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View Full Version : US Economy Added 69K Jobs in May, Fewest in a Year



Sev
06-01-2012, 09:14 AM
Stimulate this!

Hows that Hope and Change working out for you?


http://finance.yahoo.com/news/us-economy-added-69k-jobs-123227249.html
<span style='font-size: 23pt'>US economy added 69K jobs in May, fewest in a year</span>
<span style='font-size: 17pt'>US economy added 69,000 jobs in May, fewest in a year; unemployment rate rose to 8.2 percent</span>

WASHINGTON (AP) -- The U.S. economy suddenly looks a lot weaker.

U.S. employers created only 69,000 jobs in May, the fewest in a year, and the unemployment rate ticked up.

The dismal jobs data will fan fears that the economy is sputtering. It could also damage President Barack Obama's re-election prospects. And it could lead the Federal Reserve to take further steps to help the economy.

The Labor Department also said Friday that the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

The Dow Jones industrial average fell more than 160 points in the first half hour of trading.

The yield on the benchmark on the 10-year Treasury note plunged to 1.46 percent, the lowest on record. It suggested that investors are flocking to the safety of U.S. government bonds.

The price of gold, which was trading at about $1,550 an ounce before the report, shot up $30. Investors have seen gold as a safe place to put their money during turbulent economic times.

Josh Feinman, global chief economist with DB Advisors, said Friday's report raises the likelihood that the Federal Reserve will do more — perhaps start another round of bond purchases to further lower long-term interest rates.

Still, he noted that the rate on 10-year Treasury notes is already at a record low 1.46 percent.

"How much lower can long-term rates go?" Feinman said.

The economy is averaging just 73,000 jobs a month over the past two months — roughly a third of 226,000 jobs created per month in the January-March quarter.

Slower growth in the United States comes at a perilous time for the global economy.

Europe's financial crisis is flaring again. And nearly half the 17 countries in the eurozone are in recession. China, the world's second-largest economy, is also showing signs of weakness. Its manufacturing sector is decelerating, a reflection of lackluster demand for its products from Europe, the U.S. and the rest of the world.

But while China is acting to increase growth and European countries are weighing similar steps, U.S. leaders have been focused more on reducing government debt.

Mitt Romney, Obama's Republican challenger, has made the economy the central theme of his campaign. No president since the Great Depression has sought re-election with unemployment as high as 8.2 percent, and past incumbents have lost when the unemployment rate was on the rise.

Republicans wasted little time seizing on the bleak report.

"Today's extremely troubling jobs report proves yet again that President Obama's policies simply are not working and that he has failed to live up to the promise of his presidency," said Republican National Committee Chairman Reince Priebus.

Alan Krueger, chairman of Obama's Council of Economic Advisers, said in a statement: "It is important not to read too much into any one monthly report."

But Krueger acknowledged: "There is much more work that remains to be done to repair the damage caused by the financial crisis and deep recession that began at the end of 2007."

There are signs business confidence is waning. Companies have cut their spending on computers and machinery for two straight months, goods that signal investment plans. And some regional surveys suggest the factory activity is expanding at a slower pace.

Consumers are also more downbeat about the economy, according to a May survey from the Conference Board. That could lead more Americans to cut back on spending, which drives 70 percent of economic growth.

Construction firms cut 28,000 jobs, the steepest drop in two years. Professional services, government, hotels, restaurants and other leisure industries also lost jobs.

Not all industries cut jobs. Manufacturers added 12,000 jobs. Transportation and warehousing created nearly 36,000. Education and health care added 46,000.

Many Americans picked a bad time to jump back into the labor force. The U.S. work force — those working and looking for work — expanded by 642,000 in May. It was the biggest increase since November 2007.

Yet job opportunities were scarce. The number of unemployed Americans rose by 220,000, the sharpest rise since November 2010. The increase drove the number of unemployed to 12.7 million.

The average work week was shortened to 34.4 hours. It suggested that companies are seeing less consumer demand. The average hourly wage ticked up two cents, to $23.41. It has increased only 1.7 percent in the past year, trailing the rate of inflation.

Businesses are facing a growing threat from Europe's financial crisis, which has worsened in recent weeks. The crisis is driving up borrowing costs for Spain and Italy and spreading to the banking system. Greece could be forced to exit the euro, which could push the region into a sharp recession. That could limit U.S. growth.

"Business sentiment has turned sours," said Ellen Zentner, an economist at Nomura Securities. "Companies are concerned about contagion from Europe."

Zentner said the warm winter accelerated some hiring that normally would have taken place in the spring. The construction industry, one of the most weather-sensitive industries, added jobs in December and January but cut back sharply in April and May.

Gayle in MD
06-01-2012, 10:59 AM
WOW, 69,0000!


Great! We're doing better than any other country in the world!

That's my Obama!

Job growth every month for twenty-seven straight months!


<span style='font-size: 14pt'>AND</span>, in the midst of unprecedented Repiglican Obstructionism?

<span style='font-size: 17pt'>INCREDIBLE!</span>

Now, when I think of how many hundreds of thousands of jobs Bush was losing the last three months of his disastrous administration,.....OVER 800,000 a month!


<span style='font-size: 20pt'>THAT'S JUST THE HOPE AND CHANGE I WAS LOOKING FOR!

And just look at how Obama brought those gas prices back down!</span>


Ha ha ha.... /forums/images/%%GRAEMLIN_URL%%/grin.gif /forums/images/%%GRAEMLIN_URL%%/whistle.gif

llotter
06-01-2012, 11:51 AM
Yes, The Moron must be given full credit for the slump in gas prices because of his successful efforts to bring down the economy.

Sev
06-01-2012, 01:26 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gayle in MD</div><div class="ubbcode-body">WOW, 69,0000!


Great! We're doing better than any other country in the world!

That's my Obama!

Job growth every month for twenty-seven straight months!


<span style='font-size: 14pt'>AND</span>, in the midst of unprecedented Repiglican Obstructionism?

<span style='font-size: 17pt'>INCREDIBLE!</span>

Now, when I think of how many hundreds of thousands of jobs Bush was losing the last three months of his disastrous administration,.....OVER 800,000 a month!


<span style='font-size: 20pt'>THAT'S JUST THE HOPE AND CHANGE I WAS LOOKING FOR!

And just look at how Obama brought those gas prices back down!</span>


Ha ha ha.... /forums/images/%%GRAEMLIN_URL%%/grin.gif /forums/images/%%GRAEMLIN_URL%%/whistle.gif

</div></div>

Yes and there are 766,000 more female home makers under Obama also.
Poor thangs just cant find a job. /forums/images/%%GRAEMLIN_URL%%/smile.gif /forums/images/%%GRAEMLIN_URL%%/grin.gif

Soflasnapper
06-01-2012, 02:09 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: llotter</div><div class="ubbcode-body">Yes, The Moron must be given full credit for the slump in gas prices because of his successful efforts to bring down the economy. </div></div>

That was how Bush did it, to adoration and ignorant applause. Bachmann suggested she would do the same thing as well (I guess, because that's the only way she could have delivered on her promised $2.50/g or whatever.)

Soflasnapper
06-01-2012, 02:14 PM
Actually it shows that stimulus did work, and as the stimulus has mainly ended as of about the year ago time, the economy was weak then in terms of jobs, better than that the intervening time, and now seeing the same low number again that accompanied the end of the stimulus spending.

Off the main topic, but why do your paste jobs turn some characters into foreign language characters? Happens a fair amount for your pastes, and I haven't seen it in others. So I'm wondering.

Sev
06-01-2012, 02:34 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">Actually it shows that stimulus did work, and as the stimulus has mainly ended as of about the year ago time, the economy was weak then in terms of jobs, better than that the intervening time, and now seeing the same low number again that accompanied the end of the stimulus spending.

Off the main topic, but why do your paste jobs turn some characters into foreign language characters? Happens a fair amount for your pastes, and I haven't seen it in others. So I'm wondering.
</div></div>

Actually it shows that is was a false start.
Like throwing a gasoline on wet timber. It looks like it ignited and is going to continue to burn only to die due to the dampening effects of the water.

They only appear after the paste and not on all sites. I suspect it is hidden coding designed discourage people from cutting and pasting. I try to delete it all but seem to always miss a few.
It just recently started.

Soflasnapper
06-01-2012, 06:57 PM
Maybe smart 'curly' quotes, for which there isn't a proper character match here, or some other formatting character that is normally invisible.

Soflasnapper
06-01-2012, 06:59 PM
Actually it shows that is was a false start.
Like throwing a gasoline on wet timber. It looks like it ignited and is going to continue to burn only to die due to the dampening effects of the water.

Yes, too little, and over too soon to ignite much, with the dampening as you mention.

About like having too little of hill to get an engine turned over to start the car if you have a manual transmission. A bit of commotion when you pop the clutch, and then you realize you are hosed.

Sev
06-01-2012, 07:24 PM
Could be.
Waiting to see if an addon will surface to correct it.

Sev
06-01-2012, 07:37 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Soflasnapper</div><div class="ubbcode-body">Actually it shows that is was a false start.
Like throwing a gasoline on wet timber. It looks like it ignited and is going to continue to burn only to die due to the dampening effects of the water.

Yes, too little, and over too soon to ignite much, with the dampening as you mention.

About like having too little of hill to get an engine turned over to start the car if you have a manual transmission. A bit of commotion when you pop the clutch, and then you realize you are hosed. </div></div>

True. However my point was that the accelerent would not be able to ignite the wood due to the forces working against it.

No matter how much gas you pour on petrified wood it still wont ignite.

They tried to emulate what FDR attempted. Which is a entirely different argument.
The approach to the situation was wrong. Especially now that we are interlocked in global economy which exerts its own economic pressure. In this case a dampening effect.
I dont believe they took into account all the variables. If that is even possible when considering considering the complexity of the global market.

eg8r
06-01-2012, 08:07 PM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Actually it shows that stimulus did work,</div></div>Actually all it shows is that you are not patient enough to wait for the continual updates of the numbers that have never been as good as reported.

eg8r

Sev
06-02-2012, 06:49 AM
Isnt there a quote out there by Obama saying that the stimulus did not work as expected?

Soflasnapper
06-02-2012, 09:00 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: eg8r</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Actually it shows that stimulus did work,</div></div>Actually all it shows is that you are not patient enough to wait for the continual updates of the numbers that have never been as good as reported.

eg8r </div></div>

This is selective memory.

First, in the recent down adjustments, those were down adjustments FROM UP ADJUSTMENTS, and even net the secondary downward adjustments, they are still higher than first stated.

Then, there had been a many month period where all the adjustments were UP, and stayed there, without later numbers found requiring them to be reduced.

That you do not know this is a function of observation bias, and that such things were buried in the middle of articles, not the headline. I don't recall anyone here trumpeting those upward adjustments, and of course, neither Fox or the so-called liberal media has had much interest in taking any notice of these facts, as headline material.

Soflasnapper
06-02-2012, 09:56 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">Could be.
Waiting to see if an addon will surface to correct it. </div></div>

I use Firefox, which doesn't have this problem. What's your browser?

Sev
06-02-2012, 04:13 PM
Firefox 13.0 beta.

Soflasnapper
06-02-2012, 06:44 PM
12.0 for me. I blame the beta 13. Go with the Delta 13 rack.

Sev
06-02-2012, 06:48 PM
Yah that's a nice rack. Its on the list of pool gadgets.

I just updated beta. We'll have to see if that fixes it.

jaceGrowler
05-31-2013, 12:07 AM
Fewer careers were added than anticipated in May, according to Thursday's state careers report. The survey, introduced by the Bureau of Labor Stats, continues to indicate slow, extraordinary financial progress across the nation. Check more here (http://personalmoneynetwork.com/moneyblog/2012/06/18/state-jobs-report/).

WV Slim Shady
06-07-2013, 03:17 AM
What can you expect when these republicins block everthing obama wants to do.

Obama wants to balance the budgit and the republcins blocks it.

Obama wants to make more jobs and the republcins blocks it.

Obama wants to end the wars and the republcins blocks it.

Obama wants to help people by making they check bigger and the republcins blocks it.

Obama wants to give people free medcal care and the republcins blocks it.

Obama wants to make the rich pay more taxs and the republcins blocks it.

Obama wants to stop these tea partyers from avoiding tey taxs and the republcins blocks it.

cushioncrawler
06-07-2013, 05:23 AM
I reckon that maynard wrote some nice unemployment stuff in 1935, mostly korrekt -- and deserved lots of plaudits and fame for writing a few pages mostly about employment stuff that adolf woz allready doing.
So, where are we. Lemmesee. Adolf did it in 1933 and 34 and 35. Maynard wrote it in 35. The usofa sorta did it in 39. But the usofa (and europe) wont do it in 2000. 2014 shood be interesting.
mac.

Sev
06-11-2013, 07:17 PM
Fewer careers were added than anticipated in May, according to Thursday's state careers report. The survey, introduced by the Bureau of Labor Stats, continues to indicate slow, extraordinary financial progress across the nation. Check more here (http://personalmoneynetwork.com/moneyblog/2012/06/18/state-jobs-report/).

Largest growth area in the economic numbers this past week was part time jobs.

cushioncrawler
06-11-2013, 08:00 PM
Black youth unemployment iz ..................##%.
White youth unemployment iz ................ ##%.
College graduates sweeping streets iz ........##%.
Long term unemployed iz .......................... ##%.

Time for a song... ahhemmmmm ahem ahem -- gimme a C.

GOD BLESS AMER RICA
LA LA LA LA LA LA
LALA LALA
LALA LALA
LA LA LA LA LA LA.
mac.

cushioncrawler
06-11-2013, 08:15 PM
Gridlock in Washington rezults in a 5 minute drive taking over 30 minutes in peakhour. What shood u vote for?????????

Removing speed limit signs and erasing lane lines.
Arresting illegals and impounding their cars.
Praying to Jesus.
Shooting any pooftas blocking traffic.
mac.

Soflasnapper
06-12-2013, 01:53 PM
Fewer careers were added than anticipated in May, according to Thursday's state careers report. The survey, introduced by the Bureau of Labor Stats, continues to indicate slow, extraordinary financial progress across the nation. Check more here (http://personalmoneynetwork.com/moneyblog/2012/06/18/state-jobs-report/).


Wrong May by 12 months, now.

To be clear, we've just passed out of May, 2013. This thread and your link refer to May of 2012.