4:39 PM, Jul 7, 2015 • By GEOFFREY NORMAN
Rebecca Shabad of The Hill reports:
Economic confidence has been holding at a seven-month low, according to a survey released by Gallup on Tuesday. The Economic Confidence Index averaged -8 in June, which Gallup said is statistically tied with May’s -7 reading.
Gallup’s latest figures are keeping the index at the lowest monthly reading since November.
And, one needs to keep in mind that these findings do not reflect consumer reaction to the news from Greece which finally did run out of other people’s money and China where the stock market is cratering with losses measuring in the trillions.So it is not encouraging that:
In June, 42 percent of people said the economy is getting better and just over half said it’s getting worse. A quarter of people described the economy as “excellent” or “good” and 29 percent called it “poor.”
One also needs to remain patient. Recovery takes time.
12:34 PM, Jan 30, 2015 • By GEOFFREY NORMAN
Listen to the president, his staff, and his supporters and you might be ready to believe that the economy is on a rocket ride to prosperity. More jobs, lower gas prices, increased consumer spending. So now, at last, we can afford to do away with sequestration and other implements of austerity. Time to grow and spend and prosper.
1:09 PM, Jan 21, 2015 • By GEOFFREY NORMAN
What should be a recovery on steroids – after all, it has had six years to get in shape – is still not up to speed. If there were as many people in the labor force now, as there were when President Obama came into office, the unemployment rate would be close to 10%. And the spirit of entrepreneurship has dimmed to the point that, as Gallup finds:
10:23 PM, Jan 12, 2015 • By DANIEL HALPER
Protesters gathered outside the Clinton Foundation in New York City to complain about "missing money" from the Haiti recovery effort from the 2010 earthquake:
"New Yorkers with roots in Haiti say the picture [of the Haiti recovery] isn't so rosy," said the NY1 anchor.
The protesters claimed that the $10 billion meant to help rebuild Haiti did little to help the country after the devastating quake. And that much of the money went to non-Haitian companies.
12:12 PM, Oct 2, 2014 • By GEOFFREY NORMAN
Carol E. Lee of the Wall Street Journal reports that the president will be turning his attention back (“pivoting,” it is called) to the economy in an effort to get Democrats elected next month.
3:26 PM, Sep 19, 2014 • By GEOFFREY NORMAN
Ben Casselman and Reuben Fischer-Baum of 538 have gone inside the numbers (as they say) of the economic recovery and their findings are not comforting.
From the recovery.
10:43 AM, Aug 27, 2014 • By GEOFFREY NORMAN
Slow growth is bad for everyone. Including the government, which depends (sort of) on tax revenues to do its job. Now, as Kasia Klimasinska of Bloomberg reports:
9:01 AM, Jun 26, 2014 • By GEOFFREY NORMAN
Reports from the economic front, this week, have been discouraging. Especially yesterday's revise in first quarter GDP to almost three percent negative growth. A contraction, in other words. Another one of those, on the back of that one, and we are officially in a recession.
8:42 AM, Jun 19, 2014 • By GEOFFREY NORMAN
Weekly first time unemployment claims came in almost exactly as expected (which, in itself, is sort of unexpected) at 312,000. One thousand less than economists were predicting and 6,000 less than last week. Which amounts to something like treading water. We aren’t drowning, but we aren’t getting any closer to shore, either.
10:19 AM, May 15, 2014 • By GEOFFREY NORMAN
More evidence that the legs of the long economic recovery may be getting less wobbly. First-time jobless claims fell, last week, to a seven-year low and beat, on the downside, economists’ predictions by a large margin.
2:38 PM, May 13, 2014 • By GEOFFREY NORMAN
But just how bad was the first quarter for the American economy? Commerce Department GDP came in at .1 percent growth, which is treading water, but barely.
3:27 PM, Apr 18, 2014 • By GEOFFREY NORMAN
Politicians looking for work and calling themselves “Democrats” are being advised to avoid using the word “recovery.” As the AP reports:
Election-year memo to Democratic candidates … Stan Greenberg, James Carville and others wrote that in head-to-head polling tests the mere mention of the word "recovery" is trumped by a Republic