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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:05 AM
Original message
Umemployment rate drops, economy adds 117,000 jobs
Edited on Fri Aug-05-11 11:39 AM by ClarkUSA
The "unemployment rate dipped to 9.1 percent. The modest improvement may quiet fears of another recession a day after Wall Street posted its worst losses in nearly three years.

Employers added 117,000 jobs last month, the Labor Department said Friday. That's better than the past two months... The better-than-expected report gave stocks a small lift one day after the Dow Jones industrial average fell more than 500 points. The Dow jumped as much as 171 points when the market opened, but then erase most gains to rise only 31 points in early-morning trading.

The report "should lessen fears that the recovery is truly faltering," said Jim O'Sullivan, chief economist at MF Global.

<snip>

"These numbers are not great," said Ian Shepherdson, an economist at High Frequency Economics, in a note to clients. "But they are a long way from recession territory."

http://news.yahoo.com/unemployment-rate-dips-economy-ad...



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Tarheel_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:06 AM
Response to Original message
1. K&R
:kick:
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CakeGrrl Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:12 AM
Response to Original message
2. Rec
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GSLevel9 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:17 AM
Response to Original message
3. and 200,000 frustrated job-seekers kicked off the logs...
But we won't talk about that ;)
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BklnDem75 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:21 AM
Response to Reply #3
4. and no peace on Earth either
Because decent news still isn't perfect news. x(
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uponit7771 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:22 AM
Response to Reply #3
6. wow...this board is getting worked good every day
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Fri Aug-05-11 11:22 AM
Response to Original message
5. Deleted sub-thread
Sub-thread removed by moderator. Click here to review the message board rules.
 
totodeinhere Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:27 AM
Response to Original message
7. This is an overly optimistic spin IMO.
Edited on Fri Aug-05-11 11:28 AM by totodeinhere
A drop from 9.2% to 9.1% is hardly significant. And of course as we know the real unemployment rate is probably closer to 20%. And while adding 117,000 jobs is an improvement, there were more people than that entering the job market last month so that figure isn't even at replacement levels. So we are still going backward.

I realize that in matters such as these psychology is important so perhaps we should try to put up an optimistic spin on these figures for that reason. But the narrative I would rather push is that the GOP is doing everything it can to sabotage economic growth for political reasons and to a certain extent they are succeeding so far. I think that is the message that we need to get through to the voters.

edited for typo

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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:43 AM
Response to Reply #7
9. What is "overly optimistic" in the facts NOT "spin" I have posted? Hmm?
Edited on Fri Aug-05-11 12:14 PM by ClarkUSA
<< "But the narrative I would rather push is that the GOP is doing everything it can to sabotage economic growth for political reasons and to a certain extent they are succeeding so far. I think that is the message that we need to get through to the voters." >>

When you find an economic article that says that, I urge you to to post it. Meanwhile, I will continue to post just the facts about the recent economic report.
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totodeinhere Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:13 PM
Response to Reply #9
17. Those figures you quoted are estimates, not facts. Those same figures
are often revised either up or down later after more information is available.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:15 PM
Response to Reply #17
18. Wrong. These figures have been revised already.
Edited on Fri Aug-05-11 12:18 PM by ClarkUSA
From the OP source: "The job figures were better than the past two months, which were also revised higher."
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 01:17 PM
Response to Reply #7
33. CNN Money called these numbers "a much better-than-expected monthly jobs report"
Edited on Fri Aug-05-11 01:23 PM by ClarkUSA
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William769 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:35 AM
Response to Original message
8. Unemployment rate drops, = people not eligible for unemployment anymore. NT
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Safetykitten Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:44 AM
Response to Reply #8
10. The desperation is thick in the air to put lipstick on this pig...
The unemployment rate dropped .1....ok....right.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:49 AM
Response to Reply #10
11. So 154,000K private sector jobs added and a recession averted is a "pig" to you?
It's clear you're no economist.
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totodeinhere Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:11 PM
Response to Reply #11
15. So these figures mean that a recession has been averted? Come on now.
A recession is defined as two quarters of negative GDP growth. It is not a function of the unemployment rate or how many jobs were added. We won't know if a recession has been averted until we see GDP figures.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:19 PM
Response to Reply #15
19. For now, it has. I haven't got the crystal ball some people seem to consult all the time.
Edited on Fri Aug-05-11 12:20 PM by ClarkUSA
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 11:54 AM
Response to Reply #8
12. So it's got nothing to do with 154K more private sector jobs? Do you have any proof of your claim?
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William769 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:07 PM
Response to Reply #12
13. You know what u6 is?
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:08 PM
Response to Reply #13
14. That's not proof of your claim.
Edited on Fri Aug-05-11 12:09 PM by ClarkUSA
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rug Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:11 PM
Response to Reply #14
16. Actually, it is.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:21 PM
Response to Reply #16
22. Your saying so don't make it so. Print the exact quote w/link which backs up your claim.
Edited on Fri Aug-05-11 12:39 PM by ClarkUSA
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rug Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:42 PM
Response to Reply #22
30. Neither does: "That's not proof of your claim."
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:43 PM
Response to Reply #30
31. Then prove me wrong. Provide an exact quote and link which backs up your claim.
Edited on Fri Aug-05-11 12:45 PM by ClarkUSA
My OP is full of quotes and facts, none of which backs up YOUR claim at all.
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William769 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:27 PM
Response to Reply #14
24. Try this.
http://www.huffingtonpost.com/2011/06/30/unemployment-n...

Not all people live in a fantasy world.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:30 PM
Response to Reply #24
25. I don't click on right-wing shit-stirring AOL HuffPo. Give me an exact quote.
Edited on Fri Aug-05-11 12:30 PM by ClarkUSA
<< Not all people live in a fantasy world. >>

"Not all people" adore PUMA Jane Hamster Face's every hateful attack on President Obama?

Well, that's good to know. :)
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William769 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:32 PM
Response to Reply #25
26. You asked I gave.
Do with it what you want. Getting head out of sand would be a good start for you.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:35 PM
Response to Reply #26
28. Nothing there backs you up your claim. You can't even offer up a quote.
Edited on Fri Aug-05-11 12:35 PM by ClarkUSA
:rofl:
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JoePhilly Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:19 PM
Response to Original message
20. Any instance of good news must be ignored.
And each instance of bad news reflects the fact that Obama plans to kill us all!!!!!!
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totodeinhere Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:20 PM
Response to Original message
21. Peter Goodman, Huff Post business editor, put it very succinctly.
The latest jobs report changes nothing. We had no engine of economic growth when we all woke up on Friday morning, and we still don't have one. We have no operative plan to fix what ails us. We are in a bad place and sliding toward a worse one.

Snip

It is worth noting some of the things that stayed essentially the same: 13.9 million people are still officially unemployed, and 44 percent of them -- more than six million -- have been out of work for six months or longer. This at a time when 30 states are borrowing money from the federal government to keep paying regular unemployment benefits, and six states -- Michigan, Florida, Illinois, South Carolina, Arkansas and Missouri -- have rolled back the duration of unemployment checks.

Also pretty much unchanged: The number of people who are working part-time because they can't find full-time work, or because their hours have been cut, a group that numbered 8.4 million in July, according to the Bureau of Labor Statistics.

Ditto the rate of unemployment among African Americans, at 15.9 percent; among Hispanics, at 11.3 percent; and among teenagers, at 25 percent.

http://www.huffingtonpost.com/peter-s-goodman/july-jobs...
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:32 PM
Response to Reply #21
27. Right-wing AOL-owned HuffPo's mouthpiece doesn't contradict any of the facts that I quoted in my OP.
Edited on Fri Aug-05-11 12:34 PM by ClarkUSA
He's entitled to his opinion, of course. I'm sure many Capitol Hill Republicans will quote him today on Faux News.
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golfguru Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:25 PM
Response to Original message
23. Any job gain is good news..
Edited on Fri Aug-05-11 12:47 PM by golfguru
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:38 PM
Response to Reply #23
29. 154,000 jobs were added in the private sector.
Edited on Fri Aug-05-11 12:42 PM by ClarkUSA
Economists are relieved, as this proves the economy is not in recession or heading into one as many had feared. Watch the video:
http://www.democraticunderground.com/discuss/duboard.ph...
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golfguru Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 12:44 PM
Response to Reply #29
32. Always good to see private sector jobs added
I look at government jobs as overhead. Because I can't use what the government workers produce. I don't even use the post office anymore, with emails & Fedex.
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ClarkUSA Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-05-11 01:21 PM
Response to Reply #32
34. More good news for us. --> Bureau of Labor Statistics report out: Manufacturing added 24,000 jobs.
Edited on Fri Aug-05-11 01:24 PM by ClarkUSA
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