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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on July 08, 2011, 05:45:04 AM
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Unemployment rose to 9.2 percent as hiring stalls
CNBC ^ | 8 July 2011 | CNBC
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The Labor Department says the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.
WOW!!!!!!
FUCKING WOW!!!!
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Unemployment rose to 9.2 percent as hiring stalls
Published: Friday, 8 Jul 2011 | 8:43 AM ET Text Size
WASHINGTON - Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent.
The Labor Department said Friday that the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.
Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs. Over the past eight months, federal, state and local governments have cut a combined 238,000 positions.
The latest report offered evidence that that the recovery will be painfully slow. Two years after the recession officially ended, companies are adding fewer workers despite record cash stockpiles and healthy profit margins.
Hiring has slowed sharply in the past two months, after the economy added an average of 215,000 jobs per month in the previous three months.
Economists have said that temporary factors have, in part, forced some employers to pull back. High gas prices have cut into consumer spending. And supply-chain disruptions stemming from the Japan crisis slowed U.S. manufacturing production.
The economy typically needs to add 125,000 jobs per month just to keep up with population growth. And at least twice that many jobs are needed to bring down the unemployment rate.
The economy and job market are remarkably weak two years after the recession officially ended. Unemployment has topped 8 percent for 29 months, the longest streak since the 1930s.
Unemployment has never been so high so long after a recession ended. At the same point after the previous three recessions, unemployment averaged just 6.8 percent.
Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year.
The average work week declined to 34.3 hours, from 34.4, which means employers demanded less work from their existing staffs.
And temporary employment fell 12,000. Businesses generally hire more temporary workers before taking on permanent ones.
The number of unemployed workers rose almost 175,000 to 14.1 million, pushing up the unemployment rate.
There are signs that economy could improve in the second half of the year. Gas prices have come down since peaking in early May at a national average of nearly $4 per gallon. Prices averaged $3.59 a gallon nationwide on Friday, according to AAA.
And manufacturing activity expanded in June at a faster pace than the previous month, according to the Institute for Supply Management. That suggests the parts shortage caused by the March 11 earthquake in Japan is beginning to abate.
Still, the government said last month that the economy grew only 1.9 percent in the January-March quarter. Analysts are expecting similarly weak growth in April-June quarter.
The economy will grow at a 3.2 percent pace in final six months of the year, according to an Associated Press survey of 38 economists.
Still, growth must be stronger to significantly lower the unemployment rate. The economy would need to grow 5 percent for a whole year to significantly bring down the unemployment rate. Economic growth of just 3 percent a year would hold the unemployment steady and keep up with population growth.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Listen to this bastion of brilliance!
Plouffe: Americans won't vote on unemployment rate
By Daniel Strauss - 07/07/11 10:27 AM ET
Americans won't cast their votes in the next presidential election based on the unemployment rate, President Obama's top political adviser said.
"The average American does not view the economy through the prism of GDP or unemployment rates or even monthly jobs numbers," David Plouffe said, according to Bloomberg on Wednesday. "People won’t vote based on the unemployment rate, they’re going to vote based on: ‘How do I feel about my own situation? Do I believe the president makes decisions based on me and my family?'"
Some political observers have voiced skepticism of Obama's reelection prospects given the 9.1 percent unemployment rate. That's a higher unemployment rate than any president who has won reelection since World War II, according to Bloomberg. Except for Reagan, who won reelection when the unemployment rate was at about 7 percent, no other president in that span was voted into a second term with an unemployment rate above 6 percent.
Plouffe added that this race would be much closer than the last one.
"It will be a closer race than last time," he said. "They will run a better race than last time, whoever it is."
http://thehill.com/blogs/blog-briefing-room/news/170117-plouffe-americans-wont-vote-on-unemployment-rate (http://thehill.com/blogs/blog-briefing-room/news/170117-plouffe-americans-wont-vote-on-unemployment-rate)
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very bad for obama
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very bad for obama
YOU THINK!!???
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Hey - lets discuss porno. ::) ::)
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The repubs got the tax breaks extended...
So where are the jobs? lol
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Hey - lets discuss porno. ::) ::)
As I said on that thread, Bachmann could ban football and beat Obama, at the rate this is going.
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very bad for obama
And for you for kneepadding this shit.
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The repubs got the tax breaks extended...
So where are the jobs? lol
:D
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The repubs got the tax breaks extended...
So where are the jobs? lol
Obama's energy inflation happened assface.
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So if we get a republican president what difference will it make? Do you really believe we will get the jobs back?
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So if we get a republican president what difference will it make? Do you really believe we will get the jobs back?
::) ::)
I talk to business people all day every day. NO CORP IS GOING TO HIRE ANYONE UNTIL OBAMA IS GONE!
What don't you fools understand? Energy inflation, money devaluation, massive debt, Dodd Frank,. ObamaCare, EPA insanity, NLRB craziness, etc etc etc.
REPEAT AFTER ME - THE ECONOMY WILL ONLY GET WORSE SO LONG AS OBAMA ADMN IS IN OFFICE.
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I hope you are right, my experience tell that republicans are just as rotten, corrupt and incompetent so it wont make any difference but we'll see.
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::) ::)
I talk to business people all day every day. NO CORP IS GOING TO HIRE ANYONE UNTIL OBAMA IS GONE!
i talk on getbig all day long
What don't you fools understand? Energy inflation, money devaluation, massive debt, Dodd Frank,. ObamaCare, EPA insanity, NLRB craziness, etc etc etc.
REPEAT AFTER ME - THE ECONOMY WILL ONLY GET WORSE SO LONG AS OBAMA ADMN IS IN OFFICE.
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Stunner: NFP Up Just 18K, Unemployment Rate 9.2%, Household Survey Down 445K, Birth Death +131K
Zero Hedge ^ | July 8, 2011 | Tyler Durden
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Absolute disaster. Total jobs per the establishment survey: +18K on expectations of 105K, Private Jobs + 57K on expectations of 132K. Last month total was revised from 54K to 25K. Combined April and May revision down 44K. The household survey was down by 445K from 139,779 to 139,334. Birth death adjustment + 131K. Complete humiliation for Wall Street's economists, the lowest prediction of whom came Bob Brusca at +60K. From the NFP: "Nonfarm payroll employment was essentially unchanged in June (+18,000), and the unemployment rate was little changed at 9.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major private-sector industries changed little over the month. Government employment continued to trend down." It is time for Joe LaVorgna to retire, with his 175K forecast, or off by a factor of 972%.
Some key jobs categories:
Employment in government continued to trend down over the month (-39,000). Federal employment declined by 14,000 in June. Employment in both state government and local government continued to trend down over the month and has been falling since the second half of 2008.
Manufacturing employment changed little in June. Following gains totaling 164,000 between November 2010 and April 2011, employment in this industry has been flat for the past 2 months. In June, job gains in fabricated metal products (+8,000) were partially offset by a loss in wood products (-5,000).
Construction employment was essentially unchanged in June. After having fallen sharply during the 2007-09 period, employment in construction has shown little movement on net since early 2010.
There is no sugarcoating this report. Absolutely abysmal.
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HOPE & CHANGE!!!!
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NOTICE LAST MONTHS' REVISION DOWNWARD TOO!
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Without Dropouts, Jobless Rate Would Be Over 11% (Hopenchange!)
The Wall Street Journal ^ | 07/08/11 | Phil Izzo
The unemployment rate increased to 9.2% in June, the Labor Department reported, but if the recession hadn’t pushed so many people out of the labor market it would have been much worse.
The duration of unemployment continues to increase and sat at an average of 39.9 weeks in June. More than four million people who want jobs, or nearly a third of the unemployed, have been out of work for more than a year. Those are the people are hanging in and looking for work, but a large number have given up altogether.
The share of the population in the jobs market, called the labor-force participation rate, fell to 64.1% last month — the lowest level since 1984 when women were still just beginning to enter in full force. The participation rate peaked in 2000 and has been steadily declining since as the effect of women taking full-time jobs plateaued and Baby Boomers began to retire, but the decline accelerated sharply during the recession. The participation rate was 66% at the start of the recession and 65.7% when the recovery started in June 2009. If the participation rate were still at that level, the unemployment rate would be more than 11% right now.
(Excerpt) Read more at blogs.wsj.com ...
FUCKING FAIL X 1,000,000,000,000
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you know what will be funny?
Obama will lose the Nov 2012 election... then on Jan 2, 2013... he should give the repubs EXACTLY what they have been asking for, over the last 4 years.
SLASH entitlements. To the bone. Welfare, social security, everything. Then, hand over the reigns to president Romney. And then we'll see if suddenly there is magically 5 million new jobs appearing, or if a collapse happens. And when the collapse does come, repubs will "blame obama" for everything they demanded.
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you know what will be funny?
Obama will lose the Nov 2012 election... then on Jan 2, 2013... he should give the repubs EXACTLY what they have been asking for, over the last 4 years.
SLASH entitlements. To the bone. Welfare, social security, everything. Then, hand over the reigns to president Romney. And then we'll see if suddenly there is magically 5 million new jobs appearing, or if a collapse happens. And when the collapse does come, repubs will "blame obama" for everything they demanded.
Here is what the issue is Mr. MBA, Obama has destroyed a massive amount of investment capital in the private sector that is longer available for private investment and growth via his communist agenda.
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Here is what the issue is Mr. MBA, Obama has destroyed a massive amount of investment capital in the private sector that is longer available for private investment and growth via his communist agenda.
agreed. water under the bridge now, homie.
still, repubs are screaming TODAY for slashing of SS and medicare. You do that, and the economy won't suddenly recover, it will get worse.
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agreed. water under the bridge now, homie.
still, repubs are screaming TODAY for slashing of SS and medicare. You do that, and the economy won't suddenly recover, it will get worse.
Really? I thought it was because obama would not agree to cuts elswhere, like ATF, the wars, etc.
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Really? I thought it was because obama would not agree to cuts elswhere, like ATF, the wars, etc.
you ask repubs what their solution is - they tell you - cut entitlements and give tax breaks to the wealthy.
well, that adds a shitload of people to the UE ranks, and hey, those rich folks have been enjoying great bush tax cuts for 10 years now, and they are still sending jobs overseas.
it's pathetic - dems pander to poor and lazy, and repubs pander to rich taking jobs overseas in bunches (who did it during bush era too!)
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you ask repubs what their solution is - they tell you - cut entitlements and give tax breaks to the wealthy.
well, that adds a shitload of people to the UE ranks, and hey, those rich folks have been enjoying great bush tax cuts for 10 years now, and they are still sending jobs overseas.
it's pathetic - dems pander to poor and lazy, and repubs pander to rich taking jobs overseas in bunches (who did it during bush era too!)
Who else is left under Obama's communist junta?
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you ask repubs what their solution is - they tell you - cut entitlements and give tax breaks to the wealthy.
well, that adds a shitload of people to the UE ranks, and hey, those rich folks have been enjoying great bush tax cuts for 10 years now, and they are still sending jobs overseas.
it's pathetic - dems pander to poor and lazy, and repubs pander to rich taking jobs overseas in bunches (who did it during bush era too!)
WRONG. Again, we've been through this time and again and just because you keep repeating a falsehood over and over doesn't make it true. According to the Ryan Budget Plan, the number of tax brackets will be cut to 3, the rates will be lowered for all brackets, and the tax code itself will be tightened with loopholes being closed, deductions cut, credits done away with plus the capital gains tax being raised as well. It was the same situation for the corporate tax rate/code as well. Oh, and this was proposed by Obama's own Deficit Reduction Panel! The same panel that he then ignored and shut down when he didn't like their answers.
Now, I've rebuked your claims about this several times before and even added a source and a link as well so I'm curious as to what your fucking comprehension problem is.
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Doesnt matter - 240 will do absolutely anything to suck cock for obama.
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Poor jobs data stuns Wall Street, politicians
Market Watch ^ | July 8, 2011, 10:21 a.m. EDT | Jeffry Bartash, MarketWatch
Meager 18,000 increase in June heightens worries over economy
WASHINGTON (MarketWatch) — A disappointing U.S. jobs report has stunned Wall Street and triggered a fresh round of political recriminations as to who and what’s to blame.
The economy added a meager 18,000 jobs in June, stoking worries the U.S. economy is slumping again. See story on June jobs data.
Here is a sample of reaction on Wall Street and in Washington.
• “Today’s report is more evidence that the misguided ‘stimulus’ spending binge, excessive regulations, and an overwhelming national debt continue to hold back private-sector job creation in our country.” — House Speaker John Boehner
• “I think these numbers are a call to action for Washington to stop bickering ... and do the things to get the growth rate higher and create jobs. — Austan Goolsbee, chief economic adviser to President Barack Obama
• “We can see no silver lining in this employment report, which is weak, weak, weak.” — John Ryding, RDQ Economics
• “The details aren’t quite as bad as the headline, with private payrolls up 57,000, but that’s still pretty terrible when compared to the 240,000 average as recently as the three months to April.” — Ian Shepherdson, High Frequency Economics
• “The upshot is that exactly two years after the recovery began, broad labor market conditions haven’t improved at all.” — Paul Ashworth, Capital Economics
(Excerpt) Read more at marketwatch.com ...
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Hahahaha, notice how many of the usual Obama c0cksuckers are absent from this thread.
Disastrous.
Economy's fucking imploding and the best they can muster is, "SPEND MORE".
Maybe they'll think about passing a budget now or will the Axis of Evil (Obama, Pelosi and Reid) only be content when this country is third-world status (seems to be the case).
I feel for the tens of millions of Americans who have had their lives ruined by these three.
A few billion more in taxes will cure all of this! LOL!
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Obama blamed the debt ceiling issue for the jobs number.
Lllmmmfffaaaaoooo.
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Obama blamed the debt ceiling issue for the jobs number.
Lllmmmfffaaaaoooo.
Did he finally move on from blaming Greece?
This guy is the biggest pussy of a leader I've ever seen. Hands down. I have NEVER seen him take responsibility for ANYTHING.
He's a fucking coward. Too busy cracking jokes about the tens of millions of unemployed Americans.
Time to send this grifter to the fucking breadline with the jobless so he can really see what it's like.
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Remember a few months ago they blamed the snow?
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Remember a few months ago they blamed the snow?
Was that in between blaming it on the Japanese earthquake and on the tornadoes in Joplin, Missouri? Because, you know, Joplin = epicenter of US manufacturing.
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Lmfao. Every month is a new excuse. Snow, heat, rain, drought, tornadoes, earthquake, fog, dust, humidity, etc.
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Lmfao. Every month is a new excuse. Snow, heat, rain, drought, tornadoes, earthquake, fog, dust, humidity, etc.
It seems to be everyone else's fault but Obama and the Democratic party.
Give them credit, though, as at least they've changed it up. Bush only gets mentioned every 5 excuses instead of every 2 now.
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Let's talk porn!
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Let's talk porn!
BACHMANN, BACHMANN, BACHMANN, PALIN, BACHMANN, BACHMANN, BACHMANN.
How many fucking threads has Blacken started about her now? How many times has he posted in these threads about the economy and everything else? I can answer the second one: ZERO.
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Panic in hope and change land.
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"And things were going so well under Bush's administration"...."Do you really think anyone, republican, or democrat could actually turn a declining economy around in one term! It took eight years for it to tank!!!
Yes Fucking Wow!!! Signed: 6666+4+3
Unemployment rose to 9.2 percent as hiring stalls
CNBC ^ | 8 July 2011 | CNBC
________________________ ________________________ ________
The Labor Department says the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.
WOW!!!!!!
FUCKING WOW!!!!
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More excuses.
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& you have such insight, maybe your "BUSINESS CONTACTS SHOULD HAVE YOU RUN FOR PRESIDENT!!! YOU SHOULD GET BUSH TO BACK YOU.....CAN YOU DEFEND HIS UNBLEMSIHED RECORD????
More excuses.
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Blame Bush...because he's the president...oh wait.
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"And things were going so well under Bush's administration"...."Do you really think anyone, republican, or democrat could actually turn a declining economy around in one term! It took eight years for it to tank!!!
Yes Fucking Wow!!! Signed: 6666+4+3
This is the most retarded statement I have ever heard. It reaks of schizophrenia. THe economy GREW for most of Bush's 8 years.
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Sucks.
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This is the most retarded statement I have ever heard. It reaks of schizophrenia. THe economy GREW for most of Bush's 8 years.
QFT
Facts and common sense are considered arch enimies of the left.
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This is the most retarded statement I have ever heard. It reaks of schizophrenia. THe economy GREW for most of Bush's 8 years.
So it grew until the actions of his policies took effect is that what you are saying?
I dont really care about Bush/Obama we need to fix the banks and Wall Street and the election process put a cap on the money used on campaigning etc, the rest is irrelevant
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So it grew until the actions of his policies took effect is that what you are saying?
I dont really care about Bush/Obama we need to fix the banks and Wall Street and the election process put a cap on the money used on campaigning etc, the rest is irrelevant
And who exactly is going to do that? The same bunch of assholes like Dodd and Frank that fucked it up in the first place. You put way to much trust in the government.
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And who exactly is going to do that? The same bunch of assholes like Dodd and Frank that fucked it up in the first place. You put way to much trust in the government.
And you put way to much trust in Wall Street:-)
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And you put way to much trust in Wall Street:-)
No, I don't trust either, but when they are in bed with each other = loss for America
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No, I don't trust either, but when they are in bed with each other = loss for America
Thats for sure
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It’s Worse Than We Thought… Obama’s Dead Parrot Economy Actually Lost 26,000 Jobs in June
Gateway Pundit Rightnetwork ^ | July10,2011 | Jim Hoft
Posted on July 10, 2011 4:35:48 PM EDT by Hojczyk
Can you say Double-Dip? Barack Obama’s trillion dollar stimulus did not just fail… It failed magnificently.
The dead parrot economy actually lost 26,000 jobs in June rather than creating 18,000.
The New York Post reported, via JWF:
The Labor Department officially announced that only 18,000 jobs were created during the month of June compared to May’s levels. That’s considerably below the 157,000 jobs that payroll-processing firm ADP said on Thursday were added by companies in the private sector.
Our economy is said to need at least 150,000 jobs a month just to keep up with people entering the workforce. So even job growth of 150,000 isn’t good enough.
Worse, not only are newcomers trying to find positions, but there are also 7.084 million fewer jobs in this economy than there were at the 2008 peak. So people who’d like to get their careers started are competing against millions of experienced job seekers looking to just get back into the game.
Now for the really bad news: that 18,000 gain announced by the government yesterday isn’t real.
For one thing, the number of jobs increased in June only because the Labor Department simultaneously revised downward the number of jobs that existed in this country during May.
It’s like moving the fences at Citi Field so the Mets players can hit more home runs. It might make Jose Reyes feel better, but it doesn’t actually make him more powerful.
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President Obama is not providing the leadership needed to repair America's flailing economy
NY Daily News ^ | July 10th 2011 | Masthead Editorial
Posted on July 10, 2011 9:46:47 PM EDT by neverdem
In case you were confused, that was President Obama who spoke Friday after the release of an extraordinarily dismal employment report, and not Charles Dickens' classic character Wilkins Micawber.
Beset by the vicissitudes of life, the ineffectual Micawber fell back on hope, endlessly declaring that "something will turn up" to better his lot. Obama offered little else in the face of America's persistent inability to create jobs while more than 14 million people are unemployed.
He spoke of passing trade agreements, improving patent regulations, investing in infrastructure work and extending a payroll tax cut. While all are worthy ideas, they amounted to a pale imitation of a program to spark an economy that is minus 7 million jobs and last month added an atom-sized 18,000.
Obama's responses to monthly job tallies have become a picture of presidential leadership falling far short of the crisis at hand.
In May, after a slightly more robust jobs report, he said, "We are regaining our footing."
In June, after the employment picture slumped back, he said, "I don't want to pretend like everything is solved."
And now, in July, he declared: "We still have a long way to go and a lot of work to do to give people the security and opportunity they deserve."
What he doesn't have is a coherent, politically viable rescue plan. The big stimulus package - which, at very best, prevented worse catastrophes - is dead and buried, and the Federal Reserve's huge and unprecedented push to keep interest rates low is finished.
In other words, with the government going ever deeper into unsustainable debt, Obama appears flat out of ammunition. Far too belatedly, he's come around to negotiating what's advertised as a deal to cut the federal deficit by a whopping $4 trillion over 10 years.
It is said that everything is on the table, including Social Security and Medicare, as everything would have to be if the U.S. is to regain fiscal sanity. The particulars are as yet hidden.
Most clearly known is that Obama went on a jag about eliminating tax breaks for corporate jets as a way to beat the Republicans into raising revenue. They will have to come up with money in the end, and this bit of fat-cat sweetness should go.
But Obama played to the cheap seats in putting a $3 billion-a-year measure at the center of a $4 trillion effort on which the fate of economy hinges, along with the futures of the entitlements on which older Americans depend.
What Obama needs to do is lead Congress toward a bipartisan deal that provides sweeping, long-term deficit reduction, along with tax reform, along with smart short-term strategies for job creation. Those are the demands of his job - the one he wants to keep.
Lmfao. NYDN endorsed this pofs in 2008.