Economic Indicators – June 2014
I
realize that I’m not preaching to the crowd but singing to the
disaffected. In the morning paper, the
Associated Press reaffirmed news heard on the financial news that the job
growth grew to 234k, well beyond expectations.
That signifies that all the jobs lost during the “Great Recession” have
been regained. Unemployment remains at
6%, down from almost 10% in 2009. Of
course, demographics tell us that that’s not enough. This economy needs 7 million jobs to keep up
with population growth which is growing at almost 7%. Yes, we need to do more yet the U.S. Economic
Indicators that economist measure growth tells us that the economy is growing,
albeit slower than desired. The chief
economist at Wells Fargo says that they expect growth to be at 3%, not far off
the desired growth rate to contain inflation.
The most recent data shows:
- Trade Balance is down .6%
- Manufacturing goods is up .7%
- Construction spending is up .2
- Retail Quarterly Profits is up 8.9 Billion
- Manufacturing Profits is up 8.7 Billion
- Producer Price Index (PPI) is up .6%
- Consumer Price Index (CPI) is up .3%
All told, this data avows that this current administration, given the
state of economy he walked into and the obstructionism of the minority party,
that we have been guided back into a relative state of economic prosperity.
I fully
expect a spate on naysayers to attack this article as fabricated and continue
to berate our President. I myself have a
few problems with him but, like everyone else, he’s not there to please just
me. Overall, I think he has done a much
better job than the opposition (particularly the Tea Party) has given him
credit for.
