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View Full Version : Economics June Job Losses at 125,000, But Jobless Rate Falls to 9.5%


petegz28
07-02-2010, 08:06 AM
U.S. employment fell for the first time this year in June as thousands of temporary census jobs ended and private hiring grew less than expected, dealing a blow to President Barack Obama who has identified job creation as a key priority.

Nonfarm payrolls dropped 125,000, the largest decline since October, as temporary census jobs fell 225,000, the Labor Department said on Friday.

However the unemployment rate fell to 9.5 percent, the lowest level since July, as people left the labor force.

The report will add to worries the recovery from the longest and deepest recession since the 1930s could be faltering. Analysts polled by Reuters had expected employment to fall 110,000 last month, with the jobless rate edging up to 9.8 percent from 9.7 percent in May.

The government revised data for April and May to show 25,000 more jobs created than earlier reported.

Private employment, considered a better measure of labor market health, rose 83,000 in June, less than market expectations for a 112,000 gain.

Public unhappiness with the economy, especially after a record $787 billion package of spending and tax cuts, is eroding Obama's popularity. Obama, has tried to put the blame on policies of the previous administration.

With voters in an anti-Washington, anti-incumbent mood, failure to put back to work the more than 8 million Americans who lost jobs during the recession could cost the Democratic Party dearly in the November mid-term elections.

Payrolls in the dominant services sector rose 91,000 last month after increasing 20,000 in May.

Temporary help employment rose 20,500, while retail hiring fell 6,600.

In the goods-producing sector, payrolls fell 8,000 in June, pulled down by declines in construction as home building dropped sharply following the end of a government tax credit.

Manufacturing employment rose 9,000 after a 32,000 gain in May.

With unemployment stubbornly high, household spending has turned sluggish in recent months, threatening to create a vicious cycle that stock market investors and some analysts worry could tip the economy back into recession.

"We are in a difficult situation. I don't think there is political will to have another stimulus program and even if we did I am not sure people feel it would be that effective," said Stephen Bronars, a senior economist at Welch Consulting in Washington.

The Federal Reserve is also in a bind. It has held benchmark overnight interest rates close to zero since December 2008 and has pumped more than $1 trillion into the economy.

Fed officials believe a sustainable recovery has taken hold, but are watching cautiously.

The average workweek edged down to 34.1 hours from 34.2 hours in May.

http://www.cnbc.com/id/38054214

petegz28
07-02-2010, 08:08 AM
Mixed to Bearish report. 83,000 private sector jobs created is less than expected. Unemployment rate down to 9.5% seems positive but it dropped because more people left the labor force, not because jobs were created.

The Mad Crapper
07-02-2010, 08:08 AM
Hope and change! LOL

And Sully and Jilly voted for that asshole.

dirk digler
07-02-2010, 08:54 AM
The one word that comes to mind is depressing. Here I thought we were starting to move forward but it seems to have reversed it self.

The Mad Crapper
07-02-2010, 08:57 AM
T Here I thought we were starting to move forward

Obviously you haven't been paying much attention.

dirk digler
07-02-2010, 09:00 AM
Obviously you haven't been paying much attention.

Well I am not an economist but all the indicators were showing improvement and each month the jobs numbers were getting better.

I am just curious though what is your deal with Jilly and Sully?

petegz28
07-02-2010, 09:01 AM
Factory Orders just came in down 1.4% in May, down from up 1.0% in April. So we gave it all back and then some.

HonestChieffan
07-02-2010, 09:04 AM
As long as we understand that this is Bush's fault and don't go getting all wishy washy on the President, we will be ok. Hope does not mean instant change and after all, these are issues he inherited and it is not an easy fix.

The Mad Crapper
07-02-2010, 09:07 AM
Well I am not an economist but all the indicators were showing improvement and each month the jobs numbers were getting better.



No Dirk, not "all" the indicators. You must be thinking about all the propaganda.


I am just curious though what is your deal with Jilly and Sully?

Back during the primaries, I correctly pointed out that James Cone was a racist, and Sully didn't like that so he smeared me.

I'm glad he got his wish, though. He made sure the racist moron Obama won the election and he's now paying for it. I hope it breaks up his marriage.

dirk digler
07-02-2010, 09:17 AM
No Dirk, not "all" the indicators. You must be thinking about all the propaganda.



Back during the primaries, I correctly pointed out that James Cone was a racist, and Sully didn't like that so he smeared me.

I'm glad he got his wish, though. He made sure the racist moron Obama won the election and he's now paying for it. I hope it breaks up his marriage.

Well that is probably true because I don't know every single indicator so sue me. :p But job numbers, manufacturing numbers, home sales and construction have all been up along so I thought it was moving in the right direction.

KC native
07-02-2010, 05:30 PM
Well that is probably true because I don't know every single indicator so sue me. :p But job numbers, manufacturing numbers, home sales and construction have all been up along so I thought it was moving in the right direction.

No, you're right. Shitty doesn't know shit about economics and the markets. The trend has been improving and employment is a very strong trending data series. Also, almost all of the other indicators were improving. The most recent numbers however have thrown some cold water on the trends though.

Bowser
07-02-2010, 06:28 PM
Hope and change! LOL

And Sully and Jilly voted for that asshole.

That asshole was a better option than the other asshole, plain and simple. If your party of choice could have figured out shit from shinola, we would most likely have a repub in office right now.

ClevelandBronco
07-02-2010, 07:09 PM
...the unemployment rate fell to 9.5 percent, the lowest level since July, as people left the labor force...

Whatever it takes to get the headlines to report that the rate is under double digits.

fan4ever
07-02-2010, 07:51 PM
That asshole was a better option than the other asshole, plain and simple. If your party of choice could have figured out shit from shinola, we would most likely have a repub in office right now.

I keep hearing this argument when in fact ANYONE, even Hillary, would have been MUCH better than this petri dish of a president. What an absolute travesty...and I'm dumbfounded everyone time I hear a defense. Wake up Obama supporters...you can only look worse by making excuses.

Bowser
07-02-2010, 09:09 PM
I keep hearing this argument when in fact ANYONE, even Hillary, would have been MUCH better than this petri dish of a president. What an absolute travesty...and I'm dumbfounded everyone time I hear a defense. Wake up Obama supporters...you can only look worse by making excuses.

The last presidential election was the biggest crapfest I have endured of my adult life, and perhaps of my entire life. Neither side did a damn thing to make themselves look better than the other.

Saul Good
07-02-2010, 09:15 PM
No, you're right. Shitty doesn't know shit about economics and the markets. The trend has been improving and employment is a very strong trending data series. Also, almost all of the other indicators were improving. The most recent numbers however have thrown some cold water on the trends though.

Let's see here...

The government gives money to people to become census workers. The number of census workers goes up.

The government gives people money to purchase cars. Car sales go up.

The government gives people money to purchase homes. Home sales go up.

Perhaps these indicators didn't tell the whole story.


Here's the kicker...
The government gives people money for unemployment, and Nancy Pelosi thinks that the number of people unemployed will go DOWN.

fan4ever
07-03-2010, 01:19 AM
The last presidential election was the biggest crapfest I have endured of my adult life, and perhaps of my entire life. Neither side did a damn thing to make themselves look better than the other.

I have several friends, who's political opinions I somewhat respect, who voted for Obama. Where I cut bait is with the fools who still defend his administration. I don't care what choice they had; what I care about now is the choices they make eyes wide open.

The Mad Crapper
07-08-2010, 09:19 AM
http://www.iaza.com/work/100702C/did_I_do_that7451514165-iaza.jpg