EconomicCrisis.US

The U.S. Labor Department reported Friday that the U.S. economy added only 54,000 jobs in May, indicating the economic recovery is faltering.

Washington hasn’t addressed structural problems that caused the Great Recession — unnecessary dependence on high priced imported oil, the huge trade deficit, burdensome healthcare costs and a tax structure that disadvantages U.S. businesses — even though reasonable solutions are at hand.

The unemployment rate rose to 9.1 percent from 9.0 percent in April. This figure belies the millions of adults who have quit looking for work altogether and part time workers who cannot find full time employment. Adding in those workers, the unemployment rate is closer to 16 percent.
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Economic data released Wednesday tipped off new discussions of US economic peril, including the suggestion, “We’re on the verge of a great, great depression.” To be kind, we’ll say that’s quite an overstatement. (Those who lived through the actual Depression might be less gracious.) While growth as indicated by a handful of economic sectors may have slowed some recently, we’d argue we’re far, far from a repeat of the Great Depression. Let’s look at some of the more cited causes for concern.
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Thanks to lower unemployment and fewer bankruptcies, the nation’s economic stress edged down in February as all but five states strengthened from January, according to The Associated Press’ monthly analysis.

Three states that were hit hardest by the recession and have suffered since — Florida, Arizona and Georgia — enjoyed the sharpest gains in February.

Unemployment declined or remained the same in more than three-quarters of the nation’s 3,141 counties and in 43 states, the AP’s Economic Stress Index showed. Bankruptcies declined in more than half the counties and in 41 states. Still, foreclosures rose in more than half the counties and in 27 states.
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The United States economy added 216,000 jobs in March, the Labor Department reported Friday, adding to hopes that hiring was finally on a steadier track despite concerns about overseas turmoil.

The gain in jobs slightly exceeded economists’ expectations. The unemployment rate continued to decline, to 8.8 percent, from 8.9 percent the previous month.

Quite a few signs have pointed to this economic recovery finally gaining some momentum. The weekly unemployment claims have declined steadily, from the mid-400,000s to the neighborhood of 385,000. In most contexts, the latter would be a grim number. But in this slowest and most sluggish of recoveries, it points to fewer layoffs, and presumably to more hiring.
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