Job growth, unemployment stall in August

[ant1999e]

We sure could use a jobs package. To bad we have to wait.


http://www.washingtontimes.com/news/2011/sep/2/job-growth-unemployment-stall-august/?utm_source=RSS_Feed&utm_medium=RSS

Job growth ground to a halt last month in the strongest evidence to date that businesses were hit as hard as consumers by a sharp loss of confidence during the month spawned by Washington’s debt crisis and severe turmoil in the world’s financial markets.

The fall in job growth to zero from 85,000 in July, reported by the Labor Department Friday morning, represents the sharpest deceleration of job gains since the Great Recession, and was influenced by a strike of Verizon workers that subtracted nearly 50,000 jobs during the month.

Reflecting the static jobs picture, the U.S. unemployment rate was unchanged at 9.1 percent, the department said.

The only industries to see significant job growth were health care, where employment expanded by over 35,000, and professional and business services, where job gains totaled 28,000. Every other industry from manufacturing to retail trade registered only small gains or losses.

Job losses in government slowed somewhat to 17,000 from 71,000 in July as Minnesota workers shut out by that state’s budget impasse returned to work during August.


“Growing uncertainty about the political landscape in the U.S. and about the global economic outlook has taken a toll on business sentiment and lowered firms’ willingness to expand,” said Harm Bandholz, economist at Unicredit Markets.

“Even without the impact of the Verizon strike, these numbers are highly disappointing,” he said. “While companies have not started to lay off people — which would have led to a rise in jobless claims — they cut back on new hires,” he said.

Mr. Bandholz noted several other signs of weakness in the jobs report: Both the average workweek and average hourly wages declined during August and nearly 60,000 fewer jobs were created in June and July than the department previously reported.

He noted that the Boston committee of economists that determines whether the U.S. has entered a double-dip recession pays particular attention to the trend in job growth.

“The flat employment in August plus downward revisions to the previous two months clearly raises the specter that the U.S. has already entered or is at least close to entering another recession,” he said.

John Silvia, chief economist at Wells Fargo Securities, said the tepid jobs report will be disappointing to workers and investors alike.

The stock market immediately nosedived at the opening of trading Friday morning after the report was released, with the Dow Jones Industrial Average plummeting 236 points to 11,258.

“The trend in jobs is a slowdown,” Mr. Silvia said, with average job gains declining this year from a healthy 166,000 a month in the first quarter to 105,000 in the second quarter and only 28,000 in the current quarter.

The prospect for getting jobs is so poor that people keep dropping out of the job market two years into the economic recovery, and that is holding the unemployment rate lower than it might otherwise be, he said.

“That’s not the way you want to keep unemployment down,” he said. At the current rate of job growth, unemployment is likely to linger above 9 percent into next year, he said.

© Copyright 2011 The Washington Times, LLC. Click here for reprint permission.

[ant1999e]

Economy gains no new jobs in August

http://hotair.com/greenroom/archives/2011/09/02/economy-gains-no-new-jobs-in-august/

POSTED AT 10:33 AM ON SEPTEMBER 2, 2011 BY HOWARD PORTNOY
[ FISCAL STIMULUS ] PRINTER-FRIENDLY

Barack Obama has accomplished many firsts in his presidency. He was the first sitting president to debase the office by appearing on late night TV, where for good measure he insulted the Special Olympics. He is the first president on whose watch the nation’s AAA credit was downgraded by Standard & Poor’s.

Now he can add to his record the dubious distinction of being the first president since World War II to preside over an economy where net zero jobs were created in a given month.

That’s the headline for the August jobs report, which brings with it the ominous possibility of dip number two in the recession.

Some economists had expected the report to show a net gain of 75,000 new jobs, which in itself would have hardly been a cause for celebration, since in order to return to the pre-recession unemployment rate the economy needs to add a quarter million jobs a month for five years.

The weakness in the jobs report was underscored by revisions to the employment data for June and July. Collectively, those figures were lowered to show 58,000 fewer jobs added. The downward revisions were all in government jobs.

Reacting to the report, market strategist Liz Ann Sonders of Charles Schwab in San Francisco said:

We’re in this very flattish-type phase. The only relatively good news, and I would emphasize ‘relatively,’ is we’re not in firing mode, not in a job-loss mode. We’re in an extraordinarily slow job-gain mode.

The unemployment rate outwardly held at 9.1 percent. But when you add in the legions of the unemployed who have stopped looking for work, the number rises to 16.2 percent, tying the yearly high. Overall, the number of people “marginally attached to the labor force”—meaning workers not included in the unemployment count because they had not sought work in the past four weeks but have looked in the past year—rose from 2.4 million to 2.6 million.

If there is any comfort to be had, it is in the knowledge that the White House is “on the case.” As the president told NBC’s Brian Williams in August:

Well, look, we—we anticipated that the recovery was slowing. The economy is still growing, but it’s not growing as fast as it needs to. I’ve got things right now in—before Congress that we should move immediately. And I’ve said so before I went on vacation, and I’ll keep on saying when I—now that I’m back.

Before you get all excited about the president’s solution, it is worth noting that the above comment was made in August of 2010.


Wow, talk about deja vu.

[Smiling Assassin27]

Actually it's less than zero when you factor in the revisions in June and July, even when you add back in the Verizon strikers. This was abysmal, though I never say 'as bad as it can get' with this president.

[TonyR]

We sure could use a jobs package. To bad we have to wait.

I'm curious as to what types of things you'd put in a "jobs package". Come on, you're in charge. What would you propose? Give us a few highlights. You started a thread on it so hopefully you at least have some ideas. Tell us what Obama is doing wrong and how you'd get it right.

[ant1999e]

I'm curious as to what types of things you'd put in a "jobs package". Come on, you're in charge. What would you propose? Give us a few highlights. You started a thread on it so hopefully you at least have some ideas. Tell us what Obama is doing wrong and how you'd get it right.

Actually, I do have some ideas that I think would turn this economy around. Tell you what, I'll post them on here as soon as I get back from vacation.

[DBruleU]

Actually, I do have some ideas that I think would turn this economy around. Tell you what, I'll post them on here as soon as I get back from vacation.

:thumbsup:

[Rigs11]

I would give tax cuts to the corporations to create jobs..oh wait..

[UltimateHoboW/Shotgun]

I would give tax cuts to the corporations to create jobs.wait.

You should have stopped right there. You would have been closer to the answer.

[Rigs11]

You should have stopped right there. You would have been closer to the answer.

Hobo the bush tax cuts have been in place since 03.were are the jobs?thanks.

[Meck77]

Fast way to create jobs and raise the tax base by replacing them with American workers.

http://standwitharizona.com/blog/2011/09/03/arpaio-deputies-raid-phoenix-restaurants-arrest-7-for-id-theft-sheriff-joes-jobs-program/

The illegals are flat out leaving AZ now. More states need to follow Arizona's lead.

[UltimateHoboW/Shotgun]

Hobo the bush tax cuts have been in place since 03.were are the jobs?thanks.

Why is it when it comes tothese things, you guys have such static thinking. Guess what happened in '07, gas prices skyrocket, so people start using their credit cards. Then in '08 the houseing bubble pops, people are upside down on the mortgage because people with bad credit scores start foreclosuring on their homes. Guess who pays for this? People, but not just people, rich and the middle class people. You really don't get it.

[Arkie]

Hobo the bush tax cuts have been in place since 03.were are the jobs?thanks.

And unemployment was below 4.5% in 06 & 07. The tax cuts are not the job killers.

[Requiem]

Some states have very low rates.

[Rigs11]

And unemployment was below 4.5% in 06 & 07. The tax cuts are not the job killers.

Nor are they the solution.thanks for proving my point of the failed Argument of the right.The economy also did well during the Clinton years when the tax cuts were not in Place.Companies are sitting on approximately 1.4 trillion of money.Tax cuts are good for the deficit skyrocketing though and that's about it.

[Rigs11]

Why is it when it comes tothese things, you guys have such static thinking. Guess what happened in '07, gas prices skyrocket, so people start using their credit cards. Then in '08 the houseing bubble pops, people are upside down on the mortgage because people with bad credit scores start foreclosuring on their homes. Guess who pays for this? People, but not just people, rich and the middle class people. You really don't get it.

Wait what? i thought the economy was all obamas fault.you mean to tell me that the prez does bot have complete control over it?shocking!

[epicSocialism4tw]

Actually, I do have some ideas that I think would turn this economy around. Tell you what, I'll post them on here as soon as I get back from vacation.

Classic pwnage.

Rep.

[UltimateHoboW/Shotgun]

Wait what? i thought the economy was all obamas fault.you mean to tell me that the prez does bot have complete control over it?shocking!

What? I wrote no such thing. Do I have to spell this out for you? Bush's second "Stimulus" was to whom? Yeah that was his second "Stimulus". The 1st was that Tax cut(THAT WORKED), the second to the efffing banks. Do I have to bold this for you! THE SECOND "STIMULUS" TO THE BANKS DID NOT WORK! The thing is you don't know why Obama's "Stimulus" didn't work. I'll tell you why. OBAMA'S "STIMULUS" DID NOT WORK WAS BECAUSE HE DID NOT GIVE IT TO THE PEOPLE! HE GAVE IT TO THE GOVERNEMENT AND UNIONIST! Got that. Bush's 1st "Stimulus" (tax cuts to everybody) worked because it was to the THE REAL people. Not Obama's people. Was that racist?

[epicSocialism4tw]

Was that racist?

Ha!

[barryr]

Like I have stated many times before, until more people have jobs, real jobs, there is no way the economy improves significantly. All of the speeches and playing golf mean nothing. It is time for real action, not just a bunch of usual talk coming out of the WH and DC.

[Rigs11]

What? I wrote no such thing. Do I have to spell this out for you? Bush's second "Stimulus" was to whom? Yeah that was his second "Stimulus". The 1st was that Tax cut(THAT WORKED), the second to the efffing banks. Do I have to bold this for you! THE SECOND "STIMULUS" TO THE BANKS DID NOT WORK! The thing is you don't know why Obama's "Stimulus" didn't work. I'll tell you why. OBAMA'S "STIMULUS" DID NOT WORK WAS BECAUSE HE DID NOT GIVE IT TO THE PEOPLE! HE GAVE IT TO THE GOVERNEMENT AND UNIONIST! Got that. Bush's 1st "Stimulus" (tax cuts to everybody) worked because it was to the THE REAL people. Not Obama's people. Was that racist?

What are you 12?Obamas stimulus contained $280 in tax cuts for corps and the people that you speak of.the repubs screamed for this.try again and you don't have to put your misinformed points in caps.

[UltimateHoboW/Shotgun]

What are you 12?Obamas stimulus contained $280 in tax cuts for corps and the people that you speak of.the repubs screamed for this.try again and you don't have to put your misinformed points in caps.

I got you beat, "What are you? A embryo". I hate to quote this guy, but "Corporations are people to." You don't get it. Corporations in the end are made up of people. Government is an Idea. Think about that for a while.

[Rigs11]

I got you beat, "What are you? A embryo". I hate to quote this guy, but "Corporations are people to." You don't get it. Corporations in the end are made up of people. Government is an Idea. Think about that for a while.

Ok Romney.the corps you call people are sitting on over a trillion of money.where's the jobs?corporations are there to make money.the whole notion that if we give them money that they will create jobs has been disproven over and over.think about that for awhile.

[TonyR]

The job market is even worse than the 9.1 percent unemployment rate suggests.

America's 14 million unemployed aren't competing just with each other. They must also contend with 8.8 million other people not counted as unemployed - part-timers who want full-time work.

When consumer demand picks up, companies will likely boost the hours of their part-timers before they add jobs, economists say. It means they have room to expand without hiring.

And the unemployed will face another source of competition once the economy improves: Roughly 2.6 million people who aren't counted as unemployed because they've stopped looking for work. Once they start looking again, they'll be classified as unemployed. And the unemployment rate could rise.

Intensified competition for jobs means unemployment could exceed its historic norm of 5 percent to 6 percent for several more years. The nonpartisan Congressional Budget Office expects the rate to exceed 8 percent until 2014...

Read the whole article here:
http://hosted.ap.org/dynamic/stories/U/US_ECONOMY_UNDEREMPLOYED?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-09-04-12-02-18

[UltimateHoboW/Shotgun]

Ok Romney.the corps you call people are sitting on over a trillion of money.where's the jobs?corporations are there to make money.the whole notion that if we give them money that they will create jobs has been disproven over and over.think about that for awhile.

That's the difference between me and you. That is NOT YOUR MONEY!

You say "they" are sitting on a trillion dollars of cash. First, its is their right to "sit" on that cash if they want (the companies that didn't take bail out money). Second, do you know why "they" are "sitting" on that money? They are "sitting" on that money because "they" are not STUPID (UNLIKE YOUR PRESIDENT). THEY KNOW TAXES ARE COMING AND "THEY" WILL HAVE TO PAY "THEM"!

[W*GS]

HoboFail, Obama is your president too.

The more you use big fonts, the less credibility you have.

You're a hysterical ranting lunatic.

[Rigs11]

That's the difference between me and you. That is NOT YOUR MONEY!

You say "they" are sitting on a trillion dollars of cash. First, its is their right to "sit" on that cash if they want (the companies that didn't take bail out money). Second, do you know why "they" are "sitting" on that money? They are "sitting" on that money because "they" are not STUPID (UNLIKE YOUR PRESIDENT). THEY KNOW TAXES ARE COMING AND "THEY" WILL HAVE TO PAY "THEM"!

Of course it's their right.yet you guys claim that if we give them more money they will create jobs.they use our infasteucture just like the rest if us,yet they are not supposed to pay their fair share?they pay their CEOs more than they pay in taxes.again hobo where are the jobs?The notion that they are sitting on that money because of mean old Obama is rubbish.they are getting richer and the middle class is getting poorer.

[UltimateHoboW/Shotgun]

HoboFail, Obama is your president too.

The more you use big fonts, the less credibility you have.

You're a hysterical ranting lunatic.

Wow, just wow. Is this all you have left for me? Deflictions? I'd expect more from the person that lives in the War, Religion and Politics Forum.

[W*GS]

Wow, just wow. Is this all you have left for me? Deflictions? I'd expect more from the person that lives in the War, Religion and Politics Forum.

What deflections?

Just pointing out some facts - Obama is your president, big fonts don't make your arguments stronger, and you're a raving lunatic.

[UltimateHoboW/Shotgun]

Of course it's their right.yet you guys claim that if we give them more money they will create jobs.they use our infasteucture just like the rest if us,yet they are not supposed to pay their fair share?they pay their CEOs more than they pay in taxes.again hobo where are the jobs?The notion that they are sitting on that money because of mean old Obama is rubbish.they are getting richer and the middle class is getting poorer.

That is your problem. THERE IS NO "FAIR" IN LIFE. If "God" (If you believe in such a thing) can be unfair. There is no fair in Nature. Life is not FAIR. But life is not the Lotto. "Rich" people in didn't just pull the jack pot of life and got rich. Did you know that of the top 1% only 2% inherited there wealth. To spell it out to you, that means that 98% of the people EARNED their money. That means out of 10,000 people only 2 people inherited their money. But you're willing to STEAL other peoples money, for what? Make things Fair?

I love how in one breath you say:
Of course it's their right.
Then in the next you say:
yet they are not supposed to pay their fair share?they pay their CEOs more than they pay in taxes.again hobo where are the jobs?
Which of these two statments win?

So you're saying that Taxes are not coming?

[UltimateHoboW/Shotgun]

What deflections?

Just pointing out some facts - Obama is your president, big fonts don't make your arguments stronger, and you're a raving lunatic.

WE ARE NOT TALKING ABOUT "WHO IS PRESIDENT!" GOT IT!

[W*GS]

You think Obama is not your president:

http://www.orangemane.com/BB/showpost.php?p=3279623&postcount=24

Indeed, he is.

PS - I apologize if you're a citizen of another country.

[Requiem]

Stop making your font size bigger. This isn't sixth grade and you just didn't get your first copy of Corel WordPerfect.

[Rigs11]

Hey hobo since you're so anti tax,what are your thoughts on republicans opposing the extension of the payroll tax deduction? I mean I know that you support corps getting tax cuts but what about the average Joe?

[Broncojef]

29120

[L.A. BRONCOS FAN]

http://www.bartcop.com/bullhorn-2011.gif