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Unemployment 9.1% - July 2011 - 9.1% Auguts
Topic Started: Jul 8 2011, 07:39 AM (4,348 Views)
kbp

Quote:
 
Jobless Claims in U.S. Decreased to Three-Month Low

Applications for unemployment benefits dropped last week to the lowest level since April, a sign the weakness in the labor market is abating.

Jobless claims fell by 24,000 to 398,000 in the week ended July 23, fewer than forecast, Labor Department figures showed today in Washington.

snip



Seems overly optimistic for a one week drop (yet to be revised), but it's better than going the other way!
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Baldo
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Only 398,000 applications for unemployment!

Only the MSM could minimized 400k people losing their jobs, It is slightly better, but my goodness, it should be better in July
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kbp

"...it would have been worse"
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Baldo
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kbp
Jul 28 2011, 11:05 AM
"...it would have been worse"
I can only imagine the hurrays as the economy recovers despite Obama, Reid, and Pelosi.

Of course assuming unemployment actually drops below 8.0%
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Baldo
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African-American Middle Class Eroding As Unemployment Rate Soars

The unemployment situation across America is bad, no doubt. But for African-Americans in some cities, this is not the great recession. It’s the Great Depression.

Take Charlotte, N.C., for example. It is a jewel of the “new South.” The largest financial center outside of New York City, it's the showcase for next year’s Democratic National Convention. It was a land of hope and opportunity for many blacks with a four-year college degree or higher.

According to an analysis by the Economic Policy Institute, in Charlotte, N.C., the unemployment rate for African-Americans is 19.2 percent. If you add in people who have given up looking for jobs, that number exceeds 20 percent, which, according to economists Algernon Austin and William Darity, has effectively mired blacks in a depression.


“You’re looking at a community that is economically depressed in my opinion,” Austin said. “And we need action that will address that scale of joblessness.”

Vanessa Parker worked hard to get ahead. She was an administrative assistant at IBM in Charlotte. She went to night school to better herself, graduating with a bachelor’s degree in finance. Parker and her husband saved up enough money to move from a bad neighborhood to a quiet, middle-class street. But instead of moving up in the company, IBM moved out. Now she works at a big-box store for minimum wage.

“It’s very frustrating and it makes you wonder why are you doing it,” she told me. “Because it seems like the more that you try to get ahead, seems like you’re falling back.”...snipped

http://www.foxnews.com/us/2011/07/28/african-american-middle-class-eroding-as-unemployment-rate-soars/?test=latestnews


Tragic news for AAs as their Hope in Obama has been betrayed.

But that is what Marxists always do, promise everything, but fail to deliver.

And they make it worse!

That is going to be one interesting Democratic National Convention.
Edited by Baldo, Jul 29 2011, 10:48 AM.
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chatham
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Baldo
Jul 28 2011, 09:03 AM
Only 398,000 applications for unemployment!

Only the MSM could minimized 400k people losing their jobs, It is slightly better, but my goodness, it should be better in July
Dont worry, it will be revised upward next time.
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kbp

Baldo
Jul 29 2011, 10:46 AM
African-American Middle Class Eroding As Unemployment Rate Soars

snip
...and the cure always has been for others to shoulder more responsibility for them, the "them" actually includes all colors with those problems, so the solution reducing self-reliance will also impact the FAMILY ...burn the village.
Edited by kbp, Jul 29 2011, 02:15 PM.
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Baldo
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Improving Mexican economy draws undocumented immigrants home from California

There are fewer undocumented immigrants in California – and the Sacramento region – because many are now finding the American dream south of the border.

"It's now easier to buy homes on credit, find a job and access higher education in Mexico," Sacramento's Mexican consul general, Carlos González Gutiérrez, said Wednesday. "We have become a middle-class country."

Mexico's unemployment rate is now 4.9 percent, compared with 9.4 percent joblessness in the United States.

An estimated 300,000 undocumented immigrants have left California since 2008, though the remaining 2.6 million still make up 7 percent of the population and 9 percent of the labor force, according to the Public Policy Institute of California....snipped

http://www.sacbee.com/2011/07/28/3799513/improving-mexican-economy-draws.html


Unbelievable! Can we send Obama to Kenya?
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retiredLEO
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Baldo
Jul 29 2011, 03:33 PM
Improving Mexican economy draws undocumented immigrants home from California

There are fewer undocumented immigrants in California – and the Sacramento region – because many are now finding the American dream south of the border.

"It's now easier to buy homes on credit, find a job and access higher education in Mexico," Sacramento's Mexican consul general, Carlos González Gutiérrez, said Wednesday. "We have become a middle-class country."

Mexico's unemployment rate is now 4.9 percent, compared with 9.4 percent joblessness in the United States.

An estimated 300,000 undocumented immigrants have left California since 2008, though the remaining 2.6 million still make up 7 percent of the population and 9 percent of the labor force, according to the Public Policy Institute of California....snipped

http://www.sacbee.com/2011/07/28/3799513/improving-mexican-economy-draws.html


Unbelievable! Can we send Obama to Kenya?
I figure eventually what will be left behind is the criminal element of the illegals that are here. If Obwebama loses in 2012, he could run for the leadership position in Kenya, it is in their Constitution.
Edited by retiredLEO, Jul 29 2011, 04:28 PM.
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Kerri P.
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http://www.wral.com/business/story/9940764/
Americans cut spending for first time in 20 months
Posted: 8:37 a.m. today
Updated: 9:26 a.m. today

WASHINGTON — Americans cut back on their spending in June for the first time in nearly two years and their incomes grew by the smallest amount in nine months, a troubling sign for an economy that is barely growing.

Consumer spending dropped 0.2 percent in June, the Commerce Department said Tuesday. Some of the decline was caused by declining food and energy prices, which had spiked in recent months. When excluding spending on those items, consumer spending was flat.

Incomes rose 0.1 percent, the weakest growth since September. Many people are responding by saving more. The personal savings rate rose to 5.4 percent of after-tax incomes, the highest level since August 2010.

The data confirmed last week's report that showed the U.S. economy expanded at a tepid annual rate of 1.3 percent in the spring after only 0.4 percent growth in the first three months of the year. But it also highlighted that consumer spending weakened during the April-June quarter, which could mean the sluggish economy is worsening.

Stock futures were trading lower after the report was released.

"The recent run of weak economic news has made us more concerned that any rebound will be more modest than previously looked likely," said Paul Dales, senior U.S. economist at Capital Economics, .

High gas prices and unemployment have squeezed household budgets this spring. Many Americans are cutting back on purchases of cars, furniture, appliances and electronics. Consumer spending is closely watched because it accounts for 70 percent of economic activity.

Employers have responded by reducing hiring. The economy added just 18,000 net jobs in June, the fewest in nine months. The unemployment rate rose to 9.2 percent, the highest level this year.

The government issues its July employment report on Friday.

snip...
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Baldo
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AP: Unemployment rose in nearly all US cities

WASHINGTON – Unemployment rose in more than 90 percent of U.S. cities in June, mirroring a national slowdown in hiring.

The Labor Department says the unemployment rate rose in 345 large metro areas. It dropped in 20 cities and was unchanged in seven. That's worse than May, when the rate rose in only 210 cities and a sharp reversal from April, when unemployment actually fell in nearly all metro areas.

The biggest increase was in Joplin, Mo, which was hit by a major tornado on May 22. The city lost 9,400 jobs in June and the unemployment rate jumped nearly 2 percentage points, to 9.6 percent.

Nationwide, unemployment ticked up to 9.2 percent in June, the highest level this year.

Businesses have cut back on hiring this spring. Employers added only 18,000 jobs in June, the fewest in nine months. That's down sharply from an average of 215,000 net job gains each month in the February-April period.

Economic growth declined to less than 1 percent in the first half of this year. That's slowest pace since the recession ended two years ago.

Stagnant wages and high gas prices have cut into consumer spending, which accounts for 70 percent of economic activity. Spending fell in June for the first time in 20 months, the government said Tuesday....snipped

http://www.sacbee.com/2011/08/03/3814197/unemployment-rose-in-nearly-all.html


One wonders why AP is writing this before the July BLS stats are released on Friday? Maybe reality is starting to trump politics?

Anyway the news on Friday won't most likely be good and Obama & Michelle will still have a great vacation on Martha's Vineyard later this month.

WARNING to all Lobsters!

BTW The Prime Minister of Spain just cancelled his August Vacation due to the deteriorating economy. That is something unheard for the Spanish. Think Obama & Michelle will cancel Martha's Vineyard?
Edited by Baldo, Aug 3 2011, 03:15 PM.
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Baldo
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Krauthammer: Obama Is "Out Of Bullets...Out Of Arrows" On Economy

Charles Krauthammer: He's out of bullets, he's out of arrows, he's looking for stones on the seashore. And it shows that he may want to have a jobs agenda, he may want to do a pivot -- there's nothing left in the cuboard. He did a huge Keynesian gamble, and it failed.

see Video

http://www.realclearpolitics.com/video/2011/08/03/krauthammer_obama_is_out_of_bulletsout_of_arrows_on_economy.html


He did a huge Keynesian gamble, and it failed.

That is the bottom line.
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wingedwheel
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Not Pictured Above
It isn't that he is out of bullets and arrows. 0bama is such a bad shot (nothing he has done has helped) that finding people willing to give him more ammo is only going to get harder as time goes on.
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Baldo
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Obarna Second Worst President on job Creation:

Following the bipartisan debt agreement, President Obama and his fellow Democrats tried to pivot by promising to turn their attention to job-creation. In a Rose Garden press conference, the President vowed to "...continue...to fight for...new jobs, higher wages and faster economic growth." House Minority Leader Nancy Pelosi joined in, saying "enough talks about the debt, we have to talk about jobs." And Sen. Charles Schumer (NY) went a step further to claim that job-creation is in fact Democrats' "strong suit."

But as American Enterprise Institute's Kevin Hassert points out, it certainly is not Mr. Obama's "strong suit." The graph below compares the first two and a half years in office of the five worst presidents on job-creation since 1890. President Obama is the second worst, coming in behind President Herbert Hoover whose first two and a half years in office were during the Great Depression, Not very impressive for someone who has been saying since 2009 that his administration's "overriding focus" is to "make sure that people are getting back to work."...snipped

http://www.rove.com/polling_notes/0000/0166/Polling_News_and_Notes_08_04_11.pdf


Sen. Charles Schumer (NY) went a step further to claim that job-creation is in fact Democrats' "strong suit."

The Dems have gone over the edge!
Edited by Baldo, Aug 4 2011, 04:10 PM.
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kbp

OT

I mentioned yesterday how the Treasury Rates were a bit strange, off from what you'd expect in the way of settlement to the debt ceiling delay events. The drop in the Dow today sure makes it clearer why the bond rates were ALL dropping (1 month - 30 year), more buyers than usual.
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