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Thread: non-farm payrolls out....+69000 vs

  1. #1

    non-farm payrolls out....+69000 vs

    +150,000 expected- stocks continue their puke. President Romney, welcome!

  2. #2
    this was a disastrous report:

    Employment in U.S. Increased 69,000 in May; Jobless Rate at 8.2%
    2012-06-01 12:30:00.329 GMT


    By Timothy R. Homan
    June 1 (Bloomberg) -- American employers in May added the smallest number of workers in a year and the unemployment rate unexpectedly increased as job-seekers re-entered the workforce, further evidence that the labor-market recovery is stalling.
    Payrolls climbed by 69,000 last month, less than the most- pessimistic forecast in a Bloomberg News survey, after a revised 77,000 gain in April that was smaller than initially estimated, Labor Department figures showed today in Washington. The median estimate called for a 150,000 May advance. The jobless rate rose to 8.2 percent from 8.1 percent, while hours worked declined.
    Bigger job and wage gains are needed to jumpstart a self- sustaining increase in hiring and consumer spending that will boost the expansion. At the same time, a looming recession in the euro area and slower growth in China and Brazil may prompt American companies to reduce headcount until they see more evidence the U.S. economy isn’t faltering.
    “The robust employment growth at the start of the year has clearly waned,” Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York, said before the report. “Hiring plans may have been put on hold amidst an increasingly uncertain outlook.”
    Estimates of the 87 economists surveyed ranged from increases of 75,000 to 195,000 after a previously reported 115,000 rise in April. Revisions subtracted a total of 49,000 jobs to payrolls in March and April.
    The figures follow data earlier today showing the global economy is struggling as Europe’s sovereign-debt crisis roils financial markets. A measure of manufacturing in the 17-nation euro fell to a three-year low, while measures of the industry in China, India, South Korea and Taiwan also weakened.

    Presidential Election

    The jobs data also come five months before Americans head to the polls to either re-elect President Barack Obama or choose presumptive Republican nominee Mitt Romney, who has said White House policies have prevented a stronger economic recovery.
    The unemployment rate was forecast to hold at 8.1 percent, according to the survey median. Estimates in the Bloomberg survey ranged from 8 percent to 8.2 percent. Unemployment has exceeded 8 percent since February 2009, the longest such stretch since monthly records began in 1948.
    The participation rate, which indicates the share of working-age people in the labor force, rose to 63.8 percent from
    63.6 percent.
    Private payrolls, which exclude government agencies, rose 82,000 after a revised gain of 87,000. They were projected to rise by 164,000, the survey showed.

    Weakening Europe

    “The U.S. economy is recovering but at a stubbornly slow pace,” Carl Camden, president and chief financial officer at staffing provider Kelly Services Inc., said on a May 9 conference call. “Weakening European economies have shaken confidence here in the U.S. business, consumers and investors remain cautious.” Still, with demand increasing for skilled workers, “we remain optimistic about 2012,” he said.
    Factory employment increased by 12,000, less than the survey forecast of a 15,000 increase.
    General Motors Co. is among companies boosting payrolls.
    The world’s biggest automaker said last month it will add 600 employees to a second shift at an assembly plant in Lansing, Michigan, according to the Detroit News.
    Employment at service-providers increased 84,000 in May.
    Construction companies cut 28,000 jobs, the most in two years, and retailers boosted payrolls by 2,300.
    “I have been searching relentlessly and I can’t find anything,” said Dexter Favors, 57, of Atlanta. Favors has been out of work for three years, though his wife is employed. “It is kind of rough right now because she is pulling the load.”

    Looking for Work

    Favors, who worked last as a grocery store department manager and is an Air Force veteran, said he has put out around 80 applications for work and continues to search.
    Government payrolls declined by 13,000.
    Average hourly earnings increased 0.1 percent, today’s report showed. Compared with May of last year, earnings climbed
    1.7 percent, the smallest increase since December 2010.
    The average work week for all workers fell to 34.4 hours from 34.5 hours.
    The so-called underemployment rate -- which includes part- time workers who’d prefer a full-time position and people who want work but have given up looking -- increased to 14.8 percent from 14.5 percent.
    The report also showed an increase in long-term unemployed Americans. The number of people unemployed for 27 weeks or more rose as a percentage of all jobless, to 42.8 percent from 41.3 percent.

    First Quarter

    Faster economic growth would help lay the groundwork for more hiring. Gross domestic product climbed at a 1.9 percent annual rate from January through March, down from a 2.2 percent prior estimate, reflecting smaller gains in inventories and bigger government cutbacks, according to revised Commerce Department figures released yesterday. The report also showed corporate profits rose at the slowest pace in more than three years and smaller wage gains at the end of 2011.
    The pace of growth has been “disappointing” and “the headwinds retarding recovery are well known,” Federal Reserve Bank of New York President William C. Dudley said this week. He reiterated that he expects growth of about 2.4 percent over the next four quarters and said Europe’s sovereign debt crisis poses a downside risk to the outlook.
    Today’s figures may put more pressure on the Fed to take further steps to boost the economy after their current maturity extension program, known as Operation Twist, expires at the end of June.

  3. #3
    [QUOTE=Tucker134;4481686]+150,000 expected- stocks continue their puke. President Romney, welcome![/QUOTE]

    Back from the brink, GM, worst economy since the great depression, Look how I smile while I read the teleprompter,Michelle's growing veggie's,Bin Laden, BIN LADEN,[SIZE="2"]BIN LADEN[/SIZE][SIZE="5"]BUSHES FAULT, [/SIZE][SIZE="5"]BUSHES FAULT!!!![/SIZE]And the most important of all, If you don't vote for me you're RACIST!!!!!!!!!!!

  4. #4
    wait...WAIT! Paul Krugman...he's got it! MORE STIMULUS!!!!!

  5. #5
    Not good news for the Pres at all

    See where Obama pivots now.Hard to brag about the economy right now.Romney just needs to hit,hit,hit on the economy,jobs.

    Tucker good news for you right now,horrible news for the Pres and the surprising start for the Mets.

  6. #6
    [QUOTE=Tucker134;4481700]wait...WAIT! Paul Krugman...he's got it! MORE STIMULUS!!!!![/QUOTE]

    GREAT!!! Solyndra needs a kick start and Nancy P. In Californee needs a tunnel built for some wayward turtles and lizards, Oh, we also need to send a million to Africa, to teach men there that they should wash their nutz after sex sooz they don't spread disease.

  7. #7
    [QUOTE=acepepe;4481740]GREAT!!! Solyndra needs a kick start and Nancy P. In Californee needs a tunnel built for some wayward turtles and lizards, Oh, we also need to send a million to Africa, to teach men there that they should wash their nutz after sex sooz they don't spread disease.[/QUOTE]

    Speaking of Nancy P, the new San Francisco Bay bridge is currently under construction. This is a triumph of Obama's and Nancy's infrastructure spending to create jobs. Unfortunately for Americans the span and structure was built in China and shipped to the US for installation. Apparently Obama doesn't care where the jobs are created.

  8. #8
    [QUOTE=chiefst2000;4481819]Speaking of Nancy P, the new San Francisco Bay bridge is currently under construction. This is a triumph of Obama's and Nancy's infrastructure spending to create jobs. Unfortunately for Americans the span and structure was built in China and shipped to the US for installation. Apparently Obama doesn't care where the jobs are created.[/QUOTE]


    & dont forget he wants to be Brazil's best customer when it comes to oil....but no drilling on federal lands!

  9. #9
    [QUOTE=acepepe;4481740]GREAT!!! Solyndra needs a kick start and Nancy P. In Californee needs a tunnel built for some wayward turtles and lizards, Oh, we also need to send a million to Africa, to teach men there that they should wash their nutz after sex sooz they don't spread disease.[/QUOTE]

    Solyndra!

    What's truly been underreported is how well Romney's team is crushing Obama's shopworn campaign tactics.

    The other day Obama and the Washington Post thought they'd do a 1-2 punch, where they would highlight Romney's record as governor of Massachusetts ... but Romney sent hecklers to the staged b.s.-athon (Axelrod was there) [url]http://www.wibw.com/home/nationalnews/headlines/Game_On_Romney_Sends_Hecklers_To_Obama_Event_156321755.html[/url] to disrupt the ritual ...

    Meanwhile, Romney popped up, unannounced to give a rebuttal from Solyndra, Inc. O's day? Ruined.

    Were Romney a Democrat doing these things (he took the beating from GOPers, then went on the attack once he's been campaigning solely against Obama) the newspapers would be lauding him to such a degree as a master campaigner that he'd start to believe the press and get lazy. Ahem.

  10. #10
    [QUOTE=sackdance;4481958]Solyndra!

    What's truly been underreported is how well Romney's team is crushing Obama's shopworn campaign tactics.

    The other day Obama and the Washington Post thought they'd do a 1-2 punch, where they would highlight Romney's record as governor of Massachusetts ... but Romney sent hecklers to the staged b.s.-athon (Axelrod was there) [url]http://www.wibw.com/home/nationalnews/headlines/Game_On_Romney_Sends_Hecklers_To_Obama_Event_156321755.html[/url] to disrupt the ritual ...

    Meanwhile, Romney popped up, unannounced to give a rebuttal from Solyndra, Inc. O's day? Ruined.

    Were Romney a Democrat doing these things (he took the beating from GOPers, then went on the attack once he's been campaigning solely against Obama) the newspapers would be lauding him to such a degree as a master campaigner that he'd start to believe the press and get lazy. Ahem.[/QUOTE]

    Yeah, but, Obama's got swag! don't you want your president to have swag? Competence, be damned!!
    BTW, Reagan had "swag" but, he knew what the F*CK he was doing unlike the ****cago rabble rouser.

  11. #11
    [QUOTE=acepepe;4482026]Yeah, but, Obama's got swag! don't you want your president to have swag? Competence, be damned!!
    BTW, Reagan had "swag" but, he knew what the F*CK he was doing unlike the ****cago rabble rouser.[/QUOTE]

    Obama's in over his F*CKING head vs Romney....O can be a nasty Chicago Manchurian socialist idealogue all he wants- he ain't sh*t next to Romney & his crew. It's playing out now on the national stage- Axelrod, C Matthews, Maddow, the mainstream media, etc...will all have their heads handed to them! By June 25th the Supreme Court will crush his signature piece of crap legislation, Obamacare, & it's all downhill from there.

    Today's employment report was an unmitigated disaster- the Fed has nothing left in it's arsenal....NOTHING. We're approaching a fiscal cliff & d-bag advises Europe to give up austerity & embrace more stimulus...the biggest fugazy hoax of this administration is the notion that Obama is soooo "smart". He's a friggin moron who can read teleprompters..

    A competent, conservative, measured leader like Romney is the answer to our economic ills....the Senate is going Republican, the House will remain Republican, & Romney is taking 1600 Pennsylvania Ave. Time for the adults to take over-

  12. #12
    Bewildered Beast
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    [QUOTE=Tucker134;4481700]wait...WAIT! Paul Krugman...he's got it! MORE STIMULUS!!!!![/QUOTE]

    He's more sober than you; that idea is based on empirical evidence.

  13. #13
    Bewildered Beast
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    [QUOTE=chiefst2000;4481819]Speaking of Nancy P, the new San Francisco Bay bridge is currently under construction. This is a triumph of Obama's and Nancy's infrastructure spending to create jobs. Unfortunately for Americans the span and structure was built in China and shipped to the US for installation. Apparently Obama doesn't care where the jobs are created.[/QUOTE]

    California was going to buy the Tiffany Bridge; but the Chinese came in at the right price.

    You're reaching pally.

  14. #14
    Jets Insider VIP
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    [QUOTE=WestCoastOffensive;4482124]He's more sober than you; that idea is based on empirical evidence.[/QUOTE]

    It is not empirical...not by a long shot. economics is not an exact science.

    If it were so empirical, why did the 1st 2 stimuls not only fail...but fail miserably.


    Adam Smith vs John Meynard Keynes is not empirical. Money supply, consumption, GDP are all debated by experts.

    And yes.... I have taken more economics classes than most.

  15. #15
    [QUOTE=Tucker134;4481686]+150,000 expected- stocks continue their puke. President Romney, welcome![/QUOTE]

    NEW YORK (Reuters) - U.S. stocks erased most of the year's gains on Friday after a much weaker-than-expected jobs report added to fears about a global economic slowdown.

    The Dow industrials turned negative for the year and the S&P 500 was on track to close at its lowest since early January. The benchmark traded below its 200-day average for the first time in 2012.

    The Labor Department said employers created a net 69,000 jobs last month, the weakest in a year and far from the 150,000 new jobs economists had forecast. The unemployment rate rose to 8.2 percent.


    "This wasn't supposed to happen until after the election!" -Barry on the phone with Soros

  16. #16
    Bewildered Beast
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    [QUOTE=southparkcpa;4482197]It is not empirical...not by a long shot. economics is not an exact science.

    If it were so empirical, why did the 1st 2 stimuls not only fail...but fail miserably.


    Adam Smith vs John Meynard Keynes is not empirical. Money supply, consumption, GDP are all debated by experts.

    And yes.... I have taken more economics classes than most.[/QUOTE]

    The point Krugman made was that we are in a Depression where no one is spending; and that spending is a proven way out (as in what happened with world war II). That's all.

  17. #17
    Jets Insider VIP
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    [QUOTE=WestCoastOffensive;4482435]The point Krugman made was that we are in a Depression where no one is spending; and that spending is a proven way out (as in what happened with world war II). That's all.[/QUOTE]

    Krugman? Really? I stand corrected. :rolleyes:

    How about we try to increase spending by growing the economy.

    OBAMA and his economic people follow unproven, high spending policy that would make
    Keynes roll in his grave. Sad actually.

    The word empirical implies proven, studied, peer reviewed.

  18. #18
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    This a really bad thing for the USA and as mentioned not good for the Obama administration, either.

    Nobody is spending any money. US treasury bills are being bought up at all-time low yields. The market feels the only safe place to put money is into the government.

    A big spending bill is needed. Fix the roads, expand the RR system and upgrade the power grid. It all needs to be done anyway. But it won’t happen.

  19. #19
    Jets Insider VIP
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    [QUOTE=Buster;4482630]This a really bad thing for the USA and as mentioned not good for the Obama administration, either.

    Nobody is spending any money. US treasury bills are being bought up at all-time low yields. The market feels the only safe place to put money is into the government.

    [B]A big spending bill is needed. [/B]Fix the roads, expand the RR system and upgrade the power grid. It all needs to be done anyway. But it won’t happen.[/QUOTE]
    [B][SIZE="4"]
    LMAO........ [/SIZE][/B]

    yes..that must be the solution.:rolleyes: All the spending by FDR did nothing to reduce unemployment. NOTHING. Governmentm cant solve this except by getting out of the way.

  20. #20
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    [QUOTE=southparkcpa;4482663][B][SIZE="4"]
    LMAO........ [/SIZE][/B]

    yes..that must be the solution.:rolleyes: [B]All the spending by FDR did nothing to reduce unemployment.[/B] NOTHING. Governmentm cant solve this except by getting out of the way.[/QUOTE]





    You really are going to argue that FDR using the federal government to employ people did not reduce unemployment?


    You really ought to study up on your wing-nut arguments before posting

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