What happened to all of the doom and gloom economic threads?

[4est_4est_Gump]

The private sector is not fine, as some extremely worrisome economic news today emphasizes.

The government’s April Job Opening and Labor Turnover report was, in the words of JPMorgan economists, “soft, lending some credence to the view that the April-May slowing seen in the payroll report was real and not a statistical fluke.”

– The number of job openings in April fell 325,000 to 3.416 million. That’s the lowest level since November of last year.

– But here is the real red flag. Private job openings fell 282,000 — the most since early 2009 — to 3.080 million. Early 2009, if you recall, saw the economy just hemorrhaging jobs.

– One bright spot in this report in March was the rising in people quitting their jobs, showing some confidence in the economy. But that “completely reversed itself in April.”

– Now layoffs, thank goodness, continue to be low, evidence that the problem here is a lack of hiring rather than lots of firing. Hires fell 159,000 last month to 3.882 million, the lowest since last July and well below even the weakest month of the prior expansion.

Bottom line: “The weakness in this report, particularly in the job openings figure, serves as a reminder that the labor market remains far from healthy.”

Recall that net new job growth was 77,000 in April and 69,000 in May. But without private sector gains, those numbers would be negative. So if private-sector job growth is weakening, as the JOLT report suggests, not only might those April and May numbers be revised lower, but June might come in negative. (Oh, and don’t forget the rise in jobless claims.)

Not only would that news be bad for U.S. workers, but it would be a political bombshell that would dominate the economic narrative for the next month.

http://blog.american.com/2012/06/is-the-u-s-economy-losing-jobs-again/


I know!

Here's the cure...

AMNESTY!​

 

[4est_4est_Gump]

How stupid is your Senator?

http://quincyjournal.com/team-quincy-mccaskill-the-senate-has-passed-a-budget1340112182.html





Good thing she's up for reelection on the coattails of Obamacare...

 

[richard_daily]

AJ is like a wack-a-mole... People bang him down every day, but he keeps popping up and taking it again and again.

 

[koalabear]

Stocks struggle ahead of Fed

 

[busybody..]

Fed Releases New Economic Forecast, Sees Deteriorating Economy, Up To 8.2% Unemployment At Year End





In April, the Fed saw 2012 GDP between 2.4-2.9% and unemployment of 7.8%-8/0%. The just released updated forecasts table has these two critical for the election campaign data points at 1.9%-2.4%, or a major drop since April, for GDP and unemployment declining to 8.0%-8.2%. One thing is certain: whatever GDP and unemployment are at the end of 2012, they will not be whatever the perpetially inaccurate Fed forecasts.


But remember, GDP at 3.5% and unemployment at 5% was the WORST ECONOMY since H HOOVER


How the DUMZ and LIBZ could NIGGERIZE themselves so shamelessly is sad!

 

[mercury14]

Hey, by Friday, we might even break through that all-important 13K mark and Obama will be reelected by popular acclaim...

... yet again.

Is this anything like when you gloated at the 9,000 mark and declared that there was about to be an economic collapse? Or when you did the same thing at 10k? 11k? 12? Or the last two times the market was at 13k?

Tell us AJ, are you in the market right now or not?

 

[mercury14]

How stupid is your Senator?

http://quincyjournal.com/team-quincy-mccaskill-the-senate-has-passed-a-budget1340112182.html





Good thing she's up for reelection on the coattails of Obamacare...

I agree, Claire McCaskill is a dingbat.

 

[4est_4est_Gump]

Fed Releases New Economic Forecast, Sees Deteriorating Economy, Up To 8.2% Unemployment At Year End





In April, the Fed saw 2012 GDP between 2.4-2.9% and unemployment of 7.8%-8/0%. The just released updated forecasts table has these two critical for the election campaign data points at 1.9%-2.4%, or a major drop since April, for GDP and unemployment declining to 8.0%-8.2%. One thing is certain: whatever GDP and unemployment are at the end of 2012, they will not be whatever the perpetially inaccurate Fed forecasts.


But remember, GDP at 3.5% and unemployment at 5% was the WORST ECONOMY since H HOOVER


How the DUMZ and LIBZ could NIGGERIZE themselves so shamelessly is sad!

I think he's still being an optimist.

 

[4est_4est_Gump]

The global economy continues to slow led by Europe and China. The HSBC Flash China Manufacturing PMI is at a 7-month low. Moreover manufacturers report the sharpest decline in new export orders since March 2009.

http://globaleconomicanalysis.blogspot.com/

Note that inventories of finished goods are up, everything else is down. It's time to admit the global economy is in recession. The US is there too, or soon will be.

 

[4est_4est_Gump]

[Day 3 of Robert Wenzel's 30-day reading list that will lead you to become a knowledgeable libertarian, this article was originally published in the Freeman, January 11, 1954.]

Enchanted by the elegance of a certain type of analysis, how often we discuss the problems of aggregate savings and investments, the hydraulics of income flows, the attractions of vast schemes of economic stabilization and of social security, the beauties of advertising or installment credits, the advantages of "functional" public finance, the progress of giant enterprise and whatnot, without realizing that, in doing so, we take for granted a society which is already largely deprived of those buergerliche conditions and habits which I described.

It is shocking to think how far our minds are already moving in terms of a proletarianized, mechanized, centralized mass society. It has become almost impossible for us to reason other than, in terms of income and expenditure, of input and output, having forgotten to think in terms of property. That is, by the way, the deepest reason for my own fundamental and insurmountable distrust in Keynesian and post-Keynesian economics.

It is, indeed, highly significant that Keynes attained fame mostly for his trite and cynical remark that "in the long run, we are all dead." And it is even more significant that so many contemporary economists have found this dictum particularly spiritual and progressive. But let us remember that it only echoes the slogan of the Ancien Regime in the 18th century: Apres nous le deluge. And let us ask why this is so significant. Because it reveals the decidedly unbuergerliche, the Bohemian spirit of this modern trend in economics and in economic policy. It betrays the new hardboiled happy-go-luckiness, the tendency to live from hand to mouth, and to make the style of the Bohemian the new watchword for a more enlightened generation.

To incur debts becomes a positive virtue; to save, a capital sin. To live beyond one's means, as individuals and as nations, is the logical consequence. But what else is this than Entbuergerlichung, deracination, proletarianization, nomadization? And is not this the very opposite of our concept of civilization which is derived from civis, the Buerger?

Muddling through from day to day and from one expedient to another, to boast that "money does not matter" — that is, indeed, the opposite of an honest, disciplined, and orderly concept and plan of life. The income of people living on these lines may have become buergerliche, but their style of life is still proletarian.

http://mises.org/daily/3715/Free-Economy-and-Social-Order

 

[4est_4est_Gump]

Day 4 of Robert Wenzel's 30-day reading list that will lead you to become a knowledgeable libertarian, this article is excerpted from Human Action (1949), chapter 37, "The Nondescript Character of Economics."

What assigns economics its peculiar and unique position in the orbit both of pure knowledge and of the practical utilization of knowledge is the fact that its particular theorems are not open to any verification or falsification on the ground of experience. Of course, a measure suggested by sound economic reasoning results in producing the effects aimed at, and a measure suggested by faulty economic reasoning fails to produce the ends sought. But such experience is always still historical experience, i.e., the experience of complex phenomena. It can never, as has been pointed out, prove or disprove any particular theorem. The application of spurious economic theorems results in undesired consequences. But these effects never have that undisputable power of conviction which the experimental facts in the field of the natural sciences provide. The ultimate yardstick of an economic theorem's correctness or incorrectness is solely reason unaided by experience.

...

But in the field of praxeological knowledge neither success nor failure speaks a distinct language audible to everybody. The experience derived exclusively from complex phenomena does not bar escape into interpretations based on wishful thinking. The naïve man's propensity to ascribe omnipotence to his thoughts, however confused and contradictory, is never manifestly and unambiguously falsified by experience. The economist can never refute the economic cranks and quacks in the way in which the doctor refutes the medicine man and the charlatan. History speaks only to those people who know how to interpret it on the ground of correct theories.

Economics and Public Opinion

The significance of this fundamental epistemological difference becomes clear if we realize that the practical utilization of the teachings of economics presupposes their endorsement by public opinion. In the market economy the realization of technological innovations does not require anything more than the cognizance of their reasonableness by one or a few enlightened spirits. No dullness and clumsiness on the part of the masses can stop the pioneers of improvement. There is no need for them to win the approval of inert people beforehand. They are free to embark upon their projects even if everyone else laughs at them. Later, when the new, better, and cheaper products appear on the market, these scoffers will scramble for them. However dull a man may be, he knows how to tell the difference between a cheaper shoe and a more expensive one, and to appreciate the usefulness of new products.

But it is different in the field of social organization and economic policies. Here the best theories are useless if not supported by public opinion. They cannot work if not accepted by a majority of the people. Whatever the system of government may be, there cannot be any question of ruling a nation lastingly on the ground of doctrines at variance with public opinion. In the end the philosophy of the majority prevails. In the long run there cannot be any such thing as an unpopular system of government. The difference between democracy and despotism does not affect the final outcome. It refers only to the method by which the adjustment of the system of government to the ideology held by public opinion is brought about. Unpopular autocrats can only be dethroned by revolutionary upheavals, while unpopular democratic rulers are peacefully ousted in the next election.

http://mises.org/daily/6048/The-Peculiar-and-Unique-Position-of-Economics

 

[mercury14]

C&Ping other people's thoughts while adding none of your own is the height of stupidity.

 

[unregistered]

 

[richard_daily]

C&Ping other people's thoughts while adding none of your own is the height of stupidity.

He doesn't have any thoughts of his own.

 

[busybody..]

Philly Fed factory gauge for June plunges; May home sales fall as leading indicators rise


But all is well......NIGGERPOONZANDI

 

[unregistered]

 

[unregistered]

 

[koalabear]

America's own Third World

The percentage of US residents living in poverty is on the rise, according to the Census Bureau. We shine a light on the diverse faces of America's underclass.

http://money.msn.com/personal-finance/americas-own-third-world-switchyard.aspx

 

[TexasWife25]

I want to play too

http://www.washingtonpost.com/business/economy/2012/06/11/gJQAQhSJWV_story.html

“States are finally seeing a bit of revenue growth in a turnaround from the economic downturn that devastated budgets in fiscal 2009 and 2010, according to a survey by the National Governors Association (NGA) and the National Association of State Budget Officers (NASBO),”

 

[TexasWife25]

http://www.nytimes.com/2012/06/14/business/economy/retail-sales-and-producer-prices-drop.html?_r=1

"Americans did spend more on big purchases,” such as cars and furniture. And gas prices have plummeted. “The average national price for a gallon of gas was $3.54 Wednesday, 40 cents cheaper than the year’s peak price in early April,”

 

[koalabear]

Stocks falter on weak reports

 

[TexasWife25]

http://www.bloomberg.com/news/2012-...t-home-equity-jump-in-60-years-mortgages.html

" home equity rising to its highest levels since 2008"
“Americans are digging themselves out of mortgage debt.”
"Home sales up. Inventories down. Prices rising in many cities. New houses being built at the fastest pace in years. Interest rates hovering at historic lows. A vibrant rental market.”"

http://www.nytimes.com/2012/06/16/business/economy/a-slow-recovery-but-its-all-relative.html

“Of the 14” countries that include the Group of 7 nations and seven others that use the euro, Norris wrote, “the United States is the only one to show consistent growth over the most recent four quarters. It has reported a growing economy for 11 consecutive quarters, even if the pace of growth has not been very fast....The American economy, adjusted for inflation, was 1.2 percent larger in the first quarter of this year than it was in the peak quarter before the recession.”

 

[koalabear]

US weekly unemployment claims remain above 350,000. Sales of existing homes fell by 1.5% in May. Manufacturing growth also slows. China's factory activity sinks. The eurozone continues to contract.

 

[Adre]

Stocks falter on weak reports

Oh, no! Get back in your bomb shelters, everyone. Don't come out until Mittens saves us from this huge meltdown.

 

[Frizzle_Fry]

http://www.bloomberg.com/news/2012-...t-home-equity-jump-in-60-years-mortgages.html

" home equity rising to its highest levels since 2008"
“Americans are digging themselves out of mortgage debt.”
"Home sales up. Inventories down. Prices rising in many cities. New houses being built at the fastest pace in years. Interest rates hovering at historic lows. A vibrant rental market.”"

" home equity rising to its highest levels since 2008"

Considering how low they were in 2008, no shit....this statement really doesn't say anything...BUT IT SOUNDS GOOD!!! which isn't a bad thing...morale is important and I won't discount it's value for a second.

“Americans are digging themselves out of mortgage debt.”

Once again....no shit, it was a recession/depression not a total collapse....now that a large chunk of the foreclosures and repos have been done/processed everyone left standing really has no other choice.

"Home sales up. Inventories down. Prices rising in many cities.”

We are recovering slowly no doubt, but once again the real estate industry practically came to a stand still and the bottom fell out on prices. So not real hard to have sales up and rising prices/values considering where we were a couple years ago.

" New houses being built at the fastest pace in years."

The new house market got hit harder than any other, there were whole developments mid build left completely abandoned in cities all over america. Once again it wouldn't be hard to get that market moving "at the fastest pace in years".

" Interest rates hovering at historic lows. A vibrant rental market.”

No shit, it's the only way they are going to sell anything...and there are still tons of people left renting b/c they were told to GTFO of their house and wont be able to buy another for YEARS.

Like I said...I'm all for morale improvement...but that whole article is fluff.

“Of the 14” countries that include the Group of 7 nations and seven others that use the euro, Norris wrote, “the United States is the only one to show consistent growth over the most recent four quarters. It has reported a growing economy for 11 consecutive quarters, even if the pace of growth has not been very fast....The American economy, adjusted for inflation, was 1.2 percent larger in the first quarter of this year than it was in the peak quarter before the recession.”

Considering Germany is the only EU nation not staring financial ruin right in the face and China is the only one making money after Japan has been getting it's ass whipped via natural disasters...our steadily creeping recovery doesn't make this all that impressive either.

Fluffy morale improvement.