8:20 AM, May 22, 2015 • By GEOFFREY NORMAN
Michelle Jamrisko at Bloomberg writes:
Americans’ expectations for the economy slumped in May by the most since October 2013, casting doubt on consumers’ ability to revive growth. A measure tracking the economic outlook fell by 6 points to 44 this month, data from the Bloomberg Consumer Comfort Index showed Thursday. Thirty-nine percent said the U.S. economy is getting worse, the largest share since the federal government shutdown 19 months ago.
The recovery, which we are ceaselessly being assured is either here or about to arrive, “this summer,” has never really materialized.
The U.S. economy has largely disappointed this year, with weaker-than-expected retail sales data last week capping a recent run of reports showing scant momentum. Consumer spending, which accounts for almost 70 percent of gross domestic product, climbed at a 1.9 percent annualized rate in the first quarter, the slowest in a year and less than half the 4.4 percent advance in the final three months of 2014.
One suspects that this will be noticed by the “everyday people” who are, after all, living it.
May 18, 2015, Vol. 20, No. 34 • By THE SCRAPBOOK
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5:09 PM, Apr 30, 2015 • By GEOFFREY NORMAN
After yesterday’s disappointing GDP number (it grew by a meager .2% in the last quarter) we got this from Jason Furman, chairman of the White House Council of Economic Advisors:
12:01 AM, Apr 4, 2015 • By IRWIN M. STELZER
The economy might, but only might, be slowing. In March we added only 126,000 jobs, the lowest increase since December 2013, barely enough to absorb new entrants into the workforce. Almost all measures of the health of the labor market -- the unemployment rate, the number of workers jobless for more than 27 weeks, the number involuntarily working short hours or too discouraged to continue looking for a job -- remain more or less stuck at present levels.
3:20 PM, Apr 3, 2015 • By GEOFFREY NORMAN
Expectations were for more than 200,000 new jobs. The report, this morning, crushed those expectations. In the old fashioned sense of “crushed.” As Joseph Lawler of the Washington Examiner writes:
11:12 AM, Mar 27, 2015 • By GEOFFREY NORMAN
Bloomberg reports that:
The U.S. economy expanded at 2.2 percent annualized pace in the fourth quarter, led by the biggest gain in consumer spending in eight years.
9:50 AM, Mar 25, 2015 • By IRWIN M. STELZER
Water, Water Everywhere
And in some places in drought-ravished California even where it proves an embarrassment.
11:36 AM, Feb 26, 2015 • By GEOFFREY NORMAN
The recovery may be slowing and the end of the Fed’s QE efforts receding further into the future.