« The Magic World in J.K. Rowling's "Harry Potter" Series | Main | Big Air Leads To Big Fall, Big Drama »

This Week's Business News

Unemployment Rates

July 1997 - 4.2 - whites
July 2007 - 4.2 - whites

July 1997 - 7.9 - Latinos
July 2007 - 5.9 - Latinos

July 1997 - 9.4 - blacks
July 2007 - 8.0 - blacks

Overall Net Job Growth

137.5 million = total employment, July 2003
146.1 million = total employment, July 2007

8.6 million = net gain in total employment, 7/03 - 7/07
(179,000 per month)

Wage Growth - Lower-Tiered Workers

$14.56 - avg. hourly wages, July 2001
$17.45 - avg. hourly wages, July 2007

19.8% = increase in avg. hourly wages, 7/01 - 7/07
17.4% = total consumer inflation rate, 7/01 - 7/07

Net W-2 Job Growth

129.9 million = W-2 employment, July 2003
138.1 million = W-2 employment, July 2007

8.2 million = net gain in W-2 employment, 7/03 - 7/07
(171,000 per month)

Breaking that down by sectors:

7.6 million - private sectors (93%)
0.6 million - government (7%)

Breaking it down by occupations:

1,181,000 - healthcare
915,000 - construction
494,000 - retail sales
249,000 - computer systems design
215,000 - engineering & architecture
158,000 - mining
157,000 - management of enterprises/businesses
143,000 - accounting
143,000 - real estate
95,000 - securities & investments
90,000 - insurance
55,000 - commercial banking

On the other hand, our nation's publishing companies have generated the sum net total of (minus) 13,500 payroll jobs over the past four years.

But don't fret. There's still plenty of good news out there for liberal journalists at big-city newspapers and magazines. Halliburton is hiring. So too is Wal-Mart.

Total Personal Incomes

Total personal incomes include such items as rents, dividends, interest, and employer contributions to pension plans, in addition to base salaries and wages.

From June 2006 through June 2007 total personal incomes for all Americans rose 6.1%. That's far in excess of the total inflation rate during that period. This calendar year total personal incomes are on pace to rise 6.7% annually. That too is above the current and prospective inflation rates.

Economic Growth

The country's vast services sector grew in July for the 52nd consecutive month. The services sector accounts for roughly 80 percent of all economic activity. The manufacturing sector also grew in July.

Cue the Imperial Theme Music

Rupert Murdoch's News Corp. will acquire Dow Jones, of which the key asset is the Wall Street Journal.

News Corp. overpaid. Liberalbots hate Murdoch, so they'll be angry and depressed (even moreso than usual). Other big media conglomerates, e.g., Viacom and Liberty Media, probably will feel compelled to acquire more assets.

Law & Order

In a huge case for the insurance industry the 5th Circuit U.S. Court of Appeals ruled in favor of insurers and against policyholders regarding flood damage caused by Hurricane Katrina but excluded from coverage in standard homeowners' insurance policies. The ruling simply applied basic and long-standing principles of insurance contract law. Once it becomes final the decision will save P&C carriers and their reinsurance partners from billions of dollars in claims.

BTW, that decision comes as no surprise to those who follow our court systems. The 5th Circuit is one of the more conservative, i.e., intelligent, rational and non-activist, federal appeals courts.

Mr. Market

The major stock market averages continued with their well-publicized downward corrections.

Color me unmoved.

If the Dow re-traced its steps all the way back down to 12,000, then I might get excited about large-scale buying opportunities. Until then, however:

Zzzzz.


TrackBack

TrackBack URL for this entry:
/cgi-bin/mt-tb.cgi/23135.

Listed below are links to weblogs that reference This Week's Business News:

» discarded lies - hyperlinkopotamus linked with Business statistics...Read 'em and snort

Comments (23)

jj,do you remember... (Below threshold)
rf:

jj,

do you remember the moment when your soul washed away in a tsunami of cynicism? I feel like I need a shower after reading your posts.

Don't worry, JJ. Democrats... (Below threshold)
COgirl:

Don't worry, JJ. Democrats are going to get all of this economy stuff straightened out.

The Dems are going to get o... (Below threshold)
jpm100:

The Dems are going to get our numbers back to the triple doubles. I have faith.

It's 1929 all over again. T... (Below threshold)

It's 1929 all over again. The end is near. Reserve your ledge space on a high rise building now while there's still room.

Of course, the official inf... (Below threshold)
John S:

Of course, the official inflation rate ignores things like petroleum. And food. And have you been to the doctor lately? The real inflation rate for people who actually have to buy things is about 12% a year. A little higher than that 6.7% personal income growth you mention. But even if you believe the government's inflation number, the dollars you're being paid are shrinking at about 15% a year against other currencies. That's why all the Chinese crap at Walmart has risen 15% in price since January.

Get back to me when oil is at $95 a barrel and the Dow is at 7,500. October 1 should do it. Tell me then if you're moved.

John S, Since those are con... (Below threshold)

John S, Since those are consumer goods, I'm going to assume that the value of those rise and fall with market prices, as in they really have nothing directly to do with currency inflation.

Currently with the instability of the petroleum market, coupled with increasingly choking refining supply (we need a few more refineries in the states!!!!), coupled with oil futures trading up the wazoo, coupled with insane tax structures to take as much of the profit margin as possible from the oil+gas companies...I'm not surprised the price of oil has risen.

As to rising food prices, well read the sayanything North Dakota blog on the insider scoop on farm subsidies.

Hooverville! Chomsky!... (Below threshold)
John F Not Kerry:

Hooverville! Chomsky!

John S writes: "Of course, ... (Below threshold)

John S writes: "Of course, the official inflation rate ignores things like petroleum. And food."

False. From the CPI webpage:

The CPI represents all goods and services purchased for consumption by the reference population (U or W) BLS has classified all expenditure items into more than 200 categories, arranged into eight major groups. Major groups and examples of categories in each are as follows:

* FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, service meals and snacks)
* HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture)
* APPAREL (men's shirts and sweaters, women's dresses, jewelry)
* TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance)
* MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services)
* RECREATION (televisions, pets and pet products, sports equipment, admissions);
* EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories);
* OTHER GOODS AND SERVICES (tobacco and smoking products, haircuts and other personal services, funeral expenses).

Also included within these major groups are various government-charged user fees, such as water and sewerage charges, auto registration fees, and vehicle tolls. In addition, the CPI includes taxes (such as sales and excise taxes) that are directly associated with the prices of specific goods and services. However, the CPI excludes taxes (such as income and Social Security taxes) not directly associated with the purchase of consumer goods and services.

The CPI does not include investment items, such as stocks, bonds, real estate, and life insurance. (These items relate to savings and not to day-to-day consumption expenses.)

For each of the more than 200 item categories, using scientific statistical procedures, the Bureau has chosen samples of several hundred specific items within selected business establishments frequented by consumers to represent the thousands of varieties available in the marketplace. For example, in a given supermarket, the Bureau may choose a plastic bag of golden delicious apples, U.S. extra fancy grade, weighing 4.4 pounds to represent the Apples category.

Once again, BDS flies in the face of facts.

All except the last sentenc... (Below threshold)

All except the last sentence should have been included in the blockquote.

Jayson, so good to see you ... (Below threshold)
Pam Author Profile Page:

Jayson, so good to see you post again. I know you were thrilled when St. Louis won the series last year. Anyway, steller with the stats as always.

Peace and Blessings,

Pam, aka, Sophiesmom, the Red Sox fan!

I am sure these 7,000 will ... (Below threshold)
nogo war:

I am sure these 7,000 will be cheered by the good news...
and of course having the largest mortgage folks go under is just a blip on the screen
http://www.usatoday.com/money/economy/housing/2007-08-03-american-home-layoffs_N.htm

Correction...they were only... (Below threshold)
nogo war:

Correction...they were only the 10th largest...it is still ok...sorry for the erroneous claim above...

"American Home shares trade... (Below threshold)
nogo war:

"American Home shares traded around 76 cents Friday, compared with the $36.36 they fetched as recently as December. They are likely to be worth nothing in a bankruptcy."
let's see it reminds me of something...oh yeah
Enron..
But hey...I am sure this will be the only one...after all it is not that all credit will get tighter...

This stock looks like a bar... (Below threshold)
nogo war:

This stock looks like a bargin...bound to double after September
http://www.usatoday.com/money/industries/energy/2007-08-02-accredited-subprime_N.htm

err nogo war did you just c... (Below threshold)

err nogo war did you just complain that one COMPANY went under? I thought on the leftist view, corporations who sit around all corporationy are evil?

One company went under versus an entire economy which is thriving. All that means is those that ran that company suck ass (especially considering the rest of the economy is doing great).

Your point is?

Problems with the economy, ... (Below threshold)

Problems with the economy, is this a panic.

Yea- all is just rosy w/ th... (Below threshold)
FreedomFries:

Yea- all is just rosy w/ the Bush economy. Wages are up and the top 300,000 earn as much as the bottom 150,000,0000. Take your Bush economy crap and shove it Javitz.

FreedomFries, how did we gu... (Below threshold)

FreedomFries, how did we guess that you would ignore the actual economic statistics? Why should we care about Bernie Sanders' socialist nonsense? We should not.

I assume Freedom fries is o... (Below threshold)
ODA315:

I assume Freedom fries is one of the "have nots". I feel your pain.

Not really but it felt good... (Below threshold)
ODA315:

Not really but it felt good to say it.

If I reaaly felt your pain ... (Below threshold)
ODA315:

If I reaaly felt your pain I'd steal from my neighbors and then give it to you. Then you could go piss it away and I'd REALLY feel good (and sanctamonious ta boot).

Of course I'd also then be a liberal.

JPM100:I have f... (Below threshold)
JLawson:

JPM100:

I have faith.

So do I. The current incompetent crop of Democrats could screw up a wet dream - I can't WAIT to see how they'll cornhole the economy...


JFK stole my line in commen... (Below threshold)
Lorie Byrd:

JFK stole my line in comment #7. Okay, it is Jayson's line, but still...




Advertisements









rightads.gif

beltwaybloggers.gif

insiderslogo.jpg

mba_blue.gif

Follow Wizbang

Follow Wizbang on FacebookFollow Wizbang on TwitterSubscribe to Wizbang feedWizbang Mobile

Contact

Send e-mail tips to us:

[email protected]

Fresh Links

Credits

Section Editor: Maggie Whitton

Editors: Jay Tea, Lorie Byrd, Kim Priestap, DJ Drummond, Michael Laprarie, Baron Von Ottomatic, Shawn Mallow, Rick, Dan Karipides, Michael Avitablile, Charlie Quidnunc, Steve Schippert

Emeritus: Paul, Mary Katherine Ham, Jim Addison, Alexander K. McClure, Cassy Fiano, Bill Jempty, John Stansbury, Rob Port

In Memorium: HughS

All original content copyright © 2003-2010 by Wizbang®, LLC. All rights reserved. Wizbang® is a registered service mark.

Powered by Movable Type Pro 4.361

Hosting by ServInt

Ratings on this site are powered by the Ajax Ratings Pro plugin for Movable Type.

Search on this site is powered by the FastSearch plugin for Movable Type.

Blogrolls on this site are powered by the MT-Blogroll.

Temporary site design is based on Cutline and Cutline for MT. Graphics by Apothegm Designs.

Author Login



Terms Of Service

DCMA Compliance Notice

Privacy Policy