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Post by jacquelope on Jul 8, 2011 9:13:50 GMT -6
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Post by unlawflcombatnt on Jul 8, 2011 11:46:59 GMT -6
This was really a bad one. And the previous month's job numbers were also revised downward.
But hey, it's not the Obamamessiah's fault. It was all Bush's fault. And it would have been soooooo much worse if the Great One hadn't come to the rescue (to the rescue of the Banksters, that is).
According to the BLS's Housing Survey job report, we've created only 11 (eleven) jobs since January. That's only 2 jobs per month.
I'm sure glad we're in a "recovery." . More on today's jobs report from Yahoo/Reuters: Analysis: Dismal Job Numbers Give off Recession WhiffFri, July 8, 2011 by Pedro Nicolaci da Costa " U.S. job growth in June essentially ground to a halt for a 2nd month running, suggesting a sharp 1st half slowdown is not merely a blip, as Wall Street economists and Federal Reserve officials had hoped.
The U.S. economy generated just 43,000 jobs in the last 2 months, perhaps taking the world's largest economy skating closer to recession territory.
It was difficult to find a bright spot in the U.S. Labor Department report. Many key labor market signals deteriorated, and the jobless rate rose unexpectedly to 9.2% even though the work force actually shrank.
Shaun Osborne, senior currency strategist at TD Securities, summed it up: "The number stinks." Watch for forecast revisions to 2nd half U.S. gross domestic product.
Following are key details from the Labor Department figures, which could raise questions about whether the Fed should take additional actions to support growth:
** Average hours worked declined and earnings were essentially stagnant. That's a bad sign because employers often increase hours before taking on new workers.
** Manufacturing added a paltry 6,000 jobs and manufacturing hours worked declined noticeably to 40.3 in June from 40.6 in May.
** Construction employment fell for a 2nd month, reflecting a housing sector that many economists have described as already being in a double-dip.
** The notion that the economy is suffering a temporary slowdown due to effects from Japan's earthquake and tsunami is becoming harder to sustain given the broad weakness seen in the report." The Manufacturing job loss is VERY fixable. Simply slap 100-200% Tariffs on everything that comes out of China. We could easily halve our -$260 billion trade deficit with China. And even at a price of $100K/job, that $130 billion reduction in our trade deficit would result in a gain of 1.3 million jobs. That's more than we're creating in an entire year under the Obamatocracy.
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Post by jacquelope on Jul 8, 2011 12:11:48 GMT -6
Bah, blockade China. And Brazil and India. Or give them a taste of their own medicine with competitive devaluation, make them play inflation chicken with us.
You gotta play for keeps in this one. Obama isn't cut out for that kind of hardball; but neither are any of his plutocratic Republican rivals.
It's time for a workers party.
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Post by graybeard on Jul 8, 2011 12:19:06 GMT -6
Devaluation hurts the working class more than tariffs. How about a law that imports must not exceed exports by 5%? Otherwise tariffs on all but raw materials kick in.
GB
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Post by jacquelope on Jul 8, 2011 13:22:30 GMT -6
Devaluation hurts the working class more than tariffs. How about a law that imports must not exceed exports by 5%? Otherwise tariffs on all but raw materials kick in. GB We'd need to have another civil war to pass a law like that...
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Post by jacquelope on Jul 8, 2011 22:10:03 GMT -6
Hey GB, I was wondering about how devaluation hurts vs helps the working class. China and Brazil have prospered greatly by devaluing their currency. Their inflation issues have to be compared against their stellar job growth, which has occurred at the expense of American workers.
A plummeting dollar has already resulted in some hits to offshoring; a big drop would make it very hard for other nations to keep pegging their currency because they're far less robust and stable than us. We wouldn't even have to reach an extreme case of hyperinflation for America to become a net exporter of manufactured goods and services again. When we become a net exporter how does the pain of inflation beat the joy of a job boom? Brazil is wrestling with that right now and it seems the balance is in favor of the growing job market.
Inflation can be handled if you have a job. We've just gotten a good modern lesson in what happens to the working class during deflation - can't buy those cheap iPods with no job.
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Post by jeffolie on Jul 9, 2011 10:27:34 GMT -6
This was really a bad one. And the previous month's job numbers were also revised downward.
But hey, it's not the Obamamessiah's fault. It was all Bush's fault. And it would have been soooooo much worse if the Great One hadn't come to the rescue (to the rescue of the Banksters, that is).
According to the BLS's Housing Survey job report, we've created only 11 (eleven) jobs since January. That's only 2 jobs per month.
I'm sure glad we're in a "recovery." . More on today's jobs report from Yahoo/Reuters: Analysis: Dismal Job Numbers Give off Recession WhiffFri, July 8, 2011 by Pedro Nicolaci da Costa " U.S. job growth in June essentially ground to a halt for a 2nd month running, suggesting a sharp 1st half slowdown is not merely a blip, as Wall Street economists and Federal Reserve officials had hoped.
The U.S. economy generated just 43,000 jobs in the last 2 months, perhaps taking the world's largest economy skating closer to recession territory.
It was difficult to find a bright spot in the U.S. Labor Department report. Many key labor market signals deteriorated, and the jobless rate rose unexpectedly to 9.2% even though the work force actually shrank.
Shaun Osborne, senior currency strategist at TD Securities, summed it up: "The number stinks." Watch for forecast revisions to 2nd half U.S. gross domestic product.
Following are key details from the Labor Department figures, which could raise questions about whether the Fed should take additional actions to support growth:
** Average hours worked declined and earnings were essentially stagnant. That's a bad sign because employers often increase hours before taking on new workers.
** Manufacturing added a paltry 6,000 jobs and manufacturing hours worked declined noticeably to 40.3 in June from 40.6 in May.
** Construction employment fell for a 2nd month, reflecting a housing sector that many economists have described as already being in a double-dip.
** The notion that the economy is suffering a temporary slowdown due to effects from Japan's earthquake and tsunami is becoming harder to sustain given the broad weakness seen in the report." The Manufacturing job loss is VERY fixable. Simply slap 100-200% Tariffs on everything that comes out of China. We could easily halve our -$260 billion trade deficit with China. And even at a price of $100K/job, that $130 billion reduction in our trade deficit would result in a gain of 1.3 million jobs. That's more than we're creating in an entire year under the Obamatocracy. jobs, jobs, jobs Jobs again were lost in State, Local government entities. More jobs are lost in increasing numbers from 'safe' civil service careers that paid well with benefits. see www.reuters.com/article/2011/07/08/us-usa-states-jobs-idUSTRE76768Q20110708Lost jobs is what I predicted accurately on Jan 1st see "...US STATES, CITIES, LOCAL AGENCIES CRISIS: major layoffs by the end of 2011 ..." unlawflcombatnt.proboards.com/index.cgi?board=general&action=display&thread=8394The Labor Participation Rate fell again" ... to 64.1 percent - the lowest level since 1984 when women were just entering the work force in significant numbers....' see www.laobserved.com/biz/2011/07/if_you_think_92_unem.phpThe thin balance, stalled economy, Gridlock does not keep up with even current population growth.
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Post by graybeard on Jul 9, 2011 16:43:26 GMT -6
Chris Hayes said on Bill Maher last night that govt jobs are down by half a million since Obama took office. Most of the job growth 2001-2009 was in govt jobs.
The Repubs only want smaller govt when they're not in power.
GB
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Post by jacquelope on Jul 10, 2011 1:39:54 GMT -6
Chris Hayes said on Bill Maher last night that govt jobs are down by half a million since Obama took office. Most of the job growth 2001-2009 was in govt jobs. The Repubs only want smaller govt when they're not in power. GB And that is why "none of the above" is starting to look like the best choice for 2012 for me.
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Post by unlawflcombatnt on Jul 10, 2011 9:32:02 GMT -6
This was really a bad one. And the previous month's job numbers were also revised downward.
But hey, it's not the Obamamessiah's fault. It was all Bush's fault. And it would have been soooooo much worse if the Great One hadn't come to the rescue (to the rescue of the Banksters, that is).
According to the BLS's June 2011 Housing Survey job report, we've created only 11 (eleven) jobs since January. That's only 2 jobs per month.. Actually, it's much worse than that. June 20 11's total Household Employment was 139.334 million. May. 20 10's total Household Employment was 139.353 million. That an actual LOSS of -19K jobs over the last 13 months. (See May 2010's report below). Attachments:
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Post by jeffolie on Jul 10, 2011 10:49:05 GMT -6
This was really a bad one. And the previous month's job numbers were also revised downward.
But hey, it's not the Obamamessiah's fault. It was all Bush's fault. And it would have been soooooo much worse if the Great One hadn't come to the rescue (to the rescue of the Banksters, that is).
According to the BLS's June 2011 Housing Survey job report, we've created only 11 (eleven) jobs since January. That's only 2 jobs per month.. Actually, it's much worse than that. June 20 11's total Household Employment was 139.334 million. May. 20 10's total Household Employment was 139.353 million. That an actual LOSS of -19K jobs over the last 13 months. (See May 2010's report below). Great catch ... down 19,000 Last month about 39,000 government jobs were terminated. My 2011 jeffolie prediction for major job losses in State, Local governments was unfortunately true. I expect this will get worse during the continuing government budget cycle which usually impacts layoffs from their new budget year often these new budget years are from July 1st through October. Unless sales tax collections, revenues increase, 2012 State and Local governments will layoff more next government budget year. The Debt Ceiling struggle most likely will result in more layoffs in government workers including selected federal agencies while 'attrition' will substitute for some personnel reductions, cuts without actuall layoffs instead by using 'attrition' aka not filling newly vacant jobs. Politics matter and politics will determine which federal agencies' budgets are cut while protecting corporations that made campaign contributions.
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Post by jeffolie on Jul 10, 2011 17:39:31 GMT -6
bart reconstructed the broader jobless measure that the government dropped, U7 ... just like the broader money supply measure the government dropped, M3. Here is his comments today on the broader jobless measure: "... For what its worth, my U7 unemployment reconstruction has taken quite the leap the last few months. It was in a range of roughly 22-23% for many months... and the most recent reading is 24.1%..." [/u]from " Seldom seen aspect of unemployment plus U7 update' taoeconomics.com/ss/viewtopic.php?f=1&t=2315&p=17730#p17730
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