9:44 AM, Feb 27, 2015 • By GEOFFREY NORMAN
The economy did not grow as robustly in the 4th quarter as had been thought. Bloomberg reports that:
Gross domestic product, the value of all goods and services produced, rose at a 2.2 percent annualized rate, down from an initial estimate of 2.6 percent, Commerce Department figures showed Friday in Washington. The median forecast of 83 economists surveyed by Bloomberg called for a 2 percent pace.
Consumer spending last quarter climbed by the most in four years, underscoring the underlying strength of the expansion. An improving job market and cheaper fuel costs will probably keep underpinning households this year, which will help the U.S. overcome a slowdown in exports as the dollar climbs and foreign economies struggle.
If the recovery were an NFL team, it would be in a rebuilding year. 9-7, maybe. Or 8-8. And looking to make the playoffs next season.
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.
9:38 AM, Feb 25, 2015 • By GEOFFREY NORMAN
The Obama administration’s line on the economy appears to be that it has finally turned the corner and things are truly humming. And maybe so. But there are signs of trouble amid all the good cheer.
12:01 AM, Feb 21, 2015 • By IRWIN M. STELZER
Markets work. That’s the message from Walmart’s decision to raise its starting wage for 500,000 of its 1.3 million US employees to $10 per hour starting next year. That’s 37% above the statutory minimum of $7.25.
10:15 AM, Feb 20, 2015 • By JERYL BIER
Just weeks after announcing a program to make two years of community college free to all, President Obama has doubled down on "free" by introducing a plan to give all fourth-graders and their families a year of free access to all national parks.
3:36 PM, Feb 2, 2015 • By GEOFFREY NORMAN
The first number in a week that will produce many of them, culminating with monthly non-farm payrolls, is not promising for the recovery.
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.
11:48 AM, Jan 27, 2015 • By GEOFFREY NORMAN
Predictions of a robustly growing economy may prove as evanescent as yesterday’s winter storm warnings.
7:01 AM, Jan 27, 2015 • By JERYL BIER
The White House launched a new campaign this week to build support for President Obama's executive action on immigration.
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:
4:31 PM, Jan 19, 2015 • By GEOFFREY NORMAN
Barack Obama and his disciples began worrying about his legacy even before he took office. He would not be satisfied to be judged competent or good. He was going to be a transformative president.
11:07 AM, Jan 19, 2015 • By GEOFFREY NORMAN
The president is proposing more higher education (at the community college level) as a cure for our economic woes. Along with some substantial tax increases, of course. But is more college the answer?
1:39 PM, Jan 10, 2015 • By DANIEL HALPER
President Obama is in a good mood. He believes the country, under his leadership, is heading in the right direction.
"About a year ago, I promised that 2014 would be a breakthrough year for America. And this week, we got more evidence to back that up," the president begins his weekly address.