Archive for the 'U.S. Economy' Category
The U.S. economy grew at the fastest pace in more than six years during the fourth quarter of 2009, according to a government report Friday.
OK, when will the job recovery start? We may have 10 percent unemployment for some time.
WASHINGTON (CNNMoney.com) — The road for another stimulus bill just got tougher following Tuesday’s election of Republican Scott Brown to the Senate in Democratic stronghold Massachusetts.
After health care, Congress’ next big priority is to pass something that shows voters in an election year that they’re on top of the nation’s unemployment scourge.
The U.S. economic recovery will extend into next year as manufacturing expands and the pace of firings abates, reports today indicated.
The Conference Board’s index of leading indicators, a gauge of the outlook for the next three to six months, rose 0.3 percent in October, preserving a string of gains that began in April. Other reports showed claims for jobless benefits held at a 10-month low and Philadelphia-area manufacturing accelerated.
The rally in stock prices, low short-term interest rates and slowing job losses that propelled the leading index signal consumer confidence and spending are likely to stabilize, limiting the risk the economy will retrench. The data supported Treasury Secretary Timothy Geithner’s forecast today that the emerging expansion will be sustained into 2010.
Some good news from the Financial Times:
Home Depot, the second largest US retailer by sales, expressed guarded optimism on Tuesday over the stabilisation of the US housing market, but cautioned that its store sales results were still in ‘less bad’ rather than positive territory.
The home improvement retailer said that sales in 36 of its top 40 markets showed sequential improvements in comparable sales at the end of its third quarter, on a rolling six-week average basis. It also said it was continuing to see signs of stabilisation in sales in California, Florida and Arizona.
Frank Blake, chief executive, also welcomed the fact that the percentage of US GDP devoted to private fixed residential investment (PFRI) also remained flat, rather than falling during the third quarter – data the company has used as an indicator of overall health of its customers.
From Carpe Diem:
1. The material well-being of families in the United States improved dramatically, as demonstrated by the change over time in the percentage of expenditures allocated for food, clothing, and housing. In 1901, the average U.S. family devoted 79.8 percent of its spending to these necessities. By 2002–03, allocations on necessities had been reduced substantially, for U.S. families to 50.1% of spending (see top chart above).
MP: As I wrote in a previous post: Teenagers today can afford products today like cell phones with cameras, digital cameras, GPS systems, CD players, DVD players, laptop computers, and iPods that even a billionaire couldn’t have purchased 2 0 years ago. As much as we might complain, just by being alive in the 21st century America, even if you’re earning the minimum wage, you’ve already “won first prize in the lottery of life.”