Economy

                As a newspaper, the New York Times is among a select few publications at the very top of the journalistic heap.  Despite the virtual flood of print, TV and internet information sources, reading the Times is a reminder of what journalism used to be about.  That’s not to say that mistakes aren’t made, or that the editorial board doesn’t have an opinion. But at the Times an effort is made to limit opinion to the opinion page, which can’t be said about many “news” sources today.  In particular, along with the Wall Street Journal, it is a valued source of business information.

                In the February 2 edition, business section, the Times reported, “New-vehicle sales in the United States were unexpectedly strong in January, an early sign that the auto industry could have its best year since 2001, carmakers and analysts said Wednesday.”

                “The Chrysler Group beat forecasts with a 44 percent increase in monthly sales and Honda posted its first year-over-year gain since it began struggling with inventory shortages after last year’s earthquakes and tsunami in Japan…Toyota, Ford Motor and Nissan each reported modest increases, while Hyundai and Kia set January records.  Volkswagen reported a 39.5 percent gain, its best January since 1974.”

                Another article in the same paper stated that “Manufacturing activity in the United States grew in January at the fastest pace in seven months…Consumers are buying more cars and trucks, while businesses ordered more machinery and other equipment.  That has driven manufacturing, which expanded for the 30^th consecutive month.”

                “Both new orders and order backlogs rose to nine-month highs.  Increasing order backlogs suggest manufacturers are lacking the capacity to meet demand. That could mean more growth in production and employment in the near future, economists said.”

                An AP story in the Norfolk Daily News reported “A drop in the unemployment rate to its lowest level in three years propelled the Dow Jones industrial average Friday to its highest close since May 2008, before the financial meltdown later that year.  The Nasdaq composite index hit an 11-year high.”

                  As I drove into Lincoln, Nebraska yesterday I saw 6 tower cranes in the downtown area.  They looked to be on about 4 separate jobs.  In construction, a tower crane means a big job; they are not portable in the sense you can drive them from job to job.  They build themselves on the job anchored to a concrete base, as the job grows, so do they.  When you see a tower crane, you are looking at a multi-million dollar project.

                One of my friends in Lincoln owns a custom cabinet shop; he said last year he was finally able to pay off most of the debt he had accumulated in the economic slowdown, and his shop was now filled with cabinets they have built with orders to install.

                All these things seem to me to be good things, and perhaps even signs that things are improving.  But you certainly wouldn’t know it listening to the talking heads or listening to the debates in the primary campaigns.  Now, it’s possible that nothing the current resident of the White House has done has anything to do with these tidbits of good news.  But it’s also possible that some of the things he’s done are working.  It’s worth a discussion rather than a diatribe but it’s unlikely we’ll hear that discussion.

                Mr. Obama came into office with an economy heading downhill at a breakneck pace; I think most people agree with that.  It had taken quite a few years of irresponsible business and government policies and to get us to that point.  It wasn’t going to change overnight, and it wasn’t going to be painless.  And it isn’t over yet.   But I think there are signs of life. 

                And regardless of the politics, I think that’s a good thing. 

Comments

[Jim]

I would like to respectfully state for the record that I think the current unemployment rate in the USA as a whole is over 17%. I don't trust the press or the Gov. - I do talk to contractors & business people in all US states & Canada. Amazing feed back when I ask how are things going. I need those glass's Rog...

[Rg]

...only reading glasses Jim. And what I see traveling, talking to folks. Seems Jak is picking up too, no? Things were out of whack, the avaricious were in charge. Now maybe we can rebuild with some common sense?

[Jim]

And who's in charge now?
You know we can't discuss politics - we agree to disagree - Now 4 something completely different??

[Sandy]

Hey big bro...Jak sales are picking up because Jim sits in front of his computer for 10-12 hours/day...looking up the maintenance/shop dept of every large facility he can find on the net. We then spend, now, 45 cents for postage, + the cost of brochures, toner and paper, for each brochure we mail out.
Most of those places are purchasing DoorJaks because of labor cutbacks...I know - I speak to them directly and ask the questions. Paint the economy any way you want - most media folk, regardless of their political leanings, do. BTW - Ca is not the Midwest...slightly different story out here.

[randy]

What obama inherited- And Now
AAA rating AA rating
7.8 Unemp 8.9 Unemp
$1.81 gas $3.70 gas
10 trillion 15+trillion
2 wars 3 wars
26 wk unemp 99 wk unempl
budget no budget

[Fort]

Let's try to find a candidate, as was suggested by the author's previous post who is not a multi millionaire. Then perhaps we would have a leader who understands a rising number of us in poverty or dire circumstances. We must fight diligently against the billions spent on campaigns. Let's see the candidates drop their dollars into the deficit or unemployment benefits. That would win my vote.