More economic good news: Unemployment rate drops

[rightwinger]

WASHINGTON (AP) — Employers throttled back on layoffs in July, cutting just 247,000 jobs, fewest in a year, and the unemployment rate dipped to 9.4%. It was a better-than-expected showing that offered a strong signal that the recession is finally ending.
The new snapshot, released by the Labor Department on Friday, also offered other encouraging news: workers' hours nudged up after sinking to a record low in June, and paychecks grew after having fallen or flat-lined in some cases.

To be sure, the report still indicates the jobs market is on shaky ground. But the new figures were better than many analysts expected and offered welcomed improvements to a jobs market that has been clobbered by recession.

Analysts were forecasting job losses to slow to around 320,000 and the unemployment rate to tick up to 9.6%.

The dip in the unemployment rate — from June's 9.5% — was the first since April 2008. One of the reasons the rate went down, however, was because hundreds of thousands of people left the labor force. Fewer people, though, did report being unemployed.

 

[nodoginnafight]

Good news - we've still got a lot of work to do, but this is welcome news.

 

[ozzmdj]

If you don't know that people that have run OUT of unemployment benefits are NOT counted then you have allot to learn about the real state of the US economy.

 

[PLYMCO_PILGRIM]

WASHINGTON (AP) — Employers throttled back on layoffs in July, cutting just 247,000 jobs, fewest in a year, and the unemployment rate dipped to 9.4%. It was a better-than-expected showing that offered a strong signal that the recession is finally ending.
The new snapshot, released by the Labor Department on Friday, also offered other encouraging news: workers' hours nudged up after sinking to a record low in June, and paychecks grew after having fallen or flat-lined in some cases.

To be sure, the report still indicates the jobs market is on shaky ground. But the new figures were better than many analysts expected and offered welcomed improvements to a jobs market that has been clobbered by recession.

Analysts were forecasting job losses to slow to around 320,000 and the unemployment rate to tick up to 9.6%.

The dip in the unemployment rate — from June's 9.5% — was the first since April 2008. One of the reasons the rate went down, however, was because hundreds of thousands of people left the labor force. Fewer people, though, did report being unemployed.

I have a serious question for you.....use your noggin while you read those numbers.

How can you Lose 250,000 jobs yet have the percentage of people unemployed drop.

Its a numbers fudge in action and many are being fooled by it...maybe Ozzmdj just explained it though.....people are coming off unemployment because their benefits have expired therefore the unemployment number is lower while the actuall number of unemployed still increased by 250k people.

 

[nodoginnafight]

always funny to see the zealots try to spin a positive into a negative to pursue hyper-partisan political aspirations.......

That's how the GOP lost THIS member

 

[PLYMCO_PILGRIM]

always funny to see the zealots try to spin a positive into a negative to pursue hyper-partisan political aspirations.......

well someone obviously has a dog in this fight......do I have to do the math out in a post for you?

 

[nodoginnafight]

well someone obviously has a dog in this fight......do I have to do the math out in a post for you?

Nope - no dog in this fight - I'm glad to see things on the upswing - but I've always said a POTUS gets more credit than they deserve when things are going well economically and POTUS always gets more blame than they deserve when the economy tanks. I believe there are bigger factors at work.

I just always find it amusing when the hyper-zealots try to spin things to suit their own very narrow objectives.

I'm sorry if it offends you when I refuse to swallow your spin - but I'm not going to pretend you make a valid point just so you don't get your panties in a twist.

Like it or not, the economy is on the rebound and if that means you are losing a spin-point, that's just your tough luck.

 

[PLYMCO_PILGRIM]

always funny to see the zealots try to spin a positive into a negative to pursue hyper-partisan political aspirations.......

That's how the GOP lost THIS member

Here let me use simple numbers so the math is easy. (I'm not being overly technical and I know that the total population is not where we get the employment numbers from, I'm simplifying it for easy comprehension)

Lets say there are 300,000,000 American citizens and 9.5% of them are unemployed.

That would mean that 28,500,000 people are unemployed.

add 250,000 to the number and you get 28,750,000 million unemployed.



However, if the population is still 300,000,000 citizens and you have 28,750,000 unemployed persons you end up with an unemployment rate of 9.6%.

Now if the population is still 300,000,000 citizens and you drop the rate to 9.4% you end up with 28,200,000 people unemployed.

Those numbers in the story just dont add up without either someone fudging them or the overall population of the USA decreasing.

That should be enough to help you comprehend my point. Math is non-partisan dude

 

[rightwinger]

The problem for the republicans now is that they voted against rescuing the banks, voted against saving the auto companies, voted against the economic stimulus plan all in an attempt to prevent an economic recovery.

Now we have the index of leading economic indicators up for the third month in a row, the stock market surging, housing sales up and the rise in unemployment subsiding. Leading economists are all predicting a reversal of the recession.

Without the economic disaster that republicans predicted to occur once Obama took office, what are republicans going to run on?
A birth certificate?

 

[nodoginnafight]

The problem for the republicans now is that they voted against rescuing the banks, voted against saving the auto companies, voted against the economic stimulus plan all in an attempt to prevent an economic recovery.

Now we have the index of leading economic indicators up for the third month in a row, the stock market surging, housing sales up and the rise in unemployment subsiding. Leading economists are all predicting a reversal of the recession.

Without the economic disaster that republicans predicted to occur once Obama took office, what are republicans going to run on?
A birth certificate?

That's it in a nutshell for sure.

 

[PLYMCO_PILGRIM]

I was gonna comment on your last post rightwinger but i'll give you a moment to go through my post above yours.

 

[nodoginnafight]

Pilgrim: Maybe you should start trying to get economists to adopt your math - they obviously aren't buying into your spin either.

 

[PLYMCO_PILGRIM]

Pilgrim: Maybe you should start trying to get economists to adopt your math - they obviously aren't buying into your spin either.

Your spinning here...my numbers are simple to understand. I know our education system sucks but I'm sure you got a basic understanding of multiplication and division out of it.


I know it sucks when someone crushes your pre-determined ideology so I wont hold your jackanapes posts against you here.

 

[rightwinger]

LONDON (Dow Jones)--The monthly employment data from the U.S. provided European markets with a jolt Friday as the number of jobs lost declined in July while the unemployment rate surprisingly fell, increasing confidence in the idea the recession in the world's biggest economy may be coming to an end.

Nonfarm payrolls declined 247,000 in July, the Labor Department said Friday, the smallest drop since last August and below the 275,000 decline economists in a Dow Jones Newswires survey had expected. Also, the unemployment rate, calculated using a survey of households as opposed to companies, slid 0.1 percentage point to 9.4%, instead of rising as expected to 9.7%.

"The bottom line is the data is good in detail as well as headline and revisions are in the right direction," said Marc handler at Brown Brothers Harriman & Co. "This will likely strengthen the green shoots story and take some pressure off the Obama Administration's defenders that the stimulus plan is not working."

Anthony Hughes, an investment manager at Alexander Associates, agreed it was a strong number, but added this comes on top of a very good earnings season.

 

[rightwinger]

Look at the bright side Pilgrim..
Our economy seems to be recovering. Isn't that great for the country??

 

[nodoginnafight]

OIC - EVERYONE ELSE is using the wrong math - YOU - and YOU ALONE - have the "correct" math.
Too funny.
Doesn't it suck when everyone else knows your wrong, but you're just too much of a zealot to admit it??????

 

[rightwinger]

Regardless of how the right wing tries to spin things, their worst nightmare is transpiring...

The economy is improving and they had nothing to do with it.

 

[Toro]

Nope - no dog in this fight - I'm glad to see things on the upswing - but I've always said a POTUS gets more credit than they deserve when things are going well economically and POTUS always gets more blame than they deserve when the economy tanks. I believe there are bigger factors at work.

Absolutely completely correct.

 

[Toro]

Regardless of how the right wing tries to spin things, their worst nightmare is transpiring...

The economy is improving and they had nothing to do with it.

That's not true.

The government gets a ton of credit for stopping the collapse of the financial markets.

But that is both Obama AND Bush.

 

[xsited1]

Regardless of how the right wing tries to spin things, their worst nightmare is transpiring...

The economy is improving and they had nothing to do with it.

They couldn't do anything about it. The Democrats had the votes in Congress. The stimulus plan (and other bail-out plans prior to Obama as POTUS) has only extended the recession. Whoever voted for it is responsible. I don't care if they are left-wing or right-wing, they are culpable.