Another solid month of job gains. The economy added 227,000 jobs in February, and the unemployment rate held steady at 8.3%, even as more people joined the work force. The day's news is good. The trend line is even better. The economy has added 730,000 jobs in the last three months, which puts us on pace to add nearly 3 million jobs in 2012, after adding 1.6 million in 2011. The last 12 months of job growth was the best in five years. Long-term unemployment -- the most intractable tragedy of the Great Recession -- is ticking down. Wages are still low, and unemployment is still way too high among minorities and low-skilled workers. And we could still get creamed by a freak gas spike. But this is a recovery worth getting excited about.
Bloomberg Obama’s Re-Election Case Bolstered by February Jobs Report A surge in new jobs last month that held the U.S. unemployment rate to 8.3 percent highlights a strengthening economy that bolsters President Barack Obama as he approaches re-election.
US STOCKS-Wall St rises as economy maintains momentum Fri Mar 9, 2012 1:40pm EST February non-farm payrolls exceed consensus view * Banks, materials, consumer shares lead advance * China's consumer inflation slows to 20-month low * Dow up 0.3 pct, S&P up 0.6 pct, Nasdaq up 0.7 pct By Rodrigo Campos NEW YORK, March 9 (Reuters) - U.S. stocks advanced on Friday after another strong monthly jobs report showed the economic recovery was expanding. Underpinning the bullish sentiment, Greece completed the negotiation of the biggest sovereign debt restructuring in history, an issue that has kept investors skittish. The S&P 500 faced strong technical resistance as it approached its highest level in nearly four years. Bank shares, among the most sensitive to growth expectations and the euro-zone crisis, led the gains. The KBW bank index rose 1.6 percent with Citigroup up 1.8 percent at $34.59 and JPMorgan Chase up 2.1 percent at $41.29. "There's a greater sense of confidence with the jobs number that we got, better hope for continued economic growth," said Michael James, senior trader at Wedbush Morgan in Los Angeles. He said the Greek deal also helps lift stocks as it "removes a little bit of European financial risk from the markets in the short term." Despite a broad rally in the U.S. dollar, which could pressure the prices of greenback-denominated commodities, an index of basic materials shares advanced alongside the Reuters/Jefferies commodities index. The gains underscore the current focus on the U.S. economic recovery. The Dow Jones industrial average added 39.17 points, or 0.30 percent, to 12,947.11. The S&P 500 Index gained 7.75 points, or 0.57 percent, to 1,373.66. The Nasdaq Composite rose 20.31 points, or 0.68 percent, to 2,990.73. Exactly three years ago, the S&P 500 posted a 12-year closing low at 676.53 during the height of the financial crisis. The index has more than doubled since then, although it stalled last year before resuming a rally in 2012. U.S. employers added 227,000 jobs to their payrolls in February, government data showed, while the unemployment rate held at a three-year low of 8.3 percent even as people flooded back into the labor force to hunt for jobs. Shares of Monster Worldwide Inc, an online employment agency whose stock is sensitive to changes in the employment outlook, rose 5.1 percent to $9.05. More than 80 percent of the issues in the S&P consumer discretionary sector index rose, underscoring investors' bets that the jobs recovery will boost consumer spending, a pillar of the U.S. economy. The sector's index rose 0.7 percent. Strength in homebuilders' shares, seen earlier in the week, continued, with the Dow Jones U.S. home construction index up 4.1 percent. Credit Suisse raised its recommendation on three big U.S. home builders - DR Horton , Lennar and Toll Brothers - to "outperform" from "neutral." In the beverage sector, though, Green Mountain Coffee Roasters Inc sank 15.8 percent to $52.52 on fears it may lose its near monopoly in the U.S. single-cup coffee market after Starbucks Corp outlined plans to launch a rival coffee machine. Starbucks rose 3.6 percent to $52.15. Among the signs that China's economy appears likely to avoid a hard landing, the country's annual rate of consumer inflation slowed to a 20-month low in February, while factory output and retail sales also cooled. The data give policymakers ample room to further loosen monetary policy, analysts said.
The Right Wingers are like the Houston Rockets. The American people is like the New York Knicks. The Right Wingers act like the American people owe them a first round draft pick and hope that Americans tank their season and their lives. But Jeremy Lin won't let the Right Wingers have their way. So they mad.
I'm bullish on the possibility of a downturn after this year, when the government kool-aid will be shut off to non-existent levels and worldwide belt-tightening affects the greater economy. I'm just talking outta my ass and hoping for the better though.
I included January for the sake of not having to make my own charts, though most presidents are elected halfway through. Regan Bush I Clinton Bush II Obama Building on mc mark's graphic: http://timiacono.com/index.php/2012/02/03/payrolls-up-243k-jobless-rate-falls-to-8-3/
http://2012.talkingpointsmemo.com/2012/03/santorum-bucks-gop-message-on-the-economy.php Santorum giving away the game.
The Economy is circling the drain. The mainstream media is putting out all the this phony data so that the sheeple don't panic and start rioting like they are doing in other countries.
It's a mistake for the media to talk up the economy this far ahead of November, but they can't help themselves. It's raising expectations way too high. Goolsbee and Bernanke and others have been warning about this, trying to temper expectations. <blockquote class="twitter-tweet"><p>Fmr. WH econ adviser Goolsbee:GDP growth rate will likely slow from 3% to 1.5-2%. Unemployment could spike upward</p>— James Pethokoukis (@JimPethokoukis) <a href="https://twitter.com/JimPethokoukis/status/178958547407749120" data-datetime="2012-03-11T21:40:17+00:00">March 11, 2012</a></blockquote> <script src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>Goolsbee paints a picture of economic stagnation; big recession risk inherent in that forecast</p>— James Pethokoukis (@JimPethokoukis) <a href="https://twitter.com/JimPethokoukis/status/178959230278189057" data-datetime="2012-03-11T21:43:00+00:00">March 11, 2012</a></blockquote> <script src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>In 2010, WH predicted 2011 and 2012 GDP of4.3%. 2011 was 1.7% and Goolsbee thinks 2012 may not be much better</p>— James Pethokoukis (@JimPethokoukis) <a href="https://twitter.com/JimPethokoukis/status/178960641774723072" data-datetime="2012-03-11T21:48:36+00:00">March 11, 2012</a></blockquote> <script src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>And in 2011, WH predicted 4% growth for 2012, 4.5% for 2013, 4.2% for 2014</p>— James Pethokoukis (@JimPethokoukis) <a href="https://twitter.com/JimPethokoukis/status/178962179746304000" data-datetime="2012-03-11T21:54:43+00:00">March 11, 2012</a></blockquote> <script src="//platform.twitter.com/widgets.js" charset="utf-8"></script> <blockquote class="twitter-tweet"><p>MSM talking up meager econ results has produced huge public expectations for rest of year</p>— James Pethokoukis (@JimPethokoukis) <a href="https://twitter.com/JimPethokoukis/status/178962681921945600" data-datetime="2012-03-11T21:56:42+00:00">March 11, 2012</a></blockquote> <script src="//platform.twitter.com/widgets.js" charset="utf-8"></script>
It's the animal spirits, things are never as good as they look in a bull market, and things are never as bad as they look in a bear market. Mind you, Bernanke's warnings bear some weight because only he really knows what tentacles the Feds have poking around, and how vulnerable certain banks are to macro shocks. It's possible that he knows how weak the books are, and how much support LTRO and the Fed are pouring in to supplant that. Goolsbee, meanwhile, had this nugget to add--- On June 6, 2011, Goolsbee announced that he would return to the University of Chicago, claiming that the economy was "a million miles from where it started". So contrary to his seemingly pessimistic vision now, he is a fundamental believer in the recovery.
OECD are idiots; they're doing this because they've staked their reputation to the 1. Cut budget, & kill jobs 2. ??????? 3. GDP GROWTH! austerity folly.
More good news: http://economy.money.cnn.com/2012/04/03/economic-prospects-looking-good-in-47-states/?iid=HP_LN Economic Prospects Looking Good in 47 States. Obama is punishing New Mexico and Louisiana, however, as a pincer maneuver on his hated enemy, Texas.
