72°F11:55 PM New data released today by the Department of Labor's Bureau of Labor Statistics show Kentucky's unemployment rate falling another tenth of a percent in February to 8.7%.
These are preliminary numbers and will be revised in several weeks, as is the norm for statistical data about the unemployment rate.
Two economic data points updated yesterday by the Federal Reserve show that daffodils aren't the only things blooming in Kentucky. As of the fourth quarter of 2011, Kentucky per capita income finally reached pre-recession levels, and the Federal Reserve's leading index forecasts Kentucky economic activity at levels not seen in the better part of a generation.
Sometimes it’s my accent – or what I refer to as my lack of accent – that gives me away as an outside. Other times the subject comes up naturally. Whatever the trigger, whenever I mention to native or established Louisville residents that I only recently moved here, the conversation that follows is identical.
“Oh,” he or she says with surprise. “Do you have family here?”
“No.”
“Oh,” he or she replies, confused. “What brought you here then?”
The Bureau of Labor Statistics has released its revised unemployment figures for January and they show that the unemployment rate in Kentucky fell two tenths of a percent, putting it at 8.8%. This extends a series of favorable reports that, since last summer, have shown a consistently improving jobs picture. It also shows, however, that at this rate of growth it will still be many years until the jobs lost during the Great Recession are replaced.
The father and son Paul duo, Ron and Rand, have been pointing to the Federal Reserve's low interest rates, primarily under the Bush administration, as the primary factor in creating the housing bubble. If we do some root cause analysis on this, we find that the Fed's low interest rates were a contributing factor, but they were not the only contributing factor, and they were also not even the primary factor.
Here in The Arena, we like to give our readers a chance to hear both sides of public policy issues. Brother Keith Rouda just finished giving us an interesting series of articles about “What McConnell won’t tell you about unemployment,” in which he attempts to put a bit of lipstick on President Obama’s pig of an economy. With detailed charts and some snarky hyperbole, Rouda characterizes Senator Mitch McConnell’s “…utter lack of concern for the unemployed,” and opines that “Their suffering does not keep Senator McConnell awak
Mitch McConnell talks about the lack of improvement in unemployment as if he had no role in it. But the reality is that despite his claims that uncertainty and regulation are preventing employers from hiring, the private sector has, slowly, started hiring. It is the collapse of local government that has kept the unemployment rate up.
One thing that needs to be noted, and which makes it easier to understand McConnell's utter lack of concern for the unemployed, is that unemployment has not been distributed equally throughout the economy. The unemployed didn't vote Republican even before they were unemployed.
Mitch McConnell said this week that America has lost 1.5 million jobs since the first stimulus bill was passed. That is not true.
A little over a month ago, this nation began a long overdue discussion about jobs and the crisis of unemployment for the first time in over two years. But since we have to have this discussion with people with no aversion to just making stuff up, we would be wise to bone up. Some stuff has changed in the last two and a half years.
Lets start with how many people are working now compared to when President Obama was inaugurated.