TWC Today Forums
Other => General Discussion => Topic started by: Mr. Rainman on March 03, 2011, 04:30:39 PM
-
This weak economy has certainly gained the attention of many of us. The recent oil price crisis and high unemployment are just a few examples. So, I'm starting this thread so that anyone can relay economic information to the forums, whether it be good or bad.
Signs are starting to show up that jobs are slowly but surely trickling back into the U.S. economy. Today, statistics from the Labor Department that jobless claims dropped to 366,000. The last time jobless claims were this low was on May 31st, 2008.
As you can image, markets reacted positively to this news. Here are the full numbers.
ECONOMIC DATA
Jobless claims: 366,000 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_down.gif) 20,000
Jobs Created in February (Consensus): 192,000 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 156,000
Unemployment Rate: 9.1% (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 0.1%
Service Industry Index: 59.7 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 0.3
U.S. MARKETS
Dow: 12,258.20 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 191.40 (1.59%)
Nasdaq: 2,798.74 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 50.67 (1.84%)
S&P: 1,330.97 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 22.53 (1.72%)
General Electric (TWC): $20.75 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_up.gif) 0.43 (2.12%)
COMMODITIES
Oil: $101.85 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_down.gif) 0.38 (-0.37%)
Gold: $1,416.40 (http://media.cnbc.com/i/CNBC/CNBC_Images/componentbacks/watchlist_down.gif) 21.30 (-1.48%)
-
Today, statistics from the Labor Department that jobless claims dropped to 366,000. The last time jobless claims were this low was on May 31st, 2008.
Yes, but how many gave up looking? Unfortunately, that's something we have to consider these days. The media, of course, ignores it.
-
Yes, but how many gave up looking? Unfortunately, that's something we have to consider these days. The media, of course, ignores it.
Gallup shows unemployment at 10.3%, and underemployment at 19.9% in February. :o
http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx (http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx)
-
Yes, but how many gave up looking? Unfortunately, that's something we have to consider these days. The media, of course, ignores it.
Gallup shows unemployment at 10.3%, and underemployment at 19.9% in February. :o
[url]http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx[/url] ([url]http://www.gallup.com/poll/146453/Gallup-Finds-Unemployment-Hitting-February.aspx[/url])
Ouch!
-
While those numbers are alarming, they still fail to capture the entire scope of impact from the poor economy lately. You're not even considering how many people took pay cuts, faced financial hardships when they were previously doing fine, etc.
-
While those numbers are alarming, they still fail to capture the entire scope of impact from the poor economy lately. You're not even considering how many people took pay cuts, faced financial hardships when they were previously doing fine, etc.
Precisely.
Here's a depressing article...
No Hope for a Consumer-Driven Economic Recovery (http://dailyreckoning.com/no-hope-for-a-consumer-driven-economic-recovery/)
It's very doom-and-gloom, but it confirms several suspicions I've had for several years. For example, when I was a senior in high school in 1994, the Dow Jones was around 3500. My then Econ teacher told us that the Dow "should get above 4000 by the year 2000." When that index hit 11000 in 1998, it seemed fishy to me.
-
underemployment at 19.9% in February.
20.3% in March (http://www.gallup.com/poll/127091/underemployment-rises-march.aspx)
-
This doesn't surprise me at all. :no:
Manufacturing Surveys Imply US Economy Has Entered The Second Month Of A (Re)Recession (http://www.zerohedge.com/article/manufacturing-surveys-imply-us-economy-has-entered-second-month-rerecession)
-
This doesn't surprise me at all. :no:
Manufacturing Surveys Imply US Economy Has Entered The Second Month Of A (Re)Recession ([url]http://www.zerohedge.com/article/manufacturing-surveys-imply-us-economy-has-entered-second-month-rerecession[/url])
It's time to spend another billion we don't have.
-
This is going to sound very stupid, but if we are having that many issues with our debt, why cant our mint just produce the extra bills?
-
This joke is nearly a decade old and it's still just as relevant today as it was then of how our economy is.
A brief history of the DOW jones (http://www.youtube.com/watch?v=T3imSKAvgmY#ws)
-
This is going to sound very stupid, but if we are having that many issues with our debt, why cant our mint just produce the extra bills?
Because the more you print, the less it is worth, therefore defeating the purpose.
Go do a Wiki search for the Zimbabwe Dollar.
-
Fall River, MA Unemployment Rate 14.9% (http://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_&met_y=unemployment_rate&idim=state:ST250000&dl=en&hl=en&q=unemployment+rate+in+ma#ctype=c&strail=false&nselm=s&met_y=unemployment_rate&fdim_y=seasonality:U&scale_y=lin&ind_y=false&idim=city:PA250600&ifdim=city:state:ST250000&hl=en&dl=en) used to be around 18% to 20%
-
Because the more you print, the less it is worth, therefore defeating the purpose.
EXACTLY. That's the main reason why gas costs so much.
And the Fed wants another round of "Quantitative Easing" (i.e. printing more money). Bernanke is an idiot. :thumbdown:
-
And don't get too excited about this recent "drop" in unemployment...
http://www.cnbc.com/id/44033486 (http://www.cnbc.com/id/44033486)
-
If you're gonna talk economy, don't forget this giant piece of news that came out yesterday. Standard and Poors has downgraded the United States credit rating to AA+ from AAA...the first time it has been downgraded in the nation's history. Because of this, expect interest rates to go up slightly on loans, any credit card debt, mortgages, car loans...anything like that.
AKA: Be prepared for things to get a little more expensive.
-
If you're gonna talk economy, don't forget this giant piece of news that came out yesterday. Standard and Poors has downgraded the United States credit rating to AA+ from AAA...the first time it has been downgraded in the nation's history. Because of this, expect interest rates to go up slightly on loans, any credit card debt, mortgages, car loans...anything like that.
AKA: Be prepared for things to get a little more expensive.
But if you're trying to save money rather than spend so much, it may be a good thing as you'll see slightly higher interest rates on your checking, savings, and CD accounts. I remember when I had a checking account earning 6% interest during the 90s. Today, you can't find anything above 1% unless you want a long-term CD.
-
I remember when I had a checking account earning 6% interest during the 90s. Today, you can't find anything above 1% unless you want a long-term CD.
Sad, isn't it?
And Bernanke still doesn't understand why what he's doing isn't working. That guy needs to resign now. :angry:
-
Even George Soros thinks we're in a recession.
http://www.huffingtonpost.com/2011/09/22/george-soros-billionaire-investor-already-recession_n_975864.html (http://www.huffingtonpost.com/2011/09/22/george-soros-billionaire-investor-already-recession_n_975864.html)
-
I remember when I had a checking account earning 6% interest during the 90s. Today, you can't find anything above 1% unless you want a long-term CD.
I earn about eight-tenths of a percent in interest every month. I know people with savings accounts at some banks who earn nothing, or as close to zero as one can get without actually being at zero.
-
Breaking news from the airline industry: American Airlines, one of the oldest airlines in the United States, has filed for Chapter 11 bankruptcy after several years of financial struggles.
-
A good reason why the stock market is never a good true indicator of a country's economy: the Dow today closed up above 13,000. The last time the Dow was at that level, our jobless rate was nearly half of what it is now.
-
A good reason why the stock market is never a good true indicator of a country's economy: the Dow today closed up above 13,000. The last time the Dow was at that level, our jobless rate was nearly half of what it is now.
They try to inflate the numbers like that all the time, though not all times that the stock numbers go up to such heights are they false readings (causing tremendous downfalls in short time), so it might really be at 13,000+ or it might not.
-
A good reason why the stock market is never a good true indicator of a country's economy: the Dow today closed up above 13,000. The last time the Dow was at that level, our jobless rate was nearly half of what it is now.
It is an indicator, just not the sole indicator.
-
One big fact you have to keep in mind about the Dow: It is only composed of 30 big companies. Do you think that figure is representative of an entire economy of a country all the way down to the individual level?
-
Gallup (http://www.gallup.com/poll/153161/Unemployment-February.aspx) shows unemployment back up to 9.1%. :(
Underemployment is 19.1%
-
One big fact you have to keep in mind about the Dow: It is only composed of 30 big companies. Do you think that figure is representative of an entire economy of a country all the way down to the individual level?
Very true. Its easy to point to the market and think things are going ok. However it does seem like things are improving!
Gallup ([url]http://www.gallup.com/poll/153161/Unemployment-February.aspx[/url]) shows unemployment back up to 9.1%. :(
Underemployment is 19.1%
What is Underemployment? I kinda expected the numbers to increase after seasonal jobs ended for the Holidays. Still a shame :(
-
Underemployment is 19.1%
People who are forced to work part-time instead of full-time, as well as people who have given up on finding a job altogether.
-
Gallup ([url]http://www.gallup.com/poll/153161/Unemployment-February.aspx[/url]) shows unemployment back up to 9.1%. :(
It is actually 8.3%.
http://www.huffingtonpost.com/2012/03/09/unemployment-rate-jobs-report_n_1334329.html (http://www.huffingtonpost.com/2012/03/09/unemployment-rate-jobs-report_n_1334329.html)
-
Obviously different surveys will come up with different numbers. Especially when one of those likes to talk about "saved" jobs.
-
From what I heard, the UR is holding steady at 8.3% while 227,000 new jobs were generated in February 2012, the highest in about 4 years.
-
The reason why the "unemployment" rate is going down is because
the Department of Labor's unemployment figure does not include people who have given up hope and are not actively seeking employment. (http://www.breitbart.com/Big-Government/2012/04/07/record-87897000-americans-not-in-the-labor-force)
-
The GDP from the first quarter of 2012 has been revised downward.
U.S. 1Q GDP Growth Revised Down to 1.9% (http://www.foxbusiness.com/economy/2012/05/31/us-1q-gdp-growth-revised-lower/)
-
Former President Clinton thinks we're already back in a recession. (http://finance.yahoo.com/news/us-already-recession-extend-tax-134719049.html)
No wonder gas prices are falling.
-
No wonder gas prices are falling.
Not where I live! Went up 20 cents yesterday.
-
They've been falling in my area.. I saw $3.25 yesterday and it's the lowest I've seen as of late.
-
Just because gas prices are falling doesn't mean we're going into another recession... the stocks are still going up.
-
Just because gas prices are falling doesn't mean we're going into another recession... the stocks are still going up.
I have to disagree. Yes individual domestic stocks may be going up, but if you watched the stock market throughout the month of May, you'll notice that stocks dropped almost by 1,000 within a month.
-
Just because gas prices are falling doesn't mean we're going into another recession... the stocks are still going up.
I have to disagree. Yes individual domestic stocks may be going up, but if you watched the stock market throughout the month of May, you'll notice that stocks dropped almost by 1,000 within a month.
There is a big difference, however, between a recession and a correction, which is what is most likely happening. Every few months after a big jump in stocks, prices usually take a 10-15% drop over the period of a few weeks - investors call this a correction. Yes, I expect stocks to continue falling for another week or two, before another long term rebound occurs.
-
There is a big difference, however, between a recession and a correction, which is what is most likely happening. Every few months after a big jump in stocks, prices usually take a 10-15% drop over the period of a few weeks - investors call this a correction. Yes, I expect stocks to continue falling for another week or two, before another long term rebound occurs.
That's precisely what I think is happening.
-
Fast food CEO: Minimum wage hikes closing locations (http://finance.yahoo.com/news/fast-food-ceo-minimum-wage-172542952.html)