Skip to comments.Nonfarm payroll flat in Aug, jobless rate 9.1%
Posted on 09/02/2011 5:35:14 AM PDT by Free VulcanEdited on 09/02/2011 5:57:03 AM PDT by Admin Moderator. [history]
WASHINGTON (MarketWatch) - Job growth was unchanged in August, the weakest performance in almost a year...lower than the 53,000 gain expected.
(Excerpt) Read more at marketwatch.com ...
this assessment just in on obama economic team:
“Sets low goals and consistently fails to achieve them”
August Nonfarm payroll flat in Aug, jobless rate 9.1%
August average workweek falls to 34.2 hours
August hourly earnings down 0.1%, up 1.9 yr-on-yr
August factory jobs down 3,000
August construction jobs down 5,000
August retail jobs down 7,800
Please watch MSNBC right now. It is beyond funny! We need some humor these days...
The two previous reports were also reduced by a total of 58,000 jobs!!
Worst President Ever . . .
Are they blaming it on the Tea Party yet?
If the American people have any brains and common sense left in their heads, they will totally boycott the worthless, useless remarks to be delivered by inept, empty suit, African Muslim, POTUS Barack Hussein Obama, the destroyer of the American economy and the American nation!!! End of story!!!
We need a recount of the jobs created in Martha’s Vineyard.
They are just very confused as to what to think. It is very funny to watch but painful to live through...
First it was 75k expected then 65k expected now 53k expected. I guess Obama just saved or created 22k jobs this month by looney lib calculations.
Some things just don’t make sense to me. The initial jobless claims report comes out every week with 400,000+ new claims. We are told (every week), that the number must be significantly below 400,000 if we are to have a stable job market. Then the monthly unemployment number comes out and it remains stable (albeit high). ???
I’m sure they simply cannot understand why the waters stubbornly refuse to part before Moses. LOL.
Well,That’s obama’s plan to create Zero jobs and he’s succeeding beyond his wildest dreams.
With this plus the vote in German Parliament on 9/7, Obama could very well be giving his speech in the middle of a massive market crash.
You beat me to it..with this bunch, the only thing certain is more “unexpected” bad economic news.
Memo to State-Run Media:
Yes... ZERO does tend to be less than 53,000.
is that a bumper sticker?? need a link to purchase if so...
figures don’t lie- but liars can figure
check participation rate
Zero jobs created, yes.
But when I employ their magical formula, I calculate roughly 50-70 million jobs SAVED because...well...just because we have the chosen one, the one we have all be waiting for, wiping his butt in the bathroom nearest the oval office.
So the key to a stable labor market during the Obama era is simply to have more and more workers give up? What vision! Start carving that head on Mt Rushmore.
Why doesn’t the unemployment level increase with more people filing for benefits and no jobs created? Easy. The totals don’t reflect the hundreds of thousands of Americans who have given up on finding a job and are no longer reflected in the labor totals.
Reuters had an interesting article about a month ago that actually reflected this trend. The wire service fouind that if the labor market today was the same size as the day Zero took office, unemployment would be over 11 percent.
figures dont lie- but liars can figure
Economists typically estimate the nation needs to add about 150,000 jobs each month to keep up with population growth alone.
A local financial radio talk show host who is usually conservative and laid back was very concerned last night about a possible depression.
We need a recount of the jobs created in Marthas Vineyard.
They were all flown in from the white House. Went back to
DC with the Royal party.
The 99ers are starting to drop off. Voila! They’re no longer considered “unemployed”.
Boehner and McConnell need to get together and propose an alternate growth plan - it could be as simple as a freeze on new regulations until the end of this president’s term, stabilization of tax rates where they are for the next 5 years, an end to any drilling restictions remaining from the BP disaster, and a commitment to revote on Obamacare at the beginning of the next Congress.
They should point out that they need to provide the private sector with some degree of economic certaintly for the future, a minimum of regulatory impediments to growth, and the prospect of improved access to energy.
And the final thing they should do is say is that if Obama rejects their proposals out-of-hand, then he’s not serious in his calls to put politics aside and focus on the good of the country (since everyone knows when Obama says “put politics aside” what he really means is “you have to agree with me or else you’re a partisan”).
The monthly unemployment figure isn’t made up of real numbers of people actually counted.
It’s arrived at by polling......................
“Some things just dont make sense to me. The initial jobless claims report comes out every week with 400,000+ new claims. We are told (every week), that the number must be significantly below 400,000 if we are to have a stable job market. Then the monthly unemployment number comes out and it remains stable (albeit high). ???”
The statistic is manipulated from the get-go. The UE rate is the number of people actively seeking jobs divided by the number of people in the labor force. OK, here’s your manipulation: If someone runs out of their 99 weeks (used to be 26) of UE benefits, BY DEFINITION they are not actively seeking a job AND are not part of the labor force (yet there is no money coming in for that person/family to put food on the table). Someone who gets discouraged after X number of months looking for a job and stays at home eating popcorn is also not in the labor force. The guy who lost a $75,000/year job and replaced it with a $12/hour, 20-hour/week job with no benies, just to have something coming in IS counted as employed - despite having their wages cut to about 1/6 of his original compensation (not including the lost benies).
Note that the UE number reported is known as “U3.” This is a different number than the way it used to be calculated. There are 2 measures that more accurately measure UE: first is “U6,” which is a broader measure (by the Labor Dept) of unemployment. That figure is over 16%. Then there is the Shadow Government Statistics (SGS) alternative number which attempts to measure UE as the government measured it before the Clinton Administration defined long-term unemployed people out of existence (and there was manipulation, to a lesser extent, before that). Presidents of both parties are guilty of messing with the GDP, inflation and UE statistics. See http://www.shadowstats.com/article/primers_intro and http://www.shadowstats.com/alternate_data/unemployment-charts for an introduction.
FYI, the SGS measure of UE is now around 23% - that’s what the UE rate would be right now if we measured it the way it was only about 17 years ago. That’s a DEPRESSION!
They have and they will. Eric Cantor is already taking the lead. Some of this will be to re-pass bills the House already passed in 2011 that the MSM completely ignored.
The unemployment numbers are screwed for the 2012 election. Even if a lot of companies started to hire, that would encourage all the discouraged workers to start looking for work and make the unemployment number even higher.
DJIA down over 230 in the first half hour on this news.
“Please watch MSNBC right now. It is beyond funny!”
what are they saying?
Americans, ALL!!! Boycott the Obama speech next Thursday evening!!! Obama, simply stated is out to destroy our economy, followed by the destruction of our great country. Wake up!!!
Now we all know the reason for the speedy appearance before joint session of congress next week, they knew these figures coming are a killer. Coupled with his jobs speech, it just screams panic.
With 40-some million on food stamps (bread lines?) and 311 million total population, back of the envelope says 13% right there.
I understand there’s all kinds of puts and takes and whatnot. But consider all the folks between the food stamp and a full-time job, and that percentage has to be much higher.
Every month this apparently has to be explained. So let’s explain it again
Non-farm payrolls, or establishment survey. The zero jobs created is derived from a survey of 10s of thousands of employers nationwide. It is derived from the payroll amounts these private and government employers report to the BLS. This only counts people who do not work on farms.
Jobless rate, or household survey. The unemployment rate is derived primarily from a survey of households. This survey asks people several questions, primarily, do you have a job or don’t you have a job. And are you actively looking for work if you don’t. The jobless rate is the ratio of people who are defined as out of work but looking for a job divided by the labor pool.
Jobless claims. The weekly jobless claims is derived primarily from first-time filings of unemployment benefits, along with continuing claims for unemployment over a longer period of time. This survey only measures people who have lost their jobs or can’t find work. It doesn’t measure people who have been hired or have jobs.
3 surveys. telling us three things. measuring 3 different things. measuring things in different ways. They are not directly related to each other.
THE ONLY THING WE HAVE TO FEAR IS OBAMA HIMSELF.
I think it is important for responsible people to remind Americans that the CJCS Admiral Mullen said “ The national debt is the greatest threat to our national security.” Any politician that offers policies to increase the debt is guilty of treason against America.
The Supreme Court must stop its dawdling and review the Obamacare mess. A decision on where that program goes from here would do much to resolve a major question of where the economy goes from here.
Yup. Look for a revision (remember, it’s survey data).