Hooverville
-- Jayson
PoliPundit.com
or not.
{ahem}
Check out these items:
1) Initial Claims for Jobless Benefits
In the week ending Dec. 31 [2005], the advance figure for seasonally adjusted initial claims [for jobless benefits] was 291,000, a decrease of 35,000 from the previous week’s revised figure . . . . . The 4-week moving average [of initial jobless claims] was 316,750, a decrease of 9,250 from the previous week’s revised average…..
Even the spaced-out liberal media couldn’t spin that data too far away from reality:
“New jobless claims plunge to 5-year low“
(On the other hand, Martin Crutsinger of the Associated Depressed didn’t take that news as well as his colleagues did over at Reuters. He threw down his first contrarian “but” merely twenty-four *words* into his self-therapy session on the subject.)
To put those numbers into a bit more perspective, keep in mind that total net employment is higher these days, by roughly five million jobs, when compared to the level of total employment that prevailed in Dec. 2000. (See here.)
data.bls.gov
Furthermore, back in December 2000 the four-week moving average of initial claims for jobless benefits, i.e., layoffs, was upwards of 350,000, as opposed to its current level of under 320,000. (See here.)
workforcesecurity.doleta.gov
IOW, millions upon millions of *more* people are working but *fewer* people are getting laid off.
Go figure.
2) Growth in the Services Sectors
Non-manufacturing business activity increased for the 33rd consecutive month in December [2005]. Business Activity[, Employment,] and New Orders increased at faster rates in December than in November.
3) Growth in the Manufacturing Sector
Economic activity in the manufacturing sector grew in December [2005] for the 31st consecutive month, while the overall economy grew for the 50th consecutive month, say the nation’s supply executives….
4) Net Wealth
To top it off, as Poli noted earlier today, total net wealth for Americans reached yet another all-time high last year.
* * *
I blame the economy for all of this.
Oh, right, I also assign at least some degree of blame to the various conservative fiscal and economic policies implemented since George Dubya Bush took office five years ago, e.g., multiple tax cuts, multiple free trade statutes, rollbacks of job-killing enviro regs, etc.
What say you, Krugman-Chomsky?
polipundit.com
workforcesecurity.doleta.gov
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