Our sputtering economy, by the numbers

With increasing signs that the economy is laboring, most economists agree that a short-term infusion of spending, or an extension of this year’s temporary cut in Social Security taxes, could help fend off a new downturn.

But whatever one thinks of the debt deal — and most of its billions in cuts won’t come for a few years — there’s a near-consensus in Washington against spending increases.

Here’s a brief overview of some key stats on where the economy stands.

• Annual rate at which the GDP grew this year: 1.3 percent between April and June, 0.4 percent between January and March
• Average annual GDP growth from 1998-2007: 3.02 percent
• Total jobs lost since January 2008: 8.7 million
• Total jobs recovered since January 2008: 1.8 million
• Recession technically ended: over two years ago, in June 2009
• Current unemployment rate: 9.2 percent
• The “natural unemployment rate”: 5 percent
• Months that the unemployment rate has been around 9 percent or more: 28
• Number of unemployed people in June 2011: 14.1 million
• Growth in number of unemployed people since March 2011: 545,000
• Number of long-term unemployed people in June 2011: 6.3 million, or 44.4 percent of the unemployed
• Pace at which jobs were added throughout the late 1990s: 350,00 per month
• Jobs that were added in June: 18,000
• Jobs the U.S. needs to create to 5 percent unemployment rate: 6.8 million, as of January 2011
• Years it will take to get back to an unemployment rate of 5 percent: four years if we’re adding jobs at 350,000 per month; 11 years if we’re adding jobs at the 2005 rate of 210,000 per month
• Unemployed workers per job opening: 4.98
• Number of people who weren’t in the labor force, but wanted work, as of June 2011: 2.7 million
• The last time the labor force participation rate was lower than it is now: 1984
• The amount of state budget spending that comes from the federal government: about 1/3, or $478 billion in 2010
• Increase in before-tax corporate profits in the first quarter of 2011: $140.3 billion
• Percentage of Americans’ total personal income that comes from federal funds: almost 20 percent
• Spending cuts in the proposed budget: at least $2.3 trillion over a decade from 2012-2021
• How long you can currently receive unemployment benefits: up to 99 weeks
• The number of those weeks funded to some extent by federal aid: up to 73
• P
• eople currently relying on federal unemployment benefits: 3.8 million
• How long you’ll be able to receive unemployment benefits if you lose your job after July 1, 2011: 20 to 26 weeks, depending on your state
• Recovery-funded jobs reported by recipients, according to recovery.gov: 550,621
• Amount of stimulus money left to be spent: $122.8 billion of the original $787 billion

Posted by braden goyette on Aug 3 2011. Filed under Campaign for America's Future, the reading room. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry