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RidinTheWind
Post subject: Economic Statistics  PostPosted: Jun 27, 2014 - 11:36 AM
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I'm not looking to start some political thread, but something was said on the news a few days ago that just called for some kind of remark.

It looks like they are now defining full employment as an unemployment rate between five and six percent. When I had economics back in the 70's, it was defined at four percent, and I strongly suspect that it was much lower prior to that.

Also, today, they define durable goods as products lasting at least three years. I seem to recall that it was originally seven.

My point? For the last 33 years, economic statistics have become more propaganda than a snapshot of the economy.

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wand143Offline
Post subject: RE: Economic Statistics  PostPosted: Jun 29, 2014 - 08:00 AM
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An example of the current economic status of the country: at my previous employer, they had two people doing the same job and they could only "afford" to keep one on. One was married with two dependents, the other was single with no dependents. Guess who they kept? Yup, the one with the cheaper benefits...

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RidinTheWind
Post subject: RE: Economic Statistics  PostPosted: Jun 30, 2014 - 03:18 PM
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Business always goes for cheap, even over competence. That's one of the reasons that companies are being hacked so easily and software is so buggy.

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Post subject:   PostPosted: Jul 08, 2014 - 01:44 PM
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They cook all the numbers. The GNP includes consumer spending in its total, in order to boost the number and keep everyone from finding out there hasn't been any growth in the economy for 20 years. Other nations chuckle when they see our GNP, instead of Gross National Production it should be GIS, Gross Is Shrinking.
 
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hrtshpdbox
Post subject:   PostPosted: Jul 08, 2014 - 04:41 PM
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pmccabe wrote:
Other nations chuckle when they see our GNP....


Since the U.S. economy is about as large as the 2d,. 3d and 4th largest economies combined, other nations should weep if they notice any decline in our numbers.

http://money.cnn.com/news/economy/world_economies_gdp/
 
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RidinTheWind
Post subject:   PostPosted: Jul 09, 2014 - 12:57 PM
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Though unfortunately, only 11% of our GNP consists of manufacturing, the rest is mostly retail sales (mostly stuff made in China and 3rd world countries) and the buying and selling of financial paper on Wall Street.

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They cook all the numbers.

A good example are the figures for exports. The government defines a US export based on where it was shipped, not where it was manufactured. So, if some company here buys cell phones made in China, ships them to Europe from a US warehouse, those cell phones are considered a US export!

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wand143Offline
Post subject:   PostPosted: Jul 12, 2014 - 07:41 AM
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I suppose that counts for items "assembled in the USA" of parts made overseas, too.

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vinyl1Offline
Post subject:   PostPosted: Jul 13, 2014 - 07:42 AM
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You are counted as 'employed' even if you only worked one hour last week.

On the other hand, you are counted as 'unemployed' if you did anything at all to look for a job in the last month. Even flipping through the want ads qualifies.
 
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RidinTheWind
Post subject:   PostPosted: Jul 14, 2014 - 03:37 PM
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Quote:
You are counted as 'employed' even if you only worked one hour last week.


Also, the number of jobs created each month are touted, but you later find out that too many of them were temp or part time.

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wand143Offline
Post subject:   PostPosted: Jul 15, 2014 - 05:54 AM
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Trust me, they are - I'm on one now. "Long-term temp" (six months to a year) is the trend now - I've been on my "four-week" assignment for ten months and it may run at least through January. There remains a slight possibility that the best of us will be hired after the software conversion is in place (we'll be cross-trained on it, too, so there's a high sign for you) but as of yet no confirmation of it. If there's one positive thing to say about Obamacare, it's that it is a cheaper option than the benefits offered to me by the service...the offset is being treated like a low-level human being, but at least I have coverage. I was making too much money to qualify for government assistance, and just as well, I don't want to go through THAT humiliation again.

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