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This doesn't make any sense at all   The Consumer You: Marketplace

Started Sep-3 by MerlinsDad; 1105 views.
MerlinsDad

From: MerlinsDad

Sep-3

I put this news item in the "Marketplace" because we don't have a folder for business and economics.

Although she attempts to give some "maybe" explanations, it doesn't make any sense at all.
news item by Anneken Tappe September 3

This is the worst economic crisis of our lifetimes. Yet 30% of Americans think the economy is fine

[Current unemployment is at 10.2%.  The highest point in the Great Recession was 10% in October 2009 https://www.bls.gov/spotlight/2012/recession/pdf/recession_bls_spotlight.pdf --MD]

The pandemic has caused the worst economic crisis in living memory. Yet Americans were more downbeat about the state of the economy during the Great Recession than they are now.

A new study from the Pew Research Center [https://www.pewresearch.org/fact-tank/2020/09/03/views-of-the-economy-have-turned-sharply-negative-in-many-countries-amid-covid-19/] says 69% of Americans think the current economic situation is bad, while 30% think it's good. By comparison, only 17% thought the economy was in good shape in 2009, the worst year of the Great Recession.

That's striking, because by a lot of metrics, the current downturn is a lot worse than the years following the financial crisis: Far more jobs were lost, unemployment is higher, the economy contracted more sharply and the government is spending more.

And a majority of Americans, Canadians and Germans think their nations' economies will improve again in the next year. It's the good old hope for a V-shaped recovery, defined by a sharp decline and a rapid rebound. Even as jobs are coming back and manufacturing activity is recovering, it's too early to tell whether the recovery will really be V-shaped.
One significant factor affecting economic views is public perception of how the pandemic was handled: Those who believe the Covid-19 response was poor also believe their country's economy is doing poorly.
 
This is especially true in the United States, where 87% of people critical of the pandemic response believe the economy is in bad shape.
Showtalk
Staff

From: Showtalk

Sep-4

The economy is temporarily depressed due to Covid. It is trying to come back and would if they allowed businesses to open. The worst economy of our lifetime was 2009, as it was due to politicians messing with the marketplace and screwing nit up, it took years to recover. The recovery this year will be swift as soon as we get rid of the artificial limitations.

MerlinsDad

From: MerlinsDad

Sep-4

[2009] At the end of the recession, in June 2009, it was 9.5 percent. In the months after the recession, the unemployment rate peaked at 10.0 percent (in October 2009). Before this, the most recent months with unemployment rates over 10.0 percent were September 1982 through June 1983, during which time the unemployment rate peaked at 10.8 percent.  https://www.bls.gov/spotlight/2012/recession/pdf/recession_bls_spotlight.pdf

[2009[ In late 2009, more than 15 million people were unemployed.https://www.bls.gov/opub/mlr/2018/article/great-recession-great-recovery.htm

[August 2020] US adds 1.4 million jobs in August, but is still down 11.5 million jobs since Covid hit.  The unemployment rate fell to 8.4% from 10.2% in July. It's below 10% — which was also its Great Recession peak — for the first time since March. https://www.cnn.com/2020/09/04/economy/jobs-report-august-2020/index.html

[June 2020] Friday’s [June 5] U.S. jobs report from the Labor Department is expected to show U.S. employers shed nearly 30 million positions from payrolls this spring as a result of the coronavirus pandemic and related shutdowns—but that is just one of several varying estimates of job destruction. 

Other data suggest layoffs might have topped 40 million, while another count shows only about 20 million are tapping unemployment benefits. No matter the measure, job loss triggered by the pandemic is historically high and likely to leave a lasting mark on the U.S. economy.  “Depending on how you count it, you’re talking about something like a quarter of all U.S. jobs being disrupted by the pandemic,”  https://www.wsj.com/articles/how-many-u-s-workers-have-lost-jobs-during-coronavirus-pandemic-there-are-several-ways-to-count-11591176601

[September 4 , 2020]  Worries of a K-shaped recovery are growing in the alphabet-obsessed economics profession. That would entail continued growth, but split sharply between industries and economic groups. 

It’s a scenario where big-box retail and Wall Street banks benefit and mom-and-pop shops and restaurants and other service profession workers lag. Though not readily visible in GDP numbers for the next several quarters that will look gaudy in historical terms, the uneven benefits of the recovery pose longer-term risks for the national economic health.

“The K-shaped recovery is just a reiteration of what we called the bifurcation of the economy during the Great Financial Crisis. It really is about the growing inequality since the early 1980s across the country and the economy,” said Joseph Brusuelas, chief economist at RSM. “When we talk K, the upper path of the K is clearly financial markets, the lower path is the real economy, and the two are separated.”  https://www.cnbc.com/2020/09/04/worries-grow-over-a-k-shaped-economic-recovery-that-favors-the-wealthy.html

Alfi (THIALFI)

From: Alfi (THIALFI)

Sep-4

So 70% think the economy is bad. Sounds right to me.

MerlinsDad

From: MerlinsDad

Sep-4

Given the number out of work over the past few months, you don't think it should be higher than 70%?

Alfi (THIALFI)

From: Alfi (THIALFI)

Sep-4

I consider this a tempest in a teapot.

MerlinsDad

From: MerlinsDad

Sep-4

some tempest.  30 million people or  more were out of work at some time during this pandemic.

Showtalk
Staff

From: Showtalk

Sep-5

No, because 90% of people are working.

MerlinsDad

From: MerlinsDad

Sep-5

It's not quite that high

"Labor Force Participation Rate in the United States increased to 61.70 percent in August from 61.40 percent in July of 2020."
https://tradingeconomics.com/united-states/labor-force-participation-rate

Showtalk
Staff

From: Showtalk

Sep-6

That means close to 30% don’t choose to be employed. Maybe retired or have another income source.  10% + 60% is only 70%.

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