U.S. Economy Grows, At Last, But Jobs More Elusive
Thu, 10/29/2009 - 09:07 EDT - NPR - National Public Radio (Business News)
With the economy growing by 3.5 percent last quarter, the most painful recession since the Great Depression appears to be over. But the recovery might be slower than many Americans hope, and it could take much longer for lost jobs to return.» E-Mail This» Add to Del.icio.us
6 months ago I figured we could hope than in late 2009 we would see the beginning of the recovery. I am much less optimistic about the later half of 2009 now. The initial reports for the last quarter of 2008 showed GDP Down 3.8%, the worst since 1982. That has now been updated to an annualized decline of 6.2%. Still the economy actually grew for all of 2008 by just over 1%, something I don’t think most people realize.
The Obama administration says the government's stimulus program, and other actions aimed at jump-starting the economy, have saved or created more than 1 million jobs so far. Republicans, who generally voted against the stimulus, are skeptical of that number. They point out that fewer Americans are working now than when the stimulus took effect in February.
The economy picked up steam in the last three months of 2010, growing at an annual rate of 3.2 percent, the Commerce Department said Friday. That's up from the 2.6 percent pace in the third quarter.» E-Mail This » Add to Del.icio.us
The recession faded in the spring with economic activity shrinking at a pace of just 0.7 percent, a better-than-expected showing that buttressed beliefs the economy is growing now. The government previously estimated gross domestic product fell at a 1 percent pace.» E-Mail This » Add to Del.icio.us
At 1 p.m., President Barack Obama will give a speech on the economy at Knox College in Illinois. It's the first in a series of economic speeches Obama will give in the coming weeks. The White House has set up a website to promote the speeches. So far, it has no real policy content. But it does have this chart.
Gross domestic product expanded at a 2.4 percent annual rate in the first quarter, the government reports. At one point, economists thought growth was closer to 3 percent in the first three months of the year.» E-Mail This » Add to Del.icio.us
A 79 percent drop in earnings — That's what the computer maker reported to investors Thursday. The reason, analysts say, it's harder to sell PCs these days with the growing popularity of smartphones and tablets» E-Mail This » Add to Del.icio.us
(WASHINGTON) — The government’s snapshot Friday of the U.S. economy’s growth will be its last before Americans choose a president in 11 days. It probably won’t sway many undecided voters. The first of three estimates of growth for the July-September quarter will likely sketch a picture that’s been familiar all year: The economy is growing at a tepid rate, slowed by high unemployment, corporate anxiety over an unresolved budget crisis and a global economic slowdown. (MORE: U.S.
The National Association for Business Economics said its latest survey, released Monday, found 31 percent of businesses added workers between April and June, the highest level in three years.» E-Mail This » Add to Del.icio.us
OTTAWA — Wait until next year.
It’s a familiar refrain for sports teams, but the premise is getting old for Canadians awaiting the return of an economy that can be counted on for jobs, solid incomes and financial security.
As far back as 2010, the Bank of Canada held out the prospect of better times in the year ahead. But unexpected events — whether it was a tsunami in Japan, a debt crisis in Europe, or political shenanigans in Washington — always took the shine off the optimism.