US economic recovery is complete. pt 1 Archived

[OilFinder2]

Bloomberg

Best Job Market for U.S. Grads Since 2008 Leading to Multiple Offers
By Oliver Staley, Douglas MacMillan and Cecile Vannucci - Apr 27, 2011 9:01 PM PT

Hamza Afzal had such a hard time finding an electrical-engineering internship in the recession that he delayed his graduation, took pre-med classes and applied to law school. This year, he got two job offers in his field.

“I definitely saw a shift in the job market,” said Afzal, a 24-year-old senior at San Jose State University, who will start May 30 at chipmaker Linear Technology Corp. (LLTC) in nearby Milpitas, California. “There was a lot of pressure off my shoulders.”

The class of 2011 is enjoying the best job market for new graduates since the 2008 financial crisis, according to the National Association of Colleges and Employers. The turnaround is being driven by gains in finance, energy and technology, said Edwin Koc, who heads research at the association. Companies are filling a backlog of jobs after two years of stagnant hiring and looking to younger workers to fill vacancies, he said. This year, 1.61 million students are expected to graduate, he said.

[...]

[pstarr]

Bloomberg

Best Job Market for U.S. Grads Since 2008 Leading to Multiple Offers
By Oliver Staley, Douglas MacMillan and Cecile Vannucci - Apr 27, 2011 9:01 PM PT

Hamza Afzal had such a hard time finding an electrical-engineering internship in the recession that he delayed his graduation, took pre-med classes and applied to law school. This year, he got two job offers in his field.

“I definitely saw a shift in the job market,” said Afzal, a 24-year-old senior at San Jose State University, who will start May 30 at chipmaker Linear Technology Corp. (LLTC) in nearby Milpitas, California. “There was a lot of pressure off my shoulders.”

The class of 2011 is enjoying the best job market for new graduates since the 2008 financial crisis, according to the National Association of Colleges and Employers. The turnaround is being driven by gains in finance, energy and technology, said Edwin Koc, who heads research at the association. Companies are filling a backlog of jobs after two years of stagnant hiring and looking to younger workers to fill vacancies, he said. This year, 1.61 million students are expected to graduate, he said.

[...]

One has to wonder how young Hamza Afzal affords three post-grad specialties. Oil Royalty perhaps?

[Sixstrings]

What the heck is a "core consumer"?

Hint: the Walmart core consumer can't afford to shop at Whole Foods.

[vision-master]

Bloomberg

Best Job Market for U.S. Grads Since 2008 Leading to Multiple Offers
By Oliver Staley, Douglas MacMillan and Cecile Vannucci - Apr 27, 2011 9:01 PM PT

Hamza Afzal had such a hard time finding an electrical-engineering internship in the recession that he delayed his graduation, took pre-med classes and applied to law school. This year, he got two job offers in his field.

“I definitely saw a shift in the job market,” said Afzal, a 24-year-old senior at San Jose State University, who will start May 30 at chipmaker Linear Technology Corp. (LLTC) in nearby Milpitas, California. “There was a lot of pressure off my shoulders.”

The class of 2011 is enjoying the best job market for new graduates since the 2008 financial crisis, according to the National Association of Colleges and Employers. The turnaround is being driven by gains in finance, energy and technology, said Edwin Koc, who heads research at the association. Companies are filling a backlog of jobs after two years of stagnant hiring and looking to younger workers to fill vacancies, he said. This year, 1.61 million students are expected to graduate, he said.

[...]

Two of the neighborhood gals just finished college this past winter, one works in retail sales and the other is a waitress. They say, there are no good jobs to be had.

[dolanbaker]

Wal-Mart Shoppers are Running Out of Moolah

"We're seeing core consumers under a lot of pressure," Duke (Walmart CEO) said at an event in New York.

What the heck is a "core consumer"?

People who just buy the day to day basic necessities of life.

[Daniel_Plainview]

Gallup: Most Americans say U.S. in recession despite data
More than half of Americans say the U.S. economy is in a recession or a depression despite official data that show a moderate recovery, according to a poll released on Thursday.

(Reuters) - The April 20-23 Gallup survey of 1,013 U.S. adults found that only 27 percent said the economy is growing. Twenty-nine percent said the economy is in a depression and 26 percent said it is in a recession, with another 16 percent saying it is "slowing down," Gallup said.

Reuters

[Plantagenet]

Average folks who think we're in a recession may be right.

The decline in GDP growth to only 1.8% just announced for Jan-March 2011 shows again that Obama's policies aren't working and may signal the start of the next dip in a double-dip recession.

[eXpat]

One Million Exhausted Jobless Benefits in Past Year

Roughly 1 million people in the U.S. were unable to find work after exhausting their unemployment benefits over the past year, Labor Department data released Thursday suggest.

Economists said the back-of-the-envelope calculation is yet another sign that the labor market remains weak.

About 8.2 million idled workers were receiving unemployment benefits as of the week ended April 9, the Labor Department said in its weekly jobless claims report. This compares with about 10.5 million individuals at the same time last year, resulting in a decline of roughly 2.3 million people.

The federal government estimates that the economy created 1.3 million jobs during the 12 months ended in March.

“That leaves, roughly speaking, about 1 million people who have exhausted their unemployment benefits and have very likely not yet found a job,” said Joshua Shapiro, chief U.S. economist at MFR Inc. in New York.

But Nicholas Tenev of Barclays Capital said a precise figure is hard to calculate. He estimated the labor force has shrunk by 638,000 since March of last year, largely because of a demographic shift as baby boomers retire.

http://blogs.wsj.com/economics/2011/04/28/one-million-exhausted-jobless-benefits-in-past-year/?mod=wsj_share_twitter

[eXpat]

McDonalds Hires 62,000, Turns Away Over 938,000 Applicants For Minimum Wage, Part-Time Jobs

This is what the US economy has been reduced to: McDonalds reports that as part of its employment event to hire 50,000 minimum wage, part-time (mostly) workers, subsequently raised to 62,000 it received a whopping 1 million applications, or a Tim Geithner jealousy inducing 6.2% hit rate (h/t X. Kurt. OSis). Alas, the US economy is now so pathetic that the bulk of the population will settle for anything. Literally anything. And the saddest part: over 938,000 applicants were turned away. Here's hoping to Burger King needs a few million janitors in the immediate future too. And yes, aside from reality, things in America are really recovering quite nicely.

From Bloomberg:

McDonald’s and its franchisees hired 62,000 people in the U.S. after receiving more than one million applications, the Oak Brook, Illinois-based company said today in an e-mailed statement. Previously, it said it planned to hire 50,000.

The April 19 national hiring day was the company’s first, said Danya Proud, a McDonald’s spokeswoman. She declined to disclose how many of the jobs were full- versus part-time. McDonald’s employed 400,000 workers worldwide at company-owned stores at the end of 2010, according to a company filing.

Earlier this month, McDonald’s said sales at stores open at least 13 months climbed 2.9 percent in the U.S. after it attracted more diners with items such as beverages and the Chipotle BBQ Bacon Angus burger. The fast-food chain has about 14,000 stores in the U.S. and more than 18,000 abroad. About 80 percent of all McDonald’s stores are franchised.

http://www.zerohedge.com/article/mcdonalds-hires-62000-turns-away-over-938000-applicants-minimum-wage-part-time-jobs

[Blacksmith]

US Dollar Index 73.342 soon our goods will be competitive, that is if foreigners don't call their loans.

[Roy]

DXY --> 72.91 as of now.

There is some change you can believe in...



I don't blame this on Obama like the REpubs. I blame it on the USGOV (both parties are to blame IMO so you partisans can just piss off ) and their profligate spending and magical thinking. Well that and the fact that most of our population neither understands nor cares about economics, compound interest, and the exponential function.

We, as a country, are a cargo cult writ large. And anyone who opposes raising the debt ceiling is a 'terrorist'.

[OilFinder2]

More upward revisions to previous months' data.
LINK

April 29, 2011, 11:22 a.m. EDT
Consumer spending looks firmer in March
U.S. makes upward revisions to data for January and February
By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — The first quarter ended on an up note with U.S. consumer spending looking better than expected, given higher gasoline costs, the Commerce Department reported Friday.

March data showed consumer spending rose 0.6% in current dollar terms, roughly in line with expectations on Wall Street.

“At least through March, households continued to spend, but rising prices [are] eating up a lot of that money,” said Joel Naroff, president of Naroff Economic Advisors Inc.

The report on personal incomes as well as consumer spending fleshes out monthly details contained in the government’s data on growth in gross domestic product for the three months through March, released Thursday. In its initial forecast, the Commerce Department said economic growth slowed to a 1.8% annual pace in the first quarter from a 3.1% pace in the final three months of 2010.

[...]

The Chicago PMI edged down but it still well into nosebleed territory.

LINK

April 29, 2011, 9:52 a.m. EDT
Chicago PMI falls to 67.6% in April from 70.6%
By Jeffry Bartash

WASHINGTON (MarketWatch) -- The Chicago purchasing managers index, a barometer of business trends, fell to 67.6% in April from 70.6% in March. Economists polled by MarketWatch had forecast a reading of 68.0%. Readings above 50% means that more companies are expanding than contracting. Two months ago the index reached a 22-year high. The prices paid component slipped to 81.8% from 83.4%, while new orders dropped to 66.3% from 74.5%. The Chicago PMI is the last major regional index released before the national Institute for Supply Management's manufacturing index.

[pstarr]

So Oily. You've been at this mission (to discredit Malthusian limits) for years, a significant chunk of your pathetic life. What assets do you actually accrue via this activity? A Key to the Pearly Gates? Money? Street Cred? Are you the Fiddy' Cents of Peak Oil?

[Pops]

This Fity Sen?

http://www.youtube.com/watch?v=a2YRMixW9u8

[OilFinder2]

So Oily. You've been at this mission (to discredit Malthusian limits) for years, a significant chunk of your pathetic life. What assets do you actually accrue via this activity? A Key to the Pearly Gates? Money? Street Cred? Are you the Fiddy' Cents of Peak Oil?

And you've been at this for an even longer portion of your pathetic life. Have you gained any assets by posting here? I doubt it. Neither have I.

[Daniel_Plainview]

Hmm ... what happens when a bankrupt govt can no longer afford to prop up a failed economic system?

Hmm ... let's see:

--- Has GDP growth nosedived? CHECK -- 2011 GDP growth has decelerated by more than 50% from 2010.

--- Have initial jobless claims reached recession-era levels? CHECK -- Initial jobless claims are back around 430,000/week.

--- Has youth unemployment skyrocketed? CHECK -- Only 25% of teens can find work.



Teen joblessness projected to soar this summer -- breaking all records for youth unemployment

CHICAGO — A record-low one in four U.S. teenagers will land a summer job in the coming months as a result of a still-poor job market and lost federal funding, according to a report issued on Monday. As a consequence, urban studies experts said cities like Chicago -- where summer unemployment among African-Americans aged 16 to 19 years approaches 90 percent -- could experience a rise in street violence. "Both national and local leadership continue to ignore the plight of youth who are most at risk for potential violence as a result of being left on the streets in the summer months when crime is at its most explosive," Chicago Urban League President Andrea Zopp said in a statement.

The summer employment rate among U.S. teen-agers this year was projected at between 25 percent and 27 percent, based on an analysis of four decades of employment trends by Andrew Sum of the Center for Labor Market Studies at Northeastern University in Boston. That would be a post-World War Two low, while as recently as 2006 the teen summer employment rate was 37 percent.

U.S. economic growth has been sluggish since the recession ended in June 2009, with job growth lagging the recovery and unemployment still at a lofty 8.8 percent. The long-term impact of higher summer joblessness among young people is a less-experienced work force and increased government spending due to lower lifetime earnings, reduced tax revenues and higher prison costs, experts said.

... Federal stimulus dollars directed to cities and applied to summer jobs programs have run out and the funding was not renewed by Congress ...

Reuters

Unemployment crisis devastating for teens

SPRINGFIELD, Ill. (CBS/WBBM) — The worsening economy has now hit teenagers, and new statistics for Illinois show that African-American teens in particular are more likely to be without a job. As WBBM Newsradio 780’s Dave Marsett reports, state unemployment statistics for 2010 show the unemployment rate for white youths is 24.7 percent, but it’s nearly double for black teenagers at 47.7. In 2009 those numbers were 50.2 percent for black teens and 21.8 percent for white teens.

The problem with having 50% of a nation's GDP reliant on continued govt spending is that when a govt becomes bankrupt and can no longer afford a massive welfare state, then GDP plunges and joblessness increases.

Happily, oil is still dirt cheap, thereby enabling the private sector to continue to expand. Oh ... WAIT ... oil is now around $113/bbl ... the highest level since 2008 ... Well, maybe Heli Ben can continue printing more money to keep the economy on life-support ...

[vision-master]

So Oily. You've been at this mission (to discredit Malthusian limits) for years, a significant chunk of your pathetic life. What assets do you actually accrue via this activity? A Key to the Pearly Gates? Money? Street Cred? Are you the Fiddy' Cents of Peak Oil?

And you've been at this for an even longer portion of your pathetic life. Have you gained any assets by posting here? I doubt it. Neither have I.

oily is gonna face all of us @ the pearly gates.

[OilFinder2]

While the doomers continue posting their desperate doom fantasies, meanwhile the manufacturing sector continued to expand at a brisk pace in April. Funny that the weak dollar they're constantly parroting as a portent of doom is actually helping this sector. Maybe it's time to resurrect my phrase from 2008-2009: "You can't have your doom and eat it, too."

LINK

Weak dollar gives US factories strong lift in '11
(AP) – 10 hours ago

WASHINGTON (AP) — The nation's manufacturing sector has expanded this year at the fastest pace in a quarter-century, boosted by a weak dollar that has made U.S. goods cheap overseas.

Strong factory production could help the economy rebound after experiencing weak growth in the first three months of this year. But the construction industry is struggling and manufacturing won't drive enough job growth by itself. Rising prices are also threatening many companies' profit margins.

The Institute for Supply Management said Monday that manufacturing activity expanded in April for the 21st straight month. While the trade group's index dipped to 60.4, it's down only slightly from the previous two months. And February's reading of 61.4 was the fastest expansion in nearly seven years. Any reading above 50 signals growth.

"In April, there was no meaningful slowdown in what has become the most important sector in the economy," said Dan Greenhaus, economic strategist at Miller Tabak.

The index has topped 60 in every month this year, the best four-month stretch in 27 years, said David Resler, an economist at Nomura Securities.

[...]

[OilFinder2]

And in that same light, lookee what we have here. The sector of the US economy that actually, like, makes stuff, is veritably going gangbusters. I await the doomer spin upon reading that the USofA manufacturing sector grew at a 9.1% annual growth rate in Q1.

LINKEE

America’s ‘rust belt’ states lead recovery
By Ed Crooks in New York
Published: May 1 2011 19:34 | Last updated: May 1 2011 19:34

Traditional “rust belt” states have seen the largest gains in American manufacturing jobs over the past year, official figures show, as the upturn in US industry revives what have been some of the most depressed regions in the country.

Michigan, the centre of the US motor industry, has been the success story, creating a seasonally adjusted 29,800 net new factory jobs in the past 12 months. It accounts for about 4 per cent of US manufacturing employment but about 15 per cent of the net job creation in industry over the past year.

The encouraging jobs figures in these northern states have also been reflected in strong corporate performance of manufacturers based there.

In the past week, Ford Motor reported its highest first-quarter earnings in 13 years thanks to strong demand for cars and lower discounts. Caterpillar, the world’s biggest maker of earthmoving equipment, reported first-quarter profits far above Wall Street’s expectations on the back of a global surge in demand for construction machinery.

Manufacturing is the strongest sector of the US economy, growing at an estimated annual rate of 9.1 per cent in the first quarter, compared with 1.8 per cent for the economy as a whole.

[...]

[pstarr]

This Fity Sen?

http://www.youtube.com/watch?v=a2YRMixW9u8

"No change. Gotta buy something! You do it right. You no give me guff. Okay?"

"I'm just standing up for my rights as a consumer"

"One soda?"
"fiddy cents"
"sold. it's a pleasure frequenting your establishment."