Archive for the “American Economy” Category
According to the latest Gallup Poll.
The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.
Gallup’s mid-month unemployment reading, based on the 30 days ending Feb. 15, serves as a preliminary estimate of the U.S. government report, and suggests the Bureau of Labor Statistics will likely report on the first Friday of March that its seasonally adjusted unemployment rate increased in February. Gallup found that unemployment decreased to 8.3% in its mid-January report, and suggested that the U.S. unemployment rate the BLS reported for January would decline.
Gallup also finds 10.0% of U.S. employees in mid-February are working part time but want full-time work, essentially the same as in January. The mid-February reading means the percentage of Americans who can only find part-time work remains close to its high since Gallup began measuring employment status in January 2010.
Although the past few weeks, the pundits have been spinning that the economy has been improving. America is not out of the woods just yet as far as unemployment.
And, underemployment has increased. Remember underemployment is a measure that combines the percentage of workers who are unemployed with the percentage working part time but wanting full-time work.
Now, let’s see what the United States government reports in early March.
But, the trend is upward in the unemployment rate.
Tags: Polling, Unemployment Rate
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According to the latest Gallup Poll.
The majority of Americans remain dissatisfied with the way things are going in the U.S., but the percentage who are satisfied continues to increase. Satisfaction, now at 22%, is higher than at any point since last spring.
Thirteen percent of Americans were satisfied with the state of the nation when President Barack Obama took office in January 2009. This percentage increased to as high as 36% in August 2009 before falling to the lower levels seen since then. As the economy struggled to recover during the past two years, and as the federal government had trouble reaching agreement on the major issues facing the country, satisfaction dropped, to as low as 11% last August and September.
The current results, based on a Feb. 2-5 Gallup poll, find satisfaction up significantly from December after slight increases each of the past two months. The increases are likely due to Americans’ greater optimism about the U.S. economy. The poll included three days of interviewing after the government released its positive employment report on Feb. 3.
22 per cent is nothing to write home about.
Let’s hope it continues to improve.
What are the implications?
Better news for President Obama’s re-election, but the numbers are still low historically. And, as Carly Fiorina just pointed out on Fox News and who will be delivering a speech at CPAC tomorrow, small business growth remains slow, if not stagnant, due to Obama Administration policies – namely taxation and regulation.
Tags: American Economy, Polling
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According to the latest Gallup Poll.
The percentage of Americans reporting that they had enough money to buy the food they or their families needed continued to decline in October, nearing the record low seen in November 2008. The percentage who did not lack money for food in 2011 fell to 79.8% from 80.1% in September, continuing a decline that began in April.
This is only the second time since Gallup and Healthways began tracking this measure as part of the Gallup-Healthways Well-Being Index in January 2008 that less than 80% of Americans reported that they had enough money to buy food throughout the past year. The record low was in November 2008, at the start of the economic crisis, when 79.4% reported that they had enough money to buy food for themselves or their families.
This measure — which asks if one had enough money to buy food in the past 12 months — has decreased to its lowest level of the calendar year each October since 2009. The reason for this pattern is unclear and does not appear to be related to world food prices. In 2008, fewer Americans reported that they had enough money to buy food in August and November than in October, likely affected by high gas prices in the former case and the onset of the economic crisis in the latter. Still, this October finds fewer Americans saying that they had enough money to buy food over the past year than in each October for the past three years.
Americans’ Access to Basic Needs Falls to New Record Low
Americans’ access to basic needs is now at the lowest level recorded since Gallup and Healthways began tracking it in January 2008. The Basic Access Index — which comprises 13 measures, including Americans’ ability to afford food, housing, and healthcare — declined to a record-low score of 81.2 in October. This means Americans’ access to basic needs, though still high in an absolute sense, is now worse than it was throughout the economic crisis and recession, including the prior record lows recorded in February and March 2009.
I wonder when some of these poor economic conditions in America will be referred to Obama creaations or the Occupy encampments as Obamavlles?
With the left-wing media, probably never. But, American voters understand and will take action accordingly.
Tags: American Economy, Hunger, Polling
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Not the greatest, but 103,000 new jobs were added, albeit almost half were added because Verizon employees came off a strike.
The U.S. jobs picture beat tepid expectations, with the economy creating a significantly better than expected 103,000 new jobs in September that nonetheless was not enough to cut the unemployment rate from 9.1 percent.Economists had been looking for 60,000 total new nonfarm jobs, a month after the shock that the U.S. had created a net of zero new jobs.
That August number, though, was revised upward in the latest report, to show the economy creating 57,000 jobs for the month.
“Today’s data show the persistence of merely moderate employment gains,” Citigroup economist Steven Wieting said in a note. “Employment can be a poor guide to more than the immediate future, but the data confirm our view that early August economic reports exaggerated U.S. weakness.
Getting the jobs market rolling again is seen as one of the two central spokes — the other being housing — in preventing the US economy from entering another recession.
Friday’s numbers offered mild consolation to those hoping that the US can at least plod along if not move into expansion mode.
Striking Verizon workers back on the job fed much of the gains as 45,000 of the telecom giant’s employees came off the picket lines and the unemployment rolls.
Average hourly earnings in September rose slightly to $23.12.
“In the big picture, today’s reading soothes recessionary fears,” said Andrew Wilkinson, chief economic strategist at Miller Tabak in New York.
The enthusiasm, albeit muted, was not universally shared.
“The September performance is more of a dead cat bounce than real progress,” Peter Morici, economist at the University of Maryland, said in a snap analysis. “Jobs creation will remain inadequate to keep unemployment from falling in the months ahead, especially considering the mass layoffs recently announced in banking and pharmaceuticals that will be effected in the months ahead.”
Long-term unemployment remains a problem, as the average duration of joblessness ticked up to a new record of 40.5 weeks. The number of those out of work for more than 20 weeks rose 208,000 to 6.24 million.
The manufacturing sector shed 13,000 jobs, posting a drop for the second month in a row. But the household survey, which is a more methodical count that doesn’t utilize estimations in the way the larger survey does, showed a net job creation of 137,000.
The level of unemployed people remained unchanged, though, at 14 million.
The jobs market is stagnant as is the rest of the economy. There will probably not be any movement until the direction of federal government initiatives are made clear and the Presidential campaign season offers some clarity.
Tags: American Economy, Unemployment Rate
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According to the latest Gallup Poll.
U.S. unemployment, as measured by Gallup without seasonal adjustment, fell to 8.7% at the end of September, significantly improved from 9.2% at the end of August. Unemployment is also significantly lower than the 10.1% rate recorded at the end of September of last year, and among the lowest 30-day averages Gallup has measured since January 2010.
The Underemployment rate falls.
U.S. underemployment, as measured by Gallup without seasonal adjustment, improved to 18.3% at the end of September from 18.5% at the end of August, as a decline in unemployment more than offset a slight increase in part-time workers seeking full-time employment. At the same time, the percentage of workers working full time for an employer decreased slightly to 64.9% from 65.3% at the end of August.
The chart:
But, there is a big BUT:
Fewer Are Employed Full Time for Employers
While fewer U.S. workers were underemployed and unemployed at the end of September compared with the end of August, fewer also had full-time jobs with employers. The 64.9% who reported having full-time jobs with employers is down from 65.3% at the end of August. This percentage is up slightly from 64.3% a year ago, but that was one of the lowest percentages of 2010.
The chart:
So, what does this all mean?
Even with the better on the surface numbers, there are negative rumblings under the surface. Plus, Gallup expects the government’s numbers to not be as good wen they report later, since they calculate the unemployment rate differently.
Gallup now finds more part-time workers seeking full-time work, suggesting that some workers are finding jobs but not the full-time positions they seek. Gallup also finds fewer workers employed full-time for employers at the end of September than was true a month ago. Combined with declining job creation in recent months, the U.S. employment situation remains challenging for job seekers and for the economy in general.
Tags: Polling, Unemployment Rate
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Nearly half of all Americans live in households that received some government benefit in the first quarter of 2010, according to census data.
Families were more dependent on government programs than ever last year.Nearly half, 48.5%, of the population lived in a household that received some type of government benefit in the first quarter of 2010, according to Census data. Those numbers have risen since the middle of the recession when 44.4% lived households receiving benefits in the third quarter of 2008.
The share of people relying on government benefits has reached a historic high, in large part from the deep recession and meager recovery, but also because of the expansion of government programs over the years. (See a timeline on the history of government benefits programs here.)
Means-tested programs, designed to help the needy, accounted for the largest share of recipients last year. Some 34.2% of Americans lived in a household that received benefits such as food stamps, subsidized housing, cash welfare or Medicaid (the federal-state health care program for the poor).
Another 14.5% lived in homes where someone was on Medicare (the health care program for the elderly). Nearly 16% lived in households receiving Social Security.
High unemployment and increased reliance on government programs has also shrunk the nation’s share of taxpayers. Some 46.4% of households will pay no federal income tax this year, according to the nonpartisan Tax Policy Center. That’s up from 39.9% in 2007, the year the recession began.
Most of those households will still be hit by payroll taxes. Just 18.1% of households pay neither payroll nor federal income taxes and they are predominantly the nation’s elderly and poorest families.
The tandem rise in government-benefits recipients and fall in taxpayers has been cause for alarm among some policymakers and presidential hopefuls.
The American economy is facing a collapse unless something is done by the federal government to stimulate economic growth. And, America is not going to achieve this by taxing the rich.
President Obama and Senate Democrats have better get serious about the economy or get the hell out of the way and let the GOP House do it.
Tags: American Economy, Barack Obama
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According to the latest Gallup Poll.
A slight majority of Americans for the first time blame President Obama either a great deal (24%) or a moderate amount (29%) for the nation’s economic problems. However, Americans continue to blame former President George W. Bush more. Nearly 7 in 10 blame Bush a great deal (36%) or a moderate amount (33%).
Gallup found a substantially wider gap in public perceptions of how much responsibility Bush and Obama each bore for the economy when it first asked the question in July 2009, the sixth month of Obama’s presidency. That narrowed by March 2010, caused mainly by a jump in the percentage blaming Obama a great deal or moderate amount, and has since changed relatively little. However, the results from a new Sept. 15-18 USA Today/Gallup poll are the first showing a majority of Americans, 53%, assigning significant blame to Obama. Forty-seven percent still say he is “not much” (27%) or “not at all” (20%) to blame.
I think Americans realized that after the Bush Presidency they must give President Obama a chance and have given him a honeymoon of sorts. But, the bloom has come off the rose.
But, more Republicans are willing to blame Bush more than Democrats to blame Obama, so electorally, this does not help the President’s re-election prospects.
The chart:
So, what does this all mean?
President Obama is now accruing blame for the poor economy. Since President Bush will not be on the ballot, he had better find either an economic solution or a better excuse than it is Bush’s fault (particularly with independent voters).
Former President Bush continues to take a harder hit than President Obama in public perceptions of who is responsible for the nation’s ongoing economic problems. However, that is largely because Republicans are more willing to blame Bush than Democrats are to blame Obama. Because most Republicans and Democrats are going to vote for their own party’s presidential candidate in 2012, this imbalance won’t help Obama much electorally.
More importantly, about 6 in 10 political independents believe both presidents bear considerable blame. That is not good news for Obama. In his re-election campaign, he will likely try to convince independents that although the economy hasn’t markedly improved on his watch, his policies prevented the bad economic situation he inherited from Bush from becoming even worse.
Other Gallup polling confirms that the economy is going to be a treacherous issue for Obama to navigate in the coming year. At 26%, his most recent approval rating on the economy, from August, is his lowest to date, and Americans’ economic confidence remains weakened compared with earlier this year, after the bruising debt ceiling debate over the summer. The public may not see Obama as culpable for the economy to the same degree as Bush, but that won’t be sufficient protection from voters’ wrath if the majority — including 60% of independents — nevertheless considers him highly responsible.
Tags: American Economy, Barack Obama, Polling
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