to 39.8 million: Census Bureau
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Mike SHedlock , Mish, is an idiot.
ReplyDeleteHe's staring at the numbers of foreclosures and unemployment in his country, and at the same time saying how imposing trade tarrifs on Chinese imports is a bad idea.
Maybe MISH should read the goddam constition again , the part where it says that Congress is charged with the job of protecting american workers from the ravages of runaway exploitative capitalism.
Maybe MISH should consider if his own brand of capitalism is anti American and unconstitutional, thereby making him
another traitor in ignoramitude.
The last blogger 9:40 is exploding on a runaway sheeple cart.Gerald Celente says this is not a recovery, it's a cover up. A very smart man who talks sense and is calling for a tax revolt. Wake up sheeple and smell the vaccine coming to a femma camp near you.hahaha
ReplyDeleteWatch the Affluenza video on Google - absolutely top notch.
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