Three years after bankruptcy of Lehman Brothers jolted the U.S. economy into economic turmoil, job creation has rebounded from post-collapse lows, but economic confidence and consumer spending remain within the ranges seen in 2009. Gallup finds underemployment and unemployment essentially where they were a year ago.
Gallup has been tracking Americans’ economic confidence, consumer spending, and employee reports about hiring and firing at their workplaces since 2008, and employment since January 2010, as part of its Gallup Daily tracking program. The findings in this analysis are based on monthly averages, based on approximately 15,000 interviews per month.
Here is the summary of findings:
- Economic Confidence: Back at Recessionary Levels
- Job Creation: Improved From 2009-2010 Lows, but Far From Early 2008 Levels
- Underemployment and Employment: Stuck at Year-Ago Levels
- Consumer Spending: Nowhere Near 2008 Levels
So, what does it all mean?
President Obama and his Administration have not been successful in steering the economy towards economic recovery. Failure is a word that comes to mind and it is reflected in many polls showing Obama struggling in approval ratings.