Report: US hasn't seen expected 'Great Recovery'.

LOS ANGELES (AP) -- An economic forecast says the country's expected "Great Recovery" hasn't materialized and the economy's fallen short of even normal growth.

It says that real gross domestic product growth - the inflation-adjusted value of goods and services produced - is well below the 3-percent growth trend of past recoveries. The forecast says the country isn't creating enough good jobs.

Report: US hasn't seen expected 'Great Recovery'

I've seen arguments here on ATS that support this report. As many have pointed out in these arguments, (in various threads), that no matter where the Dow is, no matter if the housing market shows signs of a rebound, the average "man on the street" is still feeling the pinch of the recession. I have to agree.

Having said that, however, I will admit that here in Indiana I can see some signs of recovery. There are jobs being filled...I know because I was recently laid off and literally within 4 minutes of saying so publicly, I received a job offer that I ended up accepting. However I also looked around before accepting that job, and found there are a LOT of jobs available here currently.

What's it like in your part of the country?

reply to post by BobM88


Umm... and just who ..."expected" this so called "great recovery"?
We build nothing really here in the US and that is a key in prosperity.
We were never gonna make big macs till we prospered.
Besides, if you want true prosperity, corporations and their lobbyists have got to go, that and over reaching government.

reply to post by BobM88


Well, placement rate out of the college I'm in is crap. People in the classes with me have been talking for 6 months about how they're getting cut back to 29 hours on the button to avoid the crushing Obamacare costs as well. So it seems, even the definition of jobs is falling short of what it was just a year ago. At least here they sure seem to be.

Even one of my instructors was saying in a private moment, there is great consternation and stress within the schools around here and mine in particular over that Part Time/Full Time threshold and the absolute requirement to come one hair under the 30 hour point or just be laid off outright.

I guess when they're cutting so many back from full time, someone has to fill the missing time with more part time in the vacuum.

BLS still shows 8.5% for Indiana as a whole with a steady bounce between 8% and 9% since late 2010. It's better though. Most of 2010 and the latter half of 2009 were over 10% in your state. That's all U-3 of course. I won't depress anyone with the higher U figures. lol..... It's a wild country out there at the moment.

Hasn't seen recovery They haven't really fixed anything...You can't put patches on top of patches forever.....Deceit and finger pointing never permanently fixes anything.

Is not going to be any great recovery because that recovery but only for the top 1% in the nation that controls Wall Street for the rest of us the working class and tax payers is nothing but more hardship when you will forced to buy unregulated and full of loopholes health insurance by force or else.

I guess its going to be less money to go out and spend on other things.

The great recovery is joke played on the working class in nation as usual.

reply to post by Wrabbit2000


Hi Wrabbit, always good to see you in threads like this!

Forgive me for asking...I thought that the U3 numbers [i]were[/i] the higher numbers? Or is that U6 that's higher and U3 is what's the publicly posted unemployment figures are?

Also, I have also heard that placement out of college is rough going...I am a few years past my college years so my resume is padded with some experience that may give an edge over someone fresh from college.

Also, (again), I do know that the changes coming next year had a role to play in my layoff and that the company I hired into has had a lot of discussions on ensuring they get the people they really want now since they'll be taking on that extra burden in January.

But, overall, Indiana is doing better than it has been. I'm not claiming it to be boom years by any means...but compared to 2008-2011 its going quite well here. IMHO.

reply to post by g146541


Who expected the great recovery? Well...the administration did, 3 years ago. Didn't we have "The summer of recovery" in 2010?

reply to post by marg6043


I agree based on firsthand experience...sort of.

What I mean is that my wife is a Financial Advisor and business for her has steadily grown even in the worst of it back in 2008-09. The big dogs have no shortage of money to invest.

Because its not going to happen untill the financial system is corrected,or it is doomed to repeat it'self

reply to post by Wrabbit2000


Tell me about it, when my daughter graduated from college with two degrees just after the 2008 market crash, she could not find a job on her field, settle for a job in a bank, even when she had a desk job and made a bit more than a regular teller still not enough for all the education she had, so guess what, she went back to school in 2011 graduated in 2012 and go herself a nurse degree, now she makes more than she could dream.

Good ending but she had to change careers, get into more debt for the student loans but the money is worth it.

Young people need to look at the job markets before getting into education, loans and debt, because is hard to find jobs after and the debt needs to be repay.

Nothing is secure anymore

No wonder the student loan bubble is about to burst.

reply to post by BobM88


Exactly!!!!!!!!!!!! and that is a actually a bad way to reflect in the rest of the working population, (I am glad your wife is doing well), but the ones actually reaping the big bucks are still the top 1% in the nation, the rest are just struggling, so the mentality is that if Wall Street is doing well so the rest of the nation.

Originally posted by BobM88


What's it like in your part of the country?

edit on 5/6/13 by JAK because:

 

Mod edit: Caps removed. Please see The use of All Caps Thank you - Jak

Bad..

I finally got a job and it's been a LONG time.

I work in the middle of the night, and I get about 20 hours at $9.50 an hour..

Besides that, and I am still applying and calling places, there is nothing so far..
One of the guys I work with has a double major. He is a Computer Scientist and has a major in statistics.. Still he works in the middle of the night at 20 hours a week, trying to pay off his debt..

If anyone has need of work in Raleigh just hit me up. Ready and waiting.

America is drowning in mddlemen.
they all get 10% whats left afterwards?????

reply to post by BobM88


Oh, on the numbers? U-3 is the middle of the range and what the media universally reports. Nothing wrong with that....since they have to pick one of them and it's nice that they all do at least use the same one to prevent confusion. It goes from U-1 to U-6 though.

Alternative measures of labor underutilization

That page also gives a good explanation for what each level of the number scale is and includes. The higher up the scale, the more comprehensive and accurate the number produced for a % of those in bad shape.

This was odd to see, actually. The Alternative measures, near as I can see, came into use under Obama. It's odd because producing them and displaying them don't help his case one bit. They hurt, if anything. So, I guess the impression of omnipotence over all data for political gain is overblown. I can't see that chart existing on a Federal site otherwise...and I've been referring to it since last year for data, so it's not brand new.

Unemployment also seems to vary quite a bit by locality. In Marion county, for instance, you had an 8.7% average last year. Bad...but not the worst. In Vigo County (Terra Haute), it was an even 10% while a couple others showed 11%. (All U-3 numbers on that chart)

BLS - County by County / 2012 Unemployment Averages

Then again, you have virtual employment disaster zones like Imperial County, California with 28% for the same period ( ) and 27% for Yuma County, Arizona. Places like Puerto Rico? Well.....Obviously, not everywhere is equal in these trying times.

I've had co-workers tell me things are getting better, I have yet to see it myself. I figure the number of empty office buildings that keep on getting build seems to help fluff the numbers, even if it a real loss in the end.

I'm in Texas, and our state didn't get hit as hard as others. Having said that, the company my husband works for has clients all across the country. Back in 2009, his company was hit pretty hard as a result of the recession. Things are looking much better now -- so much so, that they are going to have to start hiring, as they have more work than they can handle right now. It is a small, family owned company.

reply to post by ObjectZero


Believe it or not that is one of the main signs of how the cities and towns are doing, people have not clue that when you see malls with empty spaces and shopping centers that have not been filled out and lie empty for years it means that the town economy is not going anywhere.

Next time anybody goes around their cities and towns count how many retail spaces are available and lie empty.

Or how many small businesses open up their doors and die out within one year.

Originally posted by marg6043
reply to post by ObjectZero

 

Believe it or not that is one of the main signs of how the cities and towns are doing, people have not clue that when you see malls with empty spaces and shopping centers that have not been filled out and lie empty for years it means that the town economy is not going anywhere.

Next time anybody goes around their cities and towns count how many retail spaces are available and lie empty.

Or how many small businesses open up their doors and die out within one year.

edit on 5-6-2013 by marg6043 because: (no reason given)

There are tons here, and I'm in what's marked as a "high growth" area. What's fun is watching the land value numbers. They make no since until you get right down to the deed book level and see who's selling to who and for how much. Lots of empty building being traded around looks really good on the surface, and if you work the books right you can make a little money off of it between writing off losses and gains.

These reports are a joke.

It is like there is this utopian mystical world where people actually believe the stories in the news. Does main stream media actually think people do not look into facts themselves ? The same thing happens when the new "Job Reports" come out... I mean, doesn't everyone know its false ???? U3 and U6 numbers are different ! Just venting here but where does the media and the government get the b@11z to straight out lie to everyone ! Who are they kidding !

There is no "great recovery".

50 million on food stamps.
10 million listed as disabled.

Unemployment numbers? Meaningless. They've changed the definition and ways to compute unemployment so many times just in order to hide the true numbers.

We are a 3rd world country of users and consumers. Service industry is what we now do.

Do you want fries with that?