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Topic: The Economy, Growing? Stagnating?< Next Oldest | Next Newest >
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PostIcon Posted on: May 29 2014, 1:19 pm  Skip to the next post in this topic. Ignore posts   QUOTE

US GDP actually shrank in Q1, according to Bloomberg.

But many economists feel that this was due to a one-time inventory adjustment, likely due to bad winter weather, and that growth should resume as inventories recover, investment picks up, and unemployment moderates.

How is your economy?


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PostIcon Posted on: May 29 2014, 1:26 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Personally, MY economy peaked in 2003. I have generally been employed since, but my salary has never reached the level that it was in that year.
In the state I live in, the economy is doing quite well. Unemployment is under 4%, and the biggest challenge growing firms face is finding qualified employees. Unfortunately for me, I don't know how to write code.
Nationally, I think it's obvious that the economy has been growing for a few years now, but at a rate that is anemic, and not likely to accelerate much in the short to medium term.


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PostIcon Posted on: May 29 2014, 3:05 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Our government says the economy is growing......
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PostIcon Posted on: May 29 2014, 4:05 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

In my local area the economy is rather robust and the unemployment rate is way below the national average - about 3.8% last I knew.  There are all kinds of hiring signs around town but most of them are low paying service jobs.  Still the fact they are hiring means people must be spending money.  The real high paying job are in the oil fields east of town but the working conditions, other than the money, are appalling.  And the disruption to the social fabric is becoming more and more apparent.

Nationally speaking, I don't think there is any doubt that the economy is the recovery mode but it certainly could be better.  We are headed in the right direction though compared to where we were a number of years ago. Recovery from the economic disaster we experienced the past decade comes very slowly regardless of any government policy.

Personally, I'm doing fine. Holding my own without any major problems.


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PostIcon Posted on: May 29 2014, 4:21 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(hikerjer @ May 29 2014, 4:05 pm)
QUOTE
In my local area the economy is rather robust and the unemployment rate is way below the national average - about 3.8% last I knew.  There are all kinds of hiring signs around town but most of them are low paying service jobs.  Still the fact they are hiring means people must be spending money.  The real high paying job are in the oil fields east of town but the working conditions, other than the money, are appalling.  And the disruption to the social fabric is becoming more and more apparent.

Is part of "disruption to the social fabric" have to with Meth? I think I read or maybe saw on PBS,
that a booming meth industry has followed the oil boom in to the state east of Montana, North
Dakota.


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PostIcon Posted on: May 29 2014, 5:32 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

The oil boom has been pretty good for strippers and hookers. Those hard working "drill baby drill" guys have no problem with the redistribution of wealth when they are looking at jiggling boobs.

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PostIcon Posted on: May 29 2014, 5:44 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Ecocentric @ May 29 2014, 5:32 pm)
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The oil boom has been pretty good for strippers and hookers. Those hard working "drill baby drill" guys have no problem with the redistribution of wealth when they are looking at jiggling boobs.

LOL.

I would like to think the fracking boom will give us cheaper gasoline, but I filled up the Rabbit yesterday and saw that this is not the case.


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PostIcon Posted on: May 29 2014, 6:03 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

"The Economy" really has no meaning to me.

I still buy the things I want, do the things I do and have done so at pretty much the same rate regardless of who is in office or if there are wars or how much money I make.


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PostIcon Posted on: May 29 2014, 6:09 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Ecocentric @ May 29 2014, 5:32 pm)
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The oil boom has been pretty good for strippers and hookers. Those hard working "drill baby drill" guys have no problem with the redistribution of wealth when they are looking at jiggling boobs.

Too funny. My recent time up in Alaska confirms this...

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PostIcon Posted on: May 29 2014, 6:40 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Saw some "help wanted" signs recently but know at my local coffee house, one barista was let go for not cutting it ("... the customer wanted a cold hot "sugar-chino" iced coffee beverage -- with 3/4 sugar-free sprinkles, a 1/2 cherry, and 3 candles .... step it up, maggot").

Most of the people I know personally who've worked for the same employer since 1990 (engineering managers, dept heads at high schools) said they've pretty much replaced older workers with younger (cheaper) ones to fit into a reduced budget.  Those older ones left have absorbed retiree workloads.  I think there will be ripples for quite some time but also there's less trust of mortgages and financial markets after 2006-2008 meltdowns.  

Talking strategically ...

My late granddad lived through the Great Depression and despite retiring a conservative career Army officer (thought all rock acts were Soviet 5th column agents, including ABBA), didn't invest a dime in the stock market.    Think you will see much the same with the millennial generation.


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PostIcon Posted on: May 29 2014, 8:14 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(Dennis The Menace @ May 29 2014, 4:21 pm)
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Is part of "disruption to the social fabric" have to with Meth? I think I read or maybe saw on PBS,
that a booming meth industry has followed the oil boom in to the state east of Montana, North
Dakota.

That's just part of it.  Meth and other drugs are definitely a major factor along with the accompanying crime, but so is inadequate infrastructure with housing,  schools, etc.  The homeless population in our city is up sharply partially from many people heading to the Bakken - the oil fields - and then not being able to find work because they fail drug tests and other eligibility requirements. They end up here.  Of course, prostitution, alcohol abuse and the like as well as traffic accidents are up as well. What really kills me about all this is that the development is in some of the most conservative areas of the state - areas whose representatives are constantly railing against big government and government spending.  Now these counties and same officials are crying for aide from both the state and federal governments to help deal with the issues unbridled development brings.  Seems they want the economic gain but don't want to foot the bill for it.

Now, please don't get me started on the environmental impact.


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PostIcon Posted on: May 29 2014, 11:58 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Growing, finding quality employees is more difficult than it was a couple years ago. Also wage competition is more compeditive.
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PostIcon Posted on: May 30 2014, 11:04 am Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE


(hikerjer @ May 29 2014, 8:14 pm)
QUOTE

(Dennis The Menace @ May 29 2014, 4:21 pm)
QUOTE
Is part of "disruption to the social fabric" have to with Meth? I think I read or maybe saw on PBS,
that a booming meth industry has followed the oil boom in to the state east of Montana, North
Dakota.

That's just part of it.  Meth and other drugs are definitely a major factor along with the accompanying crime, but so is inadequate infrastructure with housing,  schools, etc.  The homeless population in our city is up sharply partially from many people heading to the Bakken - the oil fields - and then not being able to find work because they fail drug tests and other eligibility requirements. They end up here.  Of course, prostitution, alcohol abuse and the like as well as traffic accidents are up as well. What really kills me about all this is that the development is in some of the most conservative areas of the state - areas whose representatives are constantly railing against big government and government spending.  Now these counties and same officials are crying for aide from both the state and federal governments to help deal with the issues unbridled development brings.  Seems they want the economic gain but don't want to foot the bill for it.

Now, please don't get me started on the environmental impact.

Has your tap water started smelling funny yet?

[ducks]


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PostIcon Posted on: May 30 2014, 1:58 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Not mine personally.  Geographically, I'm a little removed from the area.  Closer the actual  fracking though, there are definite concerns.

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PostIcon Posted on: May 31 2014, 1:00 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

In fact even more help wanted signs are popping up and even some continuous help wanted, but it tends to be wage type jobs.

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PostIcon Posted on: May 31 2014, 1:20 pm Skip to the previous post in this topic. Skip to the next post in this topic. Ignore posts   QUOTE

Things are looking better for college graduates around here ( East Tennessee ) - especially native born engineering graduates. Most are going to Texas or oil producing states. Accounting and business graduates are continuing to get job offers too. The economy never slowed down for accounting graduates or foreign born engineering graduates. But the history, archeology, and liberal arts majors are taking the restaurant waiter/waitress jobs that the engineering graduates are leaving - or else moving back in with Mon and Dad.

Though there are still a few manufacturing facilities that haven't moved to India or China, they just aren't hiring any full-time employees. Part-time contract workers are all they want. Wages are definitely down. A lot of people are working a lot harder and making only a fraction of the money they were making 5 years ago in their factory job.

The number of housing foreclosure auctions seems to be down. The banks are slowly putting the foreclosed homes up for auction to keep from flooding the market and driving prices even lower. As a result, housing prices are actually rising a bit. Housing is actually almost booming in Chattanooga and Nashville though.

All in all, things are improving from my point of view. But there are still a lot of people who have given up on getting a job and are living with parents or drawing down their retirement savings.
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PostIcon Posted on: Jun. 01 2014, 7:58 pm Skip to the previous post in this topic.  Ignore posts   QUOTE

We have a lot of "shadow people" in my area.

Note that people who have been out of work long enough for their unemployment compensation to run out are no longer counted as unemployed by the government statistics. So even with as we celebrate the decreasing unemployment numbers there are a lot more people who are unemployed.

Excerpts from Unemployed with Dignity :

Who are the shadow people? They are the countless thousands and millions of nameless faceless people in the United States who no longer appear in the monthly jobless figures. They are a silent minority that are working for their next career break or who have adapted to a shrunken household economy. Either way, they live in the shadows of an economy that is struggling to regain its footing.

Among the shadow people are those who have been looking for jobs for so long that their unemployment has run out.

I pray that the economy will continue to rise and that the jobless recovery will start sprouting good-paying jobs so that all the shadow people – the ones who have reconciled themselves to a life with less –can step out of the darkness and back among the gainfully employed.
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