Tag Archives: Economy

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Nuclear Nerves Wipe $1 Trillion Off World Stocks

$1 trillion

The damage inflicted on world stocks this week by the escalating war of words over North Korea topped $1 trillion on Friday, as investors again took cover in the yen, the Swiss franc, gold and government bonds, Reuters reports.

News & Comment

All the Economic News is Not Good

Trump continues to claim credit for the economic recovery that was well under way, and handed to him by Pres. Obama, when he took office. His supporters acted as if the Dow hitting 20,000 was Trump’s work alone, possibly because their guy told them so. As the unemployment rate continues the decline it was already experiencing under Obama, Trump will no doubt bask in the glory.

But there’s another economic number that Trump can rightfully own. The decline in the strength of the U.S. dollar is all on him.

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Economy Stagnated in Q1

0.7%

The Commerce Department said the U.S. economy barely grew in the first quarter of 2017, expanding at an annual rate of only 0.7 percent. Associated Press: “The slowdown primarily reflected slower consumer spending, which grew by just 0.3 percent. That was the poorest showing in more than seven years.”

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Only 98,000 New Jobs in March

98,000

The U.S. economy added only 98,000 jobs in March, well below expectations, though the unemployment rate dropped to 4.5%, its lowest since May 2007, the Wall Street Journal reports.

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Majority Says Economy Doing Well — Most Since 2008

58%

A new Pew Research survey finds 58% of Americans say the economic situation “is very or somewhat good.” “This is the most positive assessment of U.S. economic conditions since 2007, and only the second time that half or more of those surveyed have given the economy a thumbs-up. Driving the latest increase is a jump among Republicans over the past year.”

News & Comment

Poll: No Consequences for Those Who Vote to Repeal Obamacare

UrbanInstChart
The redistribution of wealth is the most stunning aspect of the Republican plan.

A new poll shows Americans oppose repealing Obamacare by only three to one. This should come as welcome news to Republicans poised to back the Trumpcare bill. The vote, at press time, was set for just before the north and south poles flip and our robot overlords take power, according to the official Congressional schedule.

Unfortunately, there actually is welcome news for Republicans in the survey, which was conducted by Quinnipiac University. About half of those responding essentially said a yes vote would have no political impact for elected officials, since it either makes those polled more likely to support that person for re-election (19 percent) or would have no effect on their vote (29 percent).

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Economy Added 227,000 Jobs in January

227,000

“U.S. employers hired briskly in January and more Americans joined the workforce, suggesting the labor market still has room to grow after years of expansion. Jobs outside of farms increased a seasonally adjusted 227,000 last month, the best gain since September,” the Wall Street Journal reports. “Meanwhile, an increase in the share of Americans working or actively seeking work caused the unemployment rate to rise to 4.8% from 4.7% a month earlier. Economists predicted a gain of 174,000 jobs and a 4.7% jobless rate. The report also offered signs the labor market may not be as tight as thought.”

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Economy on Path for Further Growth

178,000

That’s the consensus estimate for nonfarm payroll additions in December, putting the economy on a path to stronger growth and further interest rate increases from the Federal Reserve this year, Reuters reports.

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Half of Trump Supporters Don’t Believe Government Economic Data

48%

The latest Marketplace-Edison Research survey shows economic anxiety “is up to 36 from 30 a year ago (the scale runs 0-100). But that’s not the depressing part of the poll’s findings. It’s this: 25 percent of Americans ‘completely distrust the economic data reported by the federal government, including statistics like the unemployment rate, the number of jobs added, and the amount of consumer spending.’ Perhaps unsurprisingly, that number soars to 48% of Donald Trump supporters compared to just 5% of Hillary Clinton supporters.”

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September Saw Lowest Unemployment Claims Since 1973

246,000

Number of jobless claims filed in the period ending Oct. 8. The four-week average for unemployment benefit filings is the lowest since 1973, reports Bloomberg.