Economy adds 625,000 jobs in last 2 months

[GePap]

[JohnT]

It's amazing how a perfectly good thread can go to shiite so quickly, isn't it?

[Az]

Magic, ladies and gentlemen.

[Whoha]

Giancarlo please direct your attacks, thats fairly confusing and it broke the thread.

[Whoha]

if it was directed to me, your forefathers felt much the same way in the 1600s as we in the US are doing now, they ran a 2 to 1 import to export ratio, that is, until it all collapsed.

"Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart's content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth."

want the whole article?

[Grandpa Troll]

Originally posted by Whoha
if it was directed to me, your forefathers felt much the same way in the 1600s as we in the US are doing now, they ran a 2 to 1 import to export ratio, that is, until it all collapsed.

"Yet, Spanish leaders were deluded by a sense of false prosperity. This is testified by the statement of a prominent official, Alfonso Nunez de Castro in 1675: “Let London manufacture those fine fabrics of hers to her heart's content; let Holland her chambrays; Florence her cloth; the Indies their beaver and vicuna; Milan her brocade, Italy and Flanders their linens...so long as our capital can enjoy them; the only thing it proves is that all nations train their journeymen for Madrid, and that Madrid is the queen of Parliaments, for all the world serves her and she serves nobody.” A few years later, the Madrid government was bankrupt. The Spanish nobleman had foolishly elevated consumption, a use for wealth, above production, the creation of wealth."

want the whole article?

Good Point

For real..I would enjoy reading this article

[Whoha]

here ya go:

http://tradealert.us/view_art.asp?Prod_ID=1086

and Giancarlo, these guys aren't saying vote for Kerry.

[Colon™]

Originally posted by DanS
But, if you don't want to argue it...

I said "without intending to argue about it", as in "I'm not trying to dispute your view, just letting you know what's mine".

[Ogie Oglethorpe]

Did anyone catch CSPAN last night regarding the two employment surveys. Some good stuff. The gist of it was basically an admission from Labor Statisitcs saying they can't put a finger on why the discrepancy between the Establishment and household surveys and as a consequence 'prolly feel the truth lies somewhere in the middle.


Also some interesting other points

Quality of job being added is better ie. morefull time jobs and elimination of part time jobs. Service jobs are being added and now average service job wage rate is approximating manufcaturing job wage rate. ($15.19 ish vs $15.27 /hr. IIRC.)

Interesting in a dry CSPAN way.

[DanS]

The OECD is calling on the Federal Reserve to raise rates soon...

From FT

OECD urges Fed action to cool US economy
Tuesday May 11 2004, 10:06

PARIS, May 11 (Reuters) - Policy makers should start efforts to cool the U.S. economy sooner rather than later and a hike in the Federal Reserve's interest rates in June would be a
reasonable start, the OECD's chief economist said.

The U.S. central bank would have to shoulder the burden of withdrawing stimulus from the world's largest economy as there was little prospect of a tightening of fiscal policy, Jean-Philippe Cotis told Reuters in an interview.

"The general message we have is basically withdrawals (of stimulus) should be started sooner rather than later," he said. "For the U.S., the main risk is that macroeconomic policies
remain too expansionary too long during the upswing."

Asked whether June would be a reasonable time for the Federal Reserve to start raising interest rates, Cotis said: "Yes, sure."

Rate rises should be measured, he said: "Incremental is the best option, but it could depend obviously on circumstances."

"The contribution of fiscal policy to cool off the U.S. economy is going to be extremely modest, and so the bulk of stabilisation policy will fall on the central bank," he added.

Cotis spoke to Reuters ahead of publication of the Organisation for Economic Growth and Development's (OECD) twice-yearly Economic Outlook, in which the think-tank forecast
the U.S. economy would grow by 4.7 percent this year.

The Federal Reserve has held the federal funds rate at 1.0 percent, its lowest since 1958, since last June. The next Fed policy meeting is a two-day affair on June 29 and 30. Any U.S. rate rise would be the first since May 2000.

In the euro zone, Cotis said, the economy was sluggish and a cut in interest rates could help underpin the recovery. "Basically price stability is really there," he said of the 12-nation currency zone. "It may be useful to cut and if it's not necessary (to cut rates) then you can start tightening a bit earlier than expected."

"We see it more as an insurance policy," he said of a possible rate cut.

The European Central Bank left interest rates steady at 2.00 percent for the 11th straight month last Thursday. The euro's exchange rate against the dollar had eased to a level that did not hurt European exporters, Cotis said.

"Things are okay on the exchange rate front. They are not acting as a drag any more on the recovery in Europe," he said.

"Now Europeans can fully benefit from the recovery of world demand and hopefully it will also trigger a domestic recovery at the end of the day."

[chequita guevara]

This should prove that Republicans are evil. We've finally got some moderately decent job growth and they want to kill it.

[Az]

Why do this, DanS?

wouldn't a rise in taxation have a similar effect ( I assume they fear inflation, not growth itself ), and help pay off debt?

[DanS]

che:

Az: The best thing the U.S. government could do right now is cut spending, not raise taxes.

[Grandpa Troll]

Originally posted by DanS
che:

Az: The best thing the U.S. government could do right now is cut spending, not raise taxes.

I agree Dan.. .

Ya know what happens when you open a>>>>>>>>CAN O' W [-]() () !>@$$<<<<<<<<<

now..if we could just help someone get out of a jam..and not lose face..maybe that would help..otherwise..

We better keep digging deep to pay for some Pride...

GT

[chequita guevara]

Cutting spending . . . like getting rid of the Children's Insurance Program? Or taking more cops off the street than the 25,000 who've already been cut. We could shrink Pell grants even more, so less people can go to college.

Yup, conservatives are evil.