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Thread: US Job Market Loses Steam

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    US Job Market Loses Steam

    U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% - WSJ.com

    The government's latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work.

    Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded.

    The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.

    The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.

    The latest figures confirm the labor market has lost much of its momentum in recent months. The private sector has added 90,000 jobs a month on average so far this year, well below the 125,000 needed monthly just to keep up with population growth, let alone recover the eight million jobs lost during the recession. Two-thirds of the private-sector job creation this year occurred in March and April, when the economy's trajectory appeared stronger.
    1. Unemployment remains 9.5%.

    2. Among African Americans, it's 16.5.

    3. Our economy LOST a net 131,000 jobs.

    4. Private sector growth was a whimpish 71,000.

    5. Economists expected 90.

    6. We need here on the order of mid 6-figures monthly ever to get out of this mess.

    7. Moreover, the May and June reports were revised downward.

    8. The 83,000 private sector jobs those earlier assessments counted are now seen to be only 31,000.

    9. Ominously, the public sector shed 202,000 workers.

    10. Only 143,000 of them were census counters.

    11. 48,000 state and local servants were axed.

    12. Those are teachers, police and fire fighters, as so many of our biggest cities and states are facing bankruptcies like Greece's.

    13. Net TEMPS fell 5600---terrifying.

    14. The number discouraged and dropping out is dire.

    15. Almost half the nearly 15 million Americans out of work have been so for more than 6 months.

    16. It's not working, demonstrably, heartfeelingly.

    17. The stimulus stalled.

    18. So much of its massive girth was so seriously misdirected.

    19. Romer quit Thursday, chief economic adviser.

    20. She follows OMB Orszag, who left last month, she's going back to the Prof's alma mater, Cal.

    21. She was "frustrated."

    22. Who isn't?

    23. She had to get away from that dread prediction of 8%, which the White House assured us would be the worst we'd see due to the stimulus.

    Romer To Leave White House - Hotline On Call

    24. She complained that the direct line to the president she perceived as part of her job description was blocked by obstructionists like Mr. Summers, former president of Harvard.

    25. Just like DNI Blair.

    26. There's an emerging culture problem in the White House.

    27. Ask Shirley Sherrod.

    28. Most haunting is HOUSING which, more than anything, brought us here.

    29. There are millions more foreclosures coming on the near horizon.

    Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg

    30. No wonder the president's approval on the economy, THE OVERWHELMING ISSUE OF OUR TIME, is an embarrassing and very ominous 39%.

    Poll: Waning support for Obama on wars - USATODAY.com

    31. His Summer of Recovery and Geithner's NY Times editorial, "Welcome to the Recovery:" just how far out of touch can a White House be?

    32. Uncertainty is a cancer which kills economies, and every faltering misstep and mis-mumbled message the president makes is leading to doubt.

    33. November nears and days darken.

    The Prof
    Last edited by The Prof; 08-07-10 at 02:13 PM.

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    Re: US Job Market Loses Steam

    Quote Originally Posted by The Prof View Post
    U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% - WSJ.com The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.
    Yet Obama says this on August 10th:
    So what we need to do is keep pushing forward. We can't go backwards. This morning, the Department of Labor released its monthly jobs report, showing that July marked the seventh straight month of job creation in the private sector. So jobs have been growing in the private sector for seven straight months.
    Huh?
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: US Job Market Loses Steam

    He's latching on to the idea that the private sector has created a few dozen thousand jobs per month for last several months and ignoring that actual employment is dropping.

    The private sector needs to be creating 200,000 jobs or more per month to sustain a robust recovery. As it is, it's slinking along, barely doing anything, and he's calling it proof that he's doing the right things.

    What he needs to do is stop being hostile to business and create a coherent, predictable policy so that businesses will have the confidence they need to start investing in the future. No one knows what he/the government will do next, what regulations and obligations will be imposed, and what the heck the near and mid-term futures are going to bring. You cannot spur business activity in that kind of a cloud.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: US Job Market Loses Steam

    Quote Originally Posted by Harshaw View Post
    What he needs to do is stop being hostile to business and create a coherent, predictable policy so that businesses will have the confidence they need to start investing in the future. No one knows what he/the government will do next, what regulations and obligations will be imposed, and what the heck the near and mid-term futures are going to bring. You cannot spur business activity in that kind of a cloud.
    Exactly. Totally agree.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: US Job Market Loses Steam

    When the government was hiring, conservatives pointed out that the private sector was the important factor. Now it's not?
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: US Job Market Loses Steam

    That was never my point, though it's pretty easy to spin it around back on you -- at the same time, liberals were saying the private sector wasn't that important -- look at all those new government jobs! Now it is?
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Outer space potato man

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    Re: US Job Market Loses Steam

    Quote Originally Posted by Harshaw View Post
    That was never my point, though it's pretty easy to spin it around back on you -- at the same time, liberals were saying the private sector wasn't that important -- look at all those new government jobs! Now it is?
    Actually I'd say the important part is the total jobs. Government employees still spend their salaries on things, so it's not like a $50k/year government job is somehow by default putting less into the economy than a $50k/year private sector job.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

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    Re: US Job Market Loses Steam

    I never said anything otherwise.
    “Offing those rich pigs with their own forks and knives, and then eating a meal in the same room, far out! The Weathermen dig Charles Manson.”-- Bernadine Dohrn

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    Re: US Job Market Loses Steam

    Quote Originally Posted by Deuce View Post
    Actually I'd say the important part is the total jobs. Government employees still spend their salaries on things, so it's not like a $50k/year government job is somehow by default putting less into the economy than a $50k/year private sector job.
    This statement shows the ignorance of the rank and file left of this country! Time to head back to Econ 101.
    For the time will come when men will not put up with sound doctrine. Instead, to suit their own desires, they will gather around them a great number of teachers to say what their itching ears want to hear. They will turn their ears away from the truth and turn aside to myths.-2 Timothy 4:3-4:

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    Re: US Job Market Loses Steam

    Cool argument, bro!
    "I do not claim that every incident in the history of empire can be explained in directly economic terms. Economic interests are filtered through a political process, policies are implemented by a complex state apparatus, and the whole system generates its own momentum."

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