US's Snow says 1.85 mln job growth reasonable

[54anickel]

Hmmm, will they be like IBM - jobs created oversees?

http://www.reuters.com/financeNewsArticle.jhtml?storyID=4197544&type=bondsNews

WASHINGTON, Jan 23 (Reuters) - U.S. Treasury Secretary John Snow said on Friday that private sector forecasts for the economy to create 1.85 million jobs in the next nine months were "reasonable."

snip>
"I was citing private sector forecasts and I keep in very close touch with the people who do those forecasts and they're confident and those numbers seem reasonable to me because after all a recovery always translates into jobs," Snow said.

[Skittles]

1. Snow has his head in republican sand

what a freaking ass

[Born Free]

7. These people will say anything

They say anything, knowing many of the general public buy into all of it because they "Trust" the bush team. Tonight on our local news they reported the "Al-qaeda Like" attacks in Iraq and then gave the short disclaimer there is no evidence to suggest it is Al-qaeda, followed up by video of the TWC being destroyed. Many will hear the magic words of 9/11 and Al-qaeda and it will re-enforce their misconceptions the bush team is in Iraq because they were associated with 9/11. I can't believe they are doing it by accident, it is being done to manipulate public opinion.

[0007]

8. Wow! six thousand eight hundred and about sixty persons

will be getting a job every day now for the next nine months. Paul O'Neill couldn't top this one!

Along with bin Laden capture the stock market should have a great day. Things are looking up!

[snippy]

26. Doesn't look like republican sand to me.

I think job creation is unlikely to be as strong as Snow hopes. Bush may have the benefit of a better economy at election time, but it may continue to be a jobless recovery.

Even if economic growth continues, job growth is facing several headwinds. These include increasing productivity, globalization, foreign outsourcing, merger and acquisition activity, and the excess capacity which still exists with a lack of pent up demand to drive the creation of additional capacity. There are also a significant number of part time workers who will work increased hours. Plus, when the new overtime regulations go into effect employers will find it cheaper to work existing employees longer hours rather than hiring new employees. Add to these factors the fact that since the 1920's, republican presidents always have been bad for job creation.

Since the depression, not a single republican president has had a better rate of job creation than any democratic president. The highest rate of job growth under a republican was 2.2% per year during Nixon's time in office. The lowest rate of job growth under a democrat was 2.3% per year during Kennedy's time in office.

One other factor relating to unemployment is that discouraged workers will be returning to the labor market if economic growth continues. This will prevent the unemployment rate from declining as much as it otherwise would due to whatever job creation which occurs. The unemployment rate including discouraged workers and part time workers seeking full time work in December 2003 was 9.9%. This does not include under employed workers.

As for the fact that employment is a lagging indicator, remember that we are now in the tenth quarter of this recovery. Employment has indeed lagged but it does not lag forever. We may very well be near a peak in job creation within the next few months.

One final comment about the upcoming employment report for January which will be released on February, 6. It is very possible that it will show a large number of jobs created in January. However, much of the increase in jobs may be due to a statistical aberration arising from the "seasonal adjustment." The same statistical aberration may have understated the number of jobs created in December 2003.

The "seasonal adjustment" for December assumes that some new retail jobs are only temporary Holiday hiring and subtracts some number from the number actually reported. In January the assumption is that some of the decrease in retail jobs also are the result of temporary hiring so a smaller decline is assumed and reported. Some economists believe that this seasonal adjustment has been distorted since December, 2001 because of the effect on the economy of 9/11. There is not a consensus that this has occured. But, if the January jobs number is larger than expected, this may be an explanation.

[Beetwasher]

2. Somebody Oughta Smack Him in the Head w/ a 2x4

And show him all the mass layoffs announced this week...Just take a look through LBN today...

[hatrack]

14. Do these guys even READ the news?

I mean, we all know Bush doesn't, but I'm assuming that newspapers and internet access are available to the Treasury Secretary and other Cabinet officers . . .

Let's see -

Kodak - 15,000
Kraft - 6,500
Pine Ridge - 520
Meijer - 3,000
Wilson Leather - 1,000
Alltel - number unknown, but pending

So, that's a total of at least - AT LEAST - 26,020 jobs on the block, as of the last TWO DAYS.

And what's ChimpCo's response? Oh, we'll offer y'all some whistle-ass job training programs so that you can learn a new trade, which we'll then find a way to offshore when you've finished.

[kysrsoze]

16. Don't forget the darlings of Washington - WorldCom

Can't remember how many jobs are going there too. Oh, there's also Ford and Chrysler, but that's ancient history.

[hatrack]

17. Oh yeah - thanks for the reminder!

Ford will cut one shift at the Hazelwood plant near St. Louis.

This is expected and has been in the works for about six months. Details forthcoming on Monday.

[Dr.Phool]

18. Is this what they mean by a Snow Job?

And forget the job retraining crap. When LTV Steel shut down 2 years ago, I qualified tor Trade Adjustment Act funds for retraining. We were Certified in March, and I applied. The fund was out of money before I could get any. I moved to Florida, and reapplied last year.

Even though it's a federal (Dept. Of Labor) program, Jeb Bush refused to fund it, and used the money for something else.

[kysrsoze]

21. Doesn't matter anyway. If there are no new jobs to fill, all that happens

is an over-abundance of available in those new fields, thereby diluting the earning capacity of the entire market. A big win for big biz, another huge loss for the rest of us.

[louis-t]

24. 'whistle-ass job training programs'

at $15 per unemployed worker.

[tkulesa]

3. Job growth would be nice

but I'm not holding my breath waiting for it.

It's yet another example of them making up stuff that sounds good just because it's what people want to hear.

[mbperrin]

4. Well, so far today there's been 20,000 plus jobs

"uncreated"!

Snow has his head so far up his ass he thinks he can see pudding, but it's the same old shit!

Yeah, it's immature!

So is fucking lying about the obvious!

[colonel odis]

6. lol

sorry. i know the tone of your post was angry, as it well ought to be.

but i've never heard the pudding line before and it made me laugh out loud.

[mbperrin]

10. LOL is good!

Snow is bad!

The expression is from old Scottish granddad.

[roguevalley]

5. RV says ten point eight trillion layoffs inevitable. I have an 8 ball too.

[On the Road]

9. That Would Indeed be an Improvement Over Last Month

1,000 jobs created. 20 per state.

[fob]

11. Or 2 EVERY 3 Days!

Let's see 2/3 job a day reality versus 6860/day in nevernevertellthetruthland

[Logansquare]

20. Hey, you should give seminars to business press

in how to do simple arithmatic! You just performed an amazingly revealing analysis of his statement by doing a little simple division. No wonder I come here for news...

[damnraddem]

12. Don't look at what the Bushistas have done to America ...

just look at the 'reasonable' promises of what they're going to do.

Oh, yeah, let's just take the Bushistas at their words, right?

[otohara]

13. Maybe in India

or China.

[kysrsoze]

15. Starting when? Jan 2005? Give me a fuckin' break.

[madrchsod]

19. screw him

he ran a railroad into the ground ,he sure knows what the fuck he`s talking about....

[jab105]

22. Remember this, save it...

and ASK QUESTIONS when future shows that he was speaking out his ASS!!

[louis-t]

23. 'always translates into jobs," Snow said.

notice the proximity of the words 'Snow' and 'jobs'.

[teryang]

25. This regime has the worst record since Hoover

...on employment. All the econopundits were losing it when the polls showed the number one issue in Iowa was fear of job loss.

The only people being hired are illegal aliens to replace the higher paid workers who were laid off.

The repukes are doomed. The wurlitzer is broken.

[Just Me]

27. Snow is a liar,...the whole Bush cabal are liars,...

,...they intentionally deceive,...they lie, lie, lie all the time,...liars, the whole lot of them are a bunch of d*mn liars.

[area51]

28. Yeah, right.

John Snowjob said:

"... because after all a recovery always translates into jobs."

Always ... until now. Hey Snowjob, better get busy rewriting those economics textbooks!

[pinniped]

29. Wow!...these repukes really love playing with big numbers.

First we have 5M terrorists on the loose and now we have 1.85M new jobs coming in the next nine months.

Will these 1.85M people finish pres. ASSHOLE's job training program in time?

[ET Awful]

30. Of course the same forecasters . . .

missed the mark by just a tad in December didn't they :) I believe they said 150,000 jobs for December, and the actual total was 1,000.

Not exactly reliable predictions.

[JCMach1]

31. What is McDonald's expanding by 1000 restaurants

get a grip Snow...

[xxqqqzme]

32. don't think so - U need

2 have money 2 go 2 McDonalds!

[salin]

33. er... wasn't that the growth was supposed to happen (due to tax cut)

in the latter part of the past year? And the pace in November was 1,000 new jobs created? Now we push the target for the jobs growth into the future and base the number on... what? Certainly not evidence - as it would take many many years at the December pace to create that number of jobs.