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Getbig Main Boards => Politics and Political Issues Board => Topic started by: dario73 on February 04, 2011, 11:50:14 AM
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Another Lousy Jobs Report
By Peter Morici
Another lousy jobs report!
The economy only added 36, 000 jobs in January and that is terrible.
Peter Morici
RealClearPolitics jobs economy
The unemployment rate fell to 9.0 percent, because the labor force decreased by 504,000 and the working age population shrunk by 185,000.
Despite all the Administration's claims, things are getting worse, not better. Folks are giving up looking, and the country appears to be losing population to emigration. Many workers are resorting to self employment, not because home-based businesses offer great opportunities, but because real jobs simply are not being created.
The private sector is creating very few permanent jobs. After health care and social services, which are mostly government funded, and temporary services are backed out, the private sector gained only 49.000 jobs.
Core jobs outpaced overall jobs growth because even the temp services sector lost jobs-so much for temporary services being the leading edge of a recovery in jobs creation
Temporary tax cuts, green jobs, waivers from the onerous consequences of the health care law for unions and other supporters of President Obama, and a hallow reevaluation of onerous regulations don't cut it. Rearranging the chairs on the deck of the Titanic.
Same applies to the veiled failure at changing China's very damaging currency policy and doubling exports. If President Obama won't act against China's currency strategy and stop laying big health care and regulatory burdens on business, the U.S. economy won't create jobs.
President Obama's jobs strategy is a failure.
The economy must add 13 million private sector jobs by the end of 2013 to bring unemployment down to 6 percent. President Obama's policies are not creating conditions for businesses to hire those 360,000 workers each month, net of layoffs.
At some point the facts will catch up with thinking in the White House, but don't hold your breath.
Peter Morici is a professor at the Smith School of Business, University of Maryland School, and former Chief Economist at the U.S. International Trade Commission.
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Morici is one of the better economist out there. I always enjy his clips.
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Persons Not In Labor Force Who Want Job Jumps To All Time High; Real Unemployment Rate At 12.8%
ZeroHedge ^ | 2/4/2011 | Tyler Durden
Probably the last chart to bury any doubt about just how truly horrible today's employment data was, comes from a little observed data metric: that showing the number of people who are not in the labor force, but who want a job now. The number just hit 6,643K, a jump of 431K from December, and the highest number in history. These are people that would send the unemployment rate to about 12.8% if they were in the labor force (and, as indicated, looking for a job). Nothing else needs to be said.
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Labor force participation is down to an historic all time low and that is pretty much the reason why the U.E. trended down to 9%. The number of people that constitute the pool of workers shrank, again, so that led to it falling. Not hard to figure out.
U-6 report is a much better and cleaner number to look at as it counts people who fell off the 99 Week UE benefits amongst other things.
And only 36,000 jobs created...my god, this is a recovery?
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Its Bush's fault.
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Its Bush's fault.
Of course. He is also responsible for AIDS and world hunger.
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Of course. He is also responsible for AIDS and world hunger.
Throw a little Palin & Bachmann on top and we really are getting towards the truth as why the jbs picture is so bleak.