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Disasterous May Jobs Report

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  • Disasterous May Jobs Report

    The May jobs report shows that employers added only 69,000 jobs, while unemployment rose to 8.2%


    Businesses hired shockingly few workers in May, throwing into doubt the strength of the economic recovery.

    Only 69,000 jobs were added last month, the weakest growth in a year. The unemployment rate rose to 8.2%, the first uptick since last June.

    Economists surveyed by CNNMoney had expected to see employers add 150,000 jobs and the unemployment rate to remain at 8.1%.

    Revisions from previous months also showed the economy gained 49,000 fewer jobs in March and April than originally thought.


    Hiring was lukewarm last month, with employers adding jobs but not enough to bring the unemployment rate down.

    The economy added 80,000 jobs in June, the Labor Department reported Friday, barely an improvement from the 77,000 jobs added in May.
    Last edited by shockerofandover0943; July 6, 2012, 04:49 PM.

  • #2
    And the Stock Market has responded to these terrible numbers. DOW is down around 250 points at the moment.

    Comment


    • #3
      What is troubling is decline in hours worked, which are indicators of future jobs added.
      “Losers Average Losers.” ― Paul Tudor Jones

      Comment


      • #4
        It's too bad we can't impeach this fool today.
        "Don't measure yourself by what you have accomplished, but by what you should accomplish with your ability."
        -John Wooden

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        • #5
          You guys are joking right? This is the best government we have ever had!

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          • #6
            Originally posted by Capitol Shock II View Post
            You guys are joking right? This is the best government we have ever had!
            "You Just Want to Slap The #### Outta Some People"

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            • #7
              Originally posted by shockerofandover0943 View Post
              http://money.cnn.com/2012/06/01/news...port/index.htm



              What a joke. It seems that the private sector has decided that the only way that they can remove Pres. Obama from office is to sit out the economy over the next few months. This months jobs numbers, in combination with the uptick in the unemployment %, the scaled back numbers of the past few months, and the millions of people have left the work force over the past few years, shows just how awful our current economy is. How could anyone continue to support this administration?
              I think Congress is more of the problem. In past years, whenever the U.S. went through a recession, both sides would work together to pass a job's bill or whatever to stimulate the economy. But for whatever reason one side of Congress goes against their past policies and decides that they're not going to do anything.

              So with no help from the government and with the 'job creators' not creating enough jobs, this is what you get. And with the possibility of the middle class having even less money to spend in the next few years (assuming the Ryan bill was to actually get signed into law), then things are only going to get worse.

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              • #8
                Originally posted by 1979Shocker View Post
                I think Congress is more of the problem. In past years, whenever the U.S. went through a recession, both sides would work together to pass a job's bill or whatever to stimulate the economy. But for whatever reason one side of Congress goes against their past policies and decides that they're not going to do anything.

                So with no help from the government and with the 'job creators' not creating enough jobs, this is what you get. And with the possibility of the middle class having even less money to spend in the next few years (assuming the Ryan bill was to actually get signed into law), then things are only going to get worse.
                You got to be kidding right? Congress needs to spend more money? You really believe CONGRESS creates JOBS.

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                • #9
                  Originally posted by SB Shock View Post
                  You got to be kidding right? Congress needs to spend more money? You really believe CONGRESS creates JOBS.
                  No, Congress doesn't create jobs. But tax breaks and incentives do give businesses the incentive to create jobs. The GOP has refused to allow bills that would do even that to come to a vote.

                  Oh, and consumers are actually the ones that give businesses the incentive to hire more people. When consumer demand goes up, businesses have to make more products to meet the demand. And to make more of those products, they have to hire more workers. But consumers aren't buying because they don't have the extra money to spend. We can either have the Ryan plan which puts more money into the hands of businesses and less in the hands of consumers in the hopes that more jobs will be created to produce more products for consumers who aren't demanding more products because they don't have the money. Or we can instead give more money to consumers who will actually spend the money.

                  This guy actually explains it pretty well.

                  Businesses Don't Create Jobs. Consumers Do.

                  Comment


                  • #10
                    Originally posted by 1979Shocker View Post
                    No, Congress doesn't create jobs. But tax breaks and incentives do give businesses the incentive to create jobs. The GOP has refused to allow bills that would do even that to come to a vote.
                    Responding to GOP demands to immediately extend Bush-era tax cuts, Reid released a sharply worded letter Tuesday saying the right wing's refusal to entertain new taxes would prevent any deal before November.

                    Nancy, unless consumers have JOBS (from businesses) they are not going to have money to spend.

                    Lets get to your next talking point "Republicans only give tax breaks for millionaires, Big Oil, and corporations that ship jobs overseas."

                    but interesting CNN runs the story:
                    Farmers hit the jackpot in Kansas oil boom

                    somebody didn't get the memo that the Oil company are suppose to take their jobs overseas.
                    Last edited by SB Shock; June 1, 2012, 11:47 PM.

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                    • #11
                      Here's a thought. Don't raise or lower taxes on anyone at this time. Work on trimming spending, including the big ones, ss, medicaire, Medicaid AND the military. In two years, analyze how far that has gotten us, and then revisit taxation. Democrats are so in love with tax raises and Republicans are so in love with tax cuts that neither side can see straight anymore.
                      Be who you are and say what you feel, because those who mind don't matter, and those who matter don't mind. ~Dr. Seuss

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                      • #12
                        We are already past the point of no return. There is no way to pay back 15 trillion dollars. And it will be 18 trillion by this Fall. When the dollar and the economy totally collapses at the beginning of next year we won't be spending money on anything. That's the only positive I can take away from this. That and I might finally be learning the Chinese language then.

                        Comment


                        • #13
                          Originally posted by Capitol Shock II View Post
                          That and I might finally be learning the Chinese language then.
                          The amount of debt to the Chinese is a bit overplayed. For example the Social Security holdings of the debt is twice what China holds (19 percent compared to 8 percent).

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                          • #14
                            Neither is a good thing
                            Infinity Art Glass - Fantastic local artist and Shocker fan
                            RIP Guy Always A Shocker
                            Carpenter Place - A blessing to many young girls/women
                            ICT S.O.S - Great local cause fighting against human trafficking
                            Wartick Insurance Agency - Saved me money with more coverage.
                            Save Shocker Sports - A rallying cry

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                            • #15
                              [QUOTE=Ixiah;326190]The amount of debt to the Chinese is a bit overplayed. For example the Social Security holdings of the debt is twice what China holds (19 percent compared to 8 percent).

                              All of it is concerning. Every penny of the debt is concerning. None of it is overplayed. Any country holding 8% of our debt is gravely concerning.

                              China's portion of our debt, in round numbers, is $1.16 trillion and growing. That is $1,160,000,000,000.
                              There are three rules that I live by: never get less than twelve hours sleep; never play cards with a guy who has the same first name as a city; and never get involved with a woman with a tattoo of a dagger on her body. Now you stick to that, and everything else is cream cheese.

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