1,037,900 Jobs Deficit: U.S. Created 16x as Many Jobs in Mexico as Mexico in U.S.

CNSNews.com) - U.S.-majority-owned multinational enterprises employed 1,106,700 in Mexico in 2012 (the latest year on record), according to data released by the U.S. Bureau of Economic Analysis, but Mexican-majority owned enterprises employed only 68,800 in the United States that year.

That means that U.S.-controlled multinationals employed 1,037,900 more people in Mexico than Mexican-controlled multinationals employed in the United States.

Put another way, multinational enterprises that had a majority U.S. ownership employed 16 times as many people in Mexico as Mexican-controlled multinationals employed in the United States.

Forty-nine percent of the jobs--546,500 of 1,106,700--that U.S.-controlled multinationals maintained in Mexico in 2012 were in manufacturing, according to the BEA. (See Table 5.2 in the August 2014 BEA report "Activities of U.S. Multinationl Enterprises in 2012.")

Those 546,500 Mexican manufacturing workers employed by U.S.-controlled multinationals included at least 100,000 in transportation equipment manufacturing, 71,300 in food manufacturing, 53,700 in computer and electronic products manufacturing, 34,000 in machinery manufacturing, 32,200 in chemical manufacturing, 30,500 in electrical equipment, appliances and components manufacturing, 18,600 in primary and fabricated metals manufacturing.

Of the 68,800 that Mexican-controlled multinationals employed in the United States in 2012, 56,200 were in manufacturing, according to the BEA.

The 546,500 that U.S.-controlled multinationals employed in manufacturing in Mexico was almost 10 times as many as the 56,200 Mexican-controlled multinationals employed in manufacturing here.

The overall number of workers that U.S.-majority-owned multinationals employ in Mexico has been increasing.

Via: CNS News

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Economy Still Growing Too Slowly

The Bureau of Economic Analysis’s (BEA) first estimate of economic growth for the third quarter of this year shows an economy that continues to grow at a plodding pace.

According to BEA, the economy grew at 2.8 percent from July 1 through September 30. This was slightly faster than the 2.5 percent the economy grew in in the second quarter of the year.

The main driver of growth in the third quarter was increased investment, the strongest component of which was a sharp climb in business inventories. Inventory accumulation could mean either that businesses didn’t sell as much as they anticipated during the third quarter or that they ramped up production in anticipation of a busy fourth quarter. Time will tell which.

Personal consumption was also a large contributor to growth. Purchases of durable goods—such as cars and home furnishings—drove the growth in consumption.

This is BEA’s first estimate of growth in the third quarter, and subsequent estimates will change.

Updated estimates won’t change the fact that growth continues to be too slow. Compared to previous recoveries from steep recessions, it is clear growth should be much more robust at this point. For instance, after a comparable period following the steep 1981–1982 recession, growth averaged 3.5 percent annually. And that was after periods of growth that were three times stronger than what we’ve seen since the last recession ended.

Via: The Foundry

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Economy Grew At Just 2% In 3rd Quarter

Average GDP Growth Less than Half of What Obama Predicted 

The average GDP growth for the first three quarters of this year is 1.77 percent, according to data released by the the Bureau of Economic Analysis this morning. That is less than half of what the White House predicted GDP growth would be this year, and less than a third of what the Obama administration projected when it first took office.

 

Here's a chart from the Republican-side of the Senate Budget Committee, detailing real GDP growth numbers versus those predicted by the White House:

 

 

Via: Weekly Standard

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For Every $1 Added to the Economy, Obama Added More Than $3 in Debt

AP Graphi

Since Obama has taken office ….
[through Q2 2012 for comparative purposes]

--> For every $1 added to the economy, we’ve added more than $3 in debt

--> added $5.23 trillion in debt vs. $1.68 trillion to the economy
--> 50% increase in debt vs. 12% increase in economic output

Total Public Debt:

$10,626T [Jan 20, 2009]
$15,856T [Jun 30, 2012]

--> $5.23 trillion increase in debt

[source: Treasury Dept]

......

GDP

$13,923T [Q1 2009]
$15,606T [Q2 2012]

--> $1.68 trillion increase in GDP

[source: BEA]

Via: Fox News

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Bureau of Economic Analysis: Debt Is Now Approximately 103 Percent of GDP

(CNSNews.com) - According to the most recent official estimate by the federal Bureau of Economic Analysis, the Gross Domestic Product for 2012 will be $15.6061 trillion--or about $440.5 billion less than the $16.0466 in debt that the federal government had accumulated as of the close of business on Monday.

In other words, the debt is now approximately 103 percent of GDP.

The BEA, which is part of the Department of Commerce and which officially calculates GDP, based its current estimate of this year's GDP, published on Aug. 29, on economic data available through the end of the second quarter of this calender year.

If that current estimate is correct, the debt of the United States government eclipsed the value of the Gross Domestic Product of the United States on April 2 of this year.

On Friday, March 30, according to the Bureau of the Public Debt, the federal debt was $15,582,078,681,188.69. By the close of business on Monday, April 2, it was $15,620,325,998,403.96.

The BEA defines GDP as: "The market value of goods and services produced by labor and property in the United States, regardless of nationality."

Via: CNS News

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