boedicca
Uppity Water Nymph from the Land of Funk
- Feb 12, 2007
- 59,439
- 24,109
- 2,290
At a GDP growth rate of less than 3%, the economy is not creating private sector jobs. In another thread, I commented that one should be careful what one wishes for in lower unemployment rate. If people give up looking, the U3 rate falls, but for a very negative reason.
That is what is happening with today's announcement. 625,000 gave up looking last month. The barking moonbats are trying to spin this report as being good news because the private sector created 83,000 new jobs. A couple of things to consider:
- Given population growth, the U.S. economy needs to create 130,000 jobs per month just to keep unemployment constant.
- It will take at least 400,000 new jobs per month to reduce unemployment to pre-recession levels over a several year period.
After the Reagan tax cuts went into effect, the economy started growing at 7-9% rates. This is the level we should be seeing now given the depth of the last recession - if Obamanomics actually worked. It doesn't. Obama has wasted ungodly amounts of money with no valid benefit to the private sector and the mass of taxpayers who are saddled with the debt burden.
The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.
Unemployment line
And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.
The report was the latest sign that the economic recovery may be faltering.
"Overall what this does is it reinforces the market's view that the U.S. recovery is losing steam,'' said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.
News Headlines
That is what is happening with today's announcement. 625,000 gave up looking last month. The barking moonbats are trying to spin this report as being good news because the private sector created 83,000 new jobs. A couple of things to consider:
- Given population growth, the U.S. economy needs to create 130,000 jobs per month just to keep unemployment constant.
- It will take at least 400,000 new jobs per month to reduce unemployment to pre-recession levels over a several year period.
After the Reagan tax cuts went into effect, the economy started growing at 7-9% rates. This is the level we should be seeing now given the depth of the last recession - if Obamanomics actually worked. It doesn't. Obama has wasted ungodly amounts of money with no valid benefit to the private sector and the mass of taxpayers who are saddled with the debt burden.
The US economy lost 125,000 jobs in June, more than economists had forecast, as thousands of temporary census jobs ended and private hiring grew less than expected.
Unemployment line
And though the unemployment rate unexpectedly fell to 9.5% from 9.7%, the lowest in a year, it was largely due to more people dropping out of the labor force.
The report was the latest sign that the economic recovery may be faltering.
"Overall what this does is it reinforces the market's view that the U.S. recovery is losing steam,'' said Greg Salvaggio, vice president of trading at Tempus Consulting in Washington.
News Headlines