The Economy is Strong...

[recxjake]

http://www.newsmax.com/archives/ic/2005/12/2/103357.shtml
Snow Accumulates Good Economic News


U.S. Treasury Secretary John W. Snow "doesn’t know what to make of the various polls” regarding consumer confidence, but he is bullish on the nation’s economy.

"There is an awful lot of good news out there,” Snow told Fox News Channel on Friday. "I see some of the polls that indicate that people don’t feel as good about things as the numbers would indicate they should, but the real poll that matters is what people will do.”

Snow said positive reports of retail spending, continued growth in home sales and encouraging new jobs reports - 215,000 new jobs created in November alone - are cause for confidence in the U.S. economy.

"We see those strong numbers and all I can say is that the underlying fundamentals about this economy are strong, too” Snow said.


As for the warning by Fed Chief Alan Greenspan about the U.S. deficit causing harm to the nation’s economy, Snow tends to agree, but with a disclaimer.

"Greenspan is talking about the long-term unfunded obligations, and he is absolutely right about overspending,” Snow said. "That’s why the president put Social Security reform on the agenda – to try to control long-term spending.

"For the short term,” Snow continues, "government revenues are rising. More people are employed, firms are more profitable and the growth in government receipts is narrowing the fiscal deficit. I feel confident about this economy.”

[Nightwish]

215,000 new jobs in November is something we see every year. It's the beginning of the Christmas shopping season, and retailers hire temporary seasonal help in droves. While I make no judgment on the state of the economy, as I've not been closely studying it, that particular number does not indicate anything at this time of year.

[recxjake]

Dow Jones nearing 11,000, low inflation, 95% employment, 200,000+ jobs created in one month...... the economy is doing great, but does the liberal media ever talk about this???? NOOOO

[patteeu]

Dow Jones nearing 11,000, low inflation, 95% employment, 200,000+ jobs created in one month...... the economy is doing great, but does the liberal media ever talk about this???? NOOOO

Vlad told me the economy was stagnant. Don't forget that we had a "stagnant" 3 or 4 percent rate of growth.

[Nightwish]

The economy may be on an upswing. As I said, I don't know, I don't make a practice of studying the economy, and my animosity towards Bush isn't related to the economy. But that 200,000 + jobs in November thing has nothing to do with anything but Christmas shopping season. In the worst of times, you would still expect to see that kind of increase in November.

[recxjake]

The economy may be on an upswing. As I said, I don't know, I don't make a practice of studying the economy, and my animosity towards Bush isn't related to the economy. But that 200,000 + jobs in November thing has nothing to do with anything but Christmas shopping season. In the worst of times, you would still expect to see that kind of increase in November.

its not on the upswing, its been strong for sometime.... what Bush is doing is creating sustainable growth that won't crash

[Amnorix]

its not on the upswing, its been strong for sometime.... what Bush is doing is creating sustainable growth that won't crash

The economy has been spluttering along in fairly mediocre fashion for about 4 or 5 years now. The economic downturn of '01-'02 weren't his fault, although I wasn't at all fond of his so-called tax stimulus plan which was really a tax cut designed to fix Republican problems with the tax code more than anything else.

Of course, the President has less control over the economy in the first place than most people think.

We'll see soon enough what's sustained and what isn't. Market is doing well for a change, which is nice (both from a personal and an "in general" point of view).

[jiveturkey]

Dow Jones nearing 11,000, low inflation, 95% employment, 200,000+ jobs created in one month...... the economy is doing great, but does the liberal media ever talk about this???? NOOOOI work in the employment world and things have been going quite well over the last 2 years for me. The economy in general seem to be doing rather well.

Do you have any numbers on inflation though? I haven't seen in reports and it seems to be a concern among people that I know but don't know what they're basing it off of.

And before you start whinning about the liberal media you should watch the Today Show. They we're talking about the economy just this morning and how strong it's been.

[Nightwish]

its not on the upswing, its been strong for sometime.... what Bush is doing is creating sustainable growth that won't crash
Bush isn't doing anything for the economy. He doesn't have much to do with that at all. Just as Republicans are fond of correctly pointing out that Clinton did not create the economic boom during his tenure, neither is Bush creating the upswing now. That's just the way markets fluctuate. It'll cycle through a rise, then it'll fall, up then down. It's always been that way, always will be. It's not entirely free of Presidential influence, but the President's influence is minimal at best.

[recxjake]

I work in the employment world and things have been going quite well over the last 2 years for me. The economy in general seem to be doing rather well.

Do you have any numbers on inflation though? I haven't seen in reports and it seems to be a concern among people that I know but don't know what they're basing it off of.

And before you start whinning about the liberal media you should watch the Today Show. They we're talking about the economy just this morning and how strong it's been.

I dont' hvae any of the numbers, but i was watching CNBC and they were saying the indicators look good... i think somewhere aroud 2% a year which is good

[recxjake]

Bush isn't doing anything for the economy. He doesn't have much to do with that at all. Just as Republicans are fond of correctly pointing out that Clinton did not create the economic boom during his tenure, neither is Bush creating the upswing now. That's just the way markets fluctuate. It'll cycle through a rise, then it'll fall, up then down. It's always been that way, always will be. It's not entirely free of Presidential influence, but the President's influence is minimal at best.

I agree that the President doesn't do all that much for the economy.... but in the case of the Bush tax cuts that did spur growth and got us out of the recession faster then anyone thought.... so you arew wrong, Bush did have somthing to do with this economy

[jiveturkey]

I dont' hvae any of the numbers, but i was watching CNBC and they were saying the indicators look good... i think somewhere aroud 2% a year which is good
I've heard number much higher than that but nobody can ever come up with proof. :shrug:

[recxjake]

I've heard number much higher than that but nobody can ever come up with proof. :shrug:

2.5%
http://www.infoplease.com/ipa/A0108121.html

[recxjake]

I think that its good new that inflation hasn't been a bigger problem due to the fact of high gas prices....Bush doesn't have much to do w/ inflation though.... Greenspan is the guy to thank for low inflation

[jiveturkey]

2.5%
http://www.infoplease.com/ipa/A0108121.htmlI don't think that your link is very acurate with regards to inflation. I might be wrong.

[jiveturkey]

I do remember seeing a report about 3 months back that had inflation at 3.6% for the year but didn't include fuel or food for some reason.

[recxjake]

I don't think that your link is very acurate with regards to inflation. I might be wrong.

I think its a little dated, but in general I think it's safe to say inflation is not over 4% where it can start to get scary

[recxjake]

I just heard this on Fox News about the liberal media wanting Bush to fail on everything he does...

The New York Times Headlines....

When the Dow hits 11,000..... "Dow Jones far from 12,000 points"

When 200,000 + jobs created.... "Far from 300,000 jobs created in Novemeber"

When Jesus walks on water.... "Jesus can't swim"

I love the liberal media!


Everyone needs to watch "winning Iraq, the untold story" on Fox News tomorow night

[Braincase]

Objective media doesn't exist on either side. Neither do objective opinions exist in this forum, but I'll keep trying.

[recxjake]

go look at the front page of CNN right now... 330 on Friday... not one thing about the economy adding 200,000 jobs or any of the positive economic news that came out this week.....liberal media at its finest

[Boozer]

http://photos1.blogger.com/blogger/3458/673/1600/baghdad%20bob.jpg
Everything is fine! Things have never been better for the Republican Party!

[Amnorix]

Funny, Greenspan doesn't share BushBaby's rosey outlook on the overall economy.

http://money.cnn.com/2005/12/02/news/economy/bush_greenspan/index.htm?cnn=yes

But the president's rosy outlook differed from that of Federal Reserve Chairman Alan Greenspan, who said hours earlier in videotaped remarks that the United States' "budget position will substantially worsen in the coming years unless major deficit-reducing actions are taken."

[recxjake]

http://photos1.blogger.com/blogger/3458/673/1600/baghdad%20bob.jpg
Everything is fine! Things have never been better for the Republican Party!

Bush's approval ratings are going up, 46% now, Bush is just starting his comeback, hope you had a goodtime bashing him, but facts nullify rhetoric

[recxjake]

Funny, Greenspan doesn't share BushBaby's rosey outlook on the overall economy.

http://money.cnn.com/2005/12/02/news/economy/bush_greenspan/index.htm?cnn=yes

But the president's rosy outlook differed from that of Federal Reserve Chairman Alan Greenspan, who said hours earlier in videotaped remarks that the United States' "budget position will substantially worsen in the coming years unless major deficit-reducing actions are taken."

hmm kinda sounds like this

The New York Times Headlines....

When the Dow hits 11,000..... "Dow Jones far from 12,000 points"

When 200,000 + jobs created.... "Far from 300,000 jobs created in Novemeber"

When Jesus walks on water.... "Jesus can't swim"

[Amnorix]

Bush's approval ratings are going up, 46% now, Bush is just starting his comeback, hope you had a goodtime bashing him, but facts nullify rhetoric


Bush had nowhere to go but up. It was either stay there, or go up. It's practically impossible to have a lower rating than what he had a few months ago. No clue where he'll stabilize, but that will be determined by Iraq and the economy.

[Amnorix]

go look at the front page of CNN right now... 330 on Friday... not one thing about the economy adding 200,000 jobs or any of the positive economic news that came out this week.....liberal media at its finest

Unless the numbers are truly astonishing, it's hardly automatic for job gains or losses to be front page of the business section stuff.

[recxjake]

Bush had nowhere to go but up. It was either stay there, or go up. It's practically impossible to have a lower rating than what he had a few months ago. No clue where he'll stabilize, but that will be determined by Iraq and the economy.

well the economy is strong, and Iraq is looking up.... so much for the dems taking back congress

[Amnorix]

well the economy is strong, and Iraq is looking up.... so much for the dems taking back congress


1. Without agreeing or disagreeing with you regarding whether what you say is true are not -- those would be good things, and if they are true and do continue, it would certainly help Republicans next fall.

2. It's a long time between now and next fall.

[Boozer]

well the economy is strong, and Iraq is looking up.... so much for the dems taking back congress

http://photos1.blogger.com/blogger/3458/673/1600/baghdad%20bob.jpg
Our situation in Iraq is looking up! We have a plan for victory! We have the terrorists right where we want them!

[Nightwish]

go look at the front page of CNN right now... 330 on Friday... not one thing about the economy adding 200,000 jobs or any of the positive economic news that came out this week.....liberal media at its finest
Okay, Rex, how many times do we need to go over this? Nobody is going to rant and rave about 200,000 new jobs in NOVEMBER. It's the beginning of the Christmas shopping season. Say it with me -- C-H-R-I-S-T-M-A-S---S-H-O-P-P-I-N-G---S-E-A-S-O-N. No economist is going to count 200,000 extra jobs in a nation this size during the holiday shopping season as indicative of anything. It happens every year, whether the economy is up or down. What part of that isn't crystal clear?

[Nightwish]

We have a plan for victory! We have the terrorists right where we want them!
Now if they can just narrow that plan down a little so that victory might come before the end of this century, they'll be in darn good shape!

[mlyonsd]

The most significant business news of the day is Ford announcing layoffs because they can't afford the compenation package.

Someday we'll figure out sending all our jobs overseas was a stupid idea.

[recxjake]

Okay, Rex, how many times do we need to go over this? Nobody is going to rant and rave about 200,000 new jobs in NOVEMBER. It's the beginning of the Christmas shopping season. Say it with me -- C-H-R-I-S-T-M-A-S---S-H-O-P-P-I-N-G---S-E-A-S-O-N. No economist is going to count 200,000 extra jobs in a nation this size during the holiday shopping season as indicative of anything. It happens every year, whether the economy is up or down. What part of that isn't crystal clear?

how about 4.5 million jobs added in 2 years, don't hear to much about that, i though the libs dubbed it as "the jobless recovery"

[recxjake]

The most significant business news of the day is Ford announcing layoffs because they can't afford the compenation package.

Someday we'll figure out sending all our jobs overseas was a stupid idea.

actually my dad works for GMAC financing and what is happeng at GM and Ford is what they have to do....did you know that factory workers make 130,000k w/ benefits, most of them didn't go to college....yes GM and Ford gave them the contracts, but they can't be competitive with them.... GM is showing what will happen to the federal govt if we dont fix SS

[Nightwish]

how about 4.5 million jobs added in 2 years, don't hear to much about that, i though the libs dubbed it as "the jobless recovery"
As FactCheck.org and others have reported, it wasn't 4.5 million new jobs, they were recovered jobs. People aren't as apt to go ape shit over Bush finally managing to recover the jobs he lost, than they would be to see a surplus of jobs.

[recxjake]

As FactCheck.org and others have reported, it wasn't 4.5 million new jobs, they were recovered jobs. People aren't as apt to go ape shit over Bush finally managing to recover the jobs he lost, than they would be to see a surplus of jobs.

that he lost, do you mean the 9/11 attacks and the internet bust, i forgot he planned that

[recxjake]

Stocks could rise on economy's strength By Caroline Valetkevitch
2 hours, 55 minutes ago



Wall Street bulls are looking for the stock market to resume November's gains next week on continued signs of economic strength despite a slight setback for two of the major indexes.

The Dow average and Standard & Poor's 500 index snapped a five-week winning streak by Friday's close, while the Nasdaq notched its seventh straight week of gains.

But the three indexes finished November with the best monthly gains in four months and saw their best daily increases in a month on Thursday.

"I think there's still more upside ahead into next week, and as we look at the market beyond near term, I think the surprising strength in the economy is going to help us in the first half of 2006," said Barry Hyman, equity market strategist, Ehrenkrantz, King, Nussbaum.

For the week, the Dow Jones industrial average (^DJI - news) ended down 0.5 percent, the Standard & Poor's 500 Index (^SPX - news) ended

off 0.25 percent and the technology-laced Nasdaq Composite Index (^IXIC - news) closed up 0.46 percent.

Thursday's big gains were partly tied to a report showing an inflation index closely watched by the Federal Reserve -- the core personal consumption expenditure index -- rose just 0.1 percent, only half the gain that Wall Street expected.

But Friday's robust jobs report revived fears interest rate will climb and helped to push the stock market down. The Fed has raised interest rates 12 consecutive times since June 30, 2004, pushing the fed funds rate to 4 percent.

"The lack of follow-through buying today leaves at least the possibility for some consolidation" next week, said Chris Burba, market analyst at Standard & Poor's. "The broad consensus is for further gains in December, but a pull-back next week would actually be healthy in the context of the current uptrend."

Meanwhile, continued strength in technology and financial shares has been supporting the market, strategists said.

Analysts this week were optimistic that the world's largest chip maker, Intel Corp. (Nasdaq:INTC - news), may raise its profit forecast when it gives its midquarter update on Thursday after the market's close.

Other items for investors to watch are any reports from retailers on holiday sales and Friday's preliminary December sentiment numbers from the University of Michigan, forecast to show an increase from the prior month.

On balance, the news should be favorable for equities, and stocks should "have some continued improvement," said Michael Strauss, chief economist at Connecticut-based Commonfund, which manages about $34 billion for nonprofit institutions.

Some positive reports on the economy are likely, he said. "The retail sales numbers are probably going to show some bounce-back."

Among companies expected to report financial results are retailer Sears Holdings Corp. (Nasdaq:SHLD - news), grocery store Kroger Co. (NYSE:KR - news) and discount store Costco Wholesale Corp. (Nasdaq:COST - news).

Also, on Wednesday, The Coca Cola Co. (NYSE:KO - news) is holding a discussion with investors and analysts.

High energy costs, which cut into consumer spending and corporate profits, remain a concern for investors, with a whole winter of heating bills still ahead.

U.S. crude oil prices jumped on Friday as colder weather hit the U.S. Northeast. January crude rose 85 cents to settle at $59.32 per barrel on the New York Mercantile Exchange. The oil gains pushed down shares of energy-reliant industrial stocks.

"A rebound in energy (prices) could be one of the excuses for a mid-December trading peak (in stocks)," Hyman said.
http://news.yahoo.com/s/nm/20051202/bs_nm/column_stocks_outlook_dc

[Logical]

I hope he is right, seriously. However the loss of high paying jobs (mainly being exported) being replaced by lower tier jobs being created is the biggest reason I doubt this economy is strong pitch.

[recxjake]

Jobs back on track
Hiring picks up, unemployment steady at 5% as labor market starts recovering post-Katrina.
December 2, 2005: 12:44 PM EST
By Chris Isidore, CNNMoney.com senior writer

NEW YORK (CNNMoney.com) - U.S. payroll growth kicked back into gear in November, the government said Friday, in a report showing the labor market recovering from its post-Katrina weakness.

Employers added 215,000 jobs to payrolls last month, the Labor Department reported, up from a revised 44,000 in October. Economists surveyed by Briefing.com had forecast a gain of 210,000.

The numbers gave the Bush administration reason to cheer.

"We have every reason to be optimistic about our economic future," President Bush said in a mid-morning news conference at the White House.

Bush said November's strong job growth was due to what he said was a policy of cutting taxes and restraining spending and pledged to continue with that strategy.

But outgoing Federal Reserve Chairman Alan Greenspan had a different take on the state of the economy. (Click here for that story.)

"We're not going to rest until every American who wants a job finds one," Bush said.

The unemployment rate held steady at 5 percent, also in line with economists' forecasts.

The gain in November payrolls now matches average job growth during the first eight months of the year, before Hurricane Katrina hit in late August, temporarily derailing the job market.

The government's September payroll report initially had shown the first decline in employment in more than two years, although Friday's report revised that to a gain of 17,000 jobs. And October job growth had come in below forecasts even before it was revised lower in the most recent report.

"This is another affirmation that we've gotten over the shock of the hurricanes and the economy is back on track to where it was before," said Mark Vitner, senior economist with Wachovia Securities.

The gains were broad based, with construction adding 37,000, manufacturing payrolls growing by 11,000 and business and professional services adding 29,000. The retail sector added just 9,000 jobs, although those numbers are seasonally adjusted for the holiday shopping season.

"Today's employment report also has sustainability written all over it," said Anthony Chan, senior economist with JPMorgan Asset Management, noting strength across the economy.

Average hourly earnings rose 3 cents to $16.32, which was in line with forecasts.

During the last 12 months, average wages are up 3.2 percent, less than the 4.3 percent gain in prices during the 12 months ending in October, according to Labor Department numbers, meaning the average hourly paycheck lost ground to inflation during the last year.

The average work week fell slightly, the department said, slipping to 33.7 hours from 33.8 hours in October. Chan said that one was the one area that suggested softness in an otherwise strong report.

"As for forward momentum, this report also raises a few concerns especially when one focuses on the decline in the length of the average workweek," he said. "Declines in the work week typically signal a loss in future job creation momentum."

On Wall Street, stocks and bonds edged lower after the report.

There had been some worry on Wall Street that a much stronger-than-forecast gain would send stock and bond prices sharply lower because it would have fed recent fears that the Federal Reserve would have to keep raising interest rates more aggressively than investors now expect.

"This report should soothe the fears of monetary policy-makers who are trying to adjust policy to prevent the economy from overheating," said Chan.

The strong gains in November construction employment might be difficult to sustain if recent reports that suggest a slowing in the real estate and home building market prove to be correct.

Most real estate economists expect that the nation's white-hot housing market will cool next year due to higher mortgage rates.

_________________
http://money.cnn.com/2005/12/02/news/economy/jobs_november/index.htm?cnn=yes

[recxjake]

The gains were broad based, with construction adding 37,000, manufacturing payrolls growing by 11,000 and business and professional services adding 29,000. The retail sector added just 9,000 jobs, although those numbers are seasonally adjusted for the holiday shopping season.

this is the part that matters... broad based... and i forget who keeps on bringing up that its just because of extra xmas help, this shows that you are wrong...

[Cochise]

I don't make a habit of studying economic indicators, but things seem to be going well from what I can see. My employer this year has been hiring people as fast as they can interview them, the company's stock has doubled in price this year, and my 401k is up 40%.

It's an IT firm, but this has all been done without any large scale outsourcing. Encouraging.

As far as the holiday season as someone else pointed out, they typically adjust those numbers to account for that I believe.

[recxjake]

I don't make a habit of studying economic indicators, but things seem to be going well from what I can see. My employer this year has been hiring people as fast as they can interview them, the company's stock has doubled in price this year, and my 401k is up 40%.

It's an IT firm, but this has all been done without any large scale outsourcing. Encouraging.

As far as the holiday season as someone else pointed out, they typically adjust those numbers to account for that I believe.

and that is why the economy is strong...

NIGHTWISH is wrong about "its do to Christmas" like he posted in the thread several times... they do adjust for this like the article I posted says

[WoodDraw]

I think we were all pretty much counting on the Bush appointed Treasury Secretary to throw his support behind the administration. If you want to start a real discussion and be taken seriously then don't post blatantly partisan articles while bitching about the liberal media all in one thread.

[recxjake]

I think we were all pretty much counting on the Bush appointed Treasury Secretary to throw his support behind the administration. If you want to start a real discussion and be taken seriously then don't post blatantly partisan articles while bitching about the liberal media all in one thread.

you can't argue with the numbers

[Nightwish]

The gains were broad based, with construction adding 37,000, manufacturing payrolls growing by 11,000 and business and professional services adding 29,000. The retail sector added just 9,000 jobs, although those numbers are seasonally adjusted for the holiday shopping season.

this is the part that matters... broad based... and i forget who keeps on bringing up that its just because of extra xmas help, this shows that you are wrong...
That shows a growth of 86,000 new jobs for November, once you factor out the adjustments for the holiday season. 215,000 minus 86,000 would suggest that 129,000 of those new jobs were from the Christmas extra help, unless the article is leaving something out. That suggests that the holiday help accounts for about 60% of the total job growth, which sounds about routine.

[Cochise]

Frankly, I have always thought job growth was an overrated statistic. What we're really interested in is what percentage of people are unemployed, right?

[Cochise]

Additionally, the unemployment rate now is about average compared to the last 35 years.

[Nightwish]

On the other hand, I could be misinterpreting the stats rex posted in that last article. It could be saying that the 9000 extra retail jobs includes the added Christmas help. If that's the case, then that presents a very dismal outlook on the economy, if it can only add 9000 retail jobs during the busiest part of the holiday season. Hell, we probably added that many in Missouri alone!