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Author Topic: Misery Index: The Obama Depression - "Private sector doing just Fine"  (Read 55016 times)
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« Reply #1000 on: September 26, 2012, 08:08:26 AM »

Household Incomes Fall In Aug., Off 8.2% Under Obama
By JOHN MERLINE

INVESTOR'S BUSINESS DAILY

 Posted 09/25/2012 03:55 PM ET
 


In another sign that the economic recovery under President Obama is not producing gains for average Americans, median household incomes fell 1.1% in August to $50,678, according to a report released Tuesday by Sentier Research.
 
Since the economic recovery started in June 2009, household incomes are down 5.7%, the Sentier data show, and they are down more than 8% since Obama took office.
 
"Even though we are technically in an economic recovery, real median annual household income is having a difficult time maintaining its present level, much less recovering," said Sentier co-founder and former Census Bureau official Gordon Green.
 
Earlier this month, the Census Bureau released its annual report showing that the number of people in poverty was nearly 3 million higher in 2011 than in 2009, an increase of 6%.
 
That report also found that average incomes for middle- and lower-income households fell in 2011 after adjusting for inflation. They rose only for the wealthiest 20% of households.
 
Middle-Class Squeeze
 
The average inflation-adjusted income for households in the middle 20% is now lower than it's been since 1995, the census report found.
 
Meanwhile, another report released Tuesday finds that per-capita health costs jumped 4.6% last year, marking a turnaround from previous years, which had seen annual cost increases moderating. The Health Care Cost Institute report found that rising prices are a "major driver" of the cost increases.
 
And a report from the Centers for Disease Control and Prevention released this month found that the number of uninsured climbed 1 million in the first three months of 2012 compared with last year.
 
Food-Stamp Nation
 
Other bad signs: The number of people on food stamps is up more than 220,000 in the first half of this year and up almost 12 million — or 34% — from June 2009 to June 2012.
 
The number of people in the labor force has fallen more than half a million in the past two months, with the participation rate down to 63.5%, a rate not seen in the past 30 years, according to the Bureau of Labor Statistics.
 
Almost 83,000 signed up for federal disability benefits in September, and more than 736,000 have joined in the first nine months of this year, according to the Social Security Administration. That's a higher enrollment rate than the first nine months of the Obama presidency.
 
Analysts say the higher disability enrollment rates are in part a reflection of workers' inability to find jobs.
 
On the other hand, the Consumer Confidence Index climbed in September to 70.3, a nine-point increase from August, according to the Conference Board.
 
Related Story
 


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« Reply #1001 on: September 26, 2012, 10:48:08 AM »

http://www.cnbc.com/id/49180320


Federal Reserve mentizing the entire deficit.

SICK!
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« Reply #1002 on: September 26, 2012, 11:54:14 AM »

CEOs now see gloomy third quarter, drop growth expectations
By Tim Devaney
 
The Washington Times
 
Wednesday, September 26, 2012



 
Citing uncertainty over the impending “fiscal cliff” and lower demand overseas, an association of CEOs from top companies on Wednesday dropped its growth expectations for the third quarter to the lowest level since the middle of the Great Recession.
 
The Business Roundtable lowered projections for sales, capital spending and hiring in its latest CEO Economic Outlook Survey to the lowest level since 2009.
 
The fiscal cliff — an end-of-the-year deadline for a long-term budget deal between Republican and Democratic lawmakers — has businesses putting off hiring and spending decisions, because they don’t know what to expect in the coming months and years, said Jim McNerney, the CEO of Boeing who also heads the Business Roundtable.
 
“This complete Mexican standoff that we have now is not getting us anywhere,” he told reporters.
 
Business Roundtable President John Engler called it a “fiscal Everest.”
 
“This is something that urgently needs to be addressed,” Mr. Engler said. “This is the same problem the NFL is having. The players aren’t quite clear how to play the game, because the refereeing is so bad.”
 
Mr. Engler urged lawmakers to take action now to avoid the automatic spending cuts and tax increases set to kick if if no deal is made.
 
“We can lead, but you can’t lead by not making decisions,” he said.
 
Only 58 percent of the CEOs who responded expect sales to increase, down from 75 percent last quarter, while the number of CEOs who expect a decline in sales nearly tripled to 15 percent, due in large part to weaker demand in Europe and China.
 
Companies are also slowing capital spending and hiring because of uncertainties in the U.S. tax and regulatory environments. Only 30 percent expect to increase spending, down from 43 percent last quarter, while 19 percent plan to cut back on spending, up from 12 percent.
 
Meanwhile, only 29 percent expect to boost hiring, down from 36 percent, while 34 percent expect to make layoffs or other declines in employment, up from 20 percent.


Read more: CEOs now see gloomy third quarter, drop growth expectations - Washington Times http://www.washingtontimes.com/news/2012/sep/26/ceos-now-see-gloomy-third-quarter-drop-growth-expe/#ixzz27bTZiseQ
 Follow us: @washtimes on Twitter
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« Reply #1003 on: September 26, 2012, 12:27:37 PM »

<a href="http://www.youtube.com/watch?v=gqTwy7LqZBc" target="_blank">http://www.youtube.com/watch?v=gqTwy7LqZBc</a>
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« Reply #1004 on: September 27, 2012, 06:01:27 AM »

http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_GDP?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-09-27-08-36-59


GDP DISASTER! 
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« Reply #1005 on: September 27, 2012, 06:06:37 AM »

Durable Goods Orders Sink Even as Jobless Claims Fall
Published: Thursday, 27 Sep 2012 | 8:40 AM ET Text Size By: Reuters   Twitter 
 
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New durable goods orders in August fell by the most since the recession and a separate reading on the broader U.S. economy came in much weaker than expected. But weekly jobless claims sank to a two-month low, in a hopeful sign for the labor market.

 
Ros Roberts | Getty Images
--------------------------------------------------------------------------------
 

New orders for long-lasting U.S. manufactured goods in August fell by the most in 3 1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.

The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.

Economists polled by Reuters had expected orders for durable goods — items from toasters to aircraft that are meant to last at least three years — to fall 5 percent.

Last month, the drop in orders reflected weak aircraft and automobiles demand. Boeing [BA  70.25    0.87  (+1.25%)   ] received only one aircraft order in August, down from 260 in July, according to information posted on the plane maker's website.

Transportation equipment tumbled 34.9 percent after racing ahead 13.1 percent in July. Excluding transportation, orders fell 1.6 percent after dropping 1.3 percent the prior month. Economists had expected this category to rise 0.3 percent after a previously reported 0.6 percent fall.


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Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.1 percent, halting two straight months of hefty declines. That was above economists' expectations for 0.5 percent gain.

But shipments of these goods, which are used to calculate equipment and software spending in the gross domestic product report, fell 0.9 percent after declining 1.1 percent in July. The weakness suggested third-quarter economic growth would probably not improve much from the April-June's 1.3 percent annual pace.

Manufacturing, which has been the main driver of the recovery from the 2007-09 recession, has been hit by turbulence from sluggish domestic and global demand.

Fears that the U.S. Congress could fail to avert a "fiscal cliff" — the $500 billion or so in expiring tax cuts and government spending reductions set to take hold in 2013 — have also left businesses with little incentive to boost production.

Second-Quarter GDP Cut to 1.3%

Economic growth was much weaker than previously estimated in the second quarter as a drought cut into inventories, setting the platform for an even more sluggish performance in the current quarter against the backdrop of slowing factory activity.

Gross domestic product expanded at a 1.3 percent annual rate, the slowest pace since the third quarter of 2011 and down from last month's 1.7 percent estimate, the Commerce Department said in its final estimate on Thursday.

Output was also revised down to reflect weaker rates of consumer and business spending than previously estimated. Outlays on residential construction export growth were also not as robust as had been previously estimated.

Economists polled by Reuters had expected second-quarter GDP growth would be unrevised at a 1.7 percent pace. The economy grew at a 2 percent pace in the January-March period.

The worst drought in half a century, which gripped large parts of the country in the summer, saw farm inventories dropping $5.3 billion in the second quarter after slipping $1 billion in the first three months of the year.

Data in hand for the third-quarter suggest little improvement in the growth pace, even as the housing market digs out of a six-year slump. Manufacturing, the pillar of the recovery from the 2007-09 recession is cooling, hurt by fears of tighter U.S. fiscal policy in January and slower global demand.

The GDP report also showed that after-tax corporate profits unexpectedly rose at a 2.2 percent rate instead of the previously reported 1.1 percent increase. After-tax profits fell 8.6 percent in the first quarter.

Weekly Jobless Claims at Two-Month Low

The number of Americans filing new claims for jobless benefits fell last week to the lowest level in two months.

Initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 359,000, the lowest level since July, the Labor Department said on Thursday. The prior week's figure was revised up to show 3,000 more applications than previously reported.

Economists polled by Reuters had forecast claims falling to 378,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 4,500 to 374,000, breaking five straight weeks of increases.

A Labor Department official said there were no special factors influencing the report and no states had been estimated.

The labor market has been mired in weakness as worries about higher taxes and deep government spending cuts in January, the ongoing debt problems in Europe and slowing global growth lead employers to be cautious about ramping up hiring.

Sluggish job gains and stubbornly high unemployment spurred the Federal Reserve this month into launching a third round of bond purchases to drive down already low interest rates.

The U.S. central bank vowed to buy $40 billion worth of mortgage-backed securities each month until it sees a sustained upturn in the labor market.

The unemployment rate has been stuck above 8 percent for more than three years, the first time this has happened since the Great Depression, a hurdle for President Barack Obama's quest for a second term in office.

The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid fell 4,000 to 3.27 million in the week ended September 15.

The so-called continuing data covered the week for the household survey from which the unemployment rate is derived.

Copyright 2012 Thomson Reuters. Click for restrictions.
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« Reply #1006 on: September 27, 2012, 10:42:23 AM »


(Reuters) - New orders for long-lasting U.S. manufactured goods in August fell by the most in 3-1/2 years, pointing to a sharp slowdown in factory activity even as a gauge of planned business spending rebounded.
 
The Commerce Department said on Thursday durable goods orders dived 13.2 percent, the largest drop since January 2009, when the economy was in the throes of a recession. Orders for July were revised down to show a 3.3 percent increase instead of the previously reported 4.1 percent gain.

Economists polled by Reuters had expected orders for durable goods -- items from toasters to aircraft that are meant to last at least three years -- to fall 5 percent.

Last month, the drop in orders reflected weak aircraft and automobiles demand. Boeing received only one aircraft order in August, down from 260 in July, according to information posted on the plane maker's website.

Transportation equipment tumbled 34.9 percent after racing ahead 13.1 percent in July. Excluding transportation, orders fell 1.6 percent after dropping 1.3 percent the prior month. Economists had expected this category to rise 0.3 percent after a previously reported 0.6 percent fall.

Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 1.1 percent, halting two straight months of hefty declines. That was above economists' expectations for 0.5 percent gain.

But shipments of these goods, which are used to calculate equipment and software spending in the gross domestic product report, fell 0.9 percent after declining 1.1 percent in July. The weakness suggested third-quarter economic growth would probably not improve much from the April-June's 1.3 percent annual pace.

Manufacturing, which has been the main driver of the recovery from the 2007-09 recession, has been hit by turbulence from sluggish domestic and global demand.

Fears that the U.S. Congress could fail to avert a "fiscal cliff" -- the $500 billion or so in expiring tax cuts and government spending reductions set to take hold in 2013 -- have also left businesses with little incentive to boost production.

(Reporting By Lucia Mutikani; Editing by Andrea Ricci)
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« Reply #1007 on: September 27, 2012, 11:36:06 AM »

So we got back what was lost in the first year, yet MILLIONS who are now in the work force have not found any jobs at all, and the 15 million prior also to that first year did not find jobs, and that is progress? 



LMFAO!!!!! 

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« Reply #1008 on: September 27, 2012, 11:41:15 AM »

Home
Here Is The White House Spin On Today's Disappointing Economic Data
Submitted by Tyler Durden on 09/27/2012 12:57 -0400




A massive 13% collapse in durable goods, the biggest since January 2009; a $20 billion miss to annualized Q2 GDP estimates, and well below the lowest estimate, 60+ weeks of constant upward BLS revisions to initial claims "data" and not to mention assorted atrocious economic (note: not to be confused with market - the two are now completely unlinked) data from around the globe. And what does the White House say: the data shows that the "US is making progress." We sure wouldn't want to know what it would look like if after 3 episodes of easing, trillions injected into the economy via the Fed, and of course $6 trillion in extra debt the US was not making progress. Oh and yes, everything else is Bush's fault.

Full statement from the White House's Alan Krueger:

Today's Economic Data


More than the usual amount of economic statistics were released this morning. As a whole, today’s economic news shows that while we are still fighting back from the worst economic crisis since the Great Depression, we are making progress. We lost more than 8 million jobs and GDP contracted by almost 5 percent as a result of the Great Recession. We have more work to do, but incorporating today’s preliminary benchmark revision to the employment figures released by the Bureau of Labor Statistics with their earlier data indicates that the economy has added nearly 5.1 million private sector jobs, on net, over the past 30 months. BLS announced that total employment likely grew by 386,000 more jobs than previously announced during the 12 months from March 2011 to March 2012, and by 453,000 more private sector jobs in that same time period. In the past decade, the absolute difference between the preliminary and final benchmark revision has averaged 37,000 jobs.

We also saw revised data released today showing that real GDP grew in the second quarter of 2012 by 1.3 percent at an annual rate. Real GDP growth in the second quarter was revised down due, in part, to a downward revision to agriculture inventories as a result of the devastating drought our nation faced this summer. The Obama Administration continues to take all available steps to mitigate the impacts of the drought, and has called on Congress to pass a farm bill that would spur growth and provide rural Americans with the certainty they deserve. We also learned today that the advance report of durable goods orders declined in August, largely as a result of a decline in orders for transportation equipment. Excluding the volatile transportation category, durable goods orders fell by 1.6 percent.

Today’s news shows that we must do more to strengthen our economy and promote job creation. Over a year ago, President Obama proposed the American Jobs Act – a plan that independent economists have said would create up to 2 million jobs. The President will continue to push policies that will continue this progress we have made, including incentives to strengthen the American manufacturing industry, investments in our nation’s infrastructure, and the extension of the tax cuts for 98 percent of Americans and 97 percent of small businesses.

While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past. The revisions announced in today’s reports are a reminder that economic data are subject to large revisions. As a whole the pattern of revisions suggest that the recession that began at the end of 2007 was deeper than initially reported, and the jobs recovery over the last 2.5 years has been a bit stronger than initially reported, although much work remains to be done to return to full employment.

Average:


Via ZeroHedge









More lies from obama
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« Reply #1009 on: September 27, 2012, 11:45:39 AM »


Final Q2 GDP Disaster: 1.25% Growth Comes Below Lowest Estimate
Submitted by Tyler Durden on 09/27/2012 08:45 -0400


http://www.zerohedge.com/news/2012-09-27/final-q2-gdp-disaster-125-growth-comes-below-lowest-estimate



So much for the US recovery (we will never tire of saying that). After the first Q2 GDP revision bubbled up from 1.5% to 1.7%, the sellside brigade was confident that the rate of growth would continue and final Q2 GDP would be in line. Instead, we got an absolute shock of a print, with the final Q2 GDP print coming in at a ridiculously low 1.25% (rounded up to 1.3%), below the lowest Wall Street estimate of 1.4%, and the lowest number since the revised 0.1% reported in January 2011. Here is the final GDP trendline: Q4 2011: 4.1%; Q1 2012: 2.0%; Q2 2012: 1.25%. Luckily, at least "housing has bottomed." The reason for the major contraction in the final print: a downward revision to all favorable components except Government which detracted the least from growth in years at just -0.14%. Of note - Personal Consumption was 1.06%, down from the 1.20% per the second revision. If nothing, we now know just what data Bernanke was looking at on an advance basis to come up with QEternity, and we also know the reason for the media and administration's all in gamble to reflate housing yet again. If the housing market does not go up courtesy of infinite cheap leverage, it could be curtains for the Bernanke reflation experiment.



Luckily, the centrally-planned policy vehicle once upon a time known as "the market" refuses to react to this horrendous, if only for the meaningless economy, news.
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« Reply #1010 on: September 27, 2012, 06:24:55 PM »

A Huge 386,000 Jobs

As if to pile on to what may be the worst two week period a presidential campaign has ever suffered, Governor Mitt Romney has now lost one of the campaign’s key narratives.

Romney can no longer claim that President Obama’s first term in office has resulted in a loss of jobs.

The Bureau of Labor Statistics is out with its annual update to benchmark unemployment numbers (for the more cynical among you, the BLS does this every fall so this is not a number being ‘timed’ for the election), and the numbers reveal that 386,000 more non-farm jobs were actually created between March, 2011 and April 2012 than what had been originally reported.

http://www.forbes.com/sites/rickungar/2012/09/27/bureau-of-labor-statistics-revises-job-growth-upward-by-a-huge-386000-jobs/
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« Reply #1011 on: September 27, 2012, 06:40:11 PM »

A Huge 386,000 Jobs

As if to pile on to what may be the worst two week period a presidential campaign has ever suffered, Governor Mitt Romney has now lost one of the campaign’s key narratives.

Romney can no longer claim that President Obama’s first term in office has resulted in a loss of jobs.

The Bureau of Labor Statistics is out with its annual update to benchmark unemployment numbers (for the more cynical among you, the BLS does this every fall so this is not a number being ‘timed’ for the election), and the numbers reveal that 386,000 more non-farm jobs were actually created between March, 2011 and April 2012 than what had been originally reported.

http://www.forbes.com/sites/rickungar/2012/09/27/bureau-of-labor-statistics-revises-job-growth-upward-by-a-huge-386000-jobs/


LOL!!!!!  In a nation of 300,000,000 you think that is good?  LMFAO!
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« Reply #1012 on: September 28, 2012, 05:39:58 AM »

Obama’s ‘Recovery’ is Worse Than Recession
 Red State ^ | 9/27/2012 | Daniel Horowicz

Posted on Friday, September 28, 2012 8:18:43 AM by IbJensen

Here we go again. GDP growth for Q2 of this year has been revised down to 1.3% from 1.7%. Our GDP now stands at $15.585 trillion, while our debt (including intragovernmental liabilities that must be dealt with) is $16.022 trillion. Durable goods orders have dropped 13.2% in August, the largest dip since January 2009. Orders for July were revised down.

Folks, this is not endemic of a recession. It’s worse than that. This is a sickly recovery.

The problem here is not the recession that Obama complains he inherited. We are no longer losing jobs and GDP is no longer contracting. The problem is the recovery. In fact, we began recovering jobs and GDP during the spring of 2009. So yes, the business cycle tends to endure, irrespective of who is in the White House. There was a very deep recession at the end of Bush’s term, and that recession ended in 2009. The same way Obama cannot be blamed for the initial recession in 2008, he cannot take credit for the immediate end of the recession so early in his term.

What is unprecedented and what is Obama’s fault is the ensuing lack of recovery. We have never had a recession in which we did not emerge from it in a stronger position. This recession is analogous to a 1,000-foot ditch. We stopped falling deeper into the hole in June 2009. However, instead of digging out of the hole, we are permanently coasting near the bottom of that trench. Hence, the protracted stagnation is much worse than the abrupt recession. It is this stagnation that Obama owns as a result of his intervention into every sector of the economy. The over 80 million hours of Obamacare rules and regulations that businesses must comply with is just one example of why the economy will never recover.

Take a look at this GDP chart posted by James Pethokoukis at AEI:

,p>

As you can see, the hemorrhaging stopped shortly after Obama took office. What has ensued is an unprecedented period of lethargic growth. We’ve never seen such weak growth in all the fundamentals of the economy this late after the recession ended. During the first two quarters of 1984, the economy grew by 8% and 7.1% respectively.

Romney must not let Obama get away with blaming the current economic malaise on the previous administration. Back in 2009, Obama bragged about the end of the recession. If the recession ended in 2009, the unprecedented lack of recovery that we are now incurring is due to his overly regulated crony capitalist economy. It’s the recovery stupid.
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« Reply #1013 on: September 28, 2012, 06:01:42 AM »

Hundreds of Layoffs at Mohegan Sun Casino
 NBC Connecticut ^

Posted on Friday, September 28, 2012 7:23:59 AM by matt04

The signs of the struggling economy are again showing at Mohegan Sun Casino. Thursday night the Mayor of Montville confirmed that casino is laying off hundreds of workers, effective immediately.

Mayor Ronald McDaniel said that he's saddened by the news and that it will be difficult for those workers who got pink slips to find new jobs.

The New London Day reports that 282 employees were laid off immediately and that another 46 would be let go by the end of October.

The newspaper also reports that CEO Jeffrey Hartmann left the casino Wednesday.


(Excerpt) Read more at nbcconnecticut.com ...
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« Reply #1014 on: September 28, 2012, 08:03:37 AM »

The Chicago PMI Report Was One Of The Nastiest Pieces Of Economic Data We've Seen In A Long Time
 


Joe Weisenthal|11 minutes ago|172|
 

We already reported that today's Chicago PMI data was week, but we wanted to circle back to it and spotlight some of the datapoints from it.
 
First of all: What is the Chicago PMI? It's a survey of Purchasing Managers at corporations, who are asked their take on the economy: How orders are doing, what they're doing with employment, what they're seeing with commodity costs, and so forth.
 
You can see by these tables (which you can download here) how much of a dropoff there was in activity in various categories.
 
Note in particular the collapse in New Orders and Employment and the jump-up in production costs (prices paid).
 

So that report, sadly, screams stagflation.
 
Also fascinating are the anecdotal comments about the economy.
 
Survey respondents had a lot to say about uncertainty and rising commodity costs.
 It seems that companies are starting to move forward again. Projects that have been on hold are again being discussed.
 Packaging prices are steady with some pressure or suggestions of increase without real merit. Chemical prices are increasing due to oil and corn in the case of ethanol.
 Copper moved higher quickly.
 Market place still seems unsettled. One automotive customer's projections for huge growth this year fizzled out during the 3rd quarter, yet another automotive customer's demands have shown healthy increases.
 Suppliers seem to be slower than ever with their orders, there seems to be no knowledge or creativity anymore if it isn't on the computer they can't do it.
 2012 drought, election year, recent change in Gulf weather all play into short term and long term prices of materials.
 Overall uncertainty with respect to government policies continues to make us hesitant to make significant investments in new areas.
 Uncertainty about taxes, regulations, and public policy going into 2013 is causing spending decisions to be deferred or constrained until the picture is clearer.
 Another month of lower order intake.
 
Again, this is just one report.
 
There have been other reports lately (Dallas Fed, Philly Fed, etc.) that show the opposite, that manufacturing is firming.
 
But the bottom line is that there's a maelstrom of 2013 uncertainty, higher commodity costs, and weak export orders that are slamming the economy. Hopefully the Chicago PMI report from today was just a blip.


Read more: http://www.businessinsider.com/chicago-pmi-weak-2012-9#ixzz27mEPHo6e

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« Reply #1015 on: September 28, 2012, 08:05:19 AM »

Serious question.

Is it possible that some of these layoffs or what have you are not factors of the economy?

Perhaps these CEOs or what have you just ran their companies into the ground?

Is that not possible?



Possible - but not likely.   The economy is a DISASTER overall. 

Just because frauds and thugs like the asshole in the WH and his lapdog media and gullible drones say otherwise does not make it true. 


1.3 % GDP!   That is a recession bro.   
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« Reply #1016 on: September 28, 2012, 08:14:54 AM »

Americans’ Incomes Have Fallen $3,040 During the Obama ‘Recovery’


8:02 AM, Sep 27, 2012 • By JEFFREY H. ANDERSON



Americans must be wondering how much more of this “recovery” they can afford.  New figures from the Census Bureau’s Current Population Survey, compiled by Sentier Research, show that the typical American household’s real (inflation-adjusted) income has actually dropped 5.7 percent during the Obama “recovery.”  Using constant 2012 dollars (to adjust for inflation), the median annual income of American households was $53,718 as of June 2009, the last month of the recession.  Now, after 38 months of this “recovery,” it has fallen to $50,678 — a drop of $3,040 per household.

Yet it gets worse.  Amazingly, incomes have dropped even more during the “recovery” than they did during the recession.  In fact, they’ve dropped more than twice as much as they did during the recession.  From the start to the end of the recession, the real median income of American households fell $1,413, or 2.6 percent.  From the end of the recession to the present day, it has dropped $3,040, or 5.7 percent.  This begs the question:  What kind of “recovery” compares unfavorably with the recession from which it’s ostensibly recovering?
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« Reply #1017 on: September 28, 2012, 01:21:15 PM »

Campbell Soup Shutting Down Sacramento Plant; 700 Jobs Being Cut

September 27, 2012 12:11 PM




SACRAMENTO (CBS13) – The Campbell Soup plant in Sacramento is closing as of July 2013 as the company says it is taking steps to “improve supply chain productivity,” according to a company release.
 
Employees were told of the closure during a 6 a.m. meeting Thursday at the plant.
 
“We employ about 700 people at the Sacramento plant and unfortunately those jobs will be eliminated,” said Campbell Soup Company spokesperson Anthony Sanzio. “This is a tough day for the company, for the employees. No one likes to do this.”
 
The company says the Sacramento plant, built in 1947, is the oldest in its network and has the highest production costs on a per-case basis.
 
Many of the employees at the plant have worked there their entire lives, and several told CBS13 they had no idea what they’d do next.

“This is devastating, really devastating,” worker Valerie Starr said. “A lot of us have been working here for years and we’re at that age where it’s hard to find other jobs.”
 
Campbell’s Spokesman Explains Decision To Close
 




Most of Sacramento’s production of soup, sauces and beverages will be shifted to Campbell’s three remaining thermal plants in North Carolina, Ohio and Texas.
 
The company is also closing a spice plant in South Plainfield, New Jersey.
 
“We recognize this is difficult news for employees in Sacramento and South Plainfield. Campbell is committed to helping them work through this transition,” said Mark Alexander, president, Campbell North America. “We expect the steps we’re announcing today to improve our competitiveness and performance by increasing our asset utilization, lowering our total delivered costs and enhancing the flexibility of our manufacturing network. These actions also will eliminate the capital investments needed to maintain the Sacramento plant.”
 
The Sacramento plant is stopping production at the plant through this weekend. When it restarts, it will then begin to phase down production until it is officially closed down in July 2013.
 
Campbell does have several other facilities in California that will remain open. There are about 450 full-time and seasonal employees at its tomato processing plants in Dixon and Stockton. They also own Bolthouse Farms in Bakersfield.
 
RELATED: Comcast To Close 3 Northern California Call Centers; Shifting 1,000 Jobs Out-of-State
 
The announcement comes just two days after Comcast announced it will close all three of its call centers in Northern California, including one is Sacramento, because of the high cost of doing business in the Golden State.
 
“For over 65 years, the Campbell’s plant has been a major employer in our region,” Assemblyman Roger Dickinson (D-Sacramento) said in a statement after Campbell’s announcement. “It is unfortunate that Campbell’s has chosen to close their oldest plant and in the process lay-off 700 employees. As the economy slowly improves, closures like Campbell’s and Comcast here in our own backyard, reminds us all that unemployment is still at over 10 percent and we have a long way to go until a full economic recovery.”
 
According to Comcast, 1,000 Comcast employees, including 300 in Sacramento, will see their jobs shifted to the other centers.
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« Reply #1018 on: September 28, 2012, 01:35:02 PM »

Fed's Fisher says U.S. "drowning in unemployment"
 Reuters via Yahoo News ^ | September 28, 2012 | Chris Baltimore


Posted on Friday, September 28, 2012 4:29:00 PM by John W

RICHARDSON, Texas (Reuters) - The United States is "drowning in unemployment," its economy is running at stall speed and inflation is "not a problem," but easier monetary policy is not the answer, one of the Federal Reserve's most hawkish policymakers said on Friday.

"We've had a recovery that is quite disappointing," Dallas Fed President Richard Fisher told a group at the University of Texas at Dallas.

But without more certainty on tax policy and regulation, he said, "all the monetary accommodation in the world" will not get businesses hiring again.


(Excerpt) Read more at news.yahoo.com ...
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« Reply #1019 on: September 30, 2012, 04:24:20 PM »

The Unemployment Rate Probably Climbed In September
 


Alex Kowalski, Bloomberg|Sep. 30, 2012, 6:13 AM|1,458|18
 



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Sept. 30 (Bloomberg) -- The jobless rate probably rose in September as employers kept a lid on hiring, showing why Federal Reserve policy makers have zeroed in on shoring up the U.S. labor market, economists said before a report this week.
 
The rate rose to 8.2 percent from 8.1 percent in August, according to the median forecast of 62 economists surveyed by Bloomberg before Oct. 5 figures from the Labor Department. Payrolls increased by 115,000 in September, less than the 139,000 average over the first eight months of the year, the report may also show.
 
Persistent joblessness may curb wage gains and limit consumer spending, representing another impediment to an economy facing a slowdown in manufacturing as global demand cools and businesses curtail investments. Fed Chairman Ben S. Bernanke and his colleagues at the central bank pledged this month to keep pumping money into financial markets until employment picks up.
 
“We’re looking for pretty sluggish payroll growth,” said Peter D’Antonio, an economist at Citigroup Global Markets Inc. in New York. “This will be more of the same, what Bernanke called ‘worrisome.’ It may reflect weakness coming from abroad, weakness in manufacturing, and the gains aren’t being helped by risks from fiscal policy.”
 
September’s projected payroll increase would follow a 96,000 gain the prior month.
 
This week’s release marks the next-to-last employment report before the November elections, in which economic issues play a central role.
 
 
 
Obama Leads
 
 
 
In the latest Bloomberg National Poll, President Barack Obama leads Republican challenger Mitt Romney among likely voters, 49 percent to 43 percent, even as 60 percent of Americans say the nation is on the wrong track as the president completes his first term. The telephone survey of 1,007 adults, with a margin of error of plus or minus 3.1 percentage points, was conducted Sept. 21-24.
 
Only one president, Ronald Reagan, has been re-elected since World War II with a jobless rate above 6 percent. On Election Day 1984, the rate was at 7.2 percent, having dropped almost three percentage points in the previous 18 months.
 
Unemployment has exceeded 8 percent since February 2009, the longest stretch in monthly records dating to back 1948. So far, the economy has recovered about 4.1 million of the 8.8 million jobs lost in the wake of the 18-month recession that ended in June 2009.
 
To boost growth and stimulate more hiring, the Fed this month said it would hold its target interest rate near zero until at least mid-2015 as it began a third round of stimulus, buying $40 billion in mortgage bonds a month. The S&P 500 rose to 1,465.77 the next day, the highest close since December 2007.
 
 
 
Stocks Slump
 
 
 
The S&P 500 Index last week had its biggest weekly slump since June amid disappointing economic data, including a plunge in orders for durable goods and stalled consumer spending.
 
“We’re looking for ongoing, sustained improvement in the labor market,” Chairman Bernanke said in a Sept. 13 press conference following the announcement. “What we’ve seen in the last six months isn’t it.”
 
Federal Reserve Bank of Chicago President Charles Evans has called for accommodation as long as unemployment exceeds 7 percent and the inflation outlook remains below 3 percent. On Sept. 20, Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the central bank should hold rates near zero until joblessness drops below 5.5 percent and inflation doesn’t exceed 2.25 percent.
 
 
 
Recovery Pillar
 
 
 
Manufacturing, a pillar of the early stages of the recovery, is now waning. The Institute for Supply Management Inc.’s factory index for September was little changed at 49.8 compared with 49.6 the prior month, according to the Bloomberg survey median before the group’s Oct. 1 release. A reading of 50 is the dividing line between expansion and contraction. It would mark the fourth consecutive month without growth.
 
Manufacturing employment will probably suffer in turn. Siemens AG said it will cut 615 jobs at U.S. factories that produce windmills after a “significant drop in new orders,” according to a message to employees obtained by Bloomberg.
 
The Tempe, Arizona-based ISM’s services index, which covers almost 90 percent of the economy and is due on Oct. 3, fell to 53.4 this month from 53.7 in August, according to the survey median.
 
--With assistance from Chris Middleton in Washington. Editors: Carlos Torres, Vince Golle
 
To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net
 
To contact the editor responsible for this story: Christopher Wellisz in Washington at cwellisz@bloomberg.net
 



Read more: http://www.businessinsider.com/jobless-rate-probably-climbed-in-september-us-economy-preview-2012-9#ixzz27zxgQcVK

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« Reply #1020 on: October 01, 2012, 04:13:13 AM »

JOHN HUSSMAN: We Are Already In Recession, And The Economists Just Don't Know It Yet
Joe Weisenthal|Oct. 1, 2012, 5:00 AM|770|7
 


In his latest weekly letter, investor John Hussman reiterates his belief that we are already in recession.
 
In regard to a U.S. recession, keep in mind that the consensus of economic forecasters – not to mention central bankers - has never recognized the start of a recession in real-time, largely because their assessments typically revolve around a “stream of anecdotes” approach that treats each new economic report with equal weight, without distinguishing leading/lagging and upstream/downstream structure. For example, we’ve noted that real consumption growth and real income lead new factory orders, which lead employment. Yet observers have already largely dismissed the soft data on income, consumption and factory orders thanks to last week’s single outlier on new weekly unemployment claims. As for the payroll report this Friday, we fully expect that September payroll growth will ultimately be reported as a significant loss in jobs. The main wrinkle, as I’ve noted frequently, is that the “real-time” employment figures in the early months of a recession are often hundreds of thousands of jobs off from where they are ultimately revised (see the economic notes in Late Stage, High Risk). So while Friday’s employment report seems likely to be disappointing, the data tends to be heavily revised, and even the seasonal adjustments amount to hundreds of thousands of jobs, so our expectations for a negative figure may or may not be realized in the initial report.
 
Last week, the second quarter GDP growth figure was revised down to 1.3%, from the previous estimate of 1.7%. Durable goods orders plunged at a 13.2% rate in August, largely on reduced transportation orders, but even ex-transportation, new orders dropped at the sharpest rate since 2009. It is also notable that Gross Domestic Income – the theoretically equal “income” companion of gross domestic “production” – grew at an annual rate of just 0.1% in the second quarter. The difference between GDI and GDP is nothing but a statistical discrepancy, so the two series track each other very closely over time despite short-term disparities. Because GDI has often led GDP at recessionary turns, Alan Greenspan was well-known for paying close attention to GDI – though not closely enough to recognize that the economy was already in recession when he was interviewed by Business Week in mid-2008, fully two-quarters after that recession had actually begun.
 
The chart below presents the 6-quarter growth of real gross domestic product (GDP) and real gross domestic income (GDI) since 1950. A good look at this chart provides some insight into why recession concerns have had a “Chicken Little” quality in recent quarters. Note that by the time the 6-quarter growth in income and production has slowed below 2.3% in the past, the economy was always either approaching or already in recession. It’s also worth observing the weakness in GDI growth approaching the 1990-91 and 2008-2009 recessions.
 


In the present instance, the 6-quarter average of real GDI and GDP growth has been below 2.3% for nearly a year, with no apparent recession, and in fact has bounced around that threshold since 2010. The monetary interventions of the past few years have helped to kick the recessionary can down the road in short-lived fits and starts. Still, they certainly have not been effective in producing sustained recovery (nor should they be expected to – being largely a manipulation of financial markets with no reliable transmission mechanism to the real economy).
 
The key question is whether the absence of an obvious recession should be taken as an indication that the deterioration in income and output growth can be ignored – in effect, whether we should assume that this time is different. From our standpoint, the evidence from a wide variety of economic series, including but not limited to broad measures like GDI and GDP, continues to indicate that the U.S. economy most likely entered a recession in the middle of this year.
 
Read the whole Hussman letter here >


Read more: http://www.businessinsider.com/john-hussman-we-are-already-in-recession-2012-10#ixzz282pdKCLa



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« Reply #1021 on: October 01, 2012, 06:35:01 AM »

Obama’s Fourth Recovery Summer Ends
 Red State ^ | 9/30/2012 | Staff


Posted on Monday, October 01, 2012 8:22:53


So, are you better off today than you were in 2009?

One of the stunning things about the utterly supine press in the United States is that we have lived through the worst four years of economic mismanagement in this nation’s history. Not even Gerald Ford wearing his WIN (Whip Inflation Now) button and Jimmy Carter declared energy independence as the Moral Equivalence Of War (a contender for the unfortunate acronym award: MEOW) can compete with the utter fecklessness of this administration.

By any conceivable measure, we are much worse off today than we were four years ago. In the best areas of the economy we are stagnant.

Unemployment has only been kept down below 9% by the clever tactic of reducing labor force participation. For men, the labor force participation rate is the lowest on record.

Household income is in a nosedive, dropping an unprecedented 8.2% since Obama began his one-man campaign to turn us into a Third World ineptocracy.

Nearly 47 million Americans rely on food stamps. This reflects an increase of about 12 million people over the highest level under President Bush.

There is no sign that economic activity is coming back. Manufacturing orders fell by 13.2% in August. The GDP annual growth rate was scaled back from a previously anemic 1.7% to an absolutely ossified 1.3%. This growth rate will not keep pace with new entrants to the workforce combined with the rate of inflation. Essentially our economy has stalled and may be contracting in real terms.

While the Obama Cargo Cult is out touting more college loans to train people for careers that do not exist, and will not exist under a Democrat administration, students with college loans have been defaulting at a glorious rate. 9.1% of all student loans were in default according to most recent data. Of course, the upside — I suppose — to that is that virtually all student debt is now owed to the government so this just means more debt for our posterity to deal with.

In a just world, Barack Obama would have fallen to a primary challenger. But he’s been carried on by a press that only grudgingly covers bad economic news and refuses to attach to either Obama or his administration any responsibility for anything.

But it won’t.

Economic growth grew at an incredibly sluggish 1.3 percent in the second quarter, revised down from 1.7 percent. According to business writer Jim Pethokoukis, this is “dangerously slow.” However, NBC skipped the bad news for Barack Obama entirely. ABC allowed it a mere 21 seconds. CBS was the only network to allow the story a full report.

Although Nightly News correspondent Chuck Todd couldn’t find time to mention the scant amount of growth, he did hype the fact that the President is trying “a new line.” Todd then played a clip of the President calling “for a new economic patriotism.” The journalist helpfully parroted that the President’s “idea of economic patriotism includes tax hikes on the wealthy and more government spending on infrastructure.”
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« Reply #1022 on: October 01, 2012, 06:00:25 PM »

http://www.mlive.com/business/mid-michigan/index.ssf/2012/10/hundreds_line_up_for_184_gas_a.html


People are really hurting.
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« Reply #1023 on: October 02, 2012, 01:29:31 AM »


And the Ryan plan is gonna make it better on them?
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« Reply #1024 on: October 03, 2012, 06:47:24 AM »

Baby bust continues: US births down for 4th year

Oct 3, 12:13 AM (ET)

By MIKE STOBBE
 
(AP) HOLD FOR RELEASE AT 12:01 A.M.; Chart shows the decline in the number of U.S. births
Full Image
 

NEW YORK (AP) - U.S. births fell for the fourth year in a row, the government reported Wednesday, with experts calling it more proof that the weak economy has continued to dampen enthusiasm for having children.

But there may be a silver lining: The decline in 2011 was just 1 percent - not as sharp a fall-off as the 2 to 3 percent drop seen in other recent years.

"It may be that the effect of the recession is slowly coming to an end," said Carl Haub, a senior demographer with the Population Reference Bureau, a Washington, D.C.-based research organization.

Most striking in the new report were steep declines in Hispanic birth rates and a new low in teen births. Hispanics have been disproportionately affected by the flagging economy, experts say, and teen birth rates have been falling for 20 years.

 
(AP) In this Nov. 11, 2011, file photo, a mother holds her newborn baby at Christus Spohn...
Full Image
 
 
Falling births is a relatively new phenomenon in this country. Births had been on the rise since the late 1990s and hit an all-time high of more than 4.3 million in 2007.

But fewer than 4 million births were counted last year - the lowest number since 1998.

Among the people who study this sort of thing, the flagging economy has been seen as the primary explanation. The theory is that many women or couples who are out of work, underemployed or have other money problems feel they can't afford to start a family or add to it.

The economy officially was in a recession from December 2007 until June 2009. But well into 2011, polls show most Americans remained gloomy, citing anemic hiring, a depressed housing market and other factors.

The report by the Centers for Disease Control and Prevention is a first glimpse at 2011 birth certificate data from state health departments. More analysis comes later but officials don't expect the numbers to change much.

Early data for 2012 is not yet available, and it's too soon to guess whether the birth decline will change, said the CDC's Stephanie Ventura, one of the study's authors.

Highlights of the report include:

_The birth rate for single women fell for the third straight year, dropping by 3 percent from 2010 to 2011. The birth rate for married women, however, rose 1 percent. In most cases, married women are older and more financially secure.

_The birth rate for Hispanic women dropped a whopping 6 percent. But it declined only 2 percent for black women, stayed the same for whites and actually rose a bit for Asian-American and Pacific Islanders.

_Birth rates fell again for women in their early 20s, down 5 percent from 2010 - the lowest mark for women in that age group since 1940, when comprehensive national birth records were first compiled. For women in their late 20s, birth rates fell 1 percent.

_But birth rates held steady for women in their early 30s, and rose for moms ages 35 and older. Experts say that's not surprising: Older women generally have better jobs or financial security, and are more sensitive to the ticking away of their biological clocks.

_Birth rates for teen moms have been falling since 1991 and hit another historic low. The number of teen births last year - about 330,000 - was the fewest in one year since 1946. The teen birth rate fell 8 percent, and at 31 per 1,000 girls ages 15 through 19 was the lowest recorded in more than seven decades.

"The continued decline in the teen birth rates is astounding," said John Santelli, a Columbia University professor of population and family health.

Did the economy have anything to do with a drop in teen births?

Yes, indirectly, Santelli said. Teenagers watch the struggles and decisions that older sisters and older girlfriends are making, and what they see influences their thinking about sex and birth control, he said.

"Teens tend to emulate young adults," Santelli said. "They are less influenced directly by the economy than by people."

Studies show that since 2007, larger percentages of sexually active teenage girls are using the pill and other effective birth control. Studies also show a small decline in the proportion of girls ages 15 through 17 who say they've had sex, Santelli noted.

The new birth report also noted a fourth straight decline in a calculation of how many children women have over their lifetimes, based on the birth rates of a given year.

A rate of a little more than 2 children per woman means each couple is helping keep the population stable. The U.S. rate last year was slightly below 1.9.

Countries with rates close to 1 - such as Japan and Italy - face future labor shortages and eroding tax bases as they fail to reproduce enough to take care of their aging elders.

Officials here aren't as worried.

The U.S. replacement rate is still close to 2. And it has dropped in the past and then bounced back up again, said Ventura, an official at the CDC's National Center for Health Statistics.

"And we haven't seen any studies that show couples want to have fewer children or no children," she added.

One more report highlight: The U.S. C-section rate may have finally peaked at just under 33 percent, the same level as last year.

Cesarean deliveries are sometimes medically necessary. But health officials have worried that many C-sections are done out of convenience or unwarranted caution, and in the 1980s set a goal of keeping the national rate at 15 percent.

The C-section rate had been rising steadily since 1996, until it dropped slightly in 2010.

"It does suggest the upward trend may be halted," said Joyce Martin, a CDC epidemiologist who co-authored the new report. But CDC officials want a few more years of data before declaring victory, she added.

---

Online:

CDC report: http://www.cdc.gov/nchs

 


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