This Recovery’s Not Broken

[rexbo 104]

This Recovery’s Not Broken

Following the release of the softer-than-expected February jobs report, the major media outlets would almost have us believe that employment is falling back into recession. It most certainly is not. Though the latest Labor Department release showed a gain of 21,000 non-farm payrolls — well below expectations — this honest increase represents the sixth-straight month of gains for a total of 364,000 new jobs.

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...the Labor Department's household survey — which counts the number of all Americans who are actually working — now stands at 138.3 million, an all-time high. The previous peak came way back in January 2001 at 137.8 million. Since the end of 2002, 1.8 million more people have gone back to work. Another impressive number.

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Virtually no one cites the increase in the entrepreneurial army of self-employed and independent contractors who have gone to work at lower tax rates, enabling them to keep more of what they earn. This is why the unemployment rate quickly fell from 6.3 percent when the Bush tax cuts were implemented last spring to 5.6 percent today.

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One thing's for sure: The U.S. economy is booming. Outsized profit gains at lower investment tax rates have produced a boom in business-capital spending. Consumers are also keeping spending at a relatively steady 3 to 4 percent pace. A variety of job-linked variables, such as manufacturing factory orders, work weeks, and delivery times are all rising rapidly. All these suggest that new job creation is on the way.

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Job outsourcing continues, as it has for twenty years. But so does job insourcing. Putting the two together, net outsourced jobs are actually less than they were in the early 1980s. The outsourcing argument is way overrated.

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In other words, as the economy hums, new jobs will be created. In the past two decades, while the U.S. economy grew around 31/2 percent annually, a net of 38 million new jobs were created. Comparatively, in Europe, the unemployment rate continues around 9 percent. That's because old Europe doesn't produce much at all anymore. The U.S. is not Europe.

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One thing this economic recovery does not need is a spate of new tax hikes coupled with tall protectionist trade barriers, as proposed by Sen. John Kerry and the Democrats. Penalizing consumers who love high-quality, low-cost imports, and punishing successful earners and investors who are accumulating wealth to fuel new business start-ups and new job creation, will surely sink the economic ship.

[DKW 86 7,899]

in Europe, the unemployment rate continues around 9 percent. That's because old Europe doesn't produce much at all anymore. The U.S. is not Europe.

the Labor Department's household survey — which counts the number of all Americans who are actually working — now stands at 138.3 million, an all-time high.

But I thought all the libs wanted us to act like Europe? No thank you, real Americans like to be successful and like to work for a living.

[CShine 0]

Guess y'all missed the latest employment numbers. Since y'all have no idea what's going on, the private sector created ZERO jobs this past month.

Growth always sounds great, but when companies aren't using their growth to created new jobs it rings hollow with the average voter.

[AUloggerhead 2,516]

Guess y'all missed the latest employment numbers. Since y'all have no idea what's going on, the private sector created ZERO jobs this past month.

Growth always sounds great, but when companies aren't using their growth to created new jobs it rings hollow with the average voter.

Actually, ... no. The private sector saw a net gain of +21,000 in Feb 04 according to the Bureau of Labor Statistics from last Friday's report.

For a deeper analysis, try this Link. It appears that employers are still a little skittish and would rather hire temps than permanent hires -- trying to retain some flexibility in the marketplace. Still, a temp job is better than no job and 32,000 temp jobs added on to 21,000 permanent jobs is still significantly greater than "ZERO jobs this past month."