More U.S. jobs seen in June, buoying Bush

[hightime]

WASHINGTON, June 30 (Reuters) - U.S. employment likely surged again in June, taking gains this year to some 1.4 million jobs and bolstering President George W. Bush's economic record ahead of the November election, analysts said onWednesday.

Economists believe 250,000 jobs were created this month, virtually matching May's jump of 248,000, though the unemployment rate probably will not budge from 5.6 percent because newly hopeful job-seekers are returning to the job market.

"I think the gains will be quite widespread again, and as we saw in April and May, we are likely to create slightly more higher-paying than lower-paying positions," said Lynn Reaser, chief economist at Banc of America Securities.

Even if the unemployment rate does not decline, analysts expect the Labor Department's closely watched payrolls report, due on Friday, to confirm broad strength in what months ago was still only a tepid economic recovery.

http://www.reuters.com/printerFriendlyPopup.jhtml?type=bondsNews&storyID=5555716

[lancdem]

1. 250,000 jobs is nothing to sneeze at

but I hardly think it's a "surge."

[rfranklin]

3. Pie in the sky....

I don't know where they get these figures. The Labor Department's figures are conjured out of smoke based on extrapolations that don't make any sense. And when you delve deeper into the reports, you find that there is actually almost 10% unemployment. And I am seeing a 40% drop in my small business, so I don't believe the "robust" economy meme either.

[mhr]

2. 65% Of New Jobs Cretaed By BLS Computer - They May Not Exist!

See the following:

http://www.comstockfunds.com/index.cfm?act=Newsletter.cfm&category=Market%20Commentary&newsletterid=1110&menugroup=Home

The Missing 9.4 million Jobs--Update

Although the 947,000 increase in payroll employment over the last three months may seem like a lot compared to what we were getting, it actually falls far short of what we should be seeing at this stage of a recovery. Here’s what we found in examining the last seven economic recoveries.

In the first 30 months of the last seven cyclical expansions employment rose by an average of 7.4 percent with a range of 9.6 percent to 2.6 percent. This includes one cycle that peaked in 24 months with a gain of 7.4 percent. In the current recovery employment has increased only 0.3 percent in the first 30 months including the May number and reported upward revisions of prior months.

If employment over the entire cycle had increased by 7.4 percent, the average of the past recoveries, May payrolls would have come to about 140.6 million rather than the 131.2 actually reported. This means that there are now 9.4 million fewer jobs than there should be at this point in the cycle, and that we needed an average increase of 323,000 jobs for each of the past 30 months to equal the average job growth of the last seven expansions. Instead, total growth for the entire cycle has come to a mere 353,000, only slightly more than what we should have seen each and every month. So let’s not hear any more about employment being a lagging indicator. It is not, and even if it were, 30 months is surely enough time to catch up.

Snip ......

[Demobrat]

4. A million people work for Wal-Mart.

Make that one million, two hundred fifty thousand.

[teryang]

5. This is ridiculous

My daughter works at one of the top tourist trap restaurants on the beach during race season in a tourist mecca. Business is so bad, that they are talking about going out of business.

People have lost their savings during the downturn and have settled for jobs paying substantially less compensation and benefits after lengthy periods of unemployment. Makes one wonder who they survey in these confidence surveys.

Educational opportunities are lessened for working class and ordinary students. Excellent opportunities for superior students are being given up because of lack of finances. Health care expenses are still driving many to the poorhouse.

[GoddessOfGuinness]

6. Exactly...

And every week we read about yet another business laying off several hundred people. It especially irks me to read of these large companies merging, then laying off people whom they no longer need, or cutting benefits. The businesses get bigger and healthier while the employees get screwed.

[Moderator]

7. Locking.....

This is a duplicate. Please continue here:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x656971

DU Moderator