Employers Cut Jobs in August

Yahoo ^ | 09/07/07 | Jeannine Aversa

[LibLieSlayer]

True... what peeves me is that the media is convincing people we lost jobs... when we actually ADDED jobs. But then the media are mostly liars so no news there.

LLS

[paul544]

Market is off over 200 points... No good news here except maybe a rate cut.

[B4Ranch]

....... and the market is down 206 points at this moment.

[B4Ranch]

Snowballing in August.

[LibLieSlayer]

It is amazing to watch irrational panic... but if the big houses can make money in two weeks from this... they would sell their mother’s soul.

LLS

[Moonman62]

The yield on the ten year is down over 14 basis points, and over 30 basis points on the 3 month. This is a big deal.

[Moonman62]

The only people being irrational are the Federal Reserve and the White House.

[B4Ranch]

Did I say it wasn’t? How far is the dollar down today?

[Moonman62]

I wasn’t disagreeing with you ;-)

[CharlesWayneCT]

I doubt it mattered, but there HAS been some movement on cracking down on illegal immigrant employment.

Is it possible that with some companies replacing their illegals with legal employees, that the “employment” number won’t change, but that would give a place for unemployed people (who wouldn’t be illegals, as they couldn’t file for unemployment) to work, thus allowing the total jobs number to stay flat but still employ new people looking for work?

At some point, we expect to fill 2-4 million positions currently held by illegals with legal workers.

[Signalman]

Watch what happens when Bernanke cuts interest rates at the next Fed meeting. The markets will skyrocket.

[Badeye]

‘The report was much weaker than economists were expecting. They were forecasting payrolls to grow by 110,000.’

I can’t help but laugh a bit at this comment.

For the previous seven months, ‘economists’ were wrong about payrolls GROWING.

[capitalist229]

Lower interest rates won't help, consumers have too much debt which must be paid down first. Lower rates will just kill the dollar and create inflation.

Payback is a b!tch.

BUMP

[MEGoody]

Employers sliced payrolls by 4,000 in August, the first drop in four years, a stark sign that a painful credit crunch that has unnerved Wall Street is putting a strain on the national economy.

Actually, it's a sign that kids started back to school in August.

[MEGoody]

So,114,000 LESS jobs were created last month.

Less than expected, perhaps, but not less than than there were.

This seems to be way too much ado about nothing. Unless I missed it, this article doesn't indicate that the numbers were seasonally adjusted.

Kids go back to school and college in August, which means they quit their jobs. Also tourism declines dramatically, which affects just about every business there is.

[B4Ranch]

What will 1/4% do for all these loans that are failing? IMO, nothing.

[B4Ranch]

>Alan Greenspan should be sent to Gitmo.<

I didn’t see you posting that when the market was blooming like a spring garden? What happened? Did you finally see the light at the end of the tunnel?

[billthecat]

The numbers were indeed seasonally adjusted. Along with the 4k decline for August, the prior two months employment growth was revised down a combined 81k or so.

[montag813]

I didn’t see you posting that when the market was blooming like a spring garden? What happened? Did you finally see the light at the end of the tunnel?

I have been posting anti-Greenspan screeds for years.