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Thread: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

  1. #11
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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by PeteEU View Post
    Yes but that is what happens when you have a two party system where one party only knows how to say NO! and refuses to acknowledge their major role in creating the economic crisis in the first place. At least Obama stopped the bleeding of jobs of 500+k a month that Bush left him with... he has been gaining jobs for a long time now and this is despite the obstructionist GOP...

    But then again there must have been a lot of high fives in the GOP when those numbers came out...
    Oh yeah, I threw a huge party when I saw that unemployment had creeped up again. I bought streamers and invited all of my friends who have been looking for work for the last year so we could celebrate together. That's how we roll, after all.
    "Hmmm...Can't decide if I want to watch "Four Houses" or give myself an Icy Hot pee hole enema..." - Blake Shelton


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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by 1Perry View Post
    Wall Street said yesterday that the news was positive concerning hiring.
    That was the ADP report. Quite frankly, that report has become so volatile and so disconnected with the trends in the broader employment market that one should use it only with a very high dose of caution.

    With the Greek situation gaining prominence over the past two months--meaning that finanacial sector risk was rising--the finance sector was one area that was especially primed for job losses. The contraction in government employment is likely to be a persistent trend and fiscal consolidation will almost certainly impact areas such as education (slower job creation there then in the past, with losses from time to time). Against that backdrop, yesterday's ADP report appeared to be in its own universe. Today's data confirmed that situation.

    On the brighter side, the rate of descent in private sector employment growth has slowed. To the extent that some sectors were temporarily impacted by dislocations from the Japan catastrophe, some improvement might lie ahead down the road.

    Finally, the nation's enormous debt overhang (domestic nonfinancial debt) will likely dampen the long-run rate of growth. Hence, net job creation will likely remain slower than what occurs during more vigorous recoveries.

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by dontworrybehappy View Post
    It just can't keep going like this. Obama's going to end up getting slammed in 2012 if this doesn't fix itself soon. Whether or not it's his puppy, it will ultimately be him, and the democratic party, that are slammed over this news. Why? Because they are in charge and have been since the beginning of this economic turndown.

    Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls - FoxNews.com
    Boehner, Cantor and some other Republicans had a press conference this morning on this topic and they restated there insistence on not raising taxes as that would further hurt the economy. That position may now resonate well with the people after hearing the latest numbers. I also have heard that May's numbers have been revised downward, but I hae yet to see how much. Maybe a "bump in the road" is becoming a chasm.

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by donsutherland1 View Post
    That was the ADP report. Quite frankly, that report has become so volatile and so disconnected with the trends in the broader employment market that one should use it only with a very high dose of caution.
    Indeed. Sort of my point. When is the next bail-out?

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by LesGovt View Post
    I also have heard that May's numbers have been revised downward, but I hae yet to see how much.
    They were revised downward from 54,000 jobs to 25,000 jobs.

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Quote Originally Posted by LesGovt View Post
    Boehner, Cantor and some other Republicans had a press conference this morning on this topic and they restated there insistence on not raising taxes as that would further hurt the economy. That position may now resonate well with the people after hearing the latest numbers. I also have heard that May's numbers have been revised downward, but I hae yet to see how much. Maybe a "bump in the road" is becoming a chasm.
    by 44,000 it turns out.

    Quote Originally Posted by 1Perry
    Indeed. Sort of my point. When is the next bail-out?
    you missed the Strategic Oil Reserve being loosed upon the world?




    Barack Obama February 2009: "I will be held accountable. I’ve got four years. A year from now, people are going to see that we’re starting to make some progress, but there’s still going to be some pain out there. If I don’t have this done in three years, then this is going to be a one-term proposition."

    he's got 7 months.

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    Interesting, this is in complete contradiction to the ADP numbers that came out yesterday...wonder what's up with that. Wasn't that long ago when the numbers were reversed, with BLS reporting a lot more job growth than ADP.
    Last edited by StillBallin75; 07-08-11 at 11:12 AM.
    Nobody who wins a war indulges in a bifurcated definition of victory. War is a political act; victory and defeat have meaning only in political terms. A country incapable of achieving its political objectives at an acceptable cost is losing the war, regardless of battlefield events.

    Bifurcating victory (e.g. winning militarily, losing politically) is a useful salve for defeated armies. The "stab in the back" narrative helped take the sting out of failure for German generals after WWI and their American counterparts after Vietnam.

    All the same, it's nonsense. To paraphrase Vince Lombardi, show me a political loser, and I'll show you a loser.
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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    interestingly enough; this report was released on exactly the 800th day since Congressional Democrats have passed a Budget.

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    the senior senator from illinois and sitting WHIP, june 8:

    RealClearPolitics - Video - Durbin: This Is Obama's Economy Now

    "he's going to be held accountable, we know that"

    stimulus, anyone?

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    Re: Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

    christina romer told us unemployment would be 6.5 by now

    Romer and Bernstein on stimulus - NYTimes.com

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