Posted on 09/10/2009 5:33:41 AM PDT by Red in Blue PA
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(Excerpt) Read more at cnbc.com ...
Wow.
Only 550,000 jobs lost instead of 551,000 !!!
We’re dong great !!!
USA
USA
Hasn’t this BS statistic (LIE) been refuted enough that they shouldn’t even be trying to pump the markets with its use?
Unbelievable.
Oh goody, only 550000 lost their jobs last week, yippee the turn around is here. Except who is going to hire the recently unemployed?
Yep. And we can be certain of revisions to that number within weeks....
I wonder how many new food stamp and welfare applications there were in the same period.
Yeah... except that the government has stopped counting those who are unemployed but are no longer eligible to receive unemployment benefits. That, and there were still 550,000 new jobless claims!
Oh wait, it’s CNBC.
U6 is approaching 17% I believe.
The real unemployment, including those you talk about, is now 16.8%. The jiggered feel good 9.7% number is a phony political number started by I think Clinton and continued by both Bush’s — Because it sounded better to the ignorants..
We should only use the 16.8% real number, as published by the BLS.
School opened.
Oh, good! Now I only have to compete with an additional half-million people in my fruitless effort to find a job and keep my kids’ home! Yippee! Thanks, Obama!
At some point there will be no jobs to LOSE, will they claim that is a success? Of course, why am I asking?
Why do they keep running these numbers as if it’s a good stat?
The fewer number could be because of bad weather more than anything else seeing that they have to keep revising it upwards a few weeks later!
I don’t see one darn good thing in here. Plus read to the bottom and check the revised numbers!!!
http://www.bls.gov/news.release/empsit.nr0.htm
THE EMPLOYMENT SITUATION — AUGUST 2009
Nonfarm payroll employment continued to decline in August (-216,000),
and the unemployment rate rose to 9.7 percent, the U.S. Bureau of Labor
Statistics reported today. Although job losses continued in many of the
major industry sectors in August, the declines have moderated in recent
months.
Household Survey Data
In August, the number of unemployed persons increased by 466,000 to 14.9
million, and the unemployment rate rose by 0.3 percentage point to 9.7
percent. The rate had been little changed in June and July, after in-
creasing 0.4 or 0.5 percentage point in each month from December 2008
through May. Since the recession began in December 2007, the number of
unemployed persons has risen by 7.4 million, and the unemployment rate
has grown by 4.8 percentage points. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men
(10.1 percent), whites (8.9 percent), and Hispanics (13.0 percent) rose
in August. The jobless rates for adult women (7.6 percent), teenagers
(25.5 percent), and blacks (15.1 percent) were little changed over the
month. The unemployment rate for Asians was 7.5 percent, not seasonally
adjusted. (See tables A-1, A-2, and A-3.)
The civilian labor force participation rate remained at 65.5 percent in
August. The employment-population ratio, at 59.2 percent, edged down
over the month and has declined by 3.5 percentage points since the re-
cession began in December 2007. (See table A-1.)
In August, the number of persons working part time for economic reasons
was little changed at 9.1 million. These individuals indicated that they
were working part time because their hours had been cut back or because
they were unable to find a full-time job. The number of such workers
rose sharply in the fall and winter but has been little changed since
March. (See table A-5.)
About 2.3 million persons were marginally attached to the labor force
in August, reflecting an increase of 630,000 from a year earlier. (The
data are not seasonally adjusted.) These individuals were not in the
labor force, wanted and were available for work, and had looked for a
job sometime in the prior 12 months. They were not counted as unemployed
because they had not searched for work in the 4 weeks preceding the sur-
vey. (See table A-13.)
Among the marginally attached, the number of discouraged workers in
August (758,000) has nearly doubled over the past 12 months. (The data
are not seasonally adjusted.) Discouraged workers are persons not cur-
rently looking for work because they believe no jobs are available for
them. The other 1.5 million persons marginally attached to the labor
force in August had not searched for work in the 4 weeks preceding the
survey for reasons such as school attendance or family responsibilities.
Establishment Survey Data
Total nonfarm payroll employment declined by 216,000 in August. Since
December 2007, employment has fallen by 6.9 million. In recent months,
job losses have moderated in many major industry sectors. (See table
B-1.)
In August, construction employment declined by 65,000, in line with
the trend since May. Monthly losses had averaged 117,000 over the 6
months ending in April. Employment in the construction industry has
contracted by 1.4 million since the onset of the recession. Starting
in early 2009, the larger share of monthly job losses shifted from the
residential to the nonresidential and heavy construction components.
In mining, employment declined by 9,000 over the month.
In August, manufacturing employment continued to trend downward, with
a decline of 63,000. The pace of job loss has slowed throughout manu-
facturing in recent months. Motor vehicles and parts lost 15,000 jobs
in August, partly offsetting a 31,000 employment increase in July.
Financial activities shed 28,000 jobs in August, with declines spread
throughout the industry. Job loss in financial activities has slowed
since the beginning of the year. Employment in the industry has de-
clined by 537,000 since the start of the recession.
Wholesale trade employment fell by 17,000 in August. Employment in
information continued to trend down over the month.
Employment in the retail trade industry was little changed in August.
Employment also was little changed in professional and business ser-
vices over the month. From May through August, monthly employment
declines in the sector averaged 46,000, compared with 138,000 per
month from November through April. Job loss in its temporary help
services component has slowed markedly over the last 4 months.
Employment was little changed in August both in transportation and
warehousing, and in leisure and hospitality.
Employment in health care continued to rise in August (28,000), with
gains in ambulatory care and in nursing and residential care. Employ-
ment in hospitals was little changed in August; job growth in the
industry slowed in early 2009 and employment has been flat since May.
Health care has added 544,000 jobs since the start of the recession.
In August, the average workweek for production and nonsupervisory
workers on private nonfarm payrolls was unchanged at 33.1 hours.
The manufacturing workweek and factory overtime also showed no
change over the month (at 39.8 hours and 2.9 hours, respectively).
(See table B-2.)
In August, average hourly earnings of production and nonsupervisory
workers on private nonfarm payrolls rose by 6 cents, or 0.3 percent,
to $18.65. Over the past 12 months, average hourly earnings have risen
by 2.6 percent, while average weekly earnings have risen by only 0.8
percent due to declines in the average workweek. (See table B-3.)
The change in total nonfarm payroll employment for June was revised
from -443,000 to -463,000, and the change for July was revised from
-247,000 to -276,000.
I'd like to see a headline that states "Good News! Economy Officially out of the Frying Pan!"
Correct. These numbers could very well be revised upwards. Even if there not, 550,000 lost jobs for last week is a horrible number and it’s shameful and insulting to spin this as positive news, particularly to the millions of Americans who are in real financial trouble.
Four fewer fish died in my aquarium this month than last month. I’m on my way to becoming a master aquarist.
And if Bush were still president they would have rounded it up to a million.
Good grief!
Pop the corks!
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