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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on May 04, 2012, 05:39:28 AM
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http://www.businessinsider.com/april-jobs-report-2012-5#comment-4fa3cd45eab8eaac52000001
>:( >:(
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US Added 115,000 Jobs In April, Huge Miss Of Expectations; Unemployment Rate 8.1%
www.zerohedge.com
Submitted by Tyler Durden on 05/04/2012 08:31 -0400
• Non Farm Payrolls
• Unemployment
Expectations were for an increase in non farm payrolls of 160,000, and a 8.2% unemployment rate. We got +115,000, and 130,000 privates. Unemployment rate at 8.1%, lowest since January 2009. Schrodinger is alive and well.
From the release:
Both the number of unemployed persons (12.5 million) and the unemployment rate (8.1 percent) changed little in April. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.5 percent), adult women (7.4 percent), teenagers (24.9 percent), whites (7.4 percent), and Hispanics (10.3 percent) showed little or no change in April, while the rate for blacks (13.0 percent) declined over the month. The jobless rate for Asians was 5.2 percent in April (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.1 million in April. These individuals made up 41.3 percent of the unemployed. Over the year, the number of long-term unemployed has fallen by 759,000. (See table A-12.)
The civilian labor force participation rate declined in April to 63.6 percent, while the employment-population ratio, at 58.4 percent, changed little. (See table A-1.)
Average:
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The civilian labor force participation rate declined in April to 63.6 percent, while the employment-population ratio, at 58.4 percent, changed little.
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http://www.zerohedge.com/news/people-not-labor-force-soar-522000-labor-force-participation-rate-lowest-1981
Holy Shit!!!! Check these graphs out.
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Wow. 115k? That's it? That's a massive miss, hahaha. All the econs and "experts" were predicting somewhere around 175k (which would still be terriblet).
FOUR MORE YEARS!
FOUR MORE YEARS!
FOUR MORE YEARS!
What a fucking disaster.
People Not In Labor Force Soar By 522,000, Labor Force Participation Rate Lowest Since 1981
It is just getting sad now. In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to
88,419,000. This is the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%.
Labor force participation Rate:
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/05/Participation%20Rate_0.jpg)
(http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/05/People%20Not%20In%20Labor%20Force_0.jpg)
Cue all the MSM "unexpected drop" articles.
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Forward!
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Forward!
No wonder obama is running around like he is patton w the obl thing.
This report is a disaster since they also added 260k jobs w the birth death adjustment.
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No wonder obama is running around like he is patton w the obl thing.
This report is a disaster since they also added 260k jobs w the birth death adjustment.
Keep in mind that this will be adjusted down to somewhere around 85-95k, too.
Obama is the greatest president ever!
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Keep in mind that this will be adjusted down to somewhere around 85-95k, too.
Obama is the greatest president ever!
And not one of these obama drones will even remotely post in this thread.
WHERE IS THE GROWTH? WHERE ARE THE JOBS? WHERE IS THE INVESTMENT?
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The left will only focus on that mythical 8.1% UE, yet they will not be able to explain why the UE rate is lower when every other indicator is the same or worse.
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And not one of these obama drones will even remotely post in this thread.
WHERE IS THE GROWTH? WHERE ARE THE JOBS? WHERE IS THE INVESTMENT?
What? You don't think that $1 billion to save a few banks and create testicle washing jobs is not a sound investment?
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The Addbacks: +22K From Seasonal; +206K From Birth Death
Submitted by Tyler Durden on 05/04/2012 08:58 -0400
www.zerohedge.com
The seasonally adjusted non-farm payroll number rose by 115K in April. That's great: it was a miss but such is life. Here is what the unadjusted data that led to this number says. The seasonal addback in April was +22K, a rapid break from the last 3 years when April saw a negative seasonal adjustment following the traditional huge positive adjustments in the January-March period, which in turn means that the record warm winter give back has not even started! As a result, the seasonal addbacks in 2012 are now a massive 4,499,000 jobs: jobs that have not been added but are expected to materialize based on historical seasonal patterns. And just as importantly, in April the Birth-Death addition was a whopping 206K, far greater than the comparable addition in 2010 and 2011, and much bigger than expected, which brings the year total now to a +20K cumulative total. It means, that by rough estimation, the reality is that in April the unadjusted, unbirth/deathed number was a decline of -111,000, and likely far worse once the true weather adjustments start taking place. This number is corroborated by the Household Survey which dropped by 169,000. So much for the recovery.
Below are the seasonal addbacks to the adjusted number (vs the non-seasonally adjusted monthly number).
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Unemployment Rate Falls To 8.1 Percent On People Giving Up Looking For Work
By CHRISTOPHER S. RUGABER 05/04/12 09:08 AM ET
WASHINGTON — U.S. employers pulled back on hiring in April for the second straight month, evidence of an economy still growing only sluggishly. The unemployment rate fell to 8.1 percent, but only because more people gave up looking for work.
The Labor Department said Friday that the economy added just 115,000 jobs in April. That's below March's upwardly revised 154,000 jobs and far fewer than the pace earlier this year.
The unemployment rate has fallen a full percentage point since August to a three-year low. But last month's decline was not due to job growth. The government only counts people as unemployed if they are actively looking for work.
In April, the percentage of adults working or looking for work fell to the lowest level in more than 30 years. Many have become discouraged about their prospects. More than 5 million Americans have been unemployed for six months or longer, an astonishingly high number almost three years into a recovery.
Stock futures dipped after the report was released. Dow Jones industrial average futures, which were flat in the minutes before the report came out, were down 35 points shortly after.
Employers added an average of 252,000 jobs per month from December through February, a burst of hiring that raised hopes the economy would accelerate. But job gains have averaged only 135,000 in the two months since then. That's below last year's pace of 164,000 per month.
The slowdown could heighten fears that high gas prices and sluggish income growth are weighing on the broader economy.
Weak job gains pose a threat to President Barack Obama's reelection. He is likely to face voters this fall with the highest unemployment rate of any president since World War II.
Some economists attribute the weak gains partly to mild winter, which led some companies to accelerate hiring in January and February. That may have weakened hiring in March and April.
But others are concerned that this reflects a genuine slowdown.
"One month can be weather related, two months of weaker than expected job growth is dangerously close to a trend," Dan Greenhaus, an analyst at BTIG, an institutional brokerage firm.
Average hourly wages rose a penny in April, to $23.38. They have increased 1.8 percent over the past year, trailing the rate of inflation.
The economy must create at least 125,000 jobs a month just to keep pace with population growth. It generally takes twice that number on a consistent basis to rapidly lower the unemployment rate.
Manufacturers, retailers, and hotels and restaurants all added workers. So did professional services such as engineering and information technology. Shipping and warehousing firms, construction companies, and governments cut jobs.
Economists surveyed by the Associated Press said hiring should be sufficient to push the unemployment rate below 8 percent by Election Day. The 32 economists surveyed by the AP see steady job gains averaging 177,000 a month for the rest of this year. That should be enough to lower the unemployment rate to 7.9 percent by November.
There have been some signs that hiring will improve.
The number of people seeking unemployment benefits fell last week by the most in a year, the government said Thursday. That figure was released after the government compiled its April report. But it could bode well for hiring in May.
And earlier this week, the Institute for Supply Management, a private trade group, said factory activity grew at the fastest pace in 10 months and a gauge of manufacturing employment showed that hiring jumped.
Still, service companies expanded in April at the slowest pace in four months, according to a separate ISM survey. And the group said hiring at those companies, which employ roughly 90 percent of the work force, slowed.
The economy expanded at a 2.2 percent annual rate in the January-March quarter, down from 3 percent growth in the fourth quarter. Economists polled by the AP forecast the economy will grow 2.5 percent this year. In a healthy economy, that would be considered average. But faster growth is needed to spur greater job creation.
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St. Louis Fed's "Not In Labor Force" Data Is Now Officially Off The Chart
Submitted by Tyler Durden on 05/04/2012 09:22 -0400
St Louis Fed
The comedy continues: the April "Not in labor force" seasonally adjusted print: 88,419,000. And yet, the maximum reading permitted by St Louis Fed Not in Labor Force (LNS15000000) graph: 88,000,000. The data has now officially dropped off the chart. No further commentary necessary.
4 MORE YEARS
4 MORE YEARS
4 MORE YEARS
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U.S. April hiring slows, jobless rate falls to 8.1 percent
By Jason Lange
WASHINGTON | Fri May 4, 2012 10:03am EDT
(Reuters) - Employers cut back on hiring in April and the jobless rate fell as people gave up the hunt for work, a somber note on the economy that could hurt President Barack Obama's re-election chances.
Employers added just 115,000 workers to their payrolls last month, the Labor Department said on Friday.
It was the third straight month in which hiring slowed, keeping fears alive that the U.S. economy is losing momentum. It also dampens hopes that a stretch of strong winter hiring signaled a turning point for the recovery.
"It shows sluggish growth," said John Doyle, currency strategist at Tempus Consulting in Washington.
The unemployment rate ticked a tenth of a point lower to 8.1 percent, a three-year low, as people left the workforce. The jobless rate is derived from a separate survey of households, which showed a drop in the number of jobs in April.
Still, the report was not all negative. The government revised upward its initial estimates for payroll growth in February and March by a combined 53,000. That left the six-month average of job growth at 197,000, nearly exactly where it would have been had April job growth come in as expected at 170,000.
Futures for U.S. stocks were flat following the release of the payrolls data. Yields on U.S. government bonds edged lower.
The report could rattle nerves at the White House. Weak U.S. growth and high unemployment create a formidable headwind for Obama, who entered office during the darkest days of the 2007-09 recession.
His Republican challenger, Mitt Romney, repeatedly has accused Obama of doing too little to foster job growth.
The unemployment rate, which soared to as high as 10 percent during Obama's first year in the office, held near 9 percent for most of last year before falling sharply over the winter.
Still, it remains about 2 percentage points higher than its average over the last 50 years, and the U.S. Federal Reserve thinks the labor market probably will not post a full recovery for at least another several years.
Fed Chairman Ben Bernanke said last month the central bank is providing enough support for the economy but kept open the possibility of easing monetary policy should the economy weaken.
"I don't think Fed policy is going to change at this point," said Sean Incremona, an economist at 4cast. "They obviously are going to be on guard now that employment growth is not picking up and is more likely to slow."
WEATHER REPORTS
So far this year, the labor market has given mixed signals.
During the winter, fast growth in payrolls led many analysts to think the economy was turning a corner. Then jobs growth braked in March, fueling fears the recovery was losing momentum.
Most economists think mild weather muddied the waters, boosting hiring in the winter but making spring look weaker because companies had pulled hiring forward.
"It's not that there's something wrong with the economy. Employment just got ahead of itself," said Robert Mellman, an economist at JPMorgan in New York.
The report showed the private sector accounted for all the job gains in April, adding 130,000 new positions. Manufacturing registering another strong month, adding 16,000 jobs.
Wall Street analysts see economic growth holding at a lackluster 2.2 percent annual rate in the second quarter, matching its pace in the first three months of the year.
The length of the average work week held steady at 34.5 hours in April.
(The story was corrected to say in third paragraph that it was the third straight month hiring slowed, not the second)
(Additional reporting by Luciana Lopez and Cris Reese in New York; Editing by Andrea Ricci)
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numbers suck.
but are they reliable?
when we had the most growth since 2006 last month, everyone said the #s were fixed.
they suck this month, and now they're accurate?
i know the economy sucks, but next month when the numbers are better, getbiggers will be back to saying they don't mean anything.
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numbers suck.
but are they reliable?
when we had the most growth since 2006 last month, everyone said the #s were fixed.
they suck this month, and now they're accurate?
i know the economy sucks, but next month when the numbers are better, getbiggers will be back to saying they don't mean anything.
::) ::)
Could not contain yourself could you?
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::) ::)
Could not contain yourself could you?
i'm guessing you're searching for my 2010 Christie prediction now, your dick hard with anticipation haha
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numbers suck.
but are they reliable?
when we had the most growth since 2006 last month, everyone said the #s were fixed.
they suck this month, and now they're accurate?
i know the economy sucks, but next month when the numbers are better, getbiggers will be back to saying they don't mean anything.
Of course they're not reliable, you stupid fuck. The real numbers are much worse than what they're peddling.
You are an incredibly stupid individual.
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Of course they're not reliable, you stupid fuck. The real numbers are much worse than what they're peddling.
You are an incredibly stupid individual.
240 has sold his soul for obama, just like the other lemmings. Very sad to see people supposedly with free will enslave themselves to a communist con man seeking only misery for them.
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Bump for Team Kenya
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nobody can tell me why romney isn't saying a thing here about the fraudulent numbers.
you all know me - i see a CT in everything - I think the numebrs are obviously not 8.1%, that's laughable, absolutely laughable.
But why won't Romney said it?
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nobody can tell me why romney isn't saying a thing here about the fraudulent numbers.
you all know me - i see a CT in everything - I think the numebrs are obviously not 8.1%, that's laughable, absolutely laughable.
But why won't Romney said it?
STFU - Romney already said this was a disaster, which it is.
240 - SERIOUS QUESTION - DON'T YOU FEEL THE LEAST BIT EMBARRASSED AND CONNED BY OBAMA CONSIDERING WHAT YOU HAVE SHILLED FOR OVER THESE PAST 4 YEARS?
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Unemployment Rate Dips 0.1%, But Workforce Participation Rate Falls 0.2%
CNSNews.com ^ | May 4, 2012 | Gregory Gwyn-Williams Jr.
Posted on Friday, May 04, 2012 12:18:41 PM by CNSNews.com
The April jobs report showed employers added fewer workers than expected with nonfarm payrolls rising by only 115,000. Economists had expected 168,000 jobs and the tepid April increase falls far short of the 250,000 jobs needed each month to maintain population increases.
Yes, the unemployment rate ticked down by 0.1% to 8.1%, - but, that number may be a little misleading. The participation rate, defined by the Bureau of Labor Statistics (BLS) as the labor force as a percent of population, declined in April by 0.2 to 63.6% to the lowest level since 1981 - in other words, there were less Americans “participating” in the job market in April than in March.
In fact, the participation rate has been declining over the last year. In April of 2011 the participation rate stood at 64.2%. Today’s BLS report shows that the percent of Americans in the labor force has declined by 0.6% over the last year; the April rate reported at 63.6%.
So, with fewer Americans “participating” in the labor force, how does the unemployment rate keep ticking lower? Well, BLS counts only those Americans looking for work as unemployed. The number of Americans who dropped out of the labor force from March to April was 522,000. These Americans are no longer considered unemployed and therefore are not part of the equation.
Let’s think about this simply: If you remove Americans from the workforce, even though they are still technically unemployed (and no longer earning money to spend in our economy), the unemployment rate decreases.
To use President Obama’s words: “It’s simple math.”
See more "Right Views, Right Now"
OBAMA - FFFFFFAAAAIIIIIIILLLLLLL L
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STFU - Romney already said this was a disaster, which it is.
240 - SERIOUS QUESTION - DON'T YOU FEEL THE LEAST BIT EMBARRASSED AND CONNED BY OBAMA CONSIDERING WHAT YOU HAVE SHILLED FOR OVER THESE PAST 4 YEARS?
First off, ROmney should be challenging the legitimacy of this 8.1% UE. Every day of the week. Not "he called it a disaster already". No, call obama for the bullshit numbers. Either he's a wimp, or you're wrong about it. Why would he keep this off the table?
And 2) I was a CT 5 years ago when you were buying everything the TV sold. You dont have to tell me the got fudges numbers - that's laughable to the nth degree that you're just learning this. politics/news is all lies, just WWE for nerds like us. It's all faked, staged, and lies. I watch and debate it because I enjoy it - but I never buy shit about it.
I feel sorry for ppl like you that still buy 1/2 of it lol. Repubs are lying too, dog.
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Welcome to the Stag-Nation
BobKrum.com ^ | 5-4-12 | Bob Krumm
Posted on Friday, May 04, 2012 11:37:41 AM by radioone
This is what a stagnant economy looks like. The gain of 115,000 jobs is less than enough to keep up with population increases, and was below the median economic forecast for April. The only reason that the unemployment rate “fell” to 8.1% is because the labor force participation rate keeps dropping. If you stop looking for work, you aren’t unemployed. But you’re not employed either. You’re just “missing.” You don’t count.
Welcome to the country we now live in: the Stag-Nation.
UPDATE:
Labor force participation rate drops by a staggering 522,000 to the lowest level since 1981. That, btw, was two years before Mr. Mom, a movie about the entry of women into the workforce, forced there by the bad economy. This economy is so bad that women are kicked out of the workforce to a rate not seen in over 30 years.
I wonder what Julia’s going to do now.
(Excerpt) Read more at bobkrumm.com ...
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Romney blasts Obama on jobs, calls April figures 'terrible'
By Jonathan Easley - 05/04/12 09:30 AM ET
Mitt Romney used the April jobs report to rip President Obama on Friday for his handling of the economy.
In an op-ed to the Cleveland Plain Dealer, Romney said Obama, who will officially launch his reelection campaign on Saturday with rallies in Ohio and Virginia, had offered only hollow promises on the economy.
And in an interview on Fox News, Romney said April’s jobs report, which showed the economy gaining 115,000 jobs, was too weak.
“We should be seeing numbers in the [range of] 500,000 jobs created per month,” Romney told Fox News. “This is way, way, way off from what should happen in a normal recovery.”
Unemployment dropped to 8.1 percent in April, but that was because workers gave up their search for a job.
“The reason that you’re seeing the unemployment rate go down is because you have more people dropping out of the workforce than you have getting jobs,” Romney continued. “It’s a terrible and very disappointing report this morning.”
In his op-ed, Romney asked: “Where are the jobs?”
“Mr. President, forgive me for being blunt,” Romney wrote. “But when it comes to economic affairs, you're out of your depth. Unlike you, I am not a career politician. Unlike you, I've spent more than two decades working in the private sector, starting new businesses and turning around failing ones. Undoing the damage you've done will be a daunting challenge. But I've learned a thing or two about how government policies can kill private investment and stifle job creation, and I have a plan to get government out of the way.”
The Obama campaign argues the president inherited a recession from President George W. Bush, and that he is presiding over an economic recovery.
The message is highlighted in a seven-minute Web ad released by Obama’s campaign this week.
“On the day Barack Obama took office, America had already lost 4.4 million jobs in economic disaster, the worst in a generation,” the narrator says.
The ad then ticks off the president’s accomplishments: the stimulus, the auto bailout, increased manufacturing jobs, and credit card industry and Wall Street reform.
The ad reiterates the Obama campaign’s argument that Romney would reinstate the policies of the Bush administration, undoing Obama's accomplishments on the economy.
Romney argues Obama did inherit a crisis but that the president has failed to turn it around after three years on the job.
“I recognize, of course, as do all Americans, that you inherited an economic crisis,” Romney writes in the op-ed. “But you've now had three years to turn things around. The record of those three years is clear. Your policies have failed, not only in Ohio, but across the nation.”
Polling overwhelmingly suggests that the economy and jobs will be the two most important issues to voters in the fall election, and Romney currently has an edge over the president over whom voters believe is better equipped to handle those issues.
In Ohio, polls show Romney and Obama in a neck-and-neck race. It is a state that Romney probably has to win if he is to defeat Obama in the fall.
http://thehill.com/video/campaign/225435-romney-blasts-obama-on-jobs-calls-april-figures-terrible
NOW - 240 - STFU YOU LYING TROLL! You are probably the most dishonest and decietful person I have ever come across. You lie!
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People Not In Labor Force Soar By 522,000, Labor Force Participation Rate Lowest Since 1981
Zero Hedge ^ | May 4, 2012 | Tyler Durden
it is just getting sad now. In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to 88,419,000. This is the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%. ...
(Excerpt) Read more at zerohedge.com ...
4 MORE FNG YEARS!!!!
4 MORE FNG YEARS !!!!!
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The civilian labor force shrank in April by 342,000 workers, and remains below where it stood when the economic recovery started 34 months ago, according to data released Friday by the Bureau of Labor Statistics. Had the labor force not declined, unemployment would have been 8.3% in April, instead of the 8.1% reported.
That same month, more than 225,000 workers applied for Social Security disability benefits, and nearly 90,000 were enrolled, according to new data from the Social Security Administration.
Compared with June 2009, the month the economic recovery officially started, the labor force has shrunk by 365,000, a trend that has never occurred in any post World War 11 recovery. Those saw the labor force climb by the millions by this point in their recoveries, even as unemployment rates were driven down.
http://news.investors.com/article/610306/201205040931/labor-force-shrinks-as-disability-grows.htm
As IBD reported recently, more than 5 million workers and their families have enrolled in the disability program since Obama took office.
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Oh, but didnt you hear, he inherited a crisis. It takes atleast 3.5 years to undo the damage of George Bush, because Bush messed up, soooo bad. The economy crashed for the past 10 years, so it will take atleast that long to get back to where we were in the Clinton years. What's that? Oh, you say that Bush had 5% unemployment for most of his years? What? You say that Bush inherited a recession like Obama did? What? The tech bubble crash happened in Clinton's last year? Just like the housing bubble crashed in Bush's last year? You mean presidents dont control the economy? Oh, ookaay, there is a thing called the business cycle. Oh, you mean that Republicans were in control in the 90s? Wow, I didnt know they controlled all other levels of government during the 90s. They controlled 2/3 of governerships in the late 90s? And more state legislatures than usual? You mean Clinton governed more as a conservative than Bush, when the GOP controlled Congress? Ok, I have been shown how ignorant I am, and that a Humanities based degree does not prepare me for the real world or even begins to tell me how the world works. Ill go back in my shell where reality doesnt comport.
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Have you guys noticed that the media pansies have finally started to catch on to the problem of the declining LFP rate and therefore arent getting a tingle up thier leg anymore over the declining unemployment rate?
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Have you guys noticed that the media pansies have finally started to catch on to the problem of the declining LFP rate and therefore arent getting a tingle up thier leg anymore over the declining unemployment rate?
I still have a few liberal pieces of shit on my FB trying to convince me things are improving. I ask them for data and they can't come up with anything whatsoever other than blame Bush.
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Rick Santelli Blasts Liberal Media’s “Ostrich Economics” (Video)
Gateway Pundit ^ | May 4, 2012 | Jim Hoft
http://www.thegatewaypundit.com/2012/05/rick-santelli-blasts-liberal-medias-ostrich-economics-video
Rick Santelli blasted the liberal media’s reporting on today’s dismal unemployment numbers. The CNBC star ridiculed the “Ostrich Economics” being pushed by the Obama-media.
Here’s Santelli on the latest unemployment data.
There are some highlights I’d really like to hit. The first one is that about 41.3% of unemployed have been unemployed for 39.1 weeks. That is huge and pretty much says it all. This is the weakest recovery since the Great Depression. A whole 4/5ths of the drop of the unemployment rate is due to a drop in the labor force participation. It is the lowest since 1981.
Many of regiohal news shows were reporting on just the unemployment rate. That’s “ostrich economics.”
(Excerpt) Read more at thegatewaypundit.com ...
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Romney blasts Obama on jobs, calls April figures 'terrible'
By Jonathan Easley - 05/04/12 09:30 AM ET
Mitt Romney used the April jobs report to rip President Obama on Friday for his handling of the economy.
In an op-ed to the Cleveland Plain Dealer, Romney said Obama, who will officially launch his reelection campaign on Saturday with rallies in Ohio and Virginia, had offered only hollow promises on the economy.
And in an interview on Fox News, Romney said April’s jobs report, which showed the economy gaining 115,000 jobs, was too weak.
“We should be seeing numbers in the [range of] 500,000 jobs created per month,” Romney told Fox News. “This is way, way, way off from what should happen in a normal recovery.”
Unemployment dropped to 8.1 percent in April, but that was because workers gave up their search for a job.
“The reason that you’re seeing the unemployment rate go down is because you have more people dropping out of the workforce than you have getting jobs,” Romney continued. “It’s a terrible and very disappointing report this morning.”
In his op-ed, Romney asked: “Where are the jobs?”
“Mr. President, forgive me for being blunt,” Romney wrote. “But when it comes to economic affairs, you're out of your depth. Unlike you, I am not a career politician. Unlike you, I've spent more than two decades working in the private sector, starting new businesses and turning around failing ones. Undoing the damage you've done will be a daunting challenge. But I've learned a thing or two about how government policies can kill private investment and stifle job creation, and I have a plan to get government out of the way.”
The Obama campaign argues the president inherited a recession from President George W. Bush, and that he is presiding over an economic recovery.
The message is highlighted in a seven-minute Web ad released by Obama’s campaign this week.
“On the day Barack Obama took office, America had already lost 4.4 million jobs in economic disaster, the worst in a generation,” the narrator says.
The ad then ticks off the president’s accomplishments: the stimulus, the auto bailout, increased manufacturing jobs, and credit card industry and Wall Street reform.
The ad reiterates the Obama campaign’s argument that Romney would reinstate the policies of the Bush administration, undoing Obama's accomplishments on the economy.
Romney argues Obama did inherit a crisis but that the president has failed to turn it around after three years on the job.
“I recognize, of course, as do all Americans, that you inherited an economic crisis,” Romney writes in the op-ed. “But you've now had three years to turn things around. The record of those three years is clear. Your policies have failed, not only in Ohio, but across the nation.”
Polling overwhelmingly suggests that the economy and jobs will be the two most important issues to voters in the fall election, and Romney currently has an edge over the president over whom voters believe is better equipped to handle those issues.
In Ohio, polls show Romney and Obama in a neck-and-neck race. It is a state that Romney probably has to win if he is to defeat Obama in the fall.
http://thehill.com/video/campaign/225435-romney-blasts-obama-on-jobs-calls-april-figures-terrible
NOW - 240 - STFU YOU LYING TROLL! You are probably the most dishonest and decietful person I have ever come across. You lie!
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“The reason that you’re seeing the unemployment rate go down is because you have more people dropping out of the workforce than you have getting jobs,” Romney continued. “It’s a terrible and very disappointing report this morning.”
Um, MSNBC pointed this out as well. THAT is romney's brutal response? None of the "Obama is lying, and the real number is ...."
No, he gives us the same reason MSNBC does, and that's it? I'm disappointed. I heard that at 10:02 AM this morning, right beofre I switched to ESPN2 for colin cowherd show.
I expected more from mitt than to parrot msnbc.
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“The reason that you’re seeing the unemployment rate go down is because you have more people dropping out of the workforce than you have getting jobs,” Romney continued. “It’s a terrible and very disappointing report this morning.”
Um, MSNBC pointed this out as well. THAT is romney's brutal response? None of the "Obama is lying, and the real number is ...."
No, he gives us the same reason MSNBC does, and that's it? I'm disappointed. I heard that at 10:02 AM this morning, right beofre I switched to ESPN2 for colin cowherd show.
I expected more from mitt than to parrot msnbc.
::) ::)
Yeah, because if myth said that they would spend 24/7 saying he was rude, arrogant, and dissrespectful instead of focusing on the fact that the messiah has failed.
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Yeah, because if myth said that they would spend 24/7 saying he was rude, arrogant, and dissrespectful instead of focusing on the fact that the messiah has failed.
I dont think repeating MSNBC will win him moderate swing votes, OR inspire his base.
Santorum woudl be pointing out the fraud, i betcha.
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Obama bundler Roger Altman said the BLS job report released Friday was “pretty disappointing” and that the health of the labor markets remains “profoundly weak” in a Bloomberg interview.
Altman was a deputy Treasury secretary in the Clinton administration and a senior economic adviser to 2004 Democratic presidential candidate John Kerry,
ROGER ALTMAN: Betty, I think it’s a pretty disappointing number. If you widen out the lens, we need 200,000 to 250,000 jobs to really make this, or to really illustrate that this is a healthy and strong recovery. We’re nowhere near that. This number, in contrast, confirms the idea of a bit of a pause in the recovery. It’s consistent with the 2.2 percent—the weak 2.2 percent real GDP we saw for the first quarter. I also don’t think that the unemployment rate is a particularly good measure right now of the health of labor markets. I think you have to look, again, more widely at the labor participation rate, and the unemployment to population ratio. Both of those have recovered far less—almost, very little actually—than the unemployment rate, so of course the unemployment rate is going to fall if the work force shrinks, but that’s not a good measure of the health of labor markets, which remain profoundly weak. We lost 8.8 million jobs since the onset of the recession—we’ve only gained back about 3 million of those. So, this isn’t the number that anyone would want to see. Sure, there are a few bright spots, but they’re few and far between.
This entry was posted in Video and tagged Roger Altman. Bookmark the permalink.
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Lets see one obama turd try to spin this.
So is this recovery summer now?
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Lets see one obama turd try to spin this.
So is this recovery summer now?
Elizabeth Warren is not actually Cherokee.
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29.7 Million Seek Work
by Vincent Giandurco
People ask, why all the talk about dogs and contraceptives? The reason is: jobs.
Tomorrow the Labor Department will release its April employment report. If the rate goes down, the administration will brag a bit, but they won't dwell on it. They know that the unemployment rate does not reflect the actual number of people who need work. Did you ever wonder how many of them are really out there?
Let's put it in pre-recession, real numbers perspective. In July 2007, at the peak of the bling-years boom, there were 146.1 million people employed, 7.1 million unemployed, and 4.5 million working part-time "for economic reasons," which, added to the unemployed, gives the number for "underemployed” (U6). There were 78.7 million people not in the labor force. The unemployment rate was 4.6%.
Last month, in March 2012, there were 142 million employed, 12.7 million unemployed, 7.7 million U6, and 87.9 million "not in the labor force". The unemployment rate is now (supposedly) 8.2%.
With 154.7 million in the labor force, 1% represents about 1.55 million people. The unemployment rate is 3.6% higher, so there ought to be about 5.4 million less people working than five years ago. That's not true. There are indeed 5.6 million more unemployed, but there are also a staggering 9.2 million more people "not in the labor force," most often because they can't find a job. That means the total number of additional people actually out of work compared to 2007 is 14.8 million, or 9.7% of the labor force. Add that to the original 4.6%, and the actual rate of unemployment is about 14.3%. Also, there are 3.2 million more people working part-time jobs because they can't find full-time work. Let’s add. Today, there are 18 million more people not working or unable to find the job they want than in 2007. Add in the original 7.1 million already unemployed in 2007, plus the original 4.6 million U6, and the total is 29.7 million. In a universe of 155 million workers, the real U6 rate is thus approximately 19%. This is all Dept. of Labor data, offering an apples to apples comparison.
These 29.7 million people are anonymous, nameless, faceless. But the President's team knows they are out there, and that they are highly likely to vote. So they don't want to talk about jobs. They want to change the subject. Hence, more talk about dogs and contraceptives.
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April’s jobs: Americans aren’t working
By Felix Salmon
May 4, 2012
There’s a lot going on in this month’s jobs report. The headline number of jobs created — 115,000 — is miserable: it’s basically just enough to keep up with population growth. That’s the number the markets look at. The number the politicians look at, however, is the unemployment rate, which ticked down to 8.1%. That’s still high, but it’s not a statistic to beat Obama round the head with.
The big news, however, lies elsewhere, in the fact that a whopping 522,000 people left the labor force joined the “not in labor force” rolls last month. When more than half a million people in one month decide that they’re not even going to bother looking for work any more, there’s no way you can say you’re in a healthy recovery.
Zero Hedge has the two charts which matter. First you have the number of people not in the labor force, which has been climbing steadily through the recession and the recovery, and is now approaching 90 million. The only time it fell was during the first quarter of 2010 — the census-hiring boom. This chart speaks volumes to me: it says that while Capital might not be in a recession any more, Labor still isn’t working.
Then there’s the even scarier one, which is the labor force participation rate — now down to 63.6%.
This chart is just petrifying. The participation rate started falling after the dot-com bust, leveled off during the credit boom (but never really rose much), and then fell off a cliff when the recession started. You’d think it would have started to bounce back up by now, but no. Instead, we’re now deep into pretty much unprecedented territory. Yes, the participation rate has been this low before — back in 1981. But that was during the decades when women were still properly moving into the labor force.
As Mike Konczal noted this morning, a key indicator of labor recession is still in force: if you’re unemployed, you’re still more likely to drop out of the labor force entirely than you are to find a job. And as Dan Alpert noted, in a country of 314 million people, there are only 115 million full-time workers and 27 million part-time workers. It’s really hard to get a robust recovery when the number of people earning money is so anemic.
For demographic reasons — the retirement of the baby boomers — the labor force participation rate is naturally going to fall over the next decade. But go back just one year, to March 2011, and look at the official CBO projection of the labor force participation rate. The CBO saw a rate of 64.6% in 2012 — a full percentage point higher than we’re at right now. The participation rate wasn’t expected to fall to today’s level of 63.6% until 2017.
Politically speaking, the unemployment rate is still the number that people concentrate on. But increasingly, being unemployed is little more than a halfway house between employment and dropping out of the labor force altogether. Until the labor force participation rate stops falling and starts rising, the so-called recovery will remain a theoretical economic entity and not a real-world reality for hundreds of millions of Americans. We need jobs, and we need them now. Ben Bernanke, and Congress, are you listening?
Update: The labor force actually fell by 342,000, not 522,000. The working-age population grew by 180,000, however, so the number of people not in the labor force went up by 522,000.
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By the way, watch out for the libs who are trying to point out Europe's woes as "proof of why austerity doesnt work". They point to the lower spending. They conveniantly leave out the higher taxes that the morons there agreed to. My god, you would prefer higher taxes and high spending to high taxes and low spending. THat is the worst case scenario.
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By the way, watch out for the libs who are trying to point out Europe's woes as "proof of why austerity doesnt work". They point to the lower spending. They conveniantly leave out the higher taxes that the morons there agreed to. My god, you would prefer higher taxes and high spending to high taxes and low spending. THat is the worst case scenario.
We have spent 5 trillion over three years - I dont want o hear shit from these keynsian freaks. They have done enough damage for many lifetimes already.
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Unemployment–behind the official numbers (the myth of the retiring baby boomers)
QandO ^ | May 4, 2012 | Bruce McQuain
Posted on May 4, 2012 7:59:52 PM EDT by BfloGuy
The eight hundred pound gorilla in the room when one discusses the unemployment rate is its accuracy.
8.1% of what? Apparently, it is 8.1% as measured by those still receiving unemployment benefits, i.e. “actively” seeking work (a requirement to continue to receive the benefits). Here’s the reality:
In April the number of people not in the labor force rose by a whopping 522,000 from 87,897,000 to 88,419,000. This is the highest on record. The flip side, and the reason why the unemployment dropped to 8.1% is that the labor force participation rate just dipped to a new 30 year low of 64.3%.
So, that means people have dropped out of the labor market and some have quit looking for work?
Yes. All one has to do is look at this chart and understand that a huge piece of the labor market has simply vanished from the statistics used to compute the official unemployment rate.
The current labor participation rate is equal to that of January 1982. From a high of 67.3% in January 2000, it has dropped 3% since. That is huge.
Yet, we’re only at 8.1%? Not bloody likely. Not if history is any gauge.
So who are the missing workers?
The conventional wisdom out there likes to explain that huge drop away by claiming that the baby boomers are most likely choosing to retire rather than seek work. They further claim there’s no reason to panic, it’s the old folks dropping out and they have their retirement to fall back on.
Really?
In fact, the older demographic has remained steady and, in fact, even seen job percentage increases among those thought to be retiring.
Job holders 55 and up have risen by 3.9 million — and fallen by 8.1 million among those under 55, Labor Department data show. It’s been 50 months and counting since payrolls peaked, a post-war record. Labor releases the April jobs report on Friday morning.
[…]
For the 65-69 and 70-74 groups, the employed shares are up 1.1 percentage points and 1.6 percentage points, respectively, over the past four years.
So much for that myth. In fact the early retiree level (i.e. those who claim Social Security at the lowest possible age – 62) dropped to 26.9% last year, the lowest since 1976.
As that final chart points out along with the accompanying stats, it isn’t the baby boomers who are causing the labor participation rate to drop. It is workers in the two younger demographics who’ve stopped getting benefits and still don’t have work.
Political implications? Well one can fudge the official numbers all one wishes, but unemployment is a personal thing. Official numbers don’t mean squat to someone without a job and is unlikely to convince them that things are better than they were.
Whether or not the official number drops below 8% before the election, the reality of unemployment to those 5 million without a job and not carried in the official number remains.
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Jobs report shows effects of the incredible shrinking U.S. labor force
WASHINGTON POST ^ | 5/4/2012 | staff
Posted on May 4, 2012 9:44:14 PM EDT by tobyhill
If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 11.1 percent. If the percentage was where it was when George W. Bush took office, the unemployment rate would be 13.1 percent.
That helps explain a seeming contradiction in the unemployment numbers — the rate keeps dropping even though job creation has been soft.
In April, the U.S. economy added a mere 115,000 jobs, according to Bureau of Labor Statistics data released Friday. In a normal month, that would not even be enough to keep up with new entrants into the labor market. But in this economy, it was enough to drive unemployment from 8.2 percent down to 8.1 percent, the lowest point since January 2009.
The explanation is a little-watched measure known as the “labor force participation rate.” That tracks the number of working-age Americans who are holding a job or looking for one. Between March and April, it dropped by 342,000. But because the official unemployment rate counts only those workers who are actively seeking work, that actually made the unemployment rate go down.
Critics of the Obama administration have been quick to seize on this as the real reason for the falling unemployment rate. In February, the Republican National Committee released a research note on “The Missing Worker,” arguing that “over 3 million unemployed workers have called it quits due to Obamanomics.”
(Excerpt) Read more at washingtonpost.com ...
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http://www.ft.com/intl/cms/s/0/8b0853fa-95e6-11e1-9d9d-00144feab49a.html#axzz1txbfiOV4
Straw, adre, Benny, blackass gaybear, licker?
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http://news.investors.com/article/610306/201205040931/labor-force-shrinks-as-disability-grows.htm
4 more years. 4 more years!!!
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MAY 5, 2012
Obama's Payroll Disaster
By Mike Shedlock
5/5/2012
Quick Notes About the Unemployment Rate
US Unemployment Rate fell .01 to 8.1%
In the last year, the civilian population rose by 3,638,000. Yet the labor force only rose by 945,000. Those not in the labor force rose by 2,693,000.
The Civilian Labor Force fell by 342,000.
Those "Not in Labor Force" increased by 522,000. If you are not in the labor force, you are not counted as unemployed.
Those "Not in Labor Force" is at a new record high of 87,419,000.
By the Household Survey, the number of people employed fell by 169,000.
By the Household Survey, over the course of the last year, the number of people employed rose by 2,237,000.
Participation Rate fell .2 to 63.6%
There are 7,853,000 workers who are working part-time but want full-time work
Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.
This month was another disaster. Actual employment fell by 169,000 and the only reason the unemployment rate dropped is the civilian labor force fell by 342,000. These numbers are well past the point of believability and will be revised at some point in my opinion.
Over the past several years people have dropped out of the labor force at an astounding, almost unbelievable rate, holding the unemployment rate artificially low. Some of this was due to major revisions last month on account of the 2010 census finally factored in. However, most of it is simply economic weakness.
Jobs Report at a Glance
Here is an overview of today's release.
US Payrolls +115,000 - Establishment Survey
US Unemployment Rate dropped .01 to 8.1% - Household Survey
Average workweek for all employees on private nonfarm payrolls was unchanged at 34.5 hours
The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.8 hours.
Average hourly earnings for all employees in the private sector rose by 1 cent.
Recall that the unemployment rate varies in accordance with the Household Survey not the reported headline jobs number, and not in accordance with the weekly claims data.
April 2012 Jobs Report
Please consider the Bureau of Labor Statistics (BLS) April 2012 Employment Report.
Nonfarm payroll employment rose by 115,000 in April, and the unemployment rate was little changed at 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services, retail trade, and health care, but declined in transportation and warehousing.
Unemployment Rate - Seasonally Adjusted
Nonfarm Employment - Payroll Survey - Annual Look - Seasonally Adjusted
Employment is about where it was just prior to the 2001 recession.
Nonfarm Employment - Payroll Survey - Monthly Look - Seasonally Adjusted
click on chart for sharper image
Between January 2008 and February 2010, the U.S. economy lost 8.8 million jobs.
Since a recent employment low in February 2010, nonfarm payrolls have expanded by 3.7 million jobs. Of the 8.8 million jobs lost between January 2008 and February 2010, 42 percent have been recovered.
Statistically, 125,000+- jobs a month is enough to keep the unemployment rate flat. For a discussion, please see Question on Jobs: How Many Does It Take to Keep Up With Demographics?
The average employment gain over the last 26 months has been 142,000, barely enough (statistically speaking) to make a dent in the unemployment rate.
Yet, the civilian unemployment rate has fell from 9.8% to 8.1%.
Current Report Jobs
Average Weekly Hours
Index of Aggregate Weekly Hours
Average Hourly Earnings vs. CPI
"Success" of QE2 and Operation Twist
Over the past 12 months, average hourly earnings have increased by 1.8 percent. In March, the Consumer Price Index for All Urban Consumers (CPI-U) had an over-the-year increase of 2.6 percent; growth in prices has recently been outpacing growth in earnings.
Not only are wages rising slower than the CPI, there is also a concern as to how those wage gains are distributed.
BLS Birth-Death Model Black Box
The BLS Birth/Death Model is an estimation by the BLS as to how many jobs the economy created that were not picked up in the payroll survey.
The Birth-Death numbers are not seasonally adjusted while the reported headline number is. In the black box the BLS combines the two coming out with a total.
The Birth Death number influences the overall totals, but the math is not as simple as it appears. Moreover, the effect is nowhere near as big as it might logically appear at first glance.
Do not add or subtract the Birth-Death numbers from the reported headline totals. It does not work that way.
Birth/Death assumptions are supposedly made according to estimates of where the BLS thinks we are in the economic cycle. Theory is one thing. Practice is clearly another as noted by numerous recent revisions.
Birth Death Model Adjustments For 2011
Birth Death Model Adjustments For 2012
Birth-Death Note
Once again: Do NOT subtract the Birth-Death number from the reported headline number. That approach is statistically invalid.
Household Survey Data
click on chart for sharper image
In the last year, the civilian population rose by 3,638,000. Yet the labor force only rose by 945,000. Those not in the labor force rose by 2,693,000.
That is an amazing "achievement" to say the least, and as noted above most of this is due to economic weakness not census changes.
Decline in Labor Force Factors
Discouraged workers stop looking for jobs
People retire because they cannot find jobs
People go back to school hoping it will improve their chances of getting a job
People stay in school longer because they cannot find a job
Were it not for people dropping out of the labor force, the unemployment rate would be well over 11%.
Part Time Status
click on chart for sharper image
There are 7,853,000 workers who are working part-time but want full-time work.
Table A-15
click on chart for sharper image
Table A-15 is where one can find a better approximation of what the unemployment rate really is.
Notice I said "better" approximation not to be confused with "good" approximation.
The official unemployment rate is 8.1%. However, if you start counting all the people that want a job but gave up, all the people with part-time jobs that want a full-time job, all the people who dropped off the unemployment rolls because their unemployment benefits ran out, etc., you get a closer picture of what the unemployment rate is. That number is in the last row labeled U-6.
U-6 is much higher at 14.5%. Both numbers would be way higher still, were it not for millions dropping out of the labor force over the past few years.
Grossly Distorted Statistics
Given the complete distortions of reality with respect to not counting people who allegedly dropped out of the work force, it is easy to misrepresent the headline numbers.
Digging under the surface, the drop in the unemployment rate over the past two years is nothing but a statistical mirage. Things are much worse than the reported numbers indicate.
Note the drop in U-6 unemployment this month as the Civilian Labor Force fell by 342,000. This is beyond statistical noise, to the point of pure statistical bullsheet.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike Shedlock
Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.
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http://freebeacon.com/obamas-failed-recovery
Wow.
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Contentions
A Very Ugly Jobs Report
Peter Wehner
05.04.2012 - 3:40 PM
I wanted to add to John’s fine summary of today’s jobs report.
It really is a very ugly set of data.
It’s not simply that unemployment has been above 8 percent for a record 39 months, which is bad enough. While news stories report that 115,000 new jobs were added in April, the true picture is much worse. More than 340,000 Americans dropped out of the labor force last month. The total employment level for April fell 169,000. Ezra Klein of the Washington Post, who is hardly a conservative and has been quite sympathetic to President Obama, admits that unemployment “went down for the wrong reason: people dropping out of the labor force.”
He’s quite right. The labor force participation rate (64.3 percent) reached its lowest level in more than 30 years, while the employment-population ratio (58.4 percent) is lower still.
According to Jim Pethokoukis of the American Enterprise Institute, if labor force participation had stayed the same in April as it was in March, the unemployment rate would have risen by three-tenths of a percent (to 8.4 percent). And if the labor force participation rate today was what it was when Obama took office, the unemployment rate would be roughly 11 percent. The real unemployment rate, including those who are working part-time due to economic reasons, now clocks in at nearly 15 percent (14.5).
“In the weakest recovery since the Great Depression, more than four-fifths of the reduction in unemployment has been accomplished by a dropping adult labor force participation rate — essentially persuading adults they don’t need a job, or the job they could find is not worth having,” according to University of Maryland economist Peter Morici.
Any way you slice it, last month’s jobs report is dispiriting. The unemployment rate, which is already at historically high levels, is being kept artificially low because of growing despair and hopelessness. The will and energy of many Americans is being ground to dust.
We know what Obama sounded like in theory (hope, change, unity, prosperity). Now we know what Obamaism looks like in practice. It isn’t a pretty sight. And I’m afraid the president is affirming the observation of Camus, which is that destruction is an easier, speedier process than reconstruction. But at least let the reconstruction begin.
The prerequisite for that to occur, it seems, is for Obama to be a one-term president.
Topics: economy, labor force, Obama, unemployment rate
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Job news bad for Obama
Chicago Tribune ^ | 11:50 a.m. CDT, May 5, 2012 | Ira Kantor
Posted on May 6, 2012 3:05:02 PM EDT by Red Steel
25 percent drop in the number of jobs added nationwide from March to April could spell trouble for President Barack Obama's re-election hopes as the economy now struggles to recover at a slower-than-expected pace, local experts said yesterday.
"Somebody has to figure out how to get us to the point where we're creating 300,000 jobs a month. Obama policy is never going to accomplish it," David Tuerck, executive director of the Beacon Hill Institute at Suffolk University, told the Herald. "We have to look at what he's doing and pretty much reverse it all."
The economy added just 115,000 jobs in April, compared to 154,000 jobs in March and an average of 252,000 jobs per month from December through February, according to the U.S. Bureau of Labor Statistics. Though the country's unemployment rate dipped to a three-year low of 8.1 percent last month, the number does not include discouraged people who have stopped searching for work.
A total of 12.5 million people nationwide were unemployed last month. Average hourly earnings rose a penny to $23.38.
Appearing on "Fox and Friends" yesterday, presidential contender Mitt Romney said April's collective added job number was 77 percent lower than his own expectations for economic growth.
"We should be seeing numbers in the 500,000 jobs created per month. This is way, way, way off from what should happen in a normal recovery," Romney said. "Clearly the American people are wondering why this recovery isn't happening faster, why it's taking years and years for the recovery to occur and we seem to be slowing down, not speeding up."
(Excerpt) Read more at chicagotribune.com ...
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Unemployment Explained: Obama's Disability Scammers
Townhall.com ^ | May 6, 2012 | John Ransom
Posted on May 7, 2012 4:12:58 AM EDT by Kaslin
I have to credit our own Mike Shedlock for writing about how Obama’s been able to drive down the topline unemployment number even though unemployment remains as a big problem today as it has ever been.
I’m often reluctant to piggy back on a contributor’s work, but when something is really newsworthy, I think it’s justified.
Yesterday Mish pointed out that:
In the last year, the civilian population rose by 3,638,000. Yet the labor force only rose by 945,000. Those not in the labor force rose by 2,693,000.
In the last month, actual employment fell by 169,000, but the unemployment rate dropped by .1%.
That is an amazing "achievement" to say the least.
How did Obama do this magic trick of moving unemployment from a high of 10 percent to 8.1 percent without adding, you know, jobs?
Well according to Shedlock, economists at JPMorgan Chase & Co. and Morgan Stanley say that those on Social Security Disability (SSDI) checks have risen by about 2.2 million.
People who qualify for SSDI are automatically excluded from the workforce, meaning that you can actually have an economy losing jobs while technically the unemployment rate will go down as more people received disability benefits and are subtracted from the workforce.
Social Security Disability is a picture perfect program scam for the Obama administration. It allows Obama to say that unemployment is going down, while adding to the rolls of people who are dependent on some sort of Democrat-Party enabled government assistance.
Prior to these revelations, I had thought that the country’s workforce was shrinking because persistent joblessness was causing people to stop looking for work. In other words, I though it was just another example of Obama’s economic incompetence.
I’m not ruling out incompetence completely, but when the administration has a vested interest in allowing fraud to happen by turning a blind eye, they act like caravan stuck in a sand storm, especially if it adds more potential voters to the dole.
And what’s worse, the damage done to the economy by this type of fraud - and to the legitimately disabled who need the benefits- will take generation to fix.
Because, while joblessness can be reversed with some sensible economic policies, adding to the disability rolls creates permanent damage to the economy from which the country will not recover in generations. Writes Bloomberg.com
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:D
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Why are all the obamadrones so quiet?
(http://www.getbig.com/boards/index.php?action=dlattach;topic=424576.0;attach=468946;image)
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Obama made student loans easier - and college enrollment has soared in the last 2 years.
https://www.google.com/search?hl=en&tok=ieKwjIL2aSwX7kXLcSlJXA&cp=11&gs_id=16&xhr=t&q=college+attendance+statistics&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&biw=1920&bih=900&wrapid=tljp1336402246784018&um=1&ie=UTF-8&tbm=isch&source=og&sa=N&tab=wi&ei=ROGnT9nAG4io8QSNoMnPAw
Fewer people working because they're in college full time.
In 4 years, our nation is smarter as a whole and better equipped to take on the other countries of the world.
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Obama made student loans easier - and college enrollment has soared in the last 2 years.
https://www.google.com/search?hl=en&tok=ieKwjIL2aSwX7kXLcSlJXA&cp=11&gs_id=16&xhr=t&q=college+attendance+statistics&bav=on.2,or.r_gc.r_pw.r_qf.,cf.osb&biw=1920&bih=900&wrapid=tljp1336402246784018&um=1&ie=UTF-8&tbm=isch&source=og&sa=N&tab=wi&ei=ROGnT9nAG4io8QSNoMnPAw
Fewer people working because they're in college full time.
In 4 years, our nation is smarter as a whole and better equipped to take on the other countries of the world.
LOL.
Obama made it easier? WTF are you talking about? All obama is doing is a repeat of subprime loand for housing and doing subprime for school loans.
and you said you have an MBA? And what value do idiots w minority studies degrees and LGBT awareness w 100k in debt add to anything?
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And what value do idiots w minority studies degrees and LGBT awareness w 100k in debt add to anything?
If you own stock in the insitutions doing the lending, you love kids that borrow 100k for a worthless degree ;)
ANd while those majors suck, they'll still have more skills and tools and be stronger to compete on a world stage than if they went to work at super walmart at age 18. You still have to take core classwork in match, science, english, history, and others, before you get to that last 2 years of fluff :)
Obama made it easier? WTF are you talking about? All obama is doing is a repeat of subprime loand for housing and doing subprime for school loans.
http://www.usnews.com/education/blogs/student-loan-ranger/2011/11/09/learn-what-obamas-student-loan-plan-means-for-you
I dont think you can argue that these measures have made it easier and more afforable for kids to go to college.
You CAN argue it. But not logically :)
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If you own stock in the insitutions doing the lending, you love kids that borrow 100k for a worthless degree ;)
ANd while those majors suck, they'll still have more skills and tools and be stronger to compete on a world stage than if they went to work at super walmart at age 18. You still have to take core classwork in match, science, english, history, and others, before you get to that last 2 years of fluff :)
http://www.usnews.com/education/blogs/student-loan-ranger/2011/11/09/learn-what-obamas-student-loan-plan-means-for-you
I dont think you can argue that these measures have made it easier and more afforable for kids to go to college.
You CAN argue it. But not logically :)
More affordable means lower prices - not making it easier to rack up more debt.
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More affordable means lower prices - not making it easier to rack up more debt.
Many kids can't go to school because they don't have the money. It's not like when you and i went to school. Loans don't even cover it these days. It's SICK how much school costs.
Obama made loans easier for kids. That's a good thing. He did a lotta shitty things - but this is a good thing.
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Many kids can't go to school because they don't have the money. It's not like when you and i went to school. Loans don't even cover it these days. It's SICK how much school costs.
Obama made loans easier for kids. That's a good thing. He did a lotta shitty things - but this is a good thing.
False - the govt loans are the CAUSE of the school inflation.
Havent we been over this many times by now?
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May 7, 2012
President Obama Is Running Out of Jobs Excuses
By Louis Woodhill
Friday's Employment Report from the Bureau of Labor Statistics (BLS) was so bad that the Obama administration didn't even bother to tout the reported 0.1 percentage point decline in the "headline" (U-3) unemployment rate. They knew that to do so would just make them look completely out of touch.
How bad was it? The number of people with jobs (BLS Household Survey) declined for the second month in a row, falling by 169,000 in April after easing by 31,000 in March. This means that there were 200,000 fewer Americans with jobs in April than there were in February.
The exodus of discouraged Americans from the workforce, which is the big ongoing story of Obama's so-called economic recovery, continued in earnest during April. Labor force participation, which is the percentage of working-age adults who either have jobs or are looking for work, fell to 63.6%, which is the lowest level since December 1981.
A total of 342,000 American's gave up looking for jobs in April. Because our working-age population increased by 180,000 during the month, the ranks of discouraged workers increased by at least 463,000 during April. These numbers spell "recession", not "recovery".
April's 0.1 percentage-point decline in the unemployment rate, as well as the reported 8.1% unemployment rate itself, were pure illusion. Adjusted to the labor force participation rate when Bush 43 left office (65.8%), our unemployment rate actually increased by 0.2 percentage points in April, from 11.0% to 11.2%. Adjusted to the labor force participation rate when we last had full employment (67.3%, the level of April 2000), our unemployment rate increased from 13.0% in March to 13.2% in April.
April 2012 marks 12 years since we last had full employment. Since then, our working age population has increased by 30.8 million, but (on the margin) only 31% of these people have entered the labor force, and less than half of those that did have found a job. America ended April 15.2 million jobs short of full employment, 0.3 million more than just one month before.
April marked the 34th month of President Obama's so-called "economic recovery". During these 34 months, total employment increased by only 1.3%. When compared with the comparable point during our recovery from the 1981-1982 recession, this is pathetic. By 34 months into the Reagan recovery, total employment had increased by 8.6%. If the current economic recovery had been as good, there would be 10.2 million additional Americans working today.
The markets treated Friday's BLS report as a nasty surprise. The Dow Jones Industrial Average fell by more than 168 points. While the report was obviously a shock, it shouldn't have been. The employment numbers were consistent with the GDP report that came out on April 27.
During the first 10 calendar quarters of Obama's economic recovery, real GDP (RGDP) grew at an annual rate of 2.45%, while total employment grew at a 0.22% annual rate. This suggests that at the 2.2% RGDP growth rate reported for 1Q2012 by the Bureau of Economic Analysis (BEA), we should expect total employment to be stagnant. In this light, the 200,000 decline in total jobs over the past two months appears to represent a partial correction of the reported 428,000 job gain in February. If economic growth does not accelerate, we can expect total employment to fall further.
Errors in economic policy show up first and fastest in the total employment numbers. For example, it took the National Bureau of Economic Research until December 1, 2008 to conclude that the U.S. had entered a recession in January 2008. However, total employment peaked in November 2007, and, by January 2008, it was clear that the trend was downward.
Obamunism is failing, and its ongoing failure is reflected in the employment numbers. Obama's Keynesian mental model of how the economy works is simply wrong, so his remedies, which are based upon Keynesianism, aren't working.
Keynesians believe that economic growth is driven by spending, and that government borrowing and spending will increase total spending, and thereby boost RGDP. It isn't, and it won't, so it doesn't. Obama's signature remedy for our economic woes, "stimulus", was an $831 billion flop.
Keynesianism is a superstition, and no amount of real-world evidence can penetrate a mind in the grip of a superstition. When Obama's massive 2009 stimulus program had the same impact (i.e., none) as Bush 43's smaller programs in 2001 and 2008, Keynesians simply declared that, "It just wasn't big enough". Pop quiz: if your plan is to raise the water level in a pond by drawing out a bucket of water and pouring it back in again, how big a bucket would be "big enough"?
The reality is that investment drives economic growth. It is investment that creates productive capacity, and nothing can be purchased unless it is first produced. During the first 11 calendar quarters of the Reagan economic recovery, real nonresidential investment increased at a 9.4% annual rate, RGDP expanded at a 6.1% annual rate, and total employment grew at a 3.1% annual rate. The comparable numbers for Obama's (non) recovery are 6.0%, 2.4%, and 0.5%.
All of the major elements of Reaganomics, a strong dollar, marginal tax rate cuts, and reduced regulation, favor capital investment. Obamunism is the exact opposite of Reaganomics in these three areas, and it therefore discourages investment. When you discourage investment, you discourage employment. The result is the most discouraging jobs picture since the Great Depression.
But wait! There's more!
Right now, the economy is heading toward a "fiscal cliff", with massive tax increases scheduled for January 1, 2013. Could this be impacting capital investment now, and thereby RGDP and jobs?
Well, let's see. You climb in the back seat of Thelma and Louise's 1966 Thunderbird. Thelma floors it, and she begins racing for the cliff. How likely are you to say, "Hey, let's invest in a new carburetor"?
Uncertainty and fear about 2013 are impacting investment decisions. After growing by 15.7% during 3Q2011, nonresidential business investment slowed to a 5.2% growth rate in 4Q2011 and then fell at a 2.1% rate last quarter.
Capital investments not made are beginning to show up as jobs not created. Obama will have to put his excuse machine into high gear to deal with the jobs numbers that we can expect to see between now and the election.
Louis Woodhill (louis@woodhill.com), an engineer and software entrepreneur, is on the Leadership Council of the Club for Growth.
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Oct 2009 - Highest unemployment rate of recession, at over 10%; 58.5% of Americans had a job.
Apr 2012 - Unemployment down to 8.1%; 58.4% of Americans have a job.
The percent of Americans employed has actually gone DOWN. Conclude what you will.
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324,000 Women Dropped Out of Labor Force in Last Two Months--As Number of Women Not in Labor Force Hits Historic High
By Terence P. Jeffrey
May 9, 2012
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Labor Secretary Hilda Solis and President Barack Obama (AP Photo/J. Scott Applewhite)
(CNSNews.com) - 324,000 women dropped out of the nation’s civilian labor force in March and April as the number of women not in the labor force hit an all-time historical high of 53,321,000, according to the Bureau of Labor Statistics.
The civilian labor force consists of all people in the United States 16 years or older who are not in the military, a prison, or another institution such as a nursing home or mental hospital and who either have a job or are unemployed but have actively sought work in the previous four weeks and are currently available to work.
The civilian labor force is a subset of what BLS calls the civilian noninstitutional population, which includes all people in the country 16 or older who are not in the military, a prison, or another institution such as a nursing home or mental hospital.
This year (in both January and April), only 57.6 percent of the women in the civilian noninstitutional population were in the labor force. That is the lowest rate of labor force participation by American women since April 1993, according to historical data maintained by BLS.
The rate of female participation in the civilian workforce peaked twelve years ago--in April 2000--when hit 60.3 percent.
In February, according to BLS’s seasonally adjusted data, 52,833,000 American women were not in the labor force. In March that climbed to 53,090,000—a one-month increase of 257,000. In April, it climbed again to the historical high of 53,321,000—a one-month increase of 231,000 from March and a two-month increase of 488,000 from February.
In February, there was an historical high of 72,706,000 women in the labor force. But in March, that dropped to 72,529,000—a decline of 177,000. And in April, it dropped to 72,382,000—a decline of another 147,000.
Thus, in March and April, according to the BLS data, a total of 324,000 American women dropped out of the civilian labor force.
The number of women added to those not in the labor force in March and April (488,000) exceeds the number of women who dropped out of the labor force during those two months (324,000) because women who newly turned 16, or left the military, or were released from prison or another institution during those two months and then did not seek a job were added to the ranks of those not in the labor force.
BLS says that for a one-month change in the number of women in the labor force to be statistically significant it has to be greater than about 260,000. For a three-month change to be statistically significant it has to be greater than 400,000. Thus, the two-month increase of 488,000 in the number of women not in the labor force is a statistically significant trend, but the two-month increase of 324,000 women who dropped out of the labor force is not. However, if at least 76,000 additional women drop out of the labor force in May the trend will become statistically significant.
Moreover, BLS says the decline of female participation in the workforce over the past year has been statistically significant—dropping from 58.3 percent in April 2011 to 57.6 percent this April.
For both males and females combined, the rate of participation in the labor force dropped to 63.6 percent in April—the lowest rate since December 1981.
Recently, however, women have been leaving the labor force in larger numbers than men.
From February to March, the number of men in the labor force actually increased by 14,000—rising from 82,165,000 to 82,179,000, according to BLS. From March to April, it dropped back down to 81,983,000—a one-month decline of 196,000.