The March 2015 Retail Sales report shows retail sales increased 0.9% for the month as auto sales had a major comeback increase of 2.8%. Without autos & parts sales, March retail sales increased 0.4%. Gasoline sales declined by -0.6%. Building materials had a good month with a 2.1% sales increase. Retail sales have now increased 1.3% from a year ago.
According to a new report from the Department of Labor (Trends in Long-term Unemployment), people unemployed in 2014 couldn't count on a college degree to save them from long-term joblessness. The data also show it doesn't matter what industry you work in — and confirmed previous studies, that the longer you're out of work, the less likely you are to get another job.
God put the Republican Party on earth to cut taxes. If they don't do that, they have no useful function. ~ Robert Novak
Recently the “Republican” dominated Georgia House and Senate passed a massive tax increase to fund booty for the transportation lobby … err … I mean future transportation projects. The increase was enthusiastically supported by Georgia’s “Republican” Governor, Nathan Deal. It passed the Georgia Senate by 42-12 and the House by 129-41. That's embarrassing.
The March unemployment rate remained the same, yet once again the BLS survey showed another huge increase in those not considered part of the labor force anymore and as a result the figure hit a record 93.175 million high. The official unemployment rate is 5.5%. The labor participation rate is also 62.7% and remains at 37 year record lows. From a year ago, the number of people considered not in the labor force has increased by over two million.
Are those our only choices? And if so, what's it going to be? Cutting defense spending or cutting Social Security? Because with a GOP-dominated Congress, it won't mean increasing revenues by raising taxes on those who are most able to afford a slight increase.
The March ISM Manufacturing Survey shows manufacturing is barely breathing growth as a monthly -1.4 percentage point decline put PMI near the contraction edge. PMI is now 51.5% and if the index falls below 50%...that's contraction. The reason for the slide was supplier deliveries, which were more streamlined indicating less to ship and slower manufacturing hiring.
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