NEW YORK (Reuters) - The U.S. economy grew in the third quarter for the first time in a year as consumer spending and investment in new home-building rebounded, data showed on Thursday, unofficially ending the worst recession in 70 years.
This is interesting, especially the part about the jobless claims. I have not heard of any places that are starting to hire again, and expand payrolls. What happens is that six months go by and jobless assistance runs out, then people cannot go in to claim their unemployment checks anymore. They don't have jobs still, they're not as employed as they want to be, but they can't show up to claim unemployment.
And the news reports this as a decrease in unemployment.
It seems dishonest, and some of that bears through in this Reuters article, because it says that these numbers "unofficially end" the recession. Meanwhile, the actual number of people who are not as employed as they want to be (meaning they have no job at all or are working part time when they wish to be working full time) is not being reported.
We need to press the newspapers to honestly report the jobs figures. Also, there's a difference between the Nominal GDP Growth and Real GDP Growth. Once you factor in inflation, we are probably still seeing negative GDP Growth.
Don't let Washington and Wall Street fool you. We haven't seen the end of this by a country mile.
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