The Unrepentant Individual

...just hanging around until Dec 21, 2012


March 21, 2006


Lousy Bush Economy…

Stocks:

Dow: ~11,270
NASDAQ: ~2300
S&P500: ~1300

And unlike the late nineties, these are stable numbers. There hasn’t been a sharp rise to reach this point, making me believe that these levels are very easily sustainable.

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Unemployment at 4.8%

Non-farm payroll employment in the United States grew by 243,000 in February, and the unemployment rate was up slightly to 4.8 percent.

The Labor Department also said Friday that job gains occurred in construction, financial activities, healthcare and several other industries.

Economists had expected the figure to be less, with estimates ranging from 200,000 to 219,000.

The unemployment rate, 4.7 percent in January, was 5.4 percent in February 2005.

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Best job market in 5 years for grads

U.S. college graduates are facing the best job market since 2001, with business, computer, engineering, education and health care grads in highest demand, a report by an employment consulting firm showed on Monday.

“We are approaching full employment and some employers are already dreaming up perks to attract the best talent,” said John Challenger, chief executive of Challenger, Gray & Christmas.

In its annual outlook of entry-level jobs, Challenger, Gray & Christmas said strong job growth and falling unemployment makes this spring the hottest job market for America’s 1.4 million college graduates since the dot-com collapse in 2001.

The firm pointed to a survey by the National Association of Colleges and Employers which showed employers plan to hire 14.5 percent more new college graduates than a year ago.

The survey also found higher starting salaries this year. Graduates with economic or finance degrees will see the biggest gain with starting salaries up 11 percent to $45,191, while accounting salaries are up 6.2 percent, business management salaries up 3.9 percent and pay for civil engineers 4.3 percent higher.

Hat Tip: Wizbang

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American Research Group Poll from Feb 22, 2006:

While 15% of Americans say they believe the national economy will be better a year from now, which is unchanged from January, 49% say they believe the national economy will be worse a year from now

A total of 15% of Americans say they believe the national economy will be better a year from now, 30% say it will be the same, 49% say it will be worse, and 6% are undecided.

Overall, 40% of Americans say they believe that the national economy is in a recession and 45% say they do not believe the economy is in a recession.

A total of 45% of Americans rate the national economy as excellent, very good, or good and 54% rate it as bad, very bad, or terrible.

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The stock market is up. The job market is going gangbusters. Consumer confidence is pretty good. The housing market is defying gravity (although this could be a big issue in the next 6-18 months). And all this is coming out of a recession a few years ago, major terrorist attacks on our country, two wars, natural disasters, high energy prices, and ludicrous government deficits. Every time people have claimed that one of these blows would shake our economy, it’s stood up and grown. I think the situation is pretty rosy at the moment.

So why do so many people in this country think the economy is failing? Why is it that 40% of people think we’re in a recession? Could it have anything to do with the fact that every economic report coming out of our wonderful media hypes every negative aspect or downside to the great economic news we’ve been receiving? We’re not seeing irrational exuberance from the public any more, we’re seeing uninformed pessimism.

Posted By: Brad Warbiany @ 10:16 am || Permalink || Comments (2) || Trackback URL || Categories: Around The 'Sphere, Economics, News

2 Comments

  1. “40% of Americans say they believe that the national economy is in a recession”

    And how many of them have Democratic party cards in their wallets?

    Comment by Apesnake — March 21, 2006 @ 9:58 pm
  2. From the poll:

    Among those saying they approve of the way Bush is handling his job, 91% say excellent, very good, or good and 8% say bad, very bad, or terrible. Among those saying they disapprove of the way Bush is handling his job, 84% say bad, very bad, or terrible and 15% say excellent, very good, or good.

    They didn’t break it down in Republicans vs. Democrats, but I think the above metric might be a good approximation.

    Comment by Brad Warbiany — March 22, 2006 @ 8:38 am

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