| Unemployment 9.1% - July 2011 - 9.1% Auguts | |
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| Tweet Topic Started: Jul 8 2011, 07:39 AM (4,344 Views) | |
| LTC8K6 | Jul 8 2011, 07:39 AM Post #1 |
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Assistant to The Devil Himself
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http://www.cnbc.com/id/43683108 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 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. High gas prices and supply-chain disruptions stemming from the Japan crisis and the weak housing market have slowed the economy. Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year. Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs. Hiring has slowed sharply in the past two months. The economy added an average of 215,000 jobs per month in the previous three months. |
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| LTC8K6 | Jul 8 2011, 08:08 AM Post #2 |
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Assistant to The Devil Himself
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He's probably going to tell us how bad it would have been...if it weren't for him... Reminds me of that Lewis Black line...
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| Baldo | Jul 8 2011, 08:45 AM Post #3 |
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Sad news indeed. Summer of Recovery 2nd attempt is a no-show. Job Growth Falters Badly, Clouding Hope for Recovery The United States economy added a meager 18,000 jobs in June, up from a gain of a revised 25,000 jobs in May, the Department of Labor said on Friday. The unemployment rate rose to 9.2 percent from 9.1 percent in May, the department said. The increase in nonfarm payrolls came mostly from private companies, which added 57,000 jobs in June, from the revised 73,000 they brought on in May, the monthly report said. In general, government agencies have been shedding jobs as they grapple with budget pressures. The report said that 14.1 million people were out of work in June, among them 6.3 million who have been jobless for six months or longer. In May, the total number of unemployed people was reported as 13.9 million, with the long-term unemployed at 6.2 million. The numbers showed the continuing challenges of adding jobs to the economy even at a rate that keeps pace with population growth, two years after the official end of the longest economic downturn since the Great Depression. Friday’s report showed that 39,000 government jobs were cut in June. The previous month, 28,000 local government and 2,000 state jobs were cut, as states and towns dealt with tighter budgets. Analysts surveyed by Bloomberg News predicted that the report would show the economy added 105,000 nonfarm payrolls in June and that the unemployment rate would remain unchanged from May, when it had edged up from 9.0 percent in April. The monthly jobs report is seen as a gauge of how well the nation’s job market is restoring the more than eight million jobs lost during the recession.,,,snipped http://www.nytimes.com/2011/07/09/business/economy/job-growth-falters-badly-clouding-hope-for-recovery.html |
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| longstop | Jul 8 2011, 08:46 AM Post #4 |
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longstop
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All those Greek Columns; the guy will just waffle and play his out of tune stradivarius...once more . Remember this BS ? Pelosi: Health Reform Will Create 400,000 Jobs "Almost Immediately" http://www.realclearpolitics.com/video/2010/02/25/pelosi_health_reform_will_create_400000_jobs_almost_immediately.html Obumbles cancels VACATION to Montana to read Teleprompter ! http://politics.blogs.foxnews.com/2011/07/07/president-obama-cancels-montana-vacation-scheduled-weekend Edited by longstop, Jul 8 2011, 08:49 AM.
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| chatham | Jul 8 2011, 08:55 AM Post #5 |
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Here, this will help..... a lot. Print more money. AHHHHHHHhhahahahahahahahahha obama needs to resign. |
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| Baldo | Jul 8 2011, 10:17 AM Post #6 |
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How bad was it? "Absolute disaster" NFP = "Nonfarm payroll Stunner: NFP Up Just 18K, Unemployment Rate 9.2%, Household Survey Down 445,000, Birth Death +131,000 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%...snipped http://www.zerohedge.com/article/stunner-nfp-just-18k Edited by Baldo, Jul 8 2011, 10:17 AM.
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| Mason | Jul 8 2011, 10:41 AM Post #7 |
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Parts unknown
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. Economist on MSBC says things are going to bounce back really big Next Month. Unfortunately, he has said the same thing for about 8 months now. MSNBC is primed for a Big Recovery, in any event. |
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| Baldo | Jul 8 2011, 10:59 AM Post #8 |
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I am so sick and tired of the MSNBC & CNBC cheerleaders and their ever spinning of hopeful news for Obama. They are supposed to be a news agency reporting the facts, but it is always spin spin spin. Frankly I am sick & tired of posting negative reports also. Each month it is the same sad old story. Time for the people to get mad at the Obama Administration. As was reported the White House Staff received a 16% pay increase. It expands & grows in DC's every growing money grab from the private sector. Meanwhile our Dunce in Chief said this today in response to the job numbers 'I'm ready to roll up my sleeves' |
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| cks | Jul 8 2011, 11:04 AM Post #9 |
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At least some money will be saved because he is not going to Montana. BTW - How many vacations does he and his family need to take? For someone who does nothing he sure has to rest and relax a lot. |
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| kbp | Jul 8 2011, 12:12 PM Post #10 |
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I can't believe it, I really LMAO at that. It's just the SOS again and again, so I should not be surprised by the stupidity I laugh at. |
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| retiredLEO | Jul 8 2011, 12:14 PM Post #11 |
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What happened to the wage freeze for federal workers?? http://gawker.com/5818310 |
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| longstop | Jul 8 2011, 12:47 PM Post #12 |
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longstop
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They are all spewing the party line ready to get that promised dacha in the woods. |
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| kbp | Jul 8 2011, 01:02 PM Post #13 |
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...and I LMAO at Mason's post about what MSNBC said! Obama: Uncertainty over debt limit contributing to lack of hiring by worried companies WASHINGTON — Facing a dismal jobs report, President Barack Obama called on Congress Friday to end uncertainty over their debt standoff and pass a litany of administration-backed proposals, including a payroll tax cut extension and three free trade agreements. Obama’s top economist said implementing those policies would reduce the jobless rate a full point by the time Obama faces re-election in the fall of 2012. But Republican opposition and Washington’s heated partisan atmosphere would likely make passing the full slate of administration proposals a political pipe dream. [WP already added blame to GOP!] Obama spoke from the Rose Garden shortly after the release of fresh figures that showed employers added just 18,000 jobs in June, the fewest in nine months, and the unemployment rate rose to 9.2 percent. The president said the numbers were yet another sign that a full economic recovery is still elusive. “Our economy as a whole just isn’t producing nearly enough jobs for everybody who is looking,” Obama said. [BRILLIANT!] The jobs report comes against the backdrop of negotiations on cutting government spending and increasing the nation’s borrowing limit in order to prevent the U.S. from defaulting on its debt. Obama said the new jobs report adds fresh urgency to the talks, saying an agreement would end uncertainty that is keeping businesses from hiring. “The American people sent us here to do the right thing, not for party, but for country. So we’re going to work together to get things done on their behalf,” he said. “That’s the least that they should expect of us, not the most that they should expect of us.” [The "UNCERTAINTY" hit us January '09 ...and we've been stuck with it since.] White House economist Austan Goolsbee said internal administration forecasts show that the unemployment rate could drop by a point by the November 2012 elections if lawmakers take several steps, including extending the payroll tax cut, passing trade deals with South Korea, Colombia and Panama, and creating an infrastructure bank. In an interview with CNBC on Friday, Goolsbee said passing those proposals would bring the unemployment rate to 8.2 percent by the fourth quarter of 2012. The White House has had to backtrack on its unemployment predictions before. Obama economists predicted the jobless rate would stay below 8 percent if lawmakers passed Obama’s massive stimulus plan in 2009. Congress obliged, but the unemployment rate soared. Republicans used Friday’s jobs report as an opportunity to slam Obama’s economic agenda. “President Obama is out of answers and running out of time,” said former Minnesota Gov. Tim Pawlenty, a presidential candidate. [The brilliant WH economists are preaching tax cuts and trade agreements. Where did they get that idea????? Does it also identify some problems holding up the debt limit "UNCERTAINTY"?????] Edited by kbp, Jul 8 2011, 01:03 PM.
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| LTC8K6 | Jul 8 2011, 01:39 PM Post #14 |
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Assistant to The Devil Himself
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Not sure why but Obama's revolution makes me think of this song: Run and tell all of the angels This could take all night Think I need a devil to help me get things right Hook me up a new revolution Cause this one is a lie We sat around laughing and watched the last one die http://www.youtube.com/watch?v=Tf7DV0wEong Edited by LTC8K6, Jul 8 2011, 01:44 PM.
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| Baldo | Jul 8 2011, 01:52 PM Post #15 |
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It is really simple. Our Govt is spending 25% of GNP. Economists of the the of Milton Friedman School and Economists of the Mises Institute say that is far too much. It should be around 17-19% max and anything over than hurts the private sector which is the solucre of jobs Economists like Krugman believe in spending to stimulate the economy and encourage it. Obama is inexperienced in this matter and is part of the "Krugman type" school as are his money men. We elected someone who was not qualified. The Democratic Party has been taken over by this school of spending and to a certain degree but lesser the DC RINOs. Bringing spending down to 17-19% is politically difficult if your power depends on spending. However we have no choice. What I believe is Obama did 180 the opposite of what he should have done on Jan 21, 2009. He chose borrow & spend and increase the size & spending of govt. We are now worse off. We have to pay off what he has borrowed.We are in a deep deep hole. Meanwhile Obama is following the Green Economy Model and it is also hurting us. It will be a failure. That is why I call him now the Dunce-in-Chief. |
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