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Poor jobs data stuns Wall Street, politicians
Market Watch ^ | July 8, 2011, 10:21 a.m. EDT | Jeffry Bartash, MarketWatch

Posted on 07/08/2011 10:11:41 AM PDT by Ernest_at_the_Beach

Meager 18,000 increase in June heightens worries over economy

WASHINGTON (MarketWatch) — A disappointing U.S. jobs report has stunned Wall Street and triggered a fresh round of political recriminations as to who and what’s to blame.

The economy added a meager 18,000 jobs in June, stoking worries the U.S. economy is slumping again. See story on June jobs data.

Here is a sample of reaction on Wall Street and in Washington.

• “Today’s report is more evidence that the misguided ‘stimulus’ spending binge, excessive regulations, and an overwhelming national debt continue to hold back private-sector job creation in our country.” — House Speaker John Boehner

• “I think these numbers are a call to action for Washington to stop bickering ... and do the things to get the growth rate higher and create jobs. — Austan Goolsbee, chief economic adviser to President Barack Obama

• “We can see no silver lining in this employment report, which is weak, weak, weak.” — John Ryding, RDQ Economics

• “The details aren’t quite as bad as the headline, with private payrolls up 57,000, but that’s still pretty terrible when compared to the 240,000 average as recently as the three months to April.” — Ian Shepherdson, High Frequency Economics

• “The upshot is that exactly two years after the recovery began, broad labor market conditions haven’t improved at all.” — Paul Ashworth, Capital Economics

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: beeber; clueless; economy; goolsbee; jobs; juggearedmoron; misery; obamnomics; stuned; unemployment
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1 posted on 07/08/2011 10:11:51 AM PDT by Ernest_at_the_Beach
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To: Ernest_at_the_Beach

If the data “stunned,” it’s further proof that those who were stunned really should be in any positions of power.


2 posted on 07/08/2011 10:12:55 AM PDT by Da Coyote
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To: Ernest_at_the_Beach

You would think they would be used to it by now.


3 posted on 07/08/2011 10:13:28 AM PDT by ilovesarah2012
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To: Ernest_at_the_Beach

If Wall Street is “stunned” you can just imagine what it’s like to the rest of us


4 posted on 07/08/2011 10:13:28 AM PDT by yldstrk (My heroes have always been cowboys)
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To: Ernest_at_the_Beach
No surprise to those of us in the REAL WORLD!
5 posted on 07/08/2011 10:14:04 AM PDT by Recovering_Democrat
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To: Ernest_at_the_Beach

They are ‘stunned’?.....Then they have no clue. They have absolutely NO CLUE as to what makes America work!........................


6 posted on 07/08/2011 10:14:24 AM PDT by Red Badger (Casey Anthony: "Surprise, surprise."...............)
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To: Ernest_at_the_Beach

It’s like the crop report on Frozen Orange Juice in the movie, “Trading Places”.


7 posted on 07/08/2011 10:15:11 AM PDT by FrankR (A people that values its privileges above its principles will soon lose both.)
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To: Da Coyote
If the data “stunned,” it’s further proof that those who were stunned really should be in any positions of power.

I saw this coming 3 years ago. Maybe I should run for president.

8 posted on 07/08/2011 10:15:15 AM PDT by oldbrowser (Breitbart for a Pulitzer Prize)
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To: Ernest_at_the_Beach

9 posted on 07/08/2011 10:16:03 AM PDT by Recovering_Democrat
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To: Ernest_at_the_Beach

The headline says all you need to know! They are out of touch with reality.


10 posted on 07/08/2011 10:16:24 AM PDT by lonestar (It takes a village of idiots to elect a village idiot.)
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To: Ernest_at_the_Beach

IBTU


11 posted on 07/08/2011 10:16:24 AM PDT by thefactor (yes, as a matter of fact, i DID only read the excerpt)
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To: lonestar

Fire them.


12 posted on 07/08/2011 10:18:24 AM PDT by Eric in the Ozarks (Eh ?)
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To: Ernest_at_the_Beach

The....American.....PEOPLE.....are.....not.......”Stunned”.....by.....this.....UNEXPECTED.......news!! Just ask them. There are 250million of them out there. For PETES SAKE, D.C.!!


13 posted on 07/08/2011 10:18:54 AM PDT by AmericanInTokyo (Herman Cain is high on my list, but Michelle Bachman is gaining poker chips by the day!)
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To: Ernest_at_the_Beach

The economy added a meager 18,000 jobs in June

Odama!


14 posted on 07/08/2011 10:20:08 AM PDT by Berlin_Freeper (Purge the Legalize-Drugs Cop-Hating Pro-Homosexual-Marriage Liberaltarians from FR.)
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To: Ernest_at_the_Beach
A disappointing U.S. jobs report has stunned Wall Street and triggered a fresh round of political recriminations as to who and what’s to blame.

Wall Street and Washington aside, is anyone else really surprised??

In November of 2012, remember that when you go to vote, there are 535 people responsible for creating the mess we are currently in. Despite what they say, they DON'T have any solutions to the problems they created!!

15 posted on 07/08/2011 10:22:36 AM PDT by DustyMoment (Go green - recycle Congress in 2012!!)
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To: Ernest_at_the_Beach

FYI: the final shuttle lifted off, so unemployment will be rising as NASA begins handing out pink slips to launch pas workers any minute now.


16 posted on 07/08/2011 10:23:53 AM PDT by theDentist (fybo; qwerty ergo typo : i type, therefore i misspelll)
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To: Recovering_Democrat
And we have :

Would-be Obama rivals slam him over poor jobs news

************************EXCERPT*************************************

By Olivier Knox (AFP) – 1 hour ago

WASHINGTON — Republican White House hopefuls on Friday charged that dismal new jobs figures reflected President Barack Obama's botched handling of the economy, US voters' top grievance ahead of the 2012 elections.

"Today's abysmal jobs report confirms what we all know -- that President Obama has failed to get this economy moving again," thundered the field's frontrunner, former Massachusetts governor Mitt Romney.

"With their cavalier attitude about the economy, the White House has turned the audacity of hope into the audacity of indifference," he said, playing off one of the key slogans of Obama's historic 2008 presidential campaign.

Romney's broadside came after the US Labor Department said that the ailing US economy, still digging out from the 2008 global meltdown, had generated a paltry 18,000 jobs in June and the unemployment rate had ticked up to 9.2 percent.

"Today?s unemployment report is another stark reminder of the failure of President Obama?s economic policies," charged Republican Representative Michele Bachmann, who has surged in recent polls.

Bachmann, who is close the archconservative "Tea Party" movement, cited news reports that US Treasury Secretary Tim Geithner aimed to step down pending a deal to raise the US debt ceiling and avert an early August default.

"We can only hope that the president will be right behind him after the next election," said the Minnesota lawmaker, who accused Obama of putting the US economy into "freefall."

Some Republicans have charged that the president's early 2009 stimulus package failed to create jobs, but the non-partisan Congressional Budget Office said the 800-billion-dollar program increased the number of people employed by between 1.2 million and 3.3 million in the first three months of 2011.

Others have zeroed in on an Obama administration prediction that enacting the stimulus would keep unemployment below 8 percent.

In a hastily announced public appearance at the White House, Obama said the new jobs report "confirmed what most Americans already know," namely that the US economy has "a long way to go."

"We've added more than 2 million new private-sector jobs over the past 16 months, but the recession cost us more than 8 million, and that means that we still have a big hole to fill," he said, warning good times would not come "overnight."

"America needs new leadership to turn our country around," said former US China envoy Jon Huntsman, who recently announced his bid to take on his erstwhile boss.

"Rising unemployment rates and extremely anemic job creation are not acceptable," said Huntsman, a former Utah governor. "We need free-market, pro-growth policies to spark a wave of job growth."

The new data showed that the private sector, expected to power up the economic recovery, added just 57,000 positions -- compared to 241,000 in April.

Offsetting that was a loss of 39,000 government jobs as authorities in federal, state and local administrations slash payrolls to address budget deficits.

"President Obama is out of answers and running out of time," said Republican White House hopeful Tim Pawlenty, who warned "we will have continued anemic growth and disappointing job creation so long as Barack Obama is president."

"I will turn around the economy as president by setting bold growth goals and implementing specific proposals to achieve them," said the former Minnesota governor.

Republican Representative Thaddeus McCotter blamed Obama's "failed stimulus and other irresponsible, job-crushing policies" for the high unemployment rate.

"Inflation is rising. Real wages are declining -- everywhere except at the Obama White House," he said. "To Main Street, this is real suffering. This must and will end."

17 posted on 07/08/2011 10:24:44 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach
“I think these numbers are a call to action for Washington to stop bickering ... and do the things to get the growth rate higher and create jobs. — Austan Goolsbee, chief economic adviser to President Barack Obama

Austan is the professor from Chicago who obviously has done a wonderful job (rolling eyes). Now he's stepping down and slinking back to academia (where results don't matter). In academia - a brilliant economic mind. In reality - a complete and miserable failure.

18 posted on 07/08/2011 10:25:31 AM PDT by BookmanTheJanitor
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To: Ernest_at_the_Beach

One thing is missing from this report. (or did I miss it)

Okay, 18,000 new jobs...

How many evaporated during the same period?


19 posted on 07/08/2011 10:28:30 AM PDT by DoughtyOne (Muslim Brotherhood (renames itself) the Liberty and Justice Party. NOT A JOKE.)
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To: Ernest_at_the_Beach
Stunned, unexpected, unprecedented...

D'uh, winning!

20 posted on 07/08/2011 10:29:12 AM PDT by DTogo (High time to bring back the Sons of Liberty !!)
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To: Ernest_at_the_Beach

Didn’t gallop say there were 170k yesterday?


21 posted on 07/08/2011 10:29:48 AM PDT by hecht (TAKE BACK OUR NATION AND OUR NATIONAL ANTHEM)
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To: Ernest_at_the_Beach

Think how stunned the Washington crowd will be when they lose THEIR jobs!


22 posted on 07/08/2011 10:29:48 AM PDT by dagogo redux (A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)
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To: Ernest_at_the_Beach
Surprise and stunnage...


23 posted on 07/08/2011 10:30:35 AM PDT by Sgt_Schultze (A half-truth is a complete lie)
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To: Ernest_at_the_Beach
No surprise for people that hang out here at Free Republic.

What do you expect when the president has NO history of running anything other than his campaign for president.

A man that no one knows his history. An undocumented president.

Almost a science fiction scenario. All we are missing is an asteroid heading toward the earth.

obomba2

24 posted on 07/08/2011 10:32:49 AM PDT by cruise_missile
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To: Ernest_at_the_Beach

ROMNEY: 'AUDACITY OF INDIFFERENCE'


25 posted on 07/08/2011 10:33:04 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

To think that if Obama could go back in time, and learn how this was goi going to turn out, he would do exactly the same. He was never trying to improve the economy.


26 posted on 07/08/2011 10:35:30 AM PDT by Plutarch
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To: BookmanTheJanitor

IMO our nation would be much better off if 90% of our university professors were forced to go out into the private sector to find a job.

In their place, hire some well qualified people that had extensive hands on experience in the private sector.

At the same time, I would try to make sure the political atmosphere was more balanced. The idea that 90% of university professors vote for the Democrats, causes me serious concern.

We want institutions of learning, not institutions of propaganda and politically correct thinking enforced with a pass/fail held over student’s head.


27 posted on 07/08/2011 10:37:47 AM PDT by DoughtyOne (Muslim Brotherhood (renames itself) the Liberty and Justice Party. NOT A JOKE.)
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Click the Pic

My vicious cat Rocket cruelly cuts one from the herd

It was the one who didn't donate


Become a monthly donor and end FReepathons

28 posted on 07/08/2011 10:41:06 AM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: Ernest_at_the_Beach; blam

Blam, I cannot find that thread where the Trashury (intentionally misspelled) showed w-2 witholding crashing
the last two months. Can you remember it? It was just posted two days ago. I forgot to index it.


29 posted on 07/08/2011 10:42:59 AM PDT by txhurl (Did you want to talk or fish?)
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To: hecht

That was the ADP payroll report and it was +157K


30 posted on 07/08/2011 10:43:10 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Ernest_at_the_Beach

Who didn’t know this was coming? Economists have warned of a tough summer this year and of a worse year-end to 2011 after that. Others have predicted eventual doom even after this year is entirely passed, because time is waiting for no one, little is being done and trouble is piling up. The ‘12 election is unfortunately a long wait, on top of everything.


31 posted on 07/08/2011 10:44:56 AM PDT by RitaOK (We hang together or will hang separately. 2012, or bust)
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To: Sgt_Schultze

32 posted on 07/08/2011 10:46:33 AM PDT by conservativeimage.com ("Uh, let me be clear. Uh." - President Barack Obama)
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To: Ernest_at_the_Beach

“AUDACITY OF INDIFFERENCE”. I gotta say, that is the best line ever!


33 posted on 07/08/2011 10:49:17 AM PDT by RitaOK (We hang together or will hang separately. 2012, or bust)
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To: Plutarch
Exactly...he is on the road in destroying America...he'll not succeed...
34 posted on 07/08/2011 10:51:56 AM PDT by shield (Rev 2:9 "Woe unto those who say they are Judah and are not, but are of the synaGOGue of Satan.")
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To: conservativeimage.com

Phrases not seen in the MSM since 2008:

McJobs
Homeless problem
Recovery for Wall $treet but not Main Street


35 posted on 07/08/2011 10:52:13 AM PDT by nascarnation
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To: Ernest_at_the_Beach

Stunned???

The administration and the democrat party are socialist liars, cheats, and thieves who know EXACTLY what they are doing to destroy the economy.

The Wall Street, democrat supporting, weasels believe that THEY are the economy and have little regard for small business and the common people who ARE the economy.

A pox on them all.

FUBO & FAD


36 posted on 07/08/2011 10:52:42 AM PDT by RJS1950 (The democrats are the "enemies foreign and domestic" cited in the federal oath)
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To: Ernest_at_the_Beach

Has anybody seen or heard any word from ADP as to how they managed to miss it by *an order of magnitude”??????

When somebody makes that large a miscalculation, that publicly, I’d sure like to hear their excuse....

(Otherwise, I’d be tempted to think that they might just have released some puffed numbers to influence the stock market - but then, I’m just cynical that way...)


37 posted on 07/08/2011 10:57:26 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: RitaOK

Foxnews has been showing a Great Romney AD....he is scoring on Obama.


38 posted on 07/08/2011 11:01:06 AM PDT by Ernest_at_the_Beach ( Support Geert Wilders)
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To: Ernest_at_the_Beach

Can turn this country around in one shot.

Put everything back to the way it was prior to January 2007.


39 posted on 07/08/2011 11:02:29 AM PDT by EQAndyBuzz (As long as the MSM covers for Obama, he will be above the law.)
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To: Plutarch

To think that if Obama could go back in time, and learn how this was goi going to turn out, he would do exactly the same. He was never trying to improve the economy.


Exactly. His golf game and the wookie gave him those grey hairs, not his worrying about the nation.

We are looking at the LAST black potus which is a shame, I really love Cain.


40 posted on 07/08/2011 11:08:19 AM PDT by txhurl (Did you want to talk or fish?)
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To: txhurl

” We are looking at the LAST black potus “

It’s not outside the realm of possibility that we could be looking at our last POTUS, period...


41 posted on 07/08/2011 11:18:15 AM PDT by Uncle Ike (Rope is cheap, and there are lots of trees...)
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To: Ernest_at_the_Beach

Stunned is the new unexpected.


42 posted on 07/08/2011 11:25:51 AM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Ernest_at_the_Beach

Yeah, I don’t get the “stun” description at all here. The government is doing everything possible to get in the way of economic growth, and they’re “stunned” when they got miserable economic numbers?

Cut taxes. Cut spending. Cut burdensome regulations. Eliminate Obamneycare. Nothing else is going to work.


43 posted on 07/08/2011 11:29:03 AM PDT by kevkrom (Imagine if the media spent 1/10 the effort vetting Obama as they've used against Palin.)
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To: Uncle Ike
I know. If Perry wasn't swooping in to carry off DC I'd be real worried Silent Running would be our new national anthem.
44 posted on 07/08/2011 11:29:15 AM PDT by txhurl (Did you want to talk or fish?)
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To: nascarnation

No body counts in Iraq or Afghanistan
9.2% unemployment is unexpected
$5T debt was Bush’s fault

The part that makes the media so devious is that is clearly drew lines between Bush and any negative event, be it war, poverty, mortgage mess, etc. but will not ever connect Obama to anything negative at all. In fact, they blame Republicans and Bush still...the average CBS-watching, non-political American does not have the link between the Obama policies (Stimulus, bailouts, ObamaCare, EPA) and where we are now...


45 posted on 07/08/2011 11:42:24 AM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: Ernest_at_the_Beach
Calling all Freepers!
There is something that has puzzled me completely for the last few years.
The present regime has blamed the national woes on Bush, until it became a national joke. The regime itself, out of incompetence or design has caused the deterioration of every significant measure of national success.

But no one, no group, has systematically attempted to prove it.

My theory : the sudden increased rate of fall of everything that defined success in our nation tracks exactly, but inversely to the rise of Barrack Hussein Obama, his financial supporters, his immediate advisors and behind the scenes promoters. Whether this desireable or not is a separate issue, but that it is a fact can only be proven by actually examining the journey that led us to where we are.

There are dozens of groups and organizations that track all the factors that matter.
Private sector Employment.
Private sector Unemployment.
Government empoyment at all levels.
Inflation.
Food.
Energy.
Industrial production.
Orders for heavy industrial machinery.
Startups of large businesses.
Startup of small businesses.
Tax revenues.
Education.
Welfare.
Investment.

I believe it will become crystal clear if any group or think thank with access to all the facts simply assembles the picture.

I also believe that the downhill slide began in 2006 or 2007, when the rise of Obama and the Soros funded groups became clear enough so that everyone who is negatively affected by a sharp political left turn saw the handwriting on the wall, and the disastrous results on the horizon, long before the 2008 elections. Indeed before Hussein was even considered for nomination (considering the other potential candidates at the time.)
There is no great mystery about the validity of the "Invisible Hand", nor the destructive results of human nature unbridled (Pure democracy.)

All the positive indicators, together, began a slide immediately, and it has accelerated continuously ever since. Before Bush even left office.

In summary, if a comprehensive chart of all the factors listed above were created from facts (What has already happened) it will clearly show a trend of Obama's continuous rise in terms of power, and the steady downward fall of the quality and quantity of everything else that was previously positive. That would include the bad becoming worse.

I would love to see such a chart.

Cause and effect can be argued, but what is already history can't be.

Documenting the abysmal failure of the most incompetent president, coupled with the most inncompetent bicameral Congress in history should be irrefutable.

I suppose early on I should have asked : Does anyone know of such a chart having been created to date?

46 posted on 07/08/2011 12:02:08 PM PDT by Publius6961 (My world was lovely, until it was taken over by parasites.)
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To: theDentist
FYI: the final shuttle lifted off, so unemployment will be rising as NASA begins handing out pink slips to launch pas workers any minute now.

Oh goodie!

More funds available to grow the "Parasite Class," both the obvious and the hidden as Social Security, Medicare and Medicaid (the non conributors.)

47 posted on 07/08/2011 12:16:30 PM PDT by Publius6961 (My world was lovely, until it was taken over by parasites.)
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To: cruise_missile
No surprise for people that hang out here at Free Republic.

Shall we have a humorous diversion here?
Try to identify the first Freeper who responded WTF?first to the "Hope and Change" meme.

We can follow that up with identifying the first nationally quoted mensa member who exclaimed,
Obama's gonna pay my rent!
Obama's gonna buy my gas!

48 posted on 07/08/2011 12:26:37 PM PDT by Publius6961 (My world was lovely, until it was taken over by parasites.)
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To: Ernest_at_the_Beach

49 posted on 07/08/2011 12:43:31 PM PDT by 11th Commandment (http://www.thirty-thousand.org/)
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To: Ernest_at_the_Beach

Love ‘stuned’, ‘beeber’, and all the other keywords.


50 posted on 07/08/2011 12:51:27 PM PDT by Ben Chad
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