There are a number of key indicators revealing that the U.S. economy continues to languish, and will continue to do so in the new year, despite attempts to portray it as improving.
1.Employment remains in a crisis state.
The Century Fund outlines three reasons why the job market is actually worse than federal statistics indicate:
“The ratio of workers to non-workers is nearing an all-time low. Part of the drop in headline unemployment numbers is explained by the fact that many have just given up on looking for work entirely…
“The share of long-term unemployed is up. People who are out of work for more than twenty-six weeks can sometimes end up permanently unemployable…
“Many who are working are underemployed. The unemployment rate is silent on those who have part-time jobs but would prefer full-time jobs…
According to Economic Outlook 2015, “Wages remain stagnant. Even those who do have jobs are facing flat or even declining wages.” “For those who have jobs, they’re making less than they did before the Great Recession. Wages for workers at every pay level, save for the bottom 10%, declined from the second half of 2013 through to the second half of 2014. And there’s no indication wages will increase….For 70% of the workforce, inflation-adjusted hourly wages are still lower than they were in 2007. Over the same period, inflation (CPI) has risen 15%.”
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- The U.S. Balance of Trade remains weak.
America’s balance of trade picture is far from favorable. According to the U.S. Bureau of Economic Analysis, the latest export numbers show that September exports of $195.6 billion and imports of $238.6 billion resulted in a goods and services deficit of $43.0 billion, up from $40.0 billion in August. September exports were $3.0 billion less than August exports of $198.6 billion. September imports were $0.1 billion more than August imports of $238.6 billion.
- There are too few First Time Home buyers
Another key component of economic recovery, first time home buyers, remains weak, accounting for only 33% of purchases, down from last year’s 38%, according to the National Association of Realtors. First time buyers spark the economy with an entire range of purchases, from electronics to furniture, various services, and more.
- The student loan bubble lurks.
As reported by USAtoday, “Total student loan debt was $240 billion in 2003, but has nearly quintupled to $1.2 trillion today. This affects students and non-students alike, as new graduates’ purchasing power is sapped by their student loan repayments.”