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Printing Shipments Have a Good Year Despite Mixed Signals from the Economy

The unemployment improved to a level not seen since the recession began, but it doesn't feel that good. Have the statisticians been running their thermometers under running water until it gets to the number they want? Printing shipments beat GDP for the year for the first time since 1995. Where are the cheers? And then there's a beef with image campaigns. Yeah, it's Dr. Joe time again.

Monday, February 08, 2016

US Employment: Pretty on the Outside, Again

Just this past week, a reader contacted me and asked what I thought the unemployment rate would be, and I said “they'll torture the data to make it 4.9%.” It's been on the verge of that level for quite some time. I expect it will be in the range of 4.6% by the end of 2016 unless a full-fledged recession takes hold. It's worth remembering that there have been many cases where the unemployment rate goes down, even at the start of a recession. It tends to be a lagging indicator, but it is watched by experts because of its importance, its frequency of measurement, and the broad coverage of the economy.

Like most economic data, employment data are reported in the context of what it means to financial markets that moment and that particular day. Long term analysis is held for some future time that never comes, but for businesspeople, it is the long-term trends that affect their decisions about how they allocate resources in their business.


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About Dr. Joe Webb

Dr. Joe Webb is one of the graphic arts industry's best-known consultants, forecasters, and commentators. He is the director of WhatTheyThink's Economics and Research Center.

Recent Articles from Dr. Joe Webb

Big Printers' Writedowns and Interest Payments Are a Big Drag on Printing Industry Profits

Big Printers' Writedowns and Interest Payments Are a Big Drag on Printing Industry Profits

Writedowns in the first quarter of 2018 for commercial printers with $25 million or more in assets were $157 million, or 1.9% of sales. The assets may be written down, but the borrowing that was created to finance them remains. Interest expense was 4.8% of sales. For the quarter, losses were -1.47% of sales. That rate of loss made average profits before taxes for the industry a mediocre 3% of sales—which means that printers with less than $25 million in assets must have done well. Read More

The Final Column: The Security Guard Will Take Your Badge and Escort You to the Lobby

Back in 2002, Dr. Joe agreed to do a regular column for WhatTheyThink for “only one year and no more”...for 15 years. This farewell column explains how it started, behind-the-scenes intrigue, the problems, and why it turned out the way it did. And then…he explains the exciting adventures ahead. Read More

Full-Time Employment, Sets New Record, Up +904,000, But Does It Really Feel that Good?

Full-Time Employment, Sets New Record, Up +904,000, But Does It Really Feel that Good?

The May employment report was regarded as good, but when you dig past the top-level numbers, it was better than it looked. However, while the 3.8% unemployment rate looks good on the surface, it really can’t be compared to when it was last attained nearly 20 years ago. So many workers left the workforce that this figure implies a tighter labor than it really is. We will really know we have a strong economy when the active labor force starts increasing. Read More

Good News Could Be a Full-Time Job, but for Most Economists It’s Only Part-Time

Some people say that the news is always bad, and they wish someone would report good news now and then. There is good news but no one seems to report it. You’d think that would be a full time job for someone. The economy has set a record for full time employment, and all we hear are crickets. The economy has been doing better lately in some key measures of employment, but the Fed is scaring markets by preparing to raise rates. TINA, meet TAMA, the result of the Fed’s actions; don’t worry, we’ll explain it. The statisticians at the Commerce Department revised printing shipments data. Revising data seems to be a full time job in the Beltway. Dr. Joe clarifies it all for one nearly last time. Read More

Consumer Durable Goods Orders Moving at Almost 2X GDP Rate

Consumer Durable Goods Orders Moving at Almost 2X GDP Rate

Durable goods orders for consumers (less transportation) are growing at a rate almost two times faster than Real GDP. This data series remains -14% below where it was at the start of the recession in December 2017, and is a critical one to monitor for indications of an improved economy. Read More