Wages increase by largest amount since Great Recession, jobs beat predictions, unemployment way down

[Revmitchell]

On Thursday, the Atlanta Fed caused a stir by revealing its new forecast of a 5.4% growth in the GDP for the first quarter of 2018 — which, should it prove to be correct, would be the strongest growth since 2009. Friday, more great economic news rolled in: jobs surpassed expectations, wages rose by more than almost a decade, and the unemployment rate continues to be way down.

According to the Bureau of Labor Statistics report released Friday, nonfarm payrolls grew by 200,000 last month — higher than predicted — and wages increased by more than they have since the end of the Great Recession in 2009. The unemployment rate now sits at 4.1%, which matches expectations.

BOOM: More Great Economic News

 

[InTheLight]

On Thursday, the Atlanta Fed caused a stir by revealing its new forecast of a 5.4% growth in the GDP for the first quarter of 2018 — which, should it prove to be correct, would be the strongest growth since 2009.

This is flat out wrong. The best quarter for growth in 2009 was Q4 at 3.9%.

Under Obama quarterly GDP growth exceeded the 3.9% growth in 2009 Q4 four times:

4.6% 2011 Q4
4.0% 2013 Q4
4.6% 2014 Q2
5.2% 2014 Q3






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[HankD]

This is flat out wrong. The best quarter for growth in 2009 was Q4 at 3.9%.

Under Obama quarterly GDP growth exceeded the 3.9% growth in 2009 Q4 four times:

4.6% 2011 Q4
4.0% 2013 Q4
4.6% 2014 Q2
5.2% 2014 Q3






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Whats going on ITL did we miss something?

The number 5.4 is greater than any number you cited.

HankD

 

[InTheLight]

Whats going on ITL did we miss something?

The number 5.4 is greater than any number you cited.

HankD

You have a point. Article posted said, "IF the prediction of 5.4% GDP growth should prove to be correct it would be the strongest growth since 2009." So I guess that is true as far as it goes. But it is misleading. 2009 was not a strong year, not at all. Most people would say it would be the strongest growth since 2014.

In reality, IF the prediction of 5.4% GDP growth should prove to be correct it would be the strongest growth since 2004. There was one quarter in 2004 when growth was 6.9%. Beyond that you'd need to go back to 1997. So, for the statement to be completely true and not misleading, you'd have to go back to 2004.

U.S. Bureau of Economic Analysis (BEA)

Click on Section 1, click on Table 1.1.1, then Modify the endpoints.