Umemployment rate drops, economy adds 117,000 jobs

[ClarkUSA]

The "unemployment rate dipped to 9.1 percent. The modest improvement may quiet fears of another recession a day after Wall Street posted its worst losses in nearly three years.

Employers added 117,000 jobs last month, the Labor Department said Friday. That's better than the past two months... The better-than-expected report gave stocks a small lift one day after the Dow Jones industrial average fell more than 500 points. The Dow jumped as much as 171 points when the market opened, but then erase most gains to rise only 31 points in early-morning trading.

The report "should lessen fears that the recovery is truly faltering," said Jim O'Sullivan, chief economist at MF Global.

<snip>

"These numbers are not great," said Ian Shepherdson, an economist at High Frequency Economics, in a note to clients. "But they are a long way from recession territory."

http://news.yahoo.com/unemployment-rate-dips-economy-adds-117k-jobs-123156041.html

[Tarheel_Dem]

1. K&R

:kick:

[CakeGrrl]

2. Rec

[GSLevel9]

3. and 200,000 frustrated job-seekers kicked off the logs...

But we won't talk about that ;)

[BklnDem75]

4. and no peace on Earth either

Because decent news still isn't perfect news. x(

[uponit7771]

6. wow...this board is getting worked good every day

[Name removed]

5. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[totodeinhere]

7. This is an overly optimistic spin IMO.

A drop from 9.2% to 9.1% is hardly significant. And of course as we know the real unemployment rate is probably closer to 20%. And while adding 117,000 jobs is an improvement, there were more people than that entering the job market last month so that figure isn't even at replacement levels. So we are still going backward.

I realize that in matters such as these psychology is important so perhaps we should try to put up an optimistic spin on these figures for that reason. But the narrative I would rather push is that the GOP is doing everything it can to sabotage economic growth for political reasons and to a certain extent they are succeeding so far. I think that is the message that we need to get through to the voters.

edited for typo

[ClarkUSA]

9. What is "overly optimistic" in the facts NOT "spin" I have posted? Hmm?

<< "But the narrative I would rather push is that the GOP is doing everything it can to sabotage economic growth for political reasons and to a certain extent they are succeeding so far. I think that is the message that we need to get through to the voters." >>

When you find an economic article that says that, I urge you to to post it. Meanwhile, I will continue to post just the facts about the recent economic report.

[totodeinhere]

17. Those figures you quoted are estimates, not facts. Those same figures

are often revised either up or down later after more information is available.

[ClarkUSA]

18. Wrong. These figures have been revised already.

From the OP source: "The job figures were better than the past two months, which were also revised higher."

[ClarkUSA]

33. CNN Money called these numbers "a much better-than-expected monthly jobs report"

FACT: http://money.cnn.com/2011/08/05/markets/premarkets/index.htm?iid=HP_LN

[William769]

8. Unemployment rate drops, = people not eligible for unemployment anymore. NT

[Safetykitten]

10. The desperation is thick in the air to put lipstick on this pig...

The unemployment rate dropped .1....ok....right.

[ClarkUSA]

11. So 154,000K private sector jobs added and a recession averted is a "pig" to you?

It's clear you're no economist.

[totodeinhere]

15. So these figures mean that a recession has been averted? Come on now.

A recession is defined as two quarters of negative GDP growth. It is not a function of the unemployment rate or how many jobs were added. We won't know if a recession has been averted until we see GDP figures.

[ClarkUSA]

19. For now, it has. I haven't got the crystal ball some people seem to consult all the time.

:sarcasm:

Go argue with the economists here:
http://finance.yahoo.com/blogs/daily-ticker/jobs-report-allay-concerns-over-double-dip-recession-141353858.html

[ClarkUSA]

12. So it's got nothing to do with 154K more private sector jobs? Do you have any proof of your claim?

[William769]

13. You know what u6 is?

http://portalseven.com/employment/unemployment_rate_u6.jsp

[ClarkUSA]

14. That's not proof of your claim.

[rug]

16. Actually, it is.

[ClarkUSA]

22. Your saying so don't make it so. Print the exact quote w/link which backs up your claim.

[rug]

30. Neither does: "That's not proof of your claim."

[ClarkUSA]

31. Then prove me wrong. Provide an exact quote and link which backs up your claim.

My OP is full of quotes and facts, none of which backs up YOUR claim at all.

[William769]

24. Try this.

http://www.huffingtonpost.com/2011/06/30/unemployment-no-extended-benefits_n_887656.html

Not all people live in a fantasy world.

[ClarkUSA]

25. I don't click on right-wing shit-stirring AOL HuffPo. Give me an exact quote.

<< Not all people live in a fantasy world. >>

"Not all people" adore PUMA Jane Hamster Face's every hateful attack on President Obama?

Well, that's good to know. :)

[William769]

26. You asked I gave.

Do with it what you want. Getting head out of sand would be a good start for you.

[ClarkUSA]

28. Nothing there backs you up your claim. You can't even offer up a quote.

:rofl:

[JoePhilly]

20. Any instance of good news must be ignored.

And each instance of bad news reflects the fact that Obama plans to kill us all!!!!!!

[totodeinhere]

21. Peter Goodman, Huff Post business editor, put it very succinctly.

The latest jobs report changes nothing. We had no engine of economic growth when we all woke up on Friday morning, and we still don't have one. We have no operative plan to fix what ails us. We are in a bad place and sliding toward a worse one.

Snip

It is worth noting some of the things that stayed essentially the same: 13.9 million people are still officially unemployed, and 44 percent of them -- more than six million -- have been out of work for six months or longer. This at a time when 30 states are borrowing money from the federal government to keep paying regular unemployment benefits, and six states -- Michigan, Florida, Illinois, South Carolina, Arkansas and Missouri -- have rolled back the duration of unemployment checks.

Also pretty much unchanged: The number of people who are working part-time because they can't find full-time work, or because their hours have been cut, a group that numbered 8.4 million in July, according to the Bureau of Labor Statistics.

Ditto the rate of unemployment among African Americans, at 15.9 percent; among Hispanics, at 11.3 percent; and among teenagers, at 25 percent.

http://www.huffingtonpost.com/peter-s-goodman/july-jobs-report_b_919355.html

[ClarkUSA]

27. Right-wing AOL-owned HuffPo's mouthpiece doesn't contradict any of the facts that I quoted in my OP.

He's entitled to his opinion, of course. I'm sure many Capitol Hill Republicans will quote him today on Faux News.

[golfguru]

23. Any job gain is good news..

[ClarkUSA]

29. 154,000 jobs were added in the private sector.

Economists are relieved, as this proves the economy is not in recession or heading into one as many had feared. Watch the video:
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=736379&mesg_id=736415

[golfguru]

32. Always good to see private sector jobs added

I look at government jobs as overhead. Because I can't use what the government workers produce. I don't even use the post office anymore, with emails & Fedex.

[ClarkUSA]

34. More good news for us. --> Bureau of Labor Statistics report out: Manufacturing added 24,000 jobs.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=433&topic_id=736215&mesg_id=736262