Only 80,000 New Jobs For June Puts Obama On The Re-Election Ropes!
June Job Creation at 80,000; Rate Holds Steady at 8.2%
Friday, 6 Jul 2012
The U.S. economy created just 80,000 jobs in June and the unemployment rate held steady at 8.2 percent, reflecting continued slow growth in the economy with the presidential election just four months away.
The Bureau of Labor Statistics said private payrolls increased 84,000, while the government lost 4,000 jobs. Economists expected job growth of about 100,000 and the unemployment rate to be unchanged, though many had increased their forecasts based on some recent indicators.
With yet another month of weak employment growth, the second quarter marks the weakest three-month period in two years. May's weak initial 69,000 report was revised upward to 77,000, which made the June number essentially flat.
There were a few bright spots: The overall work week edged higher by 0.1 hour to 34.5 hours and average hourly earnings grew 6 cents to $23.50. Also, one of the surveys the government uses to compute the number showed 128,000 more Americans with jobs.
Manufacturing saw 11,000 more jobs, though the bulk of gains continued to come from services, which gained 67,000.
But it was an otherwise dismal report that will up the stakes in the race between President Obama and Republican challenger Mitt Romney.
"There is little hope of an acceleration in the pace of job growth any time soon," said Kathy Bostjancic, director of macroeconomic analysis for The Conference Board. "These conditions are likely to persist at least through the summer and possibly longer."
A measure of unemployment that includes discouraged workers ticked higher to 14.9 percent, its highest level since February, while the labor force participation rate stayed near a 30-year low at 63.8 percent.
Unemployment for blacks surged to 14.4 percent — the highest level of 2012 and up from 13.6 percent in May — while the 11.0 percent rate for Latinos was unchanged over May but also at a high for the year.
The unemployment rate is the most closely watched indicator as to whether the Federal Reserve will step in with additional monetary easing.
Recent economic indicators have painted a fairly gloomy picture, with Institute of Supply Management numbers indicating a contraction, though factory orders have jumped and Thursday's ADP private payrolls report was better than expected.
Last month's anemic jobs growth of 69,000 and the rise of the unemployment rate to 8.2 percent sent off a wave of speculation that the central bank would initiate a third round of quantitative easing .
The program entails the Fed buying Treasurys and other debt in an effort to provide liquidity, drive down interest rates and boost risk assets like stocks. At its meeting last month, the Fed decided to extend its Operation Twist program, in which it buys longer-dated securities and sells an equal amount of shorter-term debt.
That differs from QE in that it does not expand the Fed's $2.8 trillion balance sheet.
© 2012 CNBC.com
This is the general sentiment....
Once again, how about using some factual data and not the FOX rhetoric?
Originally Posted by palmetto defender
Obama does not care about black people…..yea i said it
Posted on Saturday, June 16, 2012 by fdgoldwater
Pleased to meet you, I hope you know my name. I am a typical Black guy that you want to vote for you.
Though the unemployment rate of our people is much higher than the national average, and those promises you made to make sure all of us voted for you, have not come about. I do however see you giving amnesty to illegal immigrants; redefine the definition of marriage and putting the economy in the toilet to hand out more free things.
However I don’t see any increase in opportunity, not for just merely blacks but hard working Americans in general. Mr. President I see you as a failure a liar and a panderer. I would say when you let the polls run your presidency and not you dedication to the country as a whole, or promises made in 2008 you are indeed a failure. Why would you ask folks to have your back?
You have turned your back on the people who elected you, and you make no apologies for your arrogant and unthinking decisions. I am truly afraid of what you may come up with next; will your next job program include cotton fields? or will they include real jobs to support families. Will you continue to support the redefinition of marriage? or will you work to help families strengthen existing marriages? Will you continue to make the lives of those who are here illegal easier?
Or will you help the American’s who are here and are victims of your failed economic policies? I think after four years its apparent you were way over your head in running for this office, maybe you can go organize one of the illegal immigrant communities in January that you have created, and leaving the governing to the grown-ups.
Obama does not care about black people. And I wish you would stop pretending that you did, stop with your hip Hop radio ads and McDonalds style commercials, that’s the equivalent of talking down to us, that’s the equivalent of thinking we are stupid and don’t know what you are doing in the Peoples House, I know one thing you are not doing and that’s the work of the People…Good day
PBS HOST QUESTIONS OBAMA‘S ’GENUINE LOVE FOR BLACK PEOPLE’
PBS’s Tavis Smiley isn’t happy with the way in which President Obama has handled his relationship with black journalists — and African Americans in general. On Sunday, Smiley took to his radio show with guest Cornell West to lament an apparently rude speech Obama’s chief of staff Valerie Jarrett delivered to the National Association of Black Journalists Convention last month.
During the speech in question, Jarrett talked about Obama’s “genuine love for black people.” Smiley scoffed at this, considering that the president didn’t attend the journalism conference and sent Jarrett instead (Joe Biden appeared there as well).
“What’s fascinating about that to me, a few things: number one, that I’ve never heard the president say that,” Smiley said. “So, to send a surrogate out to tell people that he really loves you is fascinating for me if the president himself doesn’t tell you that I love you. You know that’s like me sending you to tell my momma that I love her.”
Smiley was particularly frustrated that Obama’s apparent love for African Americans was spouted during a time in which “new census numbers show that the wealth inequality gap between white and black folk has doubled during the president’s term in office.“ With ”black wealth“ continuing to ”evaporate,” the radio host wondered just how deep and genuine Obama’s love is.
Here’s more from Smiley’s radio discussion of the speech:
…Some folk in the audience really wanted to hear her [Jarrett] just talk about issues and talk about the campaign and talk about things that really matter. But she got up and just read down this laundry list of accomplishments and there were folk in the audience who like okay, we got it.
But the presentation didn’t work because it was just a resuscitation [sic] of talking points as if she felt she needed to convince this audience with these talking points that he really had done something that she had to convince them and so here comes the phrase of genuine love. It just struck some in the audience I’m told that she was really really you know working hard to try to sell this story to an audience of black journalists? What do you make of that?
West had somewhat of a different take, as he didn’t seem as bothered by the proclamation from the chief of staff. Listen to Smiley talk about Obama’s purported love — or lack thereof — for African Americans, below: