Weak Jobs Report Pushes U.S. Unemployment Rate To 8.2 Percent

[Scott]

For a better and current look at the EU employment situation, this thread is running:

[geriatrickid]

One should not lose sight of the fact that many people returned to the job market as the numbers improved. As they re-entered the job market, they were counted. One report does not a trend make. When the numbers beat expectations in the previous report, caution was urged. By the same token, the next report ill provide a stronger indication of a trend.

[Colin Yai]

For a better and current look at the EU employment situation, this thread is running:

http://www.thaivisa....eases-slightly/

Quite true ,but as I do not believe in the EU I am pretty much up to date on its (IMHO) short comings , but in essence apart from a few Countrys the world has got its head well and truly up its economic arse , however as an eternal optimist in the US's case I hardly think they have reached "The grapes of wrath" stage just yet

[moe666]

The unemployment rate remains high as companies are setting on billions of dollars and will not add employess as they are worried about the economy. Kind of a self fulfilling prophecy

[koheesti]

The unemployment rate remains high as companies are setting on billions of dollars and will not add employess as they are worried about the economy. Kind of a self fulfilling prophecy

It's not the economy as much as they are worried about the uncertainty if Obama gets another term or if the Supreme Court upholds Obama's Health Care job-killing program. Too many regulations and taxes have been enacted the past 3 years and more on the horizon for companies to take a chance hiring more workers before the election. That's why if Romney wins you'll see large spike in employment. Then Obama will claim he "fixed" the economy for Romney. The only way Obama can fix the economy and increase employment is by losing in November. The solution really is that simple. Just remove the cancer (Obama Admin) so the body (economy) can begin healing itself. Notice I didn't say Romney is great, or Romney has a magic plan. He will just be in the right place at the right time in history and probably end up with more credit than he deserves. So what? As long as the economy and jobs situation turns around I don't care.

Edited June 4, 2012 by koheesti

[koheesti]

It should be pointed out that the initial job report gets all the attention and makes the impact. These numbers are almost always revised over the next month. This means people/media get all worked up over preliminary numbers. We don't pay attention to the revised numbers because we have newer, more important data, to focus on at the same time. "May numbers are what's important! NOT April!"

For example, for April, non-farm payrolls were reported to have increased by 115,000. However the revised numbers are only 77,000. Non-farm private payrolls for April were also revised down - from 130,000 to 87,000.

It will be interesting to see how the latest numbers are revised next month. Up or down?

I also wonder when the administration announces they have created 4.3 million jobs, is that based on the initial numbers or revised?

If you want to follow the economic numbers - minus the commentary - you can see the weekly data here. http://biz.yahoo.com/c/ec/201222.html This Economic Calendar covers employment, housing sales, consumer confidence, and much more. It shows what numbers are expected the current week and next, what has been reported and previous data revisions, briefing forecast, what the market expects . Very easy to follow.

Edited June 4, 2012 by koheesti

[Jingthing]

The unemployment rate remains high as companies are setting on billions of dollars and will not add employess as they are worried about the economy. Kind of a self fulfilling prophecy

It's not the economy as much as they are worried about the uncertainty if Obama gets another term or if the Supreme Court upholds Obama's Health Care job-killing program.

...

Obamacare is a health care bill. It isn't a job killing program. That's just distorted partisan rhetoric. It can and has been argued that full implementation of the bill increases employment as so much of the American job market is directly linked to health care, and most of those jobs, unlike most industries, cannot be outsourced overseas.

[OZEMADE]

The unemployment situation in the US is one of the things that caused the stockmarket crash in Australia today.

Billions wiped off in market bloodbath

An estimated $23 billion has been wiped off the Australian share market as it fell further in intra-day trading.

Some investors were putting money into gold, making the sector one of the few bright spots in morning trade.

http://au.yahoo.com/s/406656

[lannarebirth]

The unemployment situation in the US is one of the things that caused the stockmarket crash in Australia today.

Billions wiped off in market bloodbath

An estimated $23 billion has been wiped off the Australian share market as it fell further in intra-day trading.

Some investors were putting money into gold, making the sector one of the few bright spots in morning trade.

http://au.yahoo.com/s/406656

Yes, and the unemployment situation in the US is in great part related to their prior housing bubble. Just imagine the impact when Australia's (and Canada's) respective housing bubbles come home to roost.

[Jingthing]

The unemployment situation in the US is one of the things that caused the stockmarket crash in Australia today.

Billions wiped off in market bloodbath

An estimated $23 billion has been wiped off the Australian share market as it fell further in intra-day trading.

Some investors were putting money into gold, making the sector one of the few bright spots in morning trade.

http://au.yahoo.com/s/406656

Yes, and the unemployment situation in the US is in great part related to their prior housing bubble. Just imagine the impact when Australia's (and Canada's) respective housing bubbles come home to roost.

That is true. A large percentage of Americans "felt" rich because of the paper value of their houses before the crash. Houses often bought by people who didn't need to document their income (if any) in the first place. Typically they'd borrow money based on that and spend it. Fond memories! Edited June 4, 2012 by Jingthing

[Ulysses G.]

The only way Obama can fix the economy and increase employment is by losing in November. The solution really is that simple.

Hear, hear.

[Jingthing]

The only way Obama can fix the economy and increase employment is by losing in November. The solution really is that simple.

Hear, hear.

Actually, American voters have NO CONFIDENCE in either Romney or Obama to create the needed new jobs. I think they're right. We need better candidates on both sides, but sadly, not to be.

[Ulysses G.]

There is not a lot wrong with Romney other than a huge smear campaign against him. He is intelligent with lots of experience and success in the private and public sectors. I might prefer someone else, but that does not mean that he is not a good candidate.

Obama, on the other hand, has failed in almost every regard (other than allowing Seal Team 6 to take out Bin Ladin).

Edited June 4, 2012 by Ulysses G.

[koheesti]

The only way Obama can fix the economy and increase employment is by losing in November. The solution really is that simple.

Hear, hear.

Actually, American voters have NO CONFIDENCE in either Romney or Obama to create the needed new jobs. I think they're right. We need better candidates on both sides, but sadly, not to be.

Presidents don't create jobs. They can put in place policies that can encourage companies to hire or not. Obama has mastered the latter so off he goes into the sunset to earn $500,000 per speaking engagement. In the interest of fairness, he will donate 50% of that to the government because he believes they know better how to spend his money.

[Jingthing]

There is not a lot wrong with Romney other than a huge smear campaign against him. He is intelligent with lots of experience and success in the private and public sectors. I might prefer someone else, but that does not mean that he is not a good candidate.

Obama, on the other hand, has failed in almost every regard (other than allowing Seal Team 6 to take out Bin Ladin).

He failed in job creation as Gov. of Mass. He left office with horrible approval ratings, much lower than Obama as president. As a capitalist, he led a VULTURE firm. Some leader. Thanks but no thanks.

[Jingthing]

The only way Obama can fix the economy and increase employment is by losing in November. The solution really is that simple.

Hear, hear.

Actually, American voters have NO CONFIDENCE in either Romney or Obama to create the needed new jobs. I think they're right. We need better candidates on both sides, but sadly, not to be.

Presidents don't create jobs. They can put in place policies that can encourage companies to hire or not. Obama has mastered the latter so off he goes into the sunset to earn $500,000 per speaking engagement. In the interest of fairness, he will donate 50% of that to the government because he believes they know better how to spend his money.

Yes, policies. Obviously. Of course they have to be passed. The republicans have blocked Obama at every turn. Now bizarrely you need 60 votes not a simple majority to pass anything in the senate. It's a grim situation but to blame Obama only for it is simply not true.

[Scott]

You can argue anything you want, but the argument needs to be about jobs/employment.

[Colin Yai]

You can argue anything you want, but the argument needs to be about jobs/employment.

Quite right ,jobs /unemployment, the holy grail of nearly all western Democratic Govts , the answer ?,throw money at the problem Socialist style ,nah thats been tried and failed ,maybe the answer is that the Government in power should instill acorns of confidence so the tree can grow ,so far in Europe sadly this has been not the case ,with an incoming US Govt it could be different ,but I can remember (imho) a great US president saying "Do not ask what your Country can do for you but what you can do for your Country" sadly these days it seems many blame their Governments for their demise rather than doing a bit of self analysis and blaming themselves

[Ulysses G.]

He failed in job creation as Gov. of Mass. He left office with horrible approval ratings, much lower than Obama as president. As a capitalist, he led a VULTURE firm. Some leader. Thanks but no thanks.

The usual left-wing spin. Romney came into office facing a budget deficit and yet balanced the budget. The unemployment rate in Massachusetts fell under Romney, from 5.6 percent to 4.7 percent and Romney created jobs. During Obama’s time as president, the country has lost 572,000 jobs. In the first three-and-a-half years of Romney's term in Massachusetts, unemployment went down, and in the first three-and-a-half years of Obama's term in the White House, unemployment went up.

http://www.youtube.com/watch?v=DpQ0mV22UKw

[MrRealDeal]

Both sides have plenty of meat on the bone to complain about ..... My opinion is that a vote for obama is a vote for more of the same , a vote for Romney is a vote for something different. I'm not so sure the independent voters are so thrilled with Obama that they are not willing to risk something new. I'm also not so sure that independent voters unlike the right wing don't realise exactly what that means and are convienced diffeerent means better.

Anyone who thinks the opposite of slow growth is fast growth would be ...... incorrect

The only realistic things that will save the economys of anyplace is new products that enough people want, that require enough workers to make them, taxes are at the point small changes have little effect ..... we are no longer in the days of 90 percent cap gains ..... What America needs is a new frisbie , computer , flying hovercraft car , a new sport , ect ..... Not new gov officals.

Would moving second base 25 yards towards the outfield or making nascar drivers and the pit crew drink a shot every 30 miles in the Daytona 500 bring more spectators or would lowering taxes or having a new Presedent ?

Would it make any difference who was Presedent or what taxes were if someone invented a sloar powered flying hovercraft road car ? ...... or one that got 15 miles per gallon for that matter

The answer, like it or not, is not going to be found in government, it will be found in some new cool products that put people to work making them and create revenue with people buying them.

The baseball thing might not be that great but if you raised the goal post in the next superbowl 20 yards in the air it would be the most viewers in history. Obama or Romney could be prez and taxes would not matter.

Edited June 5, 2012 by MrRealDeal

[geriatrickid]

The unemployment situation in the US is one of the things that caused the stockmarket crash in Australia today.

Billions wiped off in market bloodbath

An estimated $23 billion has been wiped off the Australian share market as it fell further in intra-day trading.

Some investors were putting money into gold, making the sector one of the few bright spots in morning trade.

http://au.yahoo.com/s/406656

Rubbish. It's the Euro zone crisis that has spooked the market.

In the meantime, many countries are dumping Euros and purchasing USD, AUD & CAD.

[folium]

The unemployment situation in the US is one of the things that caused the stockmarket crash in Australia today.

Billions wiped off in market bloodbath

An estimated $23 billion has been wiped off the Australian share market as it fell further in intra-day trading.

Some investors were putting money into gold, making the sector one of the few bright spots in morning trade.

http://au.yahoo.com/s/406656

Rubbish. It's the Euro zone crisis that has spooked the market.

In the meantime, many countries are dumping Euros and purchasing USD, AUD & CAD.

It's not complete rubbish as if the US recovery falters that will reduce its import requirements which will impact China's production which will mean less need for Oz raw materials. But then again when you have twitchy markets any excuse will do!

As ever people sell for a whole host of reasons, but a 2% drop is hardly the end of the world, but then again the media loves a "billions wiped off market" headline. When did we last see a "billions added to market " headline?

[koheesti]

Would it make any difference who was Presedent or what taxes were if someone invented a sloar powered flying hovercraft road car ? ...... or one that got 15 miles per gallon for that matter

The answer, like it or not, is not going to be found in government, it will be found in some new cool products that put people to work making them and create revenue with people buying them.

Exactly like the Internet boom during Clinton's 2nd term.

[Colin Yai]

http://www.foxnews.c...great-destroyer Yeah Khoeesti this link says quite a lot about some of the things you mention (and UG too) ,but maybe the "source police" will pooh pooh it ,never the less I think that its a good article and goes a long way into explaining why the US economy is "on the rocks" . Edited June 5, 2012 by Colin Yai

[MrRealDeal]

Another point I would make is that it's really really hard to improve a world where the least educated and poorest people have 5.1 kids on avg and the best educated and wealthiest have 2.1 kids , what this means is the number of people who need professional help increases as the number able to help them decreases , this raises the cost for everyone and also loweres the bar for qualification , you see this trend everywhere because it's real and will not be improving anytime soon.

The end result is a backsliding in economic performance and quality of service , once again not a government related problem just the facts of life. "Doctors" today can be medical students not doctors at all because of this , Morgan Stanleys latest debaucle is another example the Risk management people had no real risk management experience because the qualified people were off doing other things and they were all they could find to do the job. What we have is a world where lesser skilled people are moving up the ladder faster than they should because their are simply not enough to choose from , while at the same time needing more of them.

What used to take a BA in some accounting related field now can take a GED as long as you can add and subtract and use a 10 key , and the BA people are doing what MBA people used to do , you have people with no qualifications whatsoever making articles for websites as though they were qualified to give opinions on everything from financial advice to travel because not enough qualified people are interested.

Technology has a positive result in slowing down the harm but it's not as good as education and people can think or wish poor people's kids can graduate from harvard just like everyone else but it's just not the way it works except in unusual situations , education and economic status is considered a heritable trait , not because it has to be but because it just is.

So what we have is a population that is growing more than 2 times as fast that are of little help in an ever complex world, and the populaton that takes care of everyone's more sophistacated needs barely growing at all , I hate to give excuses to governments but since this is the way it is and their is little they can do to change it ...... it's really not their fault.

Lesser qualified people mean more calamitys will happen more fequently with more difficult solutions with less people to solve them , it's just the way it is and naturally that means economic booms are harder to come by and economic collapse easier to come by in the future.

I'm not a gloom and doomer at all just a realist, and at this point in time relying on the government is the worst place to put yourself , even relying on the public to solve your problems will get harder over time and more expensive with a longer wait. The solution is what everyone SAYS they want which I never really beileve but what most people say and that is for everyone to become more self reliant.

The unemployment rate for Astrophysists is zero , why ? Because the number of jobs that require one are growing faster than society can produce them for the reasons I have stated.

Edited June 6, 2012 by MrRealDeal

[Ulysses G.]

Scott Walker won the recall election in Wisconsin by lowering their unemployment rate - it is 6.7 compared to 8.2 for the rest of the country - as well as taxes and curbing the power of the unions. None of this bodes well for Obama in 2012.

Edited June 6, 2012 by Ulysses G.

[chuckd]

Scott Walker won the recall election in Wisconsin by lowering their unemployment rate - it is 6.7 compared to 8.2 for the rest of the country - as well as taxes and curbing the power of the unions. None of this bodes well for Obama in 2012.

Union membership has dropped by one third since the State no longer withholds union dues from state employees. Seems the teacher's unions aren't so much into giving as they were before.

[Colin Yai]

Scott Walker won the recall election in Wisconsin by lowering their unemployment rate - it is 6.7 compared to 8.2 for the rest of the country - as well as taxes and curbing the power of the unions. None of this bodes well for Obama in 2012.

http://www.bbc.co.uk/news/world-us-canada-18336641 Yeah UG maybe a taste of things to come Eh

[Jingthing]

Scott Walker won the recall election in Wisconsin by lowering their unemployment rate - it is 6.7 compared to 8.2 for the rest of the country - as well as taxes and curbing the power of the unions. None of this bodes well for Obama in 2012.

http://www.bbc.co.uk...canada-18336641 Yeah UG maybe a taste of things to come Eh

Exit polling showed the majority voting were actually PRO Obama. Nice try.

[Colin Yai]

Scott Walker won the recall election in Wisconsin by lowering their unemployment rate - it is 6.7 compared to 8.2 for the rest of the country - as well as taxes and curbing the power of the unions. None of this bodes well for Obama in 2012.

http://www.bbc.co.uk...canada-18336641 Yeah UG maybe a taste of things to come Eh

Exit polling showed the majority voting were actually PRO Obama. Nice try.

Of course the "proof of the pudding " will be upon us in a few short months ,personally I think ( and hope) Romney will score a "touch down" , I was hoping for some feed back from the link I produced in my post #54 , obviously no further comment was needed by us on the right ,and the "source police" chose to completely ignore it cos it was on "FOX NEWS"