Payrolls Fall More Than Forecast, Unemployment Rises

[FirefightnRick]

http://www.bloomberg.com/apps/news?pid=206...id=ahfK709b4uds

Unemployment is projected to keep rising for the rest of the year just as the income boost from the stimulus package fades, undermining prospects for a sustained rebound in household purchases, analysts said.

The Real Unemployment Rate Hits a 68-Year High

U.S. Workers’ Pay Strained by Mounting Unemployment

CNBC: Why Isn't America Hiring?

U.S. job losses spike in June, dampen recovery hopes

Rick

[eeally]

Don't worry once we change to a consumer based and tech driven nation vs a war building gov spending one we will see the "change"

Thanks be to the nation that can evolve from preparing for war to preparing for peace!!!!

coexist will happen despite the best efforts of the tyrannical war lords....God is coming into being and taking over where man has failed....

Just kidding on that last part.....

[UNTFan23]

Don't worry once we change to a consumer based and tech driven nation vs a war building gov spending one we will see the "change"

Thanks be to the nation that can evolve from preparing for war to preparing for peace!!!!

coexist will happen despite the best efforts of the tyrannical war lords....God is coming into being and taking over where man has failed....

Just kidding on that last part.....

How can you make the claim that we're not a consumer based economy when we're in the middle of a consumer driven recession?

[eulesseagle]

i thought B.Hussain Obama said unemployment would not go over 8%. hummmmmm.

[Censored by Laurie]

i thought B.Hussain Obama said unemployment would not go over 8%. hummmmmm.

Just more of his plan to elminate all you infidels. Best repent now...its a jihad on your 401Ks, bitches.

[keith]

Hey, it's all OK now. Our leader has declared that the stimulus did its job. Now that that is behind us, there's no need to talk about it anymore. Who's up for Stimulus II?

Keith

[keith]

<snip>

Thanks be to the nation that can evolve from preparing for war to preparing for peace!!!!

<snip>

In peace, prepare for war. In war, prepare for peace.

.....it's a cycle, just like almost everything else in the universe.

Keith

[greenminer]

Minimum wage is about to go up.

[DeepGreen]

Minimum wage is about to go up.

Excellent news for businesses trying to hang on.

Wasn't unemployment less than 5% last year at this time? 4.6%, 4.8%??? One of you Obama economists help me out here.

IT's ALL GOOD IN OBAMALAND!

[TheTastyGreek]

Excellent news for businesses trying to hang on.

Wasn't unemployment less than 5% last year at this time? 4.6%, 4.8%??? One of you Obama economists help me out here.

IT's ALL GOOD IN OBAMALAND!

I generally try to avoid the politics threads, but I remember distinctly some key unemployment rate details and the associated dates.

I left my previous job in early November, before the election. The day after I left, the BLS announced the highest unemployment rate in two decades.

[UNT90]

Higher unemployment and inflation are just around the bend.

I'll go out on a limb and predict 12% unemployment and a double digit inflation rate by the middle of next year. You can't keep spending money you don't have without consequences. This goes for both parties.

Cap and trade will drive what little manufacturing we have left to China.

[SCREAMING EAGLE-66]

i thought B.Hussain Obama said unemployment would not go over 8%. hummmmmm.

and Bush said he was a conservative....before he doubled the national debt (which mean overspending the previous 42 Presidents COMBINED) and never balanced one of his eight budgets. This is nothing compare to that statement.... well that... and knowing where those WMD were and that we were in danger from an attack from Iraq.

The Bush administration has the economy screwed up much worse that thought... his 5000 DOW drop was just the beginning but at least that has stabilized somewhat. ...those of us who lost a lot because of him are somewhat bitter. You just can't tax less and spend more and expect good things to happen. Hope the super wealthy enjoyed those tax cuts... most have lost a lot more in the Dow drop that they earned with his reduced taxes. . Wake up to reality and face what has really happened. ....it is not pretty.

--Unfortunately there is a high probability of a large inflation period because of this mess...

Edited July 6, 2009 by SCREAMING EAGLE-66

[UNTflyer]

I generally try to avoid the politics threads, but I remember distinctly some key unemployment rate details and the associated dates.

I left my previous job in early November, before the election. The day after I left, the BLS announced the highest unemployment rate in two decades.

Actually, November's announcement would have been for October's rate - 6.6%. That would have been the highest since February 1994. Our current rate of 9.5% is the highest since August of 1983.

BTW everyone...

Average unemployment rate during Obama: 8.66% (Low 7.6%)

Average unemployment rate during Bush: 5.27% (Low 4.2%)

Average unemployment rate during Clinton: 5.45% (Low 3.8%)

Average unemployment rate during Clinton: 6.30% (Low 5.0%)

Average unemployment rate during Reagan: 7.53% (Low 5.3%)

[SCREAMING EAGLE-66]

I generally try to avoid the politics threads, but I remember distinctly some key unemployment rate details and the associated dates.

I left my previous job in early November, before the election. The day after I left, the BLS announced the highest unemployment rate in two decades.

-- The truth ---but what some refuse to recognize becasue it is not what they want to claim is true.

[UNT90]

and Bush said he was a conservative....before he doubled the national debt (which mean overspending the previous 42 Presidents COMBINED) and never balanced one of his eight budgets. This is nothing compare to that statement.... well that... and knowing where those WMD were and that we were in danger from an attack from Iraq.

The Bush administration has the economy screwed up much worse that thought... his 5000 DOW drop was just the beginning but at least that has stabilized somewhat. ...those of us who lost a lot because of him are somewhat bitter. You just can't tax less and spend more and expect good things to happen. Hope the super wealthy enjoyed those tax cuts... most have lost a lot more in the Dow drop that they earned with his reduced taxes. . Wake up to reality and face what has really happened. ....it is not pretty.

--Unfortunately there is a high probability of a large inflation period because of this mess...

Thank you for reciting the past for the 20,000,000,000th time. Now, could we get your thoughts on the current situation and what to do to make it better?

Another "Bush is the Devil" or "Reagan really sucked" rant may make you feel better, but it doesn't really address the current situation.

[Censored by Laurie]

Average unemployment rate during Obama: 8.66% (Low 7.6%)

Average unemployment rate during Bush: 5.27% (Low 4.2%)

Average unemployment rate during Clinton: 5.45% (Low 3.8%)

Average unemployment rate during Clinton: 6.30% (Low 5.0%)

Average unemployment rate during Reagan: 7.53% (Low 5.3%)

Batting averages in 2008:

Chris Davis - .285

Adrian Gonzalez - .279

Prince Fielder - .276

Carlos Delgado - .271

Todd Helton - .264

Ryan Howard - .251

Carlos Pena - .247

Paul Konerko - .240

Never mind the sample size.

[UNTflyer]

-- The truth ---but what some refuse to recognize becasue it is not what they want to claim is true.

Except... it's not true. Damn those people who dare challenge the media spin.

[UNTflyer]

and Bush said he was a conservative....before he doubled the national debt

He did that in 8 years after a $1 trillion terrorist attack and two wars.

So what are you saying about Obama doubling the debt in just 6 months with nothing to show for it? Except almost 3 million lost jobs...

[UNTFan23]

and Bush said he was a conservative....before he doubled the national debt (which mean overspending the previous 42 Presidents COMBINED) and never balanced one of his eight budgets. This is nothing compare to that statement.... well that... and knowing where those WMD were and that we were in danger from an attack from Iraq.

Again, more Bush bashing to impress a few friends.

This lovely video illustrates Obama and his spending binge he wants to take this country on. Bush is quite conservative compared to Obama when it comes to government spending.

P5yxFtTwDcc

I have more wonderful illustrations regarding his "stimulus" and how it has "saved" jobs on top of his "budget cuts."

The Bush administration has the economy screwed up much worse that thought... his 5000 DOW drop was just the beginning but at least that has stabilized somewhat. ...those of us who lost a lot because of him are somewhat bitter. You just can't tax less and spend more and expect good things to happen. Hope the super wealthy enjoyed those tax cuts... most have lost a lot more in the Dow drop that they earned with his reduced taxes. Wake up to reality and face what has really happened. ....it is not pretty.

--Unfortunately there is a high probability of a large inflation period because of this mess...

But isn't Obama lowering taxes while increasing spending and expecting wonderful things to happen? How can you dog on one person for doing it and then the next person comes in, does the exact same thing and nothing is said? Good gosh what a double standard some people are using.

[TheTastyGreek]

Actually, November's announcement would have been for October's rate - 6.6%. That would have been the highest since February 1994. Our current rate of 9.5% is the highest since August of 1983.

Looking it up now, you're right. The last time we were above 6.6 before October 2008 was 15 years earlier in October 1993. 15 years instead of 20, but hopefully you'll give me credit for a history of trying to be intellectually honest. Especially since I don't really have an axe to grind in this argument, I just thought it was wildly intellectually dishonest to compare today to one year ago, given that exactly one year ago was just a few weeks before our giant economic meltdown.

Knowing where I remember hearing it from, I'm not surprised that the station would screw up a detail like 15 years not being two full decades.

Anyway... Comparing July 2009 data to July 2008 data to concluding that Obama can't run an economy is like comparing the mortality rate under James Buchanan vs. the mortality rate under Abraham Lincoln, then concluding that Lincoln was inept at handling health care issues.

There's a pretty significant intervening variable at work.

[Censored by Laurie]

Looking it up now, you're right. The last time we were above 6.6 before October 2008 was 15 years earlier in October 1993. 15 years instead of 20, but hopefully you'll give me credit for a history of trying to be intellectually honest. Especially since I don't really have an axe to grind in this argument, I just thought it was wildly intellectually dishonest to compare today to one year ago, given that exactly one year ago was just a few weeks before our giant economic meltdown.

Knowing where I remember hearing it from, I'm not surprised that the station would screw up a detail like 15 years not being two full decades.

Anyway... Comparing July 2009 data to July 2008 data to concluding that Obama can't run an economy is like comparing the mortality rate under James Buchanan vs. the mortality rate under Abraham Lincoln, then concluding that Lincoln was inept at handling health care issues.

There's a pretty significant intervening variable at work.

Chris Davis agrees with you.

Buchanan was a dick and a Quaker.

[UNT90]

He did that in 8 years after a $1 trillion terrorist attack and two wars.

So what are you saying about Obama doubling the debt in just 6 months with nothing to show for it? Except almost 3 million lost jobs...

Not to defend Bush's spending, but don't forget about the federal evacuation and rebuilding of New Orleans.

Edited July 7, 2009 by UNT90

[FirefightnRick]

Again, more Bush bashing to impress a few friends.

He can't help himself.

Rick

Edited July 7, 2009 by FirefightnRick