Jobs Report: OK, Now You Can Panic

BNET - The CBS Interactive Business Network ^ | July 8, 2011 | Alain Sherter

[2ndDivisionVet]

The jobs “blip” is officially a bleep. After unemployment rose in May, government officials blamed temporary factors, like nasty weather, soaring gas prices and Sarah Palin’s political career. Nice try. Today’s labor report has the jobless rate ticking up to 9.2 percent. The numbers are alarmingly bad:

The economy created an anemic 18,000 jobs, when at least 125,000 per month are needed just to match the number of new people entering the labor market The private sector created only 57,000 jobs The federal government lost 14,000 jobs, while local governments shed 18,000 positions Over the last two months, the economy has produced an average of only 87,000 jobs, lower than the Labor Department had previously forecast.

The share of the working-age population that has a job fell to 58.2 percent, matching the low reached in December 2009 and November 2010.

The average period of unemployment hit a record high of 39.9 weeks.

Average hourly earnings for all private nonfarm employees declined 1 percent, with wages up a meager 1.9 percent over the last 12 months.

More than 250,000 Americans gave up looking for work.

Perhaps the scariest part: Not a single industry showed strong employment growth. Not health care, where formerly robust job-creation appears to be slowing. Not retail. Not manufacturing or construction. Not restaurants. Not even financial services, where healthy corporate profits might’ve been expected to drive hiring; the sector ditched 15,000 jobs, erasing a small gain in May. Says economist Dean Baker:

On the whole, this is one of the most negative employment reports since the recovery began. It indicates that the economy has made no progress whatsoever in re-employing the people who lost their jobs in the downturn....

[2ndDivisionVet]

We'll be lucky to make it through his first term as a first-world nation.

[dajeeps]

“The economy created an anemic 18,000 jobs”

I’m surprised we even got that many with this out of control government. Although, the May number was wrong, so this one likely is wrong as well.

[refreshed]

“On the whole, this is one of the most negative employment reports since the recovery began.”

Really? *Snort* Nothing but newspeak. Ain’t no recovery, folks.

[2ndDivisionVet]

18,000 jobs in a nation of 330 million people is so insignificant as to not even matter, even if it is true. Most of those were probably in Texas.

[mia]

If we’re lucky, no Dems will get reelected in Nov. 2012. : )

[2ndDivisionVet]

[nascarnation]

On the way to his speech today. I think this picture tells a real story.

[Billthedrill]

It hits the fan in September, when it finally dawns on last spring’s college graduates that if it hasn’t happened by now it isn’t going to very soon and that it’s too late to go back to school this year. 0bama will blame Bush. They won’t.

[Enterprise]

Something about “It’s the economy stupid.” Trying to recall where I heard that. Just can’t remember. Just out of memory range. Give me time, I’m sure I will place it. Just need time.

[Lexinom]

Mmmmmm, nice catch, and yes it is a picture that speaks volumes.

[Colonial Warrior]

[JPG]

America is now like a ship without a rudder or a qualified Captain. The scary thing is that there are still sizable groups of people who would vote to continue this madness.

Run, Sarah, RUN.

[Enterprise]

The dopey changey classes of 2008 and 2009 might have initially bought the crap that it's Bush's fault. Now, as you suggest, things might be a bit more clear. The classes of 2008, 2009, 2010, 2011, and 2012 might not be too impressed with the "one" anymore. Yeah, he's cool. He's the President, but in the meantime college kids still live at home. No change, no job, no offers, no hope.

Ironically, if they vote for Obama again, they vote for the status quo. But if they vote against Obama, it will because they are hoping for change. REAL change.

[ViLaLuz]

I actually pity him, poor lost fool.

[C210N]

America is now like a ship without a rudder or a qualified Captain. ..

0bama is running our ship of state like Captain Northstar was running that ship that was intercepted by the Greek Coastguard a few days ago...

[WHBates]

Save your pity for the nation.

[Balding_Eagle]

The federal government lost 14,000 jobs, while local governments shed 18,000 positions Over the last two months,

Two rays of sunlight at least.

Maybe those numbers will double next month, bring more good news.

[NonValueAdded]

See BS??? Going outside to check for pork in the treetops ...

[Windflier]

I actually pity him, poor lost fool.a

I might, too, if it were only his own house he was destroying. As it is, his idiotic ideological attempts to "transform" America, have brought nothing but decay and rot to every American doorstep.

I hate this punk with a passion I can hardly describe.

[SaraJohnson]

Does anyone really believe the country is going to maintain the workforce of an innovative, high tech economy in the future - after boomers all retire and whites are a diversity hated and scape-goated minority?

Whereas we have seen what happens in cities when the population quotas tip, we are going to get to see what happens in the Nation when race quotas tip. Just like no one can fix the urban mess in our cities, no one is going to be able to fix the new urban nation either.