This thing has legs, long ones!
This thing has legs, long ones!
Posted by: Barthélemy Barbancourt
on Jul 02, 2009 
Tagged in: Untagged
U.S. employers cut 467,000 jobs in June, far more than expected, while the unemployment rate rose to 9.5 percent, the government said on Thursday in a report that showed a labor market continuing to struggle with a deep recession.
The June job losses were more than 100,000 greater than the 363,000 consensus of Wall Street economists polled by Reuters and broke a four-month trend of moderation in job losses.
The Labor Department data showed that in April and May, 8,000 fewer jobs were lost than previously reported. The May job losses were revised downward to 322,000, while the April losses were revised upward to 519,000.
Job losses peaked in January at 741,000 and have gradually fallen each month since then, though the losses in June were greater than in May.
The data signaled to markets that a recovery may not be right around the corner,...
Obama, Pelosi and Raid have done everything possible to continue this revession. Their ignorance of basic economics and zeal to impose socialism has made this recession much deeper than it should have been. Democrats will be associated with job losses for the next 25 years. Hopefully now Americans will see what liberalism means for them, pain and misery.
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written by Sequel , July 02, 2009
Wait til cap-n-tax creates all those "green jobs".
That'll fix everything!
We should not let the idea that we need to destroy 3 non-green regular jobs to create one government subsidized windmill worker stand in the way of this brilliant scheme.
Really, the sky's the limit on the unemployment numbers with this merry band of commie pinko retards.
written by Sequel , July 02, 2009
Check out this from the AP:
http://news.yahoo.com/s/ap/us_economy
"If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
"We were on the road of things getting less bad in the jobs market, and that has been temporarily waylaid,"
This is the economist the AP dredged up with an incredibly optimistic outlook to make the Obama depression slide look…”less bad”[/]
They all assure us that rosy days are just around the corner.
If the democrats ram the cap-n-tax shit sammich through you ain’t seen nuthin yet. We could actually see 1930’s levels of unemployment.
written by Ed Salden , July 02, 2009
I don't know what the effect of Cap and Trade will be on unemployment, but what we're seeing now is pretty much what the Fed and others have been predicting since last summer.
It was predicted we could see the rate go up around 10.5% before it levels off.
written by Barthélemy Barbancourt , July 02, 2009
Those predictions were made before Obama told the country that his massive porkulus bill would stop unemployment at 8%. Obama was dead wornf yet we still have an additional $1 trillion in debt with nothing to show for it.
This administration is so hostile to business that they have no fucking clue how to slow, let alone stop the recession. Everyone in this admin is an egghead academic or lifetime politician. There isn't one small, medium or large businessman on the cabinet.
This is what you get when you elect people so stupid they thay have forgotten how the income is generated to pay taxes.
NO ONE thinks that 10.5% will be the bottom anymore, it more likely to be 12% or more. That will be the point when unemployed Americans wake up to the fact that Obama is a massive fraud. His presidency will be weakened by October 2009 and effectively over in November of 2010.
written by Ed Salden , July 02, 2009
Duce, I'm gonna have to look that one up.
I can't believe Obama ever said unemployment wouldn't go over 8%.
Got a link?
written by Ed Salden , July 02, 2009
OK. I looked it up. The incoming administration did indeed project an eight percent ceiling.
A couple weeks ago, in response to a question, Obama himself predicted a rate over ten.
written by Sequel , July 02, 2009
http://michaelscomments.wordpr...ent-185989
I put this graph up last month, here are the updated numbers.
Remember something about the unemployment rate:
It only reflects those collecting benefits. When the benefits run out, they stop counting you.
In a health economy this would make sense, but when most companies are shedding jobs and no one is hiring is screws the numbers and makes things look better than they really are.
As the guy quoted by the AP said: 16.5% is the actual number of people out of work, the 9.5% is people collecting enemployment benefits.
written by Kermit , July 02, 2009
12% is wishful thinking. If the collectivist Obama admin has it's way, by 2011 we'll be looking at 20%.
Saul Alinsky would be proud.
written by Ed Salden , July 02, 2009
Kermit, I predict that the sky will stay up. Seems to me things are firming up a little, for now.
written by Nobody , July 02, 2009
Ed, In my northern blue collar 'burb I've got abandoned houses. A neighbor who has been out of work for a year, another holding two jobs to make ends meet. The govmint is out of control. And it is going to get worse.
written by Kermit , July 02, 2009
Yeah, "firming up" means going from 9.4% to 9.5% unemployment.
Heckuva job, Obammy.
written by Kermit , July 02, 2009
The jobless rate was projected to climb to 9.6 percent from 9.4 percent. Forecasts ranged from 9.3 percent to 9.7 percent. By the end of the year, unemployment will reach 10 percent, according to the median forecast of economists surveyed last month.
6.5 Million Jobs
The world’s largest economy has lost about 6.5 million jobs since the recession began in December 2007. That’s the biggest drop in any post-World War II economic slump.
http://www.bloomberg.com/apps/news?pid=20601103&sid=ahfK709b4uds
written by Ed Salden , July 02, 2009
Gents, it sucks around here too. House down the block has had a sign out for more than two years, a beautiful old place.
But it's human nature, in predicting the future, to look back at what's happened lately and drawing a line straight out from there.
So it's been horseshit lately. That does not mean conditions must keep getting worse forever.
Like I said before, the sky will stay up.
Prosperity is just around the corner.
Happy days are here again.
Sis-boom-bah.
written by jay , July 02, 2009
that lead you to the conclusion that things are firming up?
I don't see anything to indicate that. We are shedding jobs faster and faster.
I also see terrible Bills passing Congress. Bills that will siphon all of our wallets and kill even more employment.
written by Sequel , July 02, 2009
Go to:
http://en.gravatar.com/
Jump through the hoops and voila!
Mine didn't show til the next day.
written by tim-The Dyslexic Blogger , July 02, 2009
tomorrow
From the musical little orphan anni
written by Ed Salden , July 02, 2009
Looks to me like the markets are heating up. I'm told they are a six to twelve month leading indicator on the general economy.
We'll have to wait and see.
written by Nobody , July 02, 2009
"The Markets" are indicative of the general confidence of people. They have sliding sideways for, what two years? While I still hold some stocks some of us have moved into metals for all or part. Yes we will come out of this when the regulations and taxes are eased. Germany, Hungary et al are moving to lower taxes and reign in spending.
written by Jeremy A , July 02, 2009
Which market? The job market? NOPE. The housing market? NOPE. The financial market? NOPE. The manufacturing market? NOPE. The retail market? NOPE. The export market? NOPE. The import market? NOPE.
Help me Ed. I need what you're reading and seeing so I can get in now to make some future money!
written by A. J. , July 02, 2009
An economic recession is the result when inventories build up beyond the ability of the market to consume them. Thus recessions last only months, not years. This is far more serious. It is a structural problem of the entire global financial system. The last time this happened was in the 1930s and it took over a decade to fix the structural problems. We are nowhere near the end of this.
written by Sequel , July 02, 2009
we all speculate about what we think may happen.
None of us has a magic crystal ball.
We don't know shit. Ed may be right, I doubt it, but it would be a good thing if he is.
I'll now go back to saying I think he is wrong now.
written by tom a. , July 03, 2009
You made the Strib letters page. I've never come close. You are the man!
written by Barthélemy Barbancourt , July 03, 2009
If they hadn't passed the Trillion dollar stimulus bill, we'd have peaked around 9%. If they weren't going to tax the hell out of everyone with Cap and Trade, the economy would be improving. (How many manufacturers are now looking at moving outside the USA? This bill is an economy killer!)If they weren't going to nationalize medicine, people would be investing in medical devices and drugs.
If the BO Admin wasn't the most business hostile admin I have seen in my lifetime, Ed might be correct. But everything this administration is doing is anti-business, anti-growth and anti-recovery. There isn't one thing that they have done that will help our economy.
This is why it is getting worse. People won't invest when they have no idea how much they will be taxed. Tax cuts and de-regulation is the only way to spur the economy. BO is fundamentally ignorant about capitalism and economics. So far 6.5 million people have paid for that ignorance. About 3.5 million more will before this gets any better.
The BO Admin has set us n a course for slow growth and high unemployment, just like Europe.
written by tom a. , July 03, 2009
Supposedly their policy is no more than one letter a month, but apparently that has changed. Congratulations are in order as even John Gunyou and Randi Reitan never achieved the daily double as far as I know. I guess no one else has submitted anything else worthy of publication but that still does not diminish this once in a lifetime achievement.
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