Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

5/1/2013 (11 months ago)

Catholic Online (www.catholic.org)

Only six U.S. states have 'real' unemployment rates below 10 percent

In an age of uncertainty, the Bespoke Investment Group has no illusion about the U.S. economy: This is also the worst economy in 83 years. Gross domestic product is in the midst of its longest sub-three percent annual growth rate since 1929, the beginning of the Great Depression, the group says. Furthermore, the U.S. economy hasn't topped three percent since 2005, before Federal Reserve Chairman Ben Bernanke took over and is unlikely to do so for the rest of 2013.

While employment has risen by 1.3 million over the past year, unemployment that counts the discouraged and underemployed, as well as the jobless - hence the term the 'real' unemployment rate has is steadfastly high

While employment has risen by 1.3 million over the past year, unemployment that counts the discouraged and underemployed, as well as the jobless - hence the term the "real" unemployment rate has is steadfastly high

Article Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

5/1/2013 (11 months ago)

Published in Business & Economics

Keywords: Real unemployment, Bespoke INvestment Group, states, jobless, economy


LOS ANGELES, CA (Catholic Online) - So even if projections are correct that the economy is about three percent bigger than thought-say, another half-trillion dollars-the U.S. is still stuck in the slow-growth morass it has endured since the beginning of the Great Recession.

This is apparent in U.S. employment. While employment has risen by 1.3 million over the past year, unemployment that counts the discouraged and underemployed, as well as the jobless - hence the term the "real" unemployment rate has is steadfastly high, at 13.8 percent of the workforce. A current survey shows that just six states have real rates below 10 percent.

Of all 50 states, the best of the lot is North Dakota, at 6.2 percent. Nevada is at the bottom with a real rate of 19.6 percent.

Over the past year, the rate actually rose in six states -- Alaska, Delaware, New Hampshire, New Jersey, New York and Pennsylvania and was unchanged in three (Connecticut, Mississippi and Oregon).

While the government said the gross domestic product revisions will present a more encompassing look at the economy, critics are saying that the changes are an attempt to mask weak growth and rationalize more debt. "It shouldn't come as a surprise they are going to change the way this number is reported," founder of Pento Portfolio Strategies Michael Pento says.

"When gross domestic product numbers are chronically bad [averaging just 1.45 percent in the last two quarters] and the labor force participation rate is perpetually falling, our government will do the same thing they did for the inflation data-tinker with the formula until you get the desired result," he said.

In jacking up the economy's size, the revisions also will skew the ratio of debt to gross domestic product, considered important in determining government spending.

Pento points out that no matter what the government does, it can't mask that revenue collections have been nearly stagnant over the past six years.

"the government, but our debt is still soaring," Pento said. "It's a shame they won't just implement real measures to grow the economy like reduce regulations, simplify the tax code and balance the budget."

---


Pope Francis: end world hunger through 'Prayer and Action'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for April 2014
Ecology and Justice:
That governments may foster the protection of creation and the just distribution of natural resources.
Hope for the Sick: That the Risen Lord may fill with hope the hearts of those who are being tested by pain and sickness.



Comments


More Business & Economics

COMCAST DOMINATING? Merger may dominate market for local political advertisers Watch

Image of If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising.

By Catholic Online (NEWS CONSORTIUM)

If Comcast's proposed $45 billion merger with Time Warner Cable is approved, according to industry sources, the Democrat Party-leaning cable television and Internet service could very well dominate the market for local political advertising. The merger's ... continue reading


Is the 'Mark of the Beast' the future of money? Watch

Image of Theoretically, a unique identifier is attached to your digital wallet, could transmits payment for the groceries directly to the store.

By Catholic Online (NEWS CONSORTIUM)

Some futuristic thinkers say that in the next 20 years or so, when people go to the market, they will pick up the items they need and leave - without the benefit of paying a cashier. Sensors will identify a consumer by a mark, their way of walking or facial ... continue reading


Credit card wars: Wal-Mart sues Visa over transaction 'conspiracy' Watch

Image of Wal-Mart objects to the requirement that retailers who want to accept any payments via Visa honor all issuers' Visa-branded cards.

By Catholic Online (NEWS CONSORTIUM)

In an ongoing war over credit cards in the modern retail environment, Wal-Mart Stores Inc. is suing Visa Inc. for allegedly conspiring with banks to fix transaction fees. It's just the latest in a long, ongoing legal fight between retailers and card issuers. ... continue reading


In spite of tax revenue all-time highs - government still running in the deficit Watch

Image of Congress passed and President Obama signed

By Catholic Online (NEWS CONSORTIUM)

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its ... continue reading


'Regulated' Bitcoin exchanges planned in New York Watch

Image of Singapore has imposed a tax on Bitcoin trading and using it to pay for services, after classifying it as goods, rather than a currency.

By Catholic Online (NEWS CONSORTIUM)

In a sign that the digital form of exchange in popularity - and by extension, legitimacy, New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for currency such as the Bitcoin. LOS ANGELES, CA (Catholic Online) ... continue reading


One, fell swoop: Italy's biggest bank to cut 8,500 jobs Watch

Image of The company is to create an internal

By Catholic Online (NEWS CONSORTIUM)

"I believe the group has turned the page," Italy's largest bank, UniCredit's chief executive, Federico Ghizzoni said. "We could have staggered the losses over several years. We decided to take them all in one year." It wasn't good news for many - Unicredit has ... continue reading


$30 trillion increase from $70 trillion between mid-2007 and mid-2013 sends global debt over $100 trillion Watch

Image of The bank is owned by 60 central banks and hosts the Basel Committee on Banking Supervision, a group of regulators and central bankers that sets global capital standards.

By Catholic Online (NEWS CONSORTIUM)

Everyone at some point seems to 'rob Peter to pay Paul' - especially international governments. During the European debt crisis, many nations borrowed money to keep their governments solvent. As a result, global debt increased by $30 trillion from the original ... continue reading


Wowza! Restaurant starts charging diners for Obamacare Watch

Image of Obamacare sounds nice, but somebody has to pay. At least Gator's Dockside is up front about it.

By Catholic Online (NEWS CONSORTIUM)

Going out to dinner? You'd better be prepared to pay a little bit extra thanks to Obamacare. A chain of Florida restaurants is tacking a surcharge onto diner's bills to help keep expenses at bay and workers on the payroll. LOS ANGELES, CA (Catholic Online) - A small ... continue reading


Time banking - where time is BETTER than MONEY Watch

Image of In a time bank, time is the money.

By Catholic Online (NEWS CONSORTIUM)

Alternative currencies such as Bitcoin and BerkShares are gaining popularity as people look for ways to escape what they see as a rigged and flawed system of monetary exchange in government currencies. However, the idea of banking time as opposed to money is also ... continue reading


Google tops Exxon as world's second-most valuable company - for a day Watch

Image of The one day-surge demonstrated the growing role of technology in the economy.

By Catholic Online (NEWS CONSORTIUM)

It was quite a day on Wall Street. Google, the world's largest online advertiser through its dominant search engine, had a higher market capitalization before falling back at the close in New York to a value of $395.4 billion compared to Exxon's $395.7 billion. ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Acts 3:1-10
1 Once, when Peter and John were going up to the ... Read More

Psalm, Psalms 105:1-2, 3-4, 6-7, 8-9
1 Alleluia! Give thanks to Yahweh, call on his name, ... Read More

Gospel, Luke 24:13-35
13 Now that very same day, two of them were on their ... Read More

Saint of the Day

Saint of the Day for April 23rd, 2014 Image

St. George
April 23: Pictures of St. George usually show him killing a dragon to ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter