Was the recovery real?

Was the recovery real?

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>Stock market recovered
>older people's 401ks are loaded up again and
>More experienced employees got their jobs back.

>college graduates still can't get jobs
>wages stagnate

It was a recovery for boomers, millennials still getting fucked. Tides are gonna turn when the housing market collapses again and the boomers are forced to dump their real estate to retire, and then the opportunistic millennials will pick em up for cheap.

You don`t happen to have any charts handy, do you?

No.

Literally Google "stagnate wages" and "college graduate unemployment" and pick any chart you see. It's pretty much commonly accepted knowledge.

So are millenials just lazy? Seems like it.

I never said that, it's just extremely difficult to get jobs as a recent graduate, it's not that they're lazy, it's just hiring managers cream themselves over muh experience

lol no. Markets will never recover again, banks dun' goof'd. The future is dark with China and Russia falling down

Yeah right... the armageddon is here... standard of living is rising exponentially all over the world and technology too is advancing faster than ever in human history. 1 billion people have risen from poverty past 10 years.

stock market ath, people are wealthier than ever in western world. all the negative news and armageddon oracles are complete BS but hey, negative bs sells

people are just never satisfied and their outlook for future is almost always ridicoulously negative and completely irrational

To be fair some of the stagnation in wages can be explained by demography and the population getting older, since wages peak in middle age. If you weight today's average earnings with 2010's age-ratios wage growth in the US has been around 1% - 1.5% over the last few years
Data that shows stagnant 'average household income' also has a downward bias since households are getting smaller, people like living alone more and have fewer kids

That's not to say the economy in any of the developed world is doing well, basically everywhere is just 'muddling through' and fighting low growth and deflation but things have improved significantly since 2008

To be fair I think many of the Western developed economies will get knocked down a peg soon. It's nothing worth blowing our brains out over though.
But yeah, the problem is that people don't realize it's hard to sustain hyperbolic growth when you're running ahead of the pack already and they're getting anxious about the other runners catching up.

To be fair I think GDP is dramatically understating the progress that's being made in developed economies. It's terrible at measuring services and their quality and doesn't take account of the boon which technology has been
How much do you think consumers would be filling to be for all the internet services, social media, free media and music that they get these days?

Nevermind the services, I'm toying with the idea of doing an art project where we ask every supermarket in the city to donate the perishables they throw away every evening, then making a landscape out of these. Hills of sugar-frosted bread with yogurt as mortar covered in exotic fruits, a pond literally filled with booze and soda, people in meat-costumes sailing on a boat crafted out of empty bottles etc.
Inspired by the Wine Pool and Meat Forest:
en.wikipedia.org/wiki/King_Zhou_of_Shang#Late_reign
(Except that was probably propaganda exaggerating the decadence of the God of Sodomy, while the food we waste for our convenience is all too real.)
I just haven't figured out how to keep stray dogs and flies away from the creation, since I don't think any covered venue around would be large enough to hold the creation.

Government analyst for services here lol.


We miss a lot of internet services/ap developers honestly. It's tricky to select companies in our surveys when they generate a couple hundred dollars of revenue for a year or two and then all of a sudden boom up into the millions once their idea catches on.

We benchmark to the 2012 economic census to try to correct establishments we've missed because it' has "everything" in the services economy but even the Census isn't a hundred percent accurate.

Sounds like a cool project bro but how is this relevant to state of the economy

Sounds like a cool job man. Any problems with GDP aren't down to the analysts, I can't help but feel like you guys are the forgotten heroes of our economic system. GDP genuinely is just shit hard to measure and interpret, even if you had perfect data it still doesn't solve a shit ton of weird conceptual and methodological isses issues

I genuinely enjoy it. My agency is more about getting final tables of industries' revenues/expenses etc that we pass onto BEA/BLS so they can do their magic and sum it into GDP, Indicators and jobs reports.

Ah nice. Yeah those guys do have to be real detectives with the data, some of the methods are kind of funny. Here in the UK they measure the prostitution industry by assuming it grows in line with the male population and then uses strip-club prices as a price proxy for sex.

I don't think many people realise how difficult the stats are to gauge, in a lot of developing countries GDP stats are near worthless.

People don't realize the waste/effort made to ensure they readily have access to every product they might ever want to buy. It wasn't quite like that 20 years ago and it doesn't really show up in the charts. In economic terms it might even be considered GDP, but the progress in consumer convenience and (hopefully) quality of life is tremendous. Part of the loss of purchasing power in developed countries can be explained by the much greater choice in immediately purchasable items.

*In economic terms it might even be considered allocative inefficiency

Ah I see. What for does that waste take then? Just unsold inventories that spoil and shit like that??

Principally, yes. Also transport and other logistical costs, plus the sheer complexity of managing so many different products. Of course, technology has facilitated all of this, even a mom and pop store can sell thousands of items from all over the globe now. Ironically, buying local is now in fashion.

>to be fair

To be fair it's a pretty common expression.

is this the
>Okun's law doesn't exist
thread?

...

Am I supposed to guess the units and column headers?

And why does Okun's law apply here?

So annoyed when people say that young people are doing worse, when unemployment statistics from bls.gov clearly show that unemployment among 16-24 year olds is as low as it ever was.

bls.gov/cps/demographics.htm

Of course you can tell all kinds of anecdotal stories, but show the numbers to back them up.

>millennials will pick em up for cheap.

With what money?
Lets be honest here and kill this meme, if the housing market collapses foreigners not millennials will be the owns scooping up multiple properties.

Again another meme.
Markets always recover, if there was no ups and downs then profit would not exist.

>People are poorer then they were in 2008
>Real unemployment rate is around 20%
>Losing massive amounts of jobs a year
>Vast majority of jobs that are being created are part time min wage jobs.
>Some of those jobs created are held by people working 2-3 part time min wage jobs to get by
>Living expenses are going up
>Fed holding out on the recession until Trump gets elected so they can blame it on him.

No they're just dumb. They don't recognize the fact that without a STEM major no Fortune 500 company will show any interest in hiring them. Literally everyone I know still living with their parents has liberal arts degree. The jobs are there they just don't have the qualifications. Then they complain and end up at Sanders rallies.

I was hired by Amazon straight out of college with a philosophy degree.

Don't forget that Obama is coming for your guns

People just need to fucking realize you can have any decently respected degree in either arts or sciences just bust your ass in multiple jobs/internships in college and network. People are so spoiled and entitled they want to have basically a worker with 3 years experience in the field you want to work at.

i.e. you need to start working in your field Sophomore year. Even if just Getting Coffee Sciences. Only way to get a job these days.

Let fin aid carry your ass and spend years working for free.

>unemployment among 16-24 year olds is as low as it ever was

that is because everybody is in school accumalating debt these days

>no arguments
>makes strawman argument

He did try to regulate them a couple times, though.