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Thread: Job Growth at Halt in U.S.; Worst Showing in 11 Months

  1. #1
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    Job Growth at Halt in U.S.; Worst Showing in 11 Months

    [URL="http://www.nytimes.com/2011/09/03/business/economy/united-states-showed-no-job-growth-in-august.html?_r=1&hp"]http://www.nytimes.com/2011/09/03/business/economy/united-states-showed-no-job-growth-in-august.html?_r=1&hp[/URL]


    We need a large Government spending bill. We need to create demand.
    Austerity is killing us. Balance the books when the economy is good again. we must prime the economic pump.

    Economic growth = Spending





    [QUOTE]

    The economy failed to add new jobs in August, the first time there has been no increase in net jobs in the United States in 11 months.

    [B]The flat performance was down sharply from a revised 85,000 gain of jobs in July, the Labor Department said Friday, and was far below a consensus forecast by economists of 60,000 new jobs. The unemployment rate stayed constant at 9.1 percent in August. [/B]

    The nonfarm payrolls numbers were unchanged after a prolonged increase in economic anxiety in August that began with the brinksmanship in Washington’s debt-ceiling debate, followed by the country’s loss of its triple-A credit rating, stock market whiplash and renewed concerns about Europe’s sovereign debt.

    Wall Street stocks promptly lost more than 2 percent of their value at the opening of trading. The Dow Jones industrial average fell 210 points Friday morning to 11,280.07.

    The jobs figure, a monthly statistical snapshot by the Department of Labor, appears slightly more negative than it is because it does not include 45,000 Verizon workers who were on strike when the survey was taken but who will reappear in next month’s report.

    [B]Economists blamed both sluggish demand for goods and services[/B] and the heightened uncertainty over the economy’s direction for the slow pace of job creation, saying political deadlock was in effect creating economic paralysis.

    “Business confidence surveys have uniformly pointed to businesses who are not laying off workers, but who are holding off on hiring while they wait for a clearer outlook — an outlook that became much cloudier and more volatile” beginning with the debt-ceiling battle in July, said Ellen Zentner, the senior United States economist for Nomura Securities.

    [B]Government continued to shed jobs, but the bulk of the loss was in local government, which lost 20,000 positions. State government actually posted a gain of 5,000 jobs.[/B]

    Two of the bright spots in the economy over the last year, manufacturing and retail, lost steam, falling by 3,000 and 8,000 jobs, respectively. The health care sector added 29,700 jobs in August.

    [B]The number of long-term unemployed — people out of work for 27 weeks or more — remained about the same as in July, at 6 million, as did the median duration of unemployment, at 19.6 weeks compared with 19.7 weeks in July.[/B]

    The general unemployment rate, which counts only people who looked for work in the previous four weeks, held steady at 9.1 percent. But a broader measure that includes people who have looked for work in the last year and people who were involuntarily working part-time instead of full-time, fell to 16.1 percent from 16.3 percent. The percent of working-age adults who were employed, already at its lowest rate since 1983, ticked down from 58.6 percent to 58.5 percent.

    [B]While there is still a chance that the United States can slip into a double-dip recession, many economists believe that the economy will stay in growth mode, albeit at levels barely perceptible, much less comforting, to Americans without jobs. [/B]

    “We’ve got at least another 12 months of difficulty to go through,” said Steven Ricchiuto, United States economist for Mizuho Securities USA. “I know that doesn’t help politicians who are worried about the elections.”

    The poor showing is likely to be seized on by President Obama in his prime-time address to Congress on Thursday as proof that bolder government action is needed to create jobs.

    [B]There is considerable skepticism that any ambitious plan to bolster job growth would be politically feasible. But several economists said that given the fragility of the recovery, the payroll tax cut and extended unemployment benefits, both set to expire at the end of the year, should be renewed. [/B]

    “It’s probably not the time for adding to fiscal drag,” said Jim O’Sullivan, the chief economist for MF Global. [B]He said that together the tax cut and unemployment benefits account for 1 percent of the gross domestic product[/B].

    Some analysts downgraded their forecast for the jobs numbers on Thursday based on new economic indicators including weaker online job advertising, a rise in announced layoffs and a growing pessimism about the job market by consumers. A major report on manufacturing showed slowing employment growth and shrinking production and new orders.

    [B]But other indicators suggested that fears of recession have outstripped reality. Consumer confidence dropped sharply and pending home sales dipped, but in July retail sales increased and orders for durable goods — expensive items often purchased on credit — were up 4 percent. On the other hand, a report on chain-store sales indicated slack back-to-school shopping, further slowed by Hurricane Irene. [/B]

    [/QUOTE]

  2. #2
    everyone's panicking but it should be noted that "no jobs created" is not the same as "jobs lost" It's actually better to go sideways than backward.

  3. #3
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    yup - more of the same from the last 2 years is definitely the way to go!


    ECONOMICS! (sorry PK :O )

  4. #4
    [QUOTE=bitonti;4126115]everyone's panicking but it should be noted that "no jobs created" is not the same as "jobs lost" It's actually better to go sideways than backward.[/QUOTE]

    Tell that to the 200,000 thousand or so new people that enter the job market each month

  5. #5
    [QUOTE=Buster;4126107]We need a large Government spending bill. We need to create demand. Austerity is killing us. Balance the books when the economy is good again. we must prime the economic pump. Economic growth = Spending[/QUOTE]

    It's not money - it's leadership and management of the money. Or, lack of leadership and management in the case of President Barack Obama. Equally important, buy-in from corporate America and American consumers is required. And my sense is that corporate America and American consumers have given up on "Change We Can Believe In".

    You can't just throw money into a black economic hole and "Hope" for the best.

    :jets17

  6. #6
    [QUOTE=chiefst2000;4126246]Tell that to the 200,000 thousand or so new people that enter the job market each month[/QUOTE]

    people leave the market too for various reasons

    bottom line the unemployment is 4% higher than it usually is... and we don't know that any President or federal policy can fix it. We should be blaming the corporations that melted the system not the gov't that hasn't fixed it yet. It might be systemic like in Europe. WE don't know.

  7. #7
    [QUOTE=AlbanyJet;4126360]It's not money - it's leadership and management of the money. Or, lack of leadership and management in the case of President Barack Obama. [/QUOTE]

    honest question, if this were a President McCain administration would unemployment be lower?

    or a President Romney administration?

    is it in the President's job description to boost the GDP and create jobs?

    the right wing is relentless, and I respect you guys for that... but there's only so much we can pin on the actions federal gov't about the fundamentals of the economy. we are in a mild recovery and have been for 2 years.

  8. #8
    [QUOTE=bitonti;4126368]honest question, if this were a President McCain administration would unemployment be lower?

    or a President Romney administration?

    is it in the President's job description to boost the GDP and create jobs?

    the right wing is relentless, and I respect you guys for that... but there's only so much we can pin on the actions federal gov't about the fundamentals of the economy. we are in a mild recovery and have been for 2 years.[/QUOTE]

    Unemployment would be lower if we didn't pass Obamacare and Dodd Frank. If we had a President that was promoting a business friendly environment unemployment would be lower for sure. If we had a government that understands that promoting American Industry is of critical importance we'd be in better shape. If we had a president that did a better job of deploying 1 trillion in stimulus we'd be in better shape. If we had a president that made energy independence a REAL national priority we'd be in better shape.

    Romney, McCain, Hillary all would have done a better job. Obama's problem is that he has no experience in these matters. He is the Herm Edwards of Presidents. All style and zero substance.

  9. #9
    The business friendly environment helped cause the BP oil disaster and the bailouts. Haven't we had enough of that already?

    I would not be surprised if the oil disaster is the reason that we are having so many earthquakes globally. The Earth lost so much lubrication due to BP with the deep oil drilling

  10. #10
    [QUOTE=chiefst2000;4126390]Unemployment would be lower if we didn't pass Obamacare and Dodd Frank. If we had a President that was promoting a business friendly environment unemployment would be lower for sure. If we had a government that understands that promoting American Industry is of critical importance we'd be in better shape. If we had a president that did a better job of deploying 1 trillion in stimulus we'd be in better shape. If we had a president that made energy independence a REAL national priority we'd be in better shape.

    Romney, McCain, Hillary all would have done a better job. Obama's problem is that he has no experience in these matters. He is the Herm Edwards of Presidents. All style and zero substance.[/QUOTE]

    100% correct.

    Obama pursued Obamacare for at least the first year of his administration while Americans were crying out for jobs. Jobs & the economy were issues 1 and 2 on every poll taken from the day Obama took office. National health care was NOWHERE on the list! :dunno:

    2 1/2 years later unemployment is malignant and metastisized.

    Obama belongs in the US Senate. He has no Presidential skills.

    :jets17

  11. #11
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    [QUOTE=Jetdawgg;4126445]The business friendly environment helped cause the BP oil disaster and the bailouts. Haven't we had enough of that already?

    I would not be surprised if the oil disaster is the reason that we are having so many earthquakes globally. The Earth lost so much lubrication due to BP with the deep oil drilling[/QUOTE]

    THAT is possibly the funniest post ever. KY to the world is the solution.


    KY Jelly for those of you concerned about the tight crack of the earth and your significant other.......

  12. #12
    [url]http://www.deseretnews.com/article/700175722/Obama-halts-controversial-EPA-regulation.html?s_cid=rss-5[/url]

    [SIZE="3"][B]Obama halts controversial EPA regulation[/B][/SIZE]
    Published: Friday, Sept. 2, 2011 9:00 a.m. MDT

    By Julie Pace, Associated Press

    WASHINGTON — President Barack Obama is sacking a controversial proposed regulation tightening government smog standards, [B]bowing to the demands of congressional Republicans and some business leaders.[/B] :yes:

    In a statement Friday, Obama said he had ordered Environmental Protection Agency administrator Lisa Jackson to withdraw the proposal, in part because of the importance of reducing regulatory burdens and uncertainty for businesses at a time of rampant uncertainty about an unsteady economy.

    [B]The announcement came shortly after a new government report on private sector employment report showed that businesses essentially added no new jobs last month — and that the jobless rate remained stuck at a historically high 9.1 percent.[/B] :yes:

    :jets17

  13. #13
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    [QUOTE=bitonti;4126368]honest question, if this were a President McCain administration would unemployment be lower?

    or a President Romney administration?

    is it in the President's job description to boost the GDP and create jobs?

    the right wing is relentless, and I respect you guys for that... but there's only so much we can pin on the actions federal gov't about the fundamentals of the economy. we are in a mild recovery and have been for 2 years.[/QUOTE]

    Marvel used to have a series called "What If...". You should've written for them, as much as you change the argument and dabble in hypotheticals in a lame attempt to defend your position.

  14. #14
    [QUOTE=southparkcpa;4126461]THAT is possibly the funniest post ever. KY to the world is the solution.


    KY Jelly for those of you concerned about the tight crack of the earth and your significant other.......[/QUOTE]

    You just showed your republican hand. You do not believe in science

  15. #15
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    [QUOTE=Jetdawgg;4126548]You just showed your republican hand. You do not believe in science[/QUOTE]

    Oh contrare my friend...but Internet opinions are not science unless you are a cool aid Al Gore type.


    YOU are nominated for JI scientist of the decade........:D

  16. #16
    Obama wants to do the runaround to get intrastructure jobs going. The man(used very loosely) is beyond incompetent. A thief, A liar and a complete fraud! I pray to G-d the Supreme Court shoots down Omama Care. Send the ScumBag back to the Hood!

  17. #17
    [QUOTE=southparkcpa;4126567]Oh contrare my friend...but Internet opinions are not science unless you are a cool aid Al Gore type.


    YOU are nominated for JI scientist of the decade........:D[/QUOTE]

    I am an engineer

  18. #18
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    [QUOTE=Jetdawgg;4126611]I am an engineer[/QUOTE]

    and I slept at a holiday inn.





    Get your theory published in a peer reviewed journal and I'll call it science.;)

  19. #19
    The jobs problem (or cause of lack of jobs) is very simple. Everyone needs to pay attention to financial shows - be whatever network they are on.
    CEOs consistently say there is a great deal of uncertainty - especially with the policies of this administration. They are not hiring until uncertainty is reduced.
    Further, attitudes of the Obama administration are clearly ANTI BUSINESS.
    I will cite two of many examples. These affect my local area.
    1. The administration is attempting to close the just opened Boeing plant in Charleston SC because it is non union. It employs 4000 people and at least another 6000 people will have jobs locally supporting it. Why close it? Because it is NON UNION.
    2. The administration is not permitting (via lawsuit) the acquisition of T-Mobile by AT&T. This will also cause the loss of a substantial number of jobs. Again why? T-Mobile is not unionized. See a pettern here?
    His jobs program is based on infrastrucure. He wants $650 billion. He says we're shovel ready. Really? Last time he said that he admitted, "I guess we weren't so shovel ready". BTW, infrastrucure means UNIONS. Especially in the North. You don't think red states will get any money.
    It is a lack of leadership by the administration and a totl lack of confidence in Obama. Of he has a new Cheief Economic Advisor. Another academic from Princeton, who has never worked even one day at anything but being a professor. Another empty suit who has zero idea of the real world. Oh, he wants a 5% levy on all sales. That's in addition to any income taxes.

  20. #20
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    [QUOTE=palmetto defender;4126845]The jobs problem (or cause of lack of jobs) is very simple. Everyone needs to pay attention to financial shows - be whatever network they are on.
    CEOs consistently say there is a great deal of uncertainty - especially with the policies of this administration. They are not hiring until uncertainty is reduced.
    Further, attitudes of the Obama administration are clearly ANTI BUSINESS.
    I will cite two of many examples. These affect my local area.
    1. The administration is attempting to close the just opened Boeing plant in Charleston SC because it is non union. It employs 4000 people and at least another 6000 people will have jobs locally supporting it. Why close it? Because it is NON UNION.
    2. The administration is not permitting (via lawsuit) the acquisition of T-Mobile by AT&T. This will also cause the loss of a substantial number of jobs. Again why? T-Mobile is not unionized. See a pettern here?
    His jobs program is based on infrastrucure. He wants $650 billion. He says we're shovel ready. Really? Last time he said that he admitted, "I guess we weren't so shovel ready". BTW, infrastrucure means UNIONS. Especially in the North. You don't think red states will get any money.
    It is a lack of leadership by the administration and a totl lack of confidence in Obama. Of he has a new Cheief Economic Advisor. Another academic from Princeton, who has never worked even one day at anything but being a professor. Another empty suit who has zero idea of the real world. Oh, he wants a 5% levy on all sales. That's in addition to any income taxes.[/QUOTE]

    agreed 100 percent.... all economic drive needs private infusion. OBAMA's plans will not work.

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