Unemployment Rises to 9.1%

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PapaG

PapaG

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Unexpectedly, of course!!! :MARIS61:

Employers hired far fewer workers than expected in May and the jobless rate rose to 9.1 percent, raising concerns the economy might be stuck in a painful slow-growth mode.

Nonfarm payrolls increased 54,000 last month, the weakest reading since September, the Labor Department said on Friday. ...

Economists had expected payrolls to rise 150,000 and private hiring to increase 175,000. The government revised employment figures for March and April to show 39,000 fewer jobs created than previously estimated.
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http://finance.yahoo.com/news/Employment-growth-brakes-rb-325963585.html?x=0&.v=3


Here is Joe Biden from April 2010.

http://blogs.abcnews.com/politicalp...icts-massive-job-growth-in-coming-months.html

"Some time in the next couple of months we're going to be creating between 250,000 jobs a month and 500,000 jobs a month," Biden said at a fundraiser today in Pittsburgh. ...

The administration's own forecast projects that the labor market will add about 100,000 jobs a month for the rest of the year [2010], then around 200,000 jobs a month next year [2011], and 250,000 jobs a month in 2012. ...

"We caught a lot of bad breaks on the way down," Biden said. "We're going to catch a few good breaks because of good planning on the way up."
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At some point, this administration will lose all credibility on their handling of the economy.
 
no man, the last thing I saw on the news was that the natural disasters are to blame both here and in Japan. Oh, and its Bushes fault..

And this did not take into account all of those people who no longer qualify for un employment benifits, ya see they dont exist anymore..
 
I think we need to come to grips with the fact that what we've seen is a tepid recovery built on government intervention. Like our own finances, even the government can't spend indefinitely. It's made an unprecendented attempt to prop up an economy that simply needs to deleverage. If we would have done it in 2008, it would have been a deep recession, but we would have snapped back the way we did in 1982.

The fear among investors is that adding $5T to the national debt has created a stagflationary environment, where the excess dollars need to be soaked up through inflation, yet we're still going to have negative growth. This circumstance acts as a double whammy to the personal finances of people: prices rise while income falls.

I think we're in for a rough couple of years that will make the past two and a half look like the 90s.
 
Here's a good read

If you borrowed $8 to get $1 in your pocket, would that strike you as a good deal?How long do you reckon you could borrow $7 to get $1 of "growth" in your finances?
Let's say you need $3,000 a month to pay all the household bills. No problem, just go borrow $24,000 and your household economy will "grow" by $3,000. If this isn't the height of fiscal nonsense, then what is?

http://charleshughsmith.blogspot.com/2011/06/can-we-please-stop-pretending-gdp-is.html?
 
watching Obama talk to auto workers on CNN. This guy is fucking disgusting.
 
maxiep said:
I think we need to come to grips with the fact that what we've seen is a tepid recovery built on government intervention. Like our own finances, even the government can't spend indefinitely. It's made an unprecendented attempt to prop up an economy that simply needs to deleverage. If we would have done it in 2008, it would have been a deep recession, but we would have snapped back the way we did in 1982.

The fear among investors is that adding $5T to the national debt has created a stagflationary environment, where the excess dollars need to be soaked up through inflation, yet we're still going to have negative growth. This circumstance acts as a double whammy to the personal finances of people: prices rise while income falls.

I think we're in for a rough couple of years that will make the past two and a half look like the 90s.
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QE3 will fix it all. :MARIS61:
 
Maxie hit it right on the button. Perfect example is the white house being happy that GM has only cost the tax payers 21B dollars, right about three times the value when they took over, and this is a victory? Not going to try and spark a debate on the right or wrong of the bailout in general, but the government has shown over and over that they can not run anything and turn a profit. Now they want the health care system..hey I got an idea, lets see the post office get right first.
 
EL PRESIDENTE said:
QE3 will fix it all. :MARIS61:
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QE3 is nothing more than crony capitalism to keep the markets propped up with false currency. The average citizen doesn't understand that we can't just keep printing money to prop up markets, and it doesn't surprise me.

When it crashes, it's going to be very ugly. People jumping out of windows ugly...
 
I think they're going to have some very short sighted monetary policy in the next 6-8 months to artificially prop up the economy until the election. Then the crash happens.
 
EL PRESIDENTE said:
I think they're going to have some very short sighted monetary policy in the next 6-8 months to artificially prop up the economy until the election. Then the crash happens.
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QE3 + raising the debt ceiling = full fucking panic mode by Bernacke, Geithner, and Obama.
 
An oldie but a goodie.

stimulus-vs-unemployment-june-dots.gif
 
Updated with recent data. It's a good thing we wasted nearly a trillion dollars and have nothing to show for it.

The UE rate is HIGHER now than it was when the Stimulus bill was passed. It has been a complete and utter failure.

201106_blog_mitchell31.jpg
 
Birth/Death adjustment of +206k for the month of May alone. With a 54k "net" that means that almost 150k jobs were lost in May.

http://www.zerohedge.com/article/birthdeath-adjustment-206000

Take away the Birth/Death adjustment of 206,000 and the Real NFP is: -150,000. This is the biggest monthly B/D adjustment in over a year. And if as all the pundits claimed last month, demanding the McDonalds addition of 62,000 janitorial, part-time jobs be added to the May number, the economy really lost over 200,000 in May. Time to price in QE 666.
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BD%20May.jpg




Things are bad, folks. Very, very bad.
 
bluefrog said:
It's not all bad news. I got a job in May
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That's tremendous news. We hired a couple of analysts in the past few months and we couldn't believe the resumes we were receiving. Overqualified doesn't begin to describe what arrived at our doorstep.
 
maxiep said:
That's tremendous news. We hired a couple of analysts in the past few months and we couldn't believe the resumes we were receiving. Overqualified doesn't begin to describe what arrived at our doorstep.
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Plus you can pay them shit. People are taking jobs so they can get on funemployment again!

X
 
maxiep said:
That's tremendous news. We hired a couple of analysts in the past few months and we couldn't believe the resumes we were receiving. Overqualified doesn't begin to describe what arrived at our doorstep.
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Do you think that's because the finance industry has been hit particularly hard or that that's a reflection of the job market as a whole?
 
maxiep said:
Scroll through these charts and you'll get an idea why this recession is different.

http://cr4re.com/charts/charts.html#category=Employment&chart=JobLossesRecessionStartMay2011.jpg

What makes this recession different? The government's reaction to it.
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That is some great stuff. The thing that most do not take into account that before we had the ability to produce in place, we could rebound through making products. We were industrial leaders. We had logging, steel mills, lumber mills, furniture plants, carpet mills etc etc etc

Most of what lead in pulling us out of the poop in the past no longer exists here, the desire for forign products, cheeper products, fifty years of consumer reports and other left wing anti american peices of shit tainted the buying habits. Those places, products and industries are gone with their living wage mid america jobs.
 
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DaLincolnJones said:
That is some great stuff. The thing that most do not take into account that before we had the ability to produce in place, we could rebound through making products. We were industrial leaders. We had logging, steel mills, lumber mills, furniture plants, carpet mills etc etc etc
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You are getting off message here. It's all the fault of government. It couldn't possibly have anything to do with anything else.

barfo
 
Manufacturing report this week was shit too. Not making anything.

X
 
bluefrog said:
Do you think that's because the finance industry has been hit particularly hard or that that's a reflection of the job market as a whole?
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It's a little of both, but mostly the latter.
 
barfo said:
You are getting off message here. It's all the fault of government. It couldn't possibly have anything to do with anything else.

barfo
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Who do you think was responsible for killing the logging and lumber industry in this country? Durrrrr.
 
barfo said:
You are getting off message here. It's all the fault of government. It couldn't possibly have anything to do with anything else.

barfo
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no, the point I was trying to make was that before, we had the ability to recover faster. The facilities still were in this country, not overseas. The current situation is going to last a lot longer that anyone is going to want to believe.

And for all the happy bunny fuzzy numbers the gov wants to spin, even three or four McJobs do not equal one half assed production job, that also creates other employment.
 
blazerboy30 said:
Who do you think was responsible for killing the logging and lumber industry in this country? Durrrrr.
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Partially the desire to offshore those things to foreign countries where it's "cheaper" to manufacture, so our rich overlords can get richer. The US is uncompetitive because we don't allow slave labor... Yet...
 
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