Looks Like a Recovery, Feels Like a Recession

[radfringe]

Looks Like a Recovery, Feels Like a Recession
By STEVEN GREENHOUSE

Even though the recession ended nearly two years ago, polls show that American workers are feeling stressed and shaky this Labor Day because the nation continues to register month after month of job losses and wages are rising more slowly than inflation.

One factor above all has fueled the insecurity: the nation has lost 2.7 million jobs over the last three years. The recovery has been so weak since the recession ended in November 2001 that the nation's payrolls are down one million jobs from when economic growth resumed.

Indeed, the current economic expansion is the worst on record in terms of job growth. The average length of unemployment, more than 19 weeks, spiked this summer to its highest level in two decades.

----snip---

In August, a Gallup poll found that 81 percent of Americans thought now was a bad time to find a quality job, tying March for the highest percentage since Gallup began regularly asking the question two years ago.

A new survey by the University of Michigan found that while workers were showing somewhat less fear about unemployment, they were voicing concern that their wage increases were shrinking.

----snip----

But Labor Secretary Elaine L. Chao predicted that job creation would soon improve, and along with it, worker optimism.

"We're on the road to recovery, but obviously the president and this administration are deeply committed to accelerating the recovery so that everyone who wants to work can find a job," Ms. Chao said Friday in an interview.

----snip----

Like other administration officials, Ms. Chao said Mr. Bush had inherited the recession and weak job growth.

----snip----

Ms. Chao said the president's tax cuts had stopped the slump from growing worse and would soon fuel growth and job creation. As evidence of growth, she pointed to the report Friday that the economy expanded by 3.1 percent in the second quarter.

"We're still in the middle of this presidential term, and as we see the economy grow and this recovery gain momentum, we expect more job creation will occur," she said.

[radfringe]

1. CNN Poll: How would you rate today's job market

Poll: How would you rate today's job market?
results as of 7:37am est 9/1/03
Good 6% 5532 votes
Bad 72% 61202 votes
OK 22% 18847 votes
Total: 85581 votes

[Maeve]

2. Some of the "recovery" is managed

We have the economy growing due in a large part to MASSIVE war spending, we have consumer spending taking a one-time boost from the tax-bribe checks in July and August and the Stock Market is almost completely detached from reality....way too much sizzle and very little steak.
I think there are some signs that things are getting better, but it is a very fragile recovery in its early stages and highly vulnerable to shock.
But will someone please tell Ms Chao that ANY job creation would be an improvement--Dubya has the worse record since the Great Depression on that score.

[baldguy]

3. Recovery? What recovery?

Unemployment is the higest its been in 15yrs. Bankruptcy rates are higher than they've been in 10yrs. Gasoline prices are at record highs. Natural gas prices are up. Oil prices are up. Electric prices are up. And the Fed deficit is back up to normal GOP-levels.

Yet, the Fed Reserve is flirting with the disaster of DE-flation.

The only people getting rich in this economy are those who profit on the misery of others - in other words, parasites.

There is no recovery without jobs that offer a living wage.

[izzie]

4. I also read this......

Any reports from gov the WH filters out the bad stuff and releases the stuff that fits their views. Some thing that has never been done before.

[pansypoo53219]

5. if not for

greenspan spinning his magic, aWol's Wecovery would look a lot like a depression. That or a triple dip.

[leftchick]

6. REAL jobless numbers?

Does anyone have real jobless numbers including those off of the unemployment roles? My Dad was asking me yesterday and I can not seem to find the information.

[baldguy]

7. Nobody really knows.

The problem is that they've STOPPED COUNTING the people who are the worst off. The "official" unemployment rate is 6.2% - which means it's really 8 - 10%.

[leftchick]

9. 11- 12 % ?

I seem to remember seeing that in a thread a while back and now can't find it. Well, with everything this cabal has done it is a LOT worse than it first appears.

[rock]

8. I don't know how many more recoveries I can take n/t