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
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.
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 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 long recession technically ended in mid-2009, economists say, but U.S. Census data released Tuesday show the painful, lingering effects. The annual survey covers all of last year, when unemployment skyrocketed to 10 percent, and the jobless rate is still a stubbornly high 9.6 percent.» 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
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
In the days before the housing crisis, the idea of a bank foreclosure filled any homeowner's mind with dread and shame. Now, with so many Americans owing more on their homes than they're worth, some people are taking a whole new approach: essentially saying, "Foreclose on me, please." It's more technically known as a "strategic default."
The U.S. economy spiked in the final months of 2009, growing at its fastest rate in six years according to the Commerce Department. But millions of Americans are still out of work, a problem President Barack Obama hopes to address with a new, $33-billion job creation package. Guest host Audie Cornish talks with New York Times economics columnist David Leonhardt about the latest economic numbers.
Like so many Americans, Faye Womack and Jim Hadley of Columbia, Ky., are trying to wait the recession out. Let go from her job at Majestic Yacht last year, Womack spent the time with her ailing mom. Her former boss, Hadley, hopes to rehire all 27 workers he laid off soon.» E-Mail This » Add to Del.icio.us