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:
"This quarter was only the fourth in 60 years on record with three or more snowstorms sufficiently severe to be rated by the National Climatic Data Center's Northeast Snowfall Impact Scale. In addition, as measured by heating degree days, this quarter was the third coldest in 20 years. Indeed, winter weather likely reduced both consumption and investment, contributing to this quarter's below-trend output growth."
Mr. Furman sounds more like a meteorologist for a local television station than an economist. Heating degree days?
Also, since the end of the great recession, growth has averaged about half of what it had been over the previous seventy years. Tough to hang that on the weather.
7:14 AM, Apr 22, 2015 • By JERYL BIER
Speaking Tuesday at the 45th Annual Washington Conference of the Council of the Americas, Secretary of State John Kerry said that "countries are far more likely to advance economically and socially when citizens have faith in their governments and are able to rely on them for justice and equal treatment under the law." Kerry said that a "new kind of relationship" with Latin American countries, emphasizing democracy and human rights, will contribute to "our common ag
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.
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 7, 2015 • By IRWIN M. STELZER
We should “stop thinking about the economy as being in a perpetual crisis” commented Charles Plosser, President of the Federal Reserve Bank of Philadelphia, after the government announced on Friday that the private sector added 267,000 jobs in January, and that upward revisions to November and December data brought total job creation in 2014 to over three million.
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.