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Breaking down the latest fiscal numbers

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    Where does the economy really stand?

  • Duration 2:33
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One of the big questions of this campaign has been -- are you better off now than four years ago.

And that answer varies from person to person of course but the numbers paint a clearer picture of the situation for many -- you and it's not good.

Chief national correspondent Jim Angle breaks it down.

The latest report showing only 2% economic growth in the third quarter is even worse than it looks because a big chunk of the growth came from the government erratically in the third quarter we had a sharp boost in federal spending.

Just before an election.

Thanks to the defense sector that contributed a third of that -- so without it we'd be at one point 3% that is far more than the government ordinarily spend -- one quarter on defense and with Washington and a huge fiscal hole.

That cannot continue -- every C more like a 1% number in the fourth quarter.

And that would not be enough to keep the unemployment rate from rising that is especially true for college graduates and others just beginning their careers those under thirty already have an unemployment rate of eleven point 8%.

Not counting the one point seven million he gave up and don't get counted.

If you -- to fold them into their monthly number.

That number would be sixteen point 6% -- the highest low unemployment for young Americans since World War II.

At the same time researchers say wages as measured by median household income are dropping.

And have fallen four point 8% since the official end of the recession the in June 2000 not fairways are.

Are are seeing negative real wage growth.

And his wages to all be glad to stretch their paychecks farther and farther to -- necessities such as higher gasoline prices.

One reason for wage stagnation is competition from overseas as imports and exports have quadrupled.

Since the 1960s.

That means cheaper clothes toys televisions as well as cars and cell phones.

But that -- of cheap goods from abroad means fewer jobs here at home take some of the most popular items on the market for instance.

Most of the employment.

Associated with a -- -- I've had siblings Smartphones.

-- takes place in -- similar trends across the entire economy have blown a hole in middle class job creation.

So there are fewer of these middle class jobs anymore they're more jobs that they kind of bottom low -- service jobs.

There are more jobs at the top high wage jobs that demand varied set of skills.

But he says there's a hollowing out of the medal of American job creation and the one steady trend of increasing incomes.

Had ground to a halt.

-- Jim thanks senate majority.

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