Some Experts Sceptical About US Economic Rebound Despite Solid Data

[leftchick]

http://story.news.yahoo.com/news?tmpl=story&cid=1518&ncid=1518&e=2&u=/afp/20031111/bs_afp/us_economy_outlook_031111074017

<snip>
Although most economists say the recent reports showing 7.2 percent growth in the most recent quarter and a quarter-million jobs created in the past two months herald a solid recovery, hard-core skeptics say the numbers belie underlying weakness in the US economy.

David Rosenberg, chief North American economist for Merrill Lynch, said a closer look at the data show most employment gains were in low-wage jobs, with incomes barely budging and some key economic sectors left behind.

"We don't mean to dwell on the darker side of Friday's nonfarm payroll report, especially since everyone is dancing around the kitchen table ... (but) we end up being a tad skeptical," Rosenberg said.

Rosenberg said labor market participation is a weak 66 percent, and that although the official unemployment rate rate is 6.0 percent, the "augmented" jobless rate, counting discouraged workers outside the labor force, is 9.0 percent.

[La_Serpiente]

1. Does anyone know if Incomes have been rising?

And by how much?

[papau]

7. Income rose last quarter 0.1% - first rise in a long time - down for year

total income from work, adjusted for inflation, does not indicated if the "rich getting more while middle class gets less" continues -

but given the one tenth of one percent increase - it was more or less flat overall, so I would guess that per family income for those under 100,000 per year went down. This seems to be confirmed by the fact that most of the job increase was service sector waiter, sales clerk McJobs.

[KAZ]

10. Actually, personal income has been rising for some time.

http://www.bea.gov/bea/newsrel/pinewsrelease.htm

Though, I'm not sure that's what you were talking about.

[rman]

11. differentiation of income distribution has been rising for 30 years

that is to say, the rich got richer and the poor got poorer.
which income are you asking about?

[ayeshahaqqiqa]

2. There should be a way

to count jobs so that those who go from a union job in a factory at $18 an hour to a job at Wal-Mart for $5.15 an hour are counted as something different than just getting another job. Maybe job erosion or salary erosion would be good terms.

[rfranklin]

4. It's just "downsizing" of your paycheck...

And we all know that "downsizing" is a good thing for business.

[rfranklin]

3. A few more points and unemployment...

will be reaching levels last seen in the Great Depression.

Actually, we're already there. It was 9 percent in 1930. Rose to 16 percent in 1931.

[Tandalayo_Scheisskopf]

5. Augmented. <snort>

More like "true". The U6 is the number of EVERYONE that is out of work and could be working.

Lie after lie after lie after lie after lie...:mad:

[mhr]

6. It Is All Part Of The Planned Destruction Of The Middle Class

eom

[Media_Lies_Daily]

8. What "solid data"?? What we're being told by the Bushies??

[Noordam]

9. fuck will they stop lying about " 7.2 percent growth in the most recent

quarter"

IT is a 1.8% growth for the quarter that IF repeated in 3 other quarters would give a 7.2 percent growth for the YEAR....

[Turley]

13. No one is lying

They're just not reporting the figure correctly.

[Beetwasher]

12. The economists in this article are dead on

and will be steadfastly ignored. You'll hardly hear any of this being said on TV.

[twilight]

14. Convincing evidence alright!

Do you see that little *blip* in this chart? This IS the recovery we are allegedly witnessing!

LIES LIES AND MORE LIES!!!!!



:dem: :kick:

[lancdem]

15. I wonder if this is why Bush's ratings on the economy

haven't gotten a boost.

[denverbill]

16. If the numbers were so great, why is the stock market flat since then?

The market had a great run this year, right up to 9800 or so. If the prospects are getting rosier, the stock market should be continuing it's run. It's not.

Bush manufactured this data to buy votes for the few elections being held this year, just like he did last year. Look for a good 3rd quarter next year too, coincidentally.

[cally]

17. That headline is so biased

It's a news article and the headline just disses folks with solid economic backgrounds. The economist for Merrill Lynch is not exactly a biased liberal or one to ignore data but the liberal media just imply that "solid data" prove the economy is growing.