Dismal Jobs Report Reflects Economic Decline

Discussion in 'Economy' started by Nova78, Aug 3, 2012.

  1. Nova78
    Offline

    Nova78 Silver Member

    Joined:
    Dec 19, 2011
    Messages:
    1,915
    Thanks Received:
    254
    Trophy Points:
    98
    Location:
    Colorado
    Ratings:
    +267
    Dismal Jobs Report Reflects Economic Decline - AddisonPG - Open Salon

    Years ago, America’s economy was a job creation machine. Today it’s rusted, wheezing, and sputtering on the way to collapsing. In June, America added 80,000 jobs. U-3 unemployment remained at 8.2%. Based on 1980 calculations, it tops 22%.

    Most jobs created are part-time, low-pay temp ones. The nation’s manufacturing base largely exists offshore. So do many high-pay service jobs.
    Expectations were missed for the fourth straight month. Typically at this stage of the economic cycle, around a quarter million monthly jobs are created. Moreover, 36 months after an alleged recovery, U-3 unemployment is 3.6% below the pre-recession high.

    The household survey adjusted on a comparable basis to the headline payroll one showed 153,000 June job losses. It was the third decline in the past four months. In total, 666,000 jobs are gone.

    Average hours worked fell to 0.4% year-over year down from 4.3% in Q 1. It suggests downward GDP forecast revisions anywhere from 1.5% to contraction.

    As I said ,the private sector is doing fine.. $4042477862.gif

    $amerEcon-truck.jpg
     
  2. expat_panama
    Offline

    expat_panama Silver Member

    Joined:
    Apr 12, 2011
    Messages:
    2,461
    Thanks Received:
    252
    Trophy Points:
    98
    Ratings:
    +253
    Salon's usually a left wing rag so they hide the really bad news. Here's the actual BLS release:
    [​IMG]
    It means that a couple hundred thousand fewer people are working while the population's grown by an equal amount. That's four hundred thousand more people needing work that isn't there.
     
  3. pinqy
    Online

    pinqy Gold Member

    Joined:
    Jun 8, 2009
    Messages:
    5,054
    Thanks Received:
    574
    Trophy Points:
    165
    Location:
    Northern Virginia
    Ratings:
    +1,009
    Why are you posting an article from last month about the June Employment Situation when the July Employment Situation was released today?
     
  4. thanatos144
    Offline

    thanatos144 Gold Member

    Joined:
    Mar 29, 2009
    Messages:
    14,475
    Thanks Received:
    1,245
    Trophy Points:
    215
    Location:
    Stuart Florida
    Ratings:
    +2,332
    163,000 new jobs BUT funny thing is unemployment went up to 8.3% ....Which tells me when we get the real numbers (what they called the revised ones) The true new jobs created will be a hell of a lot smaller.
     
  5. PLYMCO_PILGRIM
    Offline

    PLYMCO_PILGRIM Gold Member

    Joined:
    Jul 3, 2009
    Messages:
    17,416
    Thanks Received:
    2,855
    Trophy Points:
    183
    Location:
    America's Home Town
    Ratings:
    +2,863
    Yes the economy still sucks even after 4 years of Obama and a dem senate trying to fix it, maybe it is time to try the other methods we used to use that give us both ups and downs instead of flats and downs.

    I just hope next month looks better for all the unemployed americans, if this keeps up Ill be out of a job as no one will have money to fix their cars. (or the need to drive them)

    C'mon obama don't do something dumb that looks good politically but hurts us economically to help your campaign...resist the urge Mr President!
     
    Last edited: Aug 3, 2012
  6. mudwhistle
    Online

    mudwhistle Diamond Member

    Joined:
    Jul 21, 2009
    Messages:
    65,326
    Thanks Received:
    11,939
    Trophy Points:
    2,070
    Location:
    Wetwang With Fimber, Yorkshire
    Ratings:
    +26,273
    CBS still said this morning that there were positive signs.

    [​IMG]
     
  7. PLYMCO_PILGRIM
    Offline

    PLYMCO_PILGRIM Gold Member

    Joined:
    Jul 3, 2009
    Messages:
    17,416
    Thanks Received:
    2,855
    Trophy Points:
    183
    Location:
    America's Home Town
    Ratings:
    +2,863


    C'mon didn't you learn in behavioral economics that if you convince everyone things are getting better things will just get better? :lol:
     
  8. thanatos144
    Offline

    thanatos144 Gold Member

    Joined:
    Mar 29, 2009
    Messages:
    14,475
    Thanks Received:
    1,245
    Trophy Points:
    215
    Location:
    Stuart Florida
    Ratings:
    +2,332
    If this was Bush they would rightly say He was a failure and driving the country over a cliff....I get tired of the Media cheerleading.
     
  9. AquaAthena
    Offline

    AquaAthena INTJ/ INFJ

    Joined:
    Feb 16, 2010
    Messages:
    15,453
    Thanks Received:
    11,061
    Trophy Points:
    2,265
    Location:
    ♥ TEXAS ♥ in Spirit
    Ratings:
    +12,342
    Yes, it is 8.3%.

    While the national unemployment rate paints a grim picture, a look at individual states and their so-called real jobless rates becomes even more troubling.


    The government's most widely publicized unemployment rate measures only those who are out of a job and currently looking for work. It does not count discouraged potential employees who have quit looking, nor those who are underemployed — wanting to work full-time but forced to work part-time.

    For that count, the government releases a separate number called the "U-6," which provides a more complete tally of how many people really are out of work.

    The numbers in some cases are startling.

    Consider: Nevada's U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.

    Go here to see how your state is REALLY doing:

    'Real' Unemployment Rate Shows Far More Jobless - US Business News - CNBC
     
    • Thank You! Thank You! x 1
  10. mudwhistle
    Online

    mudwhistle Diamond Member

    Joined:
    Jul 21, 2009
    Messages:
    65,326
    Thanks Received:
    11,939
    Trophy Points:
    2,070
    Location:
    Wetwang With Fimber, Yorkshire
    Ratings:
    +26,273
    Nevada 7.6% in 2007 when congress went over to the Dems and now it's 22.1%.

    Must be Bush's fault.
     
    • Thank You! Thank You! x 1

Share This Page