The Conservative Cave
Current Events => The DUmpster => Topic started by: BannedFromDU on May 08, 2009, 09:40:04 AM
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jefferson_dem Donating Member (1000+ posts) Journal Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your Ignore list Fri May-08-09 12:39 PM
Original message
Employers cut a smaller-than-expected 539,000 jobs in April, smallest amount since October
Employers Cut 539,000 Jobs in April, Jobless Rate at 8.9%
Topics:Economic Data | Employment | Consumers | Economy (U.S.)By: Reuters | 08 May 2009 | 08:35 AM
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U.S. employers cut a smaller-than-expected 539,000 jobs in April, the smallest amount since October, according to government data on Friday that hinted at some improvement in the labor market and the recession-hit economy.
However, the Labor Department said the unemployment rate soared to 8.9 percent, the highest since September 1983. March's payrolls figure was revised to show a decline of 699,000, compared with a previously reported drop of 663,000. Job losses in February were bumped up to 681,000 from the previously estimated 651,000.
Analysts polled by Reuters had forecast non-farm payrolls dropping 590,000 in April. The unemployment rate had been forecast to rise to 8.9 percent from 8.5 percent in March.
The report showed job losses across almost all sectors, although at a less steep pace than in the previous months. The government and education and health services sectors added jobs.
Now, SUPPOSE this was a McCain White House (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x8396796)
Of course, he'd get raked over the coals for even ONE person losing their job. But under Obama? DUers are enchanted:
high density Fri May-08-09 01:00 PM
Response to Original message
2. This is rather amazing
Edited on Fri May-08-09 01:01 PM by high density
Even the rosiest economic pictures from back in December/January said receding job cuts wouldn't be happening until late this year at the earliest. Lets hope the trend continues for this month.
OHdem10 (1000+ posts) Fri May-08-09 01:10 PM
Response to Original message
3. Obama's Plan is working. Government jobs have increased to
offset loss of Public Jobs. Stopping the bleeding.
Oooh, yay. Working for Obama. Yee-haw. Hey, idiot? That's WELFARE. Government workers don't do shit.
Clio the Leo Donating Member (1000+ posts) Fri May-08-09 01:55 PM
Response to Original message
4. I realize I said this yesterday but...
..... the GOP is SO screwed.
Yeah, lose 500,000 jobs a month and we'll see who's screwed in 2010, junior.
jefferson_dem Donating Member (1000+ posts) Fri May-08-09 01:59 PM
Response to Reply #4
5. We should say it every day. 'Cause it's the truth.
They invested in failure, and can take zero credit for the imminent economic rebound.
They hate 'Merca.
Losing 500,000 jobs is now a sign of an imminent economic recovery?
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Wait till inflation reaches 21%, intrest rates go thru the roof. Imagine national debt payments then
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539,000 (soon to be revised up to 600,000+)?
Are those saved or created jobs?
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Hannity has been saying there will be a short-term boom, but in the long-term, the economy will absorb massive federal spending increases and deficits. That will bring about inflation. I think he's right. The bills will come due. But what will it be like at election time? Good news or bad? I don't know. The ultimate bad news may not make the headlines until 2013. Obama may get off scot-free.
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Actually, the feces is already hitting the oscillator, US Treasuries were down again......no one is buying the debt. Early next year, when unemployment is over 10%, expect inflation to start rearing it's ugly head. I truly fear that BO will then look to institute price controls to stabilize inflation, but actually increase inflation and wage stagnation. It's like a bad dream, "Jimmy Carter, Part Deaux" but this time there is no Reagan in the wings, just RINO's.
I have clients that we've implemented procedures with in order to survive BO and the coming storm, I don't know if we've done enough and we fear a "Perfect Storm." We've eliminated debt, streamlined purchasing, made every employee aware of our planning, instituted a hiring freeze, re-assigned duties to employees when an employee leaves, and kept as many people employed without sacrificing quality to our clients......I just hope it is enough. :argh:
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Job loses are a lagging indicator, the stock market is a leading indicator. Market is up temporarily but there's at least one more big bank (probably either Citi or BoA) that's going to get broken up and nationalized, which will turn the market back down. People are sitting on pins and needles because they don't know where things are headed which make it where no one's going to hire or take on any new debt. Business will get used to the insecurity, but they'll hedge their bets much more than they would if the market were more stable. We're looking at the 70's again where the market, for virtually 10 years, went up a little and went back down a little, but stayed relatively flat. It didn't really take off until around 1982, and then more earnestly around 1986.
But when inflation hits, that'll mess everyone up. That's one thing I noted that people who have 401K's don't understand. Even with the downturned market, many are looking at their accounts and seeing they still have $100K and they'll be alright. They really haven't come to understand that when infaltion hits, that $100k will only buy what maybe $75K will buy now.
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Part of that 539K loss was mitigated by temporary workers hired to do some training part-time to get ready for next year's census. Chump change that won't pay the rent.
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Actually, the feces is already hitting the oscillator,
You mean "The shit has hit the fan".....who can afford feces and a fancy oscillator in this Obama economy?
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unemployment is up, oil is rising and just like herpes, inflation will be around again real soon -- And they are happy ?
Could they be any more hopenotized ?