Here is a breakdown of where the economy was shrinking, and growing, most during the first quarter of the year. The easiest comparisons are to see what is looking better or worse than the average. The most surprising changes to me is that personal consumption, durable goods, and services were all increasing during the quarter. On the other hand, private investment disappeared.

Gross Domestic Product: -5.5%
Personal Consumption: +1.4%
Durable Goods: +9.5%
Nondurable Goods: -0.4%
Services: +0.9%
Private Investment: -48.9%
Net Exports:
Exports: -30.6%
Imports: -36.4%
Government Consumption: -3.1%
Federal: -4.5%
State & Local: -2.2%

I did find this other story interesting, that the unemployment claims were from teachers right after the school year ended. Does this mean that they will be getting off the unemployment rolls when school starts up in the fall? If so, it indicates that a lot of teachers use summer jobs to supplement their incomes. It indicates that the annual salary for teachers is more than what pay them during the school year.

The Labor Department on Thursday said initial claims for jobless benefits rose last week by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000, according to Thomson Reuters. Several states reported more claims than expected from teachers, cafeteria workers and other school employees, a department analyst said. . . .



Blogger juandos said...

Well I wonder how the administration will explain away the following after all that stumulus money was out there for those so called, "shovel ready" jobs?

From CNBC: Mounting Jobless Claims Force States To Borrow Funds

The money line: 'A record 30 of the country's 50 states are expected to have to borrow up to $17 billion by next year, said Rick McHugh of the National Employment Law Project, a nonpartisan advocacy group'...

6/28/2009 6:11 AM  

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