Jobs Report "Frightening"

Discussion in 'Current Events' started by Sinatra, Jan 8, 2010.

  1. Sinatra
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    Sinatra Senior Member

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    Today's jobs report shows a U.S. economy that remains quite weak and prone to a double-dip recession. What recovery has developed has proven both slow and shallow. The Obama administration, and the near-trillion dollar stimulus bill have done nothing but add to the overal debt burden. This, along with distractions such as health care reform, Gitmo, and Cap and Trade have simply mucked the works up at a time when the government should have been focused on the economy as its #1 priority. They did not do so, and now the American people are suffering under continued economic stagnation...

    ___

    WASHINGTON (Reuters) - U.S. employers unexpectedly cut 85,000 jobs in December, cooling optimism on the labor market's recovery and keeping pressure on President Barack Obama to find ways to spur job growth.

    ...The unemployment rate was unchanged at 10 percent in December, but that reflected a surprisingly large number of people leaving the labor force.

    Analysts polled by Reuters had expected nonfarm payrolls to hold steady last month, with the jobless rate edging up to 10.1 percent.

    ...For the whole of 2009, the economy shed 4.2 million jobs, according to the Labor Department's survey of employers.

    The department's survey of households offered an even gloomier assessment of the job market, showing that 661,000 people left the work force last month.

    The report showed there were 929,000 "discouraged workers" who had given up looking for a job, up from 642,000 a year earlier. Chris Rupkey, an economist with Bank of Tokyo-Mitsubishi, called the rise in discouraged workers "a simply astonishing number that borders on the frightening."

    "If they were still looking for work and counted as the unemployed, the unemployment rate would have been 10.5 percent," he said. "This clearly isn't your father's recession. It is looking more like your great-grandfathers. Brother, can you spare a dime?"

    ___

    Full article here:


    Employers unexpectedly cut jobs in December - Yahoo! Finance
     
  2. PatekPhilippe
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    PatekPhilippe Senior Member

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    Yep...where is pinquy for the spin!!!!!!!!!???????

    After seasonal adjustments they lost another 85,000 jobs.....wow the recovery is gaining unprecedented momentum. STRAIGHT INTO THE CRAPPER.
     
  3. PatekPhilippe
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    PatekPhilippe Senior Member

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    pinqy...what's the current spin on this one....? I say look to China...that's where those jobs went.
     
  4. Sinatra
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    Sinatra Senior Member

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    Indeed - some hopeful economists were actually calling for net job gains - but in fact we lost nearly another 100,000 jobs.

    Folks, this is getting rather serious, no? The same report also indicated that Europe was in even worse shape than we are. It appears those nations with massive centralized governments are cannabalizing themselves into 3rd world status.

    Perhaps that is what some of you were hoping for?
     
  5. uscitizen
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    uscitizen Senior Member

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    Not hoping for but have seen coming for over a decade. This was a long time coming and will be a long time to recover from. If we ever fully recover.

    I recall most of the "experts" predicting a recovery a couple of years ago. Pretty funny.

    Yes the housing bubble will be just an adjustment, nothing to worry about.
     
  6. Big Black Dog
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    Big Black Dog Gold Member Supporting Member

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    Obama must be controlling the weather. Right now, he's laying a "snow job" on us!
     
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  7. Sinatra
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    Sinatra Senior Member

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    What has this Obama administration and Democrat Congress done to recover from what you say has been a "long time coming"?

    Attempts to add yet another massive layer of centralized funding in the form of health care reform while both Social Security and Medicare are already broke?

    Adding trillions more to the debt burden?

    Please explain what the current crop of Democrat leaders have done to help "recovery" in America?
     
  8. uscitizen
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    uscitizen Senior Member

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    Naah that is the anti Globull wormers doing the snow dance.
     
  9. uscitizen
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    uscitizen Senior Member

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    HUH? Why would I bew defending those who helped to create the mess in the first place?

    I include Republicans, Demoncrats and finiancial guru's.
    And last but not least the American People for spending on credit like there is no tomorrow, embracing cheap chinese imports, and burning energy like fools.
     
  10. Vast LWC
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    Vast LWC <-Mohammed

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    Ummm...

    The results for the 4th quarter, when taken as a whole, were quite good, in fact..

    Talk about spinning. "Frightening"? LOL.
     

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