CNN’s partisanship showed again yesterday in their crawl along the bottom of the screen during the President’s Rose Garden remarks on the economy: “Administration Gives Upbeat Assessment of Economy”, it said. Actually what the Administration was doing was giving an assessment of the economy. That it was “upbeat” was owing to the plain facts. Unfortunately, the facts are just all so much spin to the partisan cynics at CNN.
We in manufacturing have been hammered these past few years, but this month marked the second consecutive month of manufacturing job gains — as we noted in our press release, the first time that’s happened in over a year. Of course, if we don’t get energy prices under control by unleashing more domestic supply, it’ll all be jeopardized as we’ve seen in comments from manufacturers in the past few weeks.
That aside, here are some facts on the economy:
— In November, the economy added 215,000 jobs. The unemployment rate remained at 5.0 percent — below the average unemployment rate of the 1970s, the 1980s, and the 1990s. The Labor Department report shows that the American economy not only remains resilient in the face of two major hurricanes that did enormous damage to the Gulf Coast region but that, in fact, the economy continues to grow at a remarkable rate.
— The U.S. economy grew at a robust 4.3 percent annual rate in the third quarter, the best rate in more than a year. Economic growth has been remarkably steady and strong over the past two-and-a-half years — and the economy has now grown 3.3 percent or more for 10 straight quarters.
— Consumer spending increased 4.2 percent in the third quarter, beating the estimated mark and setting the fastest pace since the end of 2004.
— Business spending on equipment and software grew by a 10.8 percent annual rate in the third quarter. The President said — and we agreed — that his tax cuts would led to investment in new equipment and capital and that would lead to recovery and growth. In fact, this is exactly what has happened.
— Sales of single family homes showed the biggest one-month gain in more than 12 years, increasing by 13 percent in October.
— Orders for durable goods showed the largest increase since June of 2000, increasing by 3.4 percent in October.
— Consumer confidence soared. The Conference Board’s Consumer Confidence rating increased by 13 points to 98.9 for November. The University of Michigan’s Consumer Confidence index also rose, growing by 7 points.
— Yesterday the Dow Jones industrial average closed within 90 points of 11,000, a level the Dow hasn’t hit since June 2001.
We just wanted to provide some facts on the economy. As we noted above, unless we do something about energy prices (the highest natural gas prices in the world), this could all be threatened, but for the moment, you’d have to say that all indicators are very good, very strong. For some reason, it’s not been well-covered in the mainstream media.
So for the time being, just keep it under your hat……
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