More Bad News; Unemployment Drops to 7.4%

[Cigar]

http://media.npr.org/assets/img/2013/08/02/jobs_wide-ec99851c40122818e8ab2b6c6c906be6d045b9d5-s40.jpg

America's unemployment rate sank to 7.4 percent in July, in its monthly summary of the U.S. economic situation. But employers added 162,000 jobs in the month, coming in under economists' expectations.


"Total nonfarm payroll employment increased by 162,000 in July, with gains in retail trade, food services and drinking places, financial activities, and wholesale trade," the agency says. "Over the prior 12 months, nonfarm employment growth averaged 189,000 per month."


Before today's announcement, economists were "expecting about 185,000 new jobs were added to payrolls in July," NPR's John Ydstie told Morning Edition's Renee Montagne today, saying that the number would roughly match recent average monthly increases.


"The surveys also show many economists think the unemployment rate will tick down a tenth of a percent, to 7.5 percent," John says. Today's numbers outpaced that projection.


Last month, the Bureau of Labor Statistics reported that employers to public and private payrolls in June, but the unemployment rate did not budge, staying at 7.6 percent.


The new figures come days after the payroll firm ADP said that U.S. companies from June to July — a gain that showed businesses "hired in July at the fastest pace since December," The Associated Press said.


The U.S. economy has been a source of good news this week, as the latest gross domestic product data showed that the economy grew at an annualized rate of 1.7 percent in the second quarter in 2013, beating analysts' expectations.


The Standard & Poor's 500 index of large U.S. companies closed at a new high Thursday, after for the first time in its history.


Employment data does not always fit together perfectly. As Mark Memmott wrote in The Two-Way last month:
"One part of the explanation is that the numbers are based on different surveys. Employers are quizzed about how many jobs they have — that produces the payroll employment data. Households are questioned about who's working and who's not — that produces the jobless rate. Two surveys can mean two different views of what's happening."

http://www.npr.org/blogs/thetwo-way/2013/08/02/208209836/u-s-unemployment-sinks-to-7-4-percent-in-july-jobs-report

Please Take Only One (1) :laugh:

http://4.bp.blogspot.com/-Ox0Uwwd1f8s/TZwAQplkQRI/AAAAAAAAByc/aUTX1xqsTBc/s1600/Tissue-Box-Cry-Baby.jpg

[Mainecoons]

Wow! Great news! More McJobs!!


The U.S. economy created fewer jobs than expected in July, with the bulk of the them in areas, such as retail and restaurants, that typically are low-paying.The Labor Department, in its widely watched jobs report (http://www.bls.gov/news.release/empsit.nr0.htm), on Friday said non-farm employment rose by 162,000 and the unemployment rate slipped to 7.4 percent, the lowest in over four years. Gains in employment fueled some of that decline, but the labor force also shrank during the month, robbing some of the luster from the decline in the unemployment rate.
Employment increased in retail trade, food services and drinking places, financial activities and wholesale trade.
The jobs growth, which missed expectations of an increase of 183,000 jobs, was enough to show the labor market continues to expand, but at a sluggish pace.
A broader gauge of unemployment that includes the underemployed and those who have quit looking for work also fell, from 14.3 percent in June to 14 percent in July.
"The U.S. economy is grinding along for the better, but it's going to be a long and slow grind," Tanweer Akram, an economist at ING U.S. Investment Management in Atlanta, said ahead of the report.

CNBC's Jeff Cox and Reuters contributed to this report.

http://www.nbcnews.com/business/unemployment-rate-drops-hiring-just-muddling-along-6C10824390

[Cigar]

Wow! Great news! More McJobs!!





Don't complain, if that's the best you can do try some more schooling ... sport. :grin:

I'll take a Large Fry and a Shake with that McBitch :laugh:

[Cigar]

AT THE CLOSING BELL ON 1 August 2013

Dow Jones 15,628.02 +128.48 (0.83%)
S&P 500 1,706.87 +21.14 (1.25%)
Nasdaq 3,675.74 +49.37 (1.36%)


10 Year 2.49% -0.03 (-1.19%)
30 Year 3.58% -0.03 (-0.83%)

:grin:

[Mister D]

They wouldn't know it. :grin:

3423

[Cigar]

They wouldn't know it. :grin:

3423

Sure they do ... :grin:

http://www.blogcdn.com/jobs.aol.com/articles/media/2012/08/unemployment-line-620jt080212.jpg

[Cigar]

July payroll employment increases (+162,000); unemployment rate edges down (7.4%)

Total nonfarm payroll employment increased by 162,000 in July, and the unemployment rate edged down to 7.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in retail trade, food services and drinking places, financial activities, and wholesale trade.

Household Survey Data

Both the number of unemployed persons, at 11.5 million, and the unemployment rate, at 7.4 percent, edged down in July. Over the year, these measures were down by 1.2 million and 0.8 percentage point, respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult women (6.5 percent) and blacks (12.6 percent) declined in July. The rates for adult men (7.0 percent), teenagers (23.7 percent), whites (6.6 percent), and Hispanics (9.4 percent) showed little or no change. The jobless rate for Asians was 5.7 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
....

In July, average hourly earnings for all employees on private nonfarm payrolls edged down by 2 cents to $23.98, following a 10-cent increase in June. Over the year, average hourly earnings have risen by 44 cents, or 1.9 percent. In July, average hourly earnings of private-sector production and nonsupervisory employees were unchanged at $20.14. (See tables B-3 and B-8.)

Read more: http://www.bls.gov/news.release/empsit.nr0.htm

[Mister D]

12.6% is the year low for blacks. :afro: That Hispanic unemployment is substantially lower is a slap in the face but it's widely acknowledged that they work harder than you. :wink:

[Cigar]

12.6% is the year low for blacks. :afro: That Hispanic unemployment is substantially lower is a slap in the face but it's widely acknowledged that they work harder than you. :wink:

Ain't that Great ... it went down ... you should be happy. :laugh:

BTW ... don't work 8 hour Fridays ... it's against my Tee Time Religion :grin:

[Mister D]

Ain't that Great ... it went down ... you should be happy. :laugh:

I am! That long black unemployment line was starting to reach my neighborhood! :laugh:

[Cigar]

I am! That long black unemployment line was starting to reach my neighborhood! :laugh:

Maybe you're living in the wrong trailer-park ... :laugh:

[Mister D]

Cihar, that was lame. When you don't have a funny comeback just don't post. :rollseyes:

[Cigar]

S&P 500 closes above 1,700 points for FIRST Time
http://ak.imgfarm.com/images/ap/Wall_Street_Premarket.sff_NYBZ150_20130801051208.j pg

Stocks roared back to record highs on Thursday, driven by good news on the economy.

The Standard & Poor's 500, the Dow Jones industrial average and the Russell 2000 index set all-time highs. The S&P broke through 1,700 points for the first time. The Nasdaq hit its highest level since September 2000.

The gains were driven by a steady flow of encouraging reports on the global economy.

Overnight, a positive read on China's manufacturing helped shore up Asian markets. An hour before U.S. trading started, the government reported that the number of people applying for unemployment benefits last week fell sharply. At mid-morning, a trade group said U.S. factories revved up production last month. And while corporate earnings news after the market closed Wednesday and throughout Thursday brought both winners and losers, investors were able to find enough reports that they liked, including those from CBS, MetLife and Yelp.



Read more: http://apnews.excite.com/article/20130801/DA7TDJ4G0.html


The S&P 500, or the Standard & Poor's 500, is a stock market index (http://en.wikipedia.org/wiki/Stock_market_index) based on the market capitalizations (http://en.wikipedia.org/wiki/Market_capitalization) of 500 leading companies publicly traded (http://en.wikipedia.org/wiki/Publicly_traded) in the U.S. stock market, as determined by Standard & Poor's.

[patrickt]

And, while 5.4% used to be terrible, President Obama has fundamentally changed the U.S. and 7.4% is great. It's also a lie but it's a great number.

[Cigar]

And, while 5.4% used to be terrible, President Obama has fundamentally changed the U.S. and 7.4% is great. It's also a lie but it's a great number.

Not bad even after all the GOP Obstruction :grin:

[Mister D]

And, while 5.4% used to be terrible, President Obama has fundamentally changed the U.S. and 7.4% is great. It's also a lie but it's a great number.

Of course it's a lie but there are enough mindless partisans to believe it.

[Mainecoons]

Here's what a Cigar can't grasp:


Karl Denninger did the math.....

Weekly hours were down a tenth and hourly earnings were off 2 cents. If you look at the average weekly earnings loss ($3.09) and multiply it by the total employed (145,113,000) then divide by the average weekly earnings the imputed job loss due to hourly earnings and hour declines is 543,573, massively dwarfing the so-called "gains."
This is a crap report no matter the spin put on it.

The hours worked decline just shows that the continuing trend to part time employment driven by the Obama regime's brilliant policies continues.

History will remember Obama as the guy who made the one percent very rich while he consigned the rest of America to McJobs.

[Cigar]

I'm so surprised that our local Conservative Patriots are so upset and angry at their Country and Country-Men are finding jobs. :smiley_ROFLMAO:


BLS-Labor Statistics ‏@BLS_gov 2m
July payroll employment increases (+162,000); unemployment rate edges down (7.4%) http://go.usa.gov/vrK #JobsReport #BLSdata

Talking Points Memo ‏@TPM 47s
BREAKING: US employers add 162K jobs, unemployment rate falls to 7.4 percent, lowest since Dec. 2008.

The Associated Press ‏@AP 9m
US consumer spending has best showing in 4 months even as income growth slows: http://apne.ws/16oyz6p -BW


U.S. Bureau of Labor Statistics news release: http://www.bls.gov/news.release/empsit.nr0.htm

[Cigar]

Here's what a Cigar can't grasp:



The hours worked decline just shows that the continuing trend to part time employment driven by the Obama regime's brilliant policies continues.

History will remember Obama as the guy who made the one percent very rich while he consigned the rest of America to McJobs.




[/FONT]



I don't care what MATH you "chose" to use ... The United States of America is doing better than the day George W Bush left the Oval Office.

Deal with it ... or not ... no one really cares why you cry. :laugh:

[Agravan]

And then, of course, there's the fact that a lower participation rate, and all those that have exhausted benefits but have not found jobs and are no longer counted will also decrease the unemployment rate. But that's not something liberals like Cigar want to even consider.
Now, here comes the usual Cigar response about these people not being forced to look for work and it's not obozo's fault. The fact is, Cigar, many of these people are older Americans who are not being hired because of the glut of youngsters available for jobs. But, again, you don't care about these folks because, hey, you're doing great so who give a f**k about anyone else.

[Mister D]

:smiley_ROFLMAO:Cigar is celebrating. I mean seriously...

[keymanjim]

Labor force participation rate dropped to 63.4%.

What is there to celebrate again?

[Agravan]

Labor force participation rate dropped to 63.4%.

What is there to celebrate again?
It makes obama's unemployment numbers look better if less people are participating.

[Cigar]

:smiley_ROFLMAO::smiley_ROFLMAO::smiley_ROFLMAO::s miley_ROFLMAO::smiley_ROFLMAO::smiley_ROFLMAO::smi ley_ROFLMAO::smiley_ROFLMAO:

I Love this place ...

... a bunch Old Hags Bitching all day everyday....

http://1.bp.blogspot.com/_J9PlRvGGXS8/SwntRlQ_T7I/AAAAAAAACRU/kINhSaf24HE/s400/hag.jpg

[Cigar]

Have a nice day ... bitching on the Internet. :rofl:

[Mister D]

So says our most active member! :laugh:

[keymanjim]

:smiley_ROFLMAO::smiley_ROFLMAO::smiley_ROFLMAO::s miley_ROFLMAO::smiley_ROFLMAO::smiley_ROFLMAO::smi ley_ROFLMAO::smiley_ROFLMAO:

I Love this place ...

... a bunch Old Hags Bitching all day everyday....


Beats spit polishing obama's knob all day.

[Mainecoons]

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/08/July%20Full%20Part%20time_0.jpg


When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years (http://www.zerohedge.com/article/charting-americas-transformation-part-time-worker-society-following-6-straight-months-full-t): that the US was slowly being converted to a part-time worker society. This slow conversion accelerated drastically in the last few months, and especially in June, when part time jobs exploded higher by 360K while full time jobs dropped by 240K (http://www.zerohedge.com/news/2013-08-02/Last%20time%20the%20world%20finally%20noticed%20wh at%20we%20had%20been%20saying%20for%20nearly%20thr ee%20years:%20that%20the%20US%20was%20slowly%20bei ng%20converted%20to%20a%20part-time%20worker%20society.%20This%20slow%20conversio n%20accelerated%20drastically%20in%20the%20past%20 few%20months,%20and%20especially%20in%20June%20whe n%20part%20time%20jobs%20exploded%20higher%20by%20 360K%20while%20full%20time%20jobs%20dropped%20by%2 0240K.%20In%20July%20we%20are%20sad%20to%20report% 20that%20America's%20conversaion%20to%20a%20part-time%20worker%20society%20is%20accelerating:%20acc ording%20to%20the%20Household%20Survey,%20of%20the %20266K%20jobs%20created%20(note%20this%20number%2 0differs%20from%20the%20establishment%20survey),%2 0only%2035%%20of%20jobs,%20or%2092K,%20were%20full %20time.%20The%20rest%20were...%20not.). In July we are sad to report that America's conversation to a part-time worker society is not "tapering": according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were... not.

http://www.zerohedge.com/news/2013-08-02/obamacare-full-frontal-953000-jobs-created-2013-77-or-731000-are-part-time

Barack Obama: The McJobs president!

[zelmo1234]

Any news that good we should all welcome it can go to change attitudes!

But if the worker participation was the same as the Day that dreaded GWB left office?

UNEMPLOYMENT WOULD BE 11.8%

So we need to view this in the light of the 9 million jobs that have been lost under Obama!

You will know when things are actually getting better, the number will actually go up quite quickly as people get back into the jobs market!

[Cigar]

Any news that good we should all welcome it can go to change attitudes!

But if the worker participation was the same as the Day that dreaded GWB left office?

UNEMPLOYMENT WOULD BE 11.8%

So we need to view this in the light of the 9 million jobs that have been lost under Obama!

You will know when things are actually getting better, the number will actually go up quite quickly as people get back into the jobs market!

I think we need another Tax Break for the Rich Job Creators

[Cigar]

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013/08/July Full Part time_0.jpg



[/I]http://www.zerohedge.com/news/2013-08-02/obamacare-full-frontal-953000-jobs-created-2013-77-or-731000-are-part-time

Barack Obama: The McJobs president!

What wrong, are you saying the Tax Breaks didn't work and your Job Creators kept the money for themselves? :rollseyes:

[Cigar]

Lowest jobless claims since Jan 2008 goes completely unreported on FOX News.
Fox News let the fact that weekly jobless claims fell to the lowest level since January 2008 go completely unreported.

On August 1, the Department of Labor released its weekly jobless claims report, which showed the number of initial claims for unemployment benefits fell by 19,000 to 326,000. The number came in lower than economists' expectations, and was the lowest level of initial claims in five and a half years.

Virtually every news report noted in the headline that the number reached a landmark low. While reports were tempered with the caveat that summer claims tend to be volatile, the four-week moving average -- a much more stable measure -- also fell to 341,250, a level consistent with those seen in early 2008.

Fox didn't seem to think the news warranted any attention. When the initial claims report was released, Fox & Friends devoted only 16 seconds to the numbers. While co-host Alisyn Camerota noted that the number came in below expectations, she failed to mention the landmark news behind the report:

http://mediamatters.org/blog/2013/08/01/fox-doesnt-have-time-for-landmark-low-in-unempl/195174


That's how you know for sure the News is Good. :laugh:

[Mainecoons]

How Obama/Bernake cut the unemployment rate:

https://d21uq3hx4esec9.cloudfront.net/images/uploads/ttmygh/6774/image/23299.png


Why more "education" is a sham solution:

https://d21uq3hx4esec9.cloudfront.net/images/uploads/ttmygh/6774/image/23311.png

Lots of similar good stuff here:


Mauldin on unemployment figures.

The jobless nature of the recovery is particularly unsettling. In June, the government's Household Survey reported that since the start of the year, the number of people with jobs increased by 753,000 - but there are jobs and then there are "jobs." No fewer than 557,000 of these positions were only part-time. The June survey reported that in June full-time jobs declined by 240,000, while part-time jobs soared 360,000 and have now reached an all-time high of 28,059,000 - three million more part-time positions than when the recession began at the end of 2007.

That's just for starters. The survey includes part-time workers who want full-time work but can't get it, as well as those who want to work but have stopped looking. That puts the real unemployment rate for June at 14.3%, up from 13.8% in May.

In spite of job gains in the first half of 2013, the downward pressure on the standard of living actually intensified. Approximately three quarters of the increases in jobs were in four of the lowest paying industries - retail trade; the temporary help services component of professional and business services; hospitality and leisure; and the nursing and residential care facilities component of the medical category. Part time jobs averaged increases of 93,000 per month in the first half of 2013, while full time jobs averaged increases of only 22,000 per month. Full time employment as a percentage of the adult population is currently 47%, which is near the lows of the last three decades.

http://www.mauldineconomics.com/ttmygh/the-candyman

[Mister D]

Lowest jobless claims since Jan 2008 goes completely unreported on FOX News.


Fox News let the fact that weekly jobless claims fell to the lowest level since January 2008 go completely unreported.

On August 1, the Department of Labor released its weekly jobless claims report, which showed the number of initial claims for unemployment benefits fell by 19,000 to 326,000. The number came in lower than economists' expectations, and was the lowest level of initial claims in five and a half years.

Virtually every news report noted in the headline that the number reached a landmark low. While reports were tempered with the caveat that summer claims tend to be volatile, the four-week moving average -- a much more stable measure -- also fell to 341,250, a level consistent with those seen in early 2008.

Fox didn't seem to think the news warranted any attention. When the initial claims report was released, Fox & Friends devoted only 16 seconds to the numbers. While co-host Alisyn Camerota noted that the number came in below expectations, she failed to mention the landmark news behind the report:

http://mediamatters.org/blog/2013/08/01/fox-doesnt-have-time-for-landmark-low-in-unempl/195174


That's how you know for sure the News is Good. :laugh:

http://www.foxnews.com/politics/2013/08/01/us-unemployment-claims-fall-to-326k-5-12-year-low/

Oops. :smiley_ROFLMAO: What a fucking tool. They have a black wind up doll now too!

[Mister D]

Oh, wait. They just mean it wasn't on Fox and Friends. :smiley_ROFLMAO:

[peoshi]

Lowest jobless claims since Jan 2008 goes completely unreported on FOX News.


Fox News let the fact that weekly jobless claims fell to the lowest level since January 2008 go completely unreported.

On August 1, the Department of Labor released its weekly jobless claims report, which showed the number of initial claims for unemployment benefits fell by 19,000 to 326,000. The number came in lower than economists' expectations, and was the lowest level of initial claims in five and a half years.

Virtually every news report noted in the headline that the number reached a landmark low. While reports were tempered with the caveat that summer claims tend to be volatile, the four-week moving average -- a much more stable measure -- also fell to 341,250, a level consistent with those seen in early 2008.

Fox didn't seem to think the news warranted any attention. When the initial claims report was released, Fox & Friends devoted only 16 seconds to the numbers. While co-host Alisyn Camerota noted that the number came in below expectations, she failed to mention the landmark news behind the report:

http://mediamatters.org/blog/2013/08/01/fox-doesnt-have-time-for-landmark-low-in-unempl/195174


That's how you know for sure the News is Good. :laugh:

:rollseyes:




http://video.foxbusiness.com/v/2581107953001/troubling-trends-in-the-jobs-report/?intcmp=obnetwork

[Ransom]

So, the liberals cheer 162,000, half in retail trade and food services....and the Stock market gains once defined as the rich getting richer? Obama speaking out against income inequality, some observers here cheering that very outcome.

Odd

[zelmo1234]

I think we need another Tax Break for the Rich Job Creators

I think that we need a new tax code and that code should be a maximum of 50 pages

And yes is should lower the tax rates for everyone but those that are not paying anything. which is wrong. charge the a dollar a month, but all should pay something

The get ride of the burden of Obamacare and start over with all of the reforms that everyone agrees on and then NO cost market based solutions

then each and every regulation should be voted on by congress and checked to make sure that it is needed.

And last the need to get the deficit back to the Bush pre Democratic congress levels of less than 250 billion per year.

If you do these things you will see the same explosion in jobs that started with Reagan and went through the first 6 years of GWB

So YES we should, because it has worked each and every time that is has been tried.

[Mainecoons]

We post the hard, verified (most of it government data) showing that almost all these McJobs are low paying part time gigs and Cigar whines about Fox News.

Yeah, that figures. Fight facts with irrelevant BS whining. The Cigar way.

Give us a few cartoons now, OK genius?

[Professor Peabody]

America's unemployment rate sank to 7.4 percent in July, in its monthly summary of the U.S. economic situation. But employers added 162,000 jobs in the month, coming in under economists' expectations.


"Total nonfarm payroll employment increased by 162,000 in July, with gains in retail trade, food services and drinking places, financial activities, and wholesale trade," the agency says. "Over the prior 12 months, nonfarm employment growth averaged 189,000 per month."


Before today's announcement, economists were "expecting about 185,000 new jobs were added to payrolls in July," NPR's John Ydstie told Morning Edition's Renee Montagne today, saying that the number would roughly match recent average monthly increases.


"The surveys also show many economists think the unemployment rate will tick down a tenth of a percent, to 7.5 percent," John says. Today's numbers outpaced that projection.


Last month, the Bureau of Labor Statistics reported that employers to public and private payrolls in June, but the unemployment rate did not budge, staying at 7.6 percent.


The new figures come days after the payroll firm ADP said that U.S. companies from June to July — a gain that showed businesses "hired in July at the fastest pace since December," The Associated Press said.


The U.S. economy has been a source of good news this week, as the latest gross domestic product data showed that the economy grew at an annualized rate of 1.7 percent in the second quarter in 2013, beating analysts' expectations.


The Standard & Poor's 500 index of large U.S. companies closed at a new high Thursday, after for the first time in its history.


Employment data does not always fit together perfectly. As Mark Memmott wrote in The Two-Way last month:
"One part of the explanation is that the numbers are based on different surveys. Employers are quizzed about how many jobs they have — that produces the payroll employment data. Households are questioned about who's working and who's not — that produces the jobless rate. Two surveys can mean two different views of what's happening."

http://www.npr.org/blogs/thetwo-way/2013/08/02/208209836/u-s-unemployment-sinks-to-7-4-percent-in-july-jobs-report

Please Take Only One (1) :laugh:



That's real comical!


Recovery woes: America's second-largest employer is a temp agency By ASHE SCHOW (http://washingtonexaminer.com/AUTHOR/ASHE-SCHOW) | JULY 8, 2013 AT 11:55 AM

Behind Wal-Mart, the second-largest employer (http://www.nytimes.com/interactive/2012/01/20/business/the-iphone-economy.html?ref=business&_r=0) in America is *Kelly Services, a temporary work provider.
Friday's disappointing jobs report showed that part-time jobs are at an all-time high (http://www.zerohedge.com/news/2013-07-05/obamacare-strikes-part-time-jobs-surge-all-time-high-full-time-jobs-plunge-240000), with 28 million Americans now working part-time. The report also showed another disturbing fact: There are now a record number of Americans with temporary jobs.


Approximately 2.7 million (http://www.bls.gov/news.release/empsit.t17.htm), in fact. And the trend has been growing.

In the first quarter of 2013, U.S. staffing companies employed an average of 2.86 million temporary and contract workers, or 2 percent of all non-farm employment in the United States, according to the American Staffing Association (http://www.americanstaffing.net/index.cfm). This represents a 2.9 percent growth from the same period in 2012. For just the month of June, there was a 6.7 percent growth (https://americanstaffing.net/newsroom/newsreleases/blsjuly2013.cfm) in the number of staffing jobs than last year.

http://washingtonexaminer.com/recovery-woes-americas-second-largest-employer-is-a-temp-agency/article/2532778



Yea, more part time and temporary jobs are always good news.