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Recesion over
Drawn by aggressive discounts and earlier-than-ever opening hours, shoppers opened their wallets on Black Friday weekend in record numbers and handed retailers a promising start to the holiday season.Merchants raked in an estimated $59.1 billion in sales from Thanksgiving Day through Sunday, up from $52.4 billion a year earlier, as millions flocked to stores and browsed online, according to the National Retail Federation. Spending per shopper jumped 6% to $423.
The true purpose behind having a holiday called "Thanksgiving" is being totally obliterated by a tsunami of greed. Meanwhile, more Americans than ever are living in poverty this year and very few people even seem to notice. However, perhaps we should all take time this week to remember the tens of millions of Americans that are going to be deeply suffering this winter. They keep telling us that "the recession is over" and yet poverty continues to spread like an out of control plague. But for most Americans life is still relatively "normal", and so the horrible suffering going on out there doesn't really affect them.
Ted Rudow III, MA
Ted Rudow III, MA
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IMC Network
But
RATE of nonfinancial profit [not same as earnings] has been declining for a number of quarters, and not only in the United States but also China, the EU, India, Brasil, et cetera.
''G20 countries would need to create 21 million jobs in 2012 in order to return to pre-crisis employment levels.'' Well, these 21 million jobs did not happen. [ ILO.org ]
Gross Fixed Capital Formation has improved very slightly, nothing that I would term 'recovery' but, other hand, perhaps sufficient to perpetuate preexistant over-accumulation.
http://imfstatext.imf.org/WBOS-query/Index.aspx?QueryId=6314
Sorry, this is a real quicky yet should get point across.
''Slowing growth in many Asian countries has accentuated labour market challenges in a region that has the world’s largest youth population, and where precarious work is widespread.''
GENEVA (ILO News) – The world faces the “urgent challenge” of creating 600 million productive jobs over the next decade in order to generate sustainable growth and maintain social cohesion, according to the annual report on global employment by the International Labour Organization (ILO).
Moreover, the report says more than 400 million new jobs will be needed over the next decade to absorb the estimated 40 million growth of the labour force each year.
The Global Employment Trends Report also said the world faces the additional challenge of creating decent jobs for the estimated 900 million workers living with their families below the US$ 2 a day poverty line, mostly in developing countries. ... If discouraged workers1 were counted as unemployed, then global unemployment would swell from the current 197 million to 225 million, and the unemployment rate would rise from 6 per cent to 6.9 per cent.
Young people continue to be among the hardest hit by the jobs crisis. Judging by the present course, the report says, there is little hope for a substantial improvement in their near-term employment prospects.''
Holiday sales for the months of November and December will increase by about 2.5 percent over last year — down slightly from the 3.3 percent increase it projected in September. ShopperTrak still maintains holiday season foot traffic will increase 2.8 percent over last year.''
http://www.forbes.com/sites/lauraheller/2012/12/19/retail-sales-suffer-the-holiday-blahs/
Well this just won't cut it if we're talking about 'recession over' - past time to get real and call the last [and quite possibly the next some odd] years what they have been, a term used consistently into the 1930's - Depression.