US layoffs up 6.6 percent in August to 6-month high

[kevinhnc]

http://story.news.yahoo.com/news?tmpl=story&cid=1520&ncid=1520&e=3&u=/afp/20040907/pl_afp/us_economy_jobs_040907152615

"Job cuts announced by US companies increased 6.6 percent in August to 74,150, a six-month high, according to a monthly tally just released by outplacement firm Challenger Gray and Christmas."

"There probably has never been a time when companies were this cautious to add new workers in a recovery," Challenger said. "There is undoubtedly a lot of concern about the fragile state of this recovery and the fact that it could be easily derailed by a sudden and significant shock, such as a terrorist attack or a major disruption to the country's oil supply."

----
Great economy my arse.

[rumguy]

1. DOH!

[mhr]

2. Unemployed 51 Months - No News To Me

CV:

BSEE
MBA
Commercial Pilot
18+ years professional work experience
Honorably discharged Naval officer
2,500+ resumes out the door

Hope for the future?

What's that?

[DFWJock]

3. No biggie...

We're "turning the corner."

[The_Casual_Observer]

4. Very confusing and conflicted report about this on NPR

Kind of one of those, on the one hand, and then on the other hand...
stories.

[Snellius]

5. Wait until after the election.

Most of these companies are just holding on to extra workers for the same reason the Saudis have suddenly decided to ease the price of oil. After that, the deluge. You watch.

[UpInArms]

6. look at the promises

Bush economic advisers: Tax cuts will create jobs

WASHINGTON (CNN) -- Two of President Bush's top advisers said Sunday they remain confident the administration's tax cuts will spur job creation soon despite a disappointing hiring report last week.

"The tax relief the president has given to this economy is working," Commerce Secretary Don Evans told CNN's "Late Edition." "On three separate occasions over the last three years, he's provided additional tax relief for American workers, American families, businesses across America, and guess what? It's working. The results are showing that it's working."

The Bush administration has credited the tax cuts it pushed through Congress since 2001 for the economy's recent growth spurt, including an 8.2 percent boost in gross domestic product for the third quarter of 2003. But job creation has lagged: The economy produced a net gain of only 1,000 new jobs in December, the Labor Department said Friday -- far below the 130,000-plus that economists expected.

<snip>

However, Treasury Secretary John Snow predicted that hiring will pick up in 2004.

"All the evidence points in that direction," Snow told ABC's "This Week." "And everything we know about economics indicates that, as you get an economy into high gear, as you get a strong recovery under way, it does translate into jobs."

Snow has backed away from earlier predictions that the tax cuts President Bush pushed through Congress earlier this year would produce 200,000 or more new jobs a month. But he said making those tax cuts permanent would be "the best single thing we can do to encourage the continuing upward course of the economy."

...more...

http://www.jobwatch.org/

Following two weak months of job growth, growth in August modest

Job growth was a modest 144,000 in August, enough to absorb the increase in working-age population but, in the long-term, too small to actually lower unemployment (unless the labor force shrinks again, as it did last month). August's job growth follows two months of very weak growth of 73,000 in July and 96,000 in June and is substantially slower than the 295,000 jobs created monthly (on average) in March, April, and May. This pace of job creation is far slower than what the Bush Administration said would follow as a result of its 2003 tax cuts.

The Bush Administration called the tax cut package, which took effect in July 2003, its "Jobs and Growth Plan." The president's economics staff, the Council of Economic Advisers (CEA, see background documents), projected that the plan would result in the creation of 5.5 million jobs by the end of 2004 — 306,000 new jobs each month starting in July 2003. The CEA projected that the economy would generate 228,000 jobs a month without a tax cut and 306,000 jobs a month with the tax cut. Thus, it projected that 4,284,000 jobs would be created over the last 14 months. In reality, since the tax cuts took effect, there are 2,668,000 fewer jobs than the administration projected would be created by enactment of its tax cuts. The August job growth of 144,000 fell 162,000 jobs short of the administration's projection. As can be seen in the chart below, job creation failed to meet the administration's projections in 12 of the past 14 months.



...more...

[progressivebydesign]

11. That's quite a chart... I've never seen one quite like it. n/t

[DuaneBidoux]

7. It IS a great economy

For the Bush constiuency: The Haves, and the Have Mores. Since most earn their money with money they don't need jobs.

[will work 4 food]

8. I am part of that statistic

:argh:

[progressivebydesign]

9. This is apparently Kerry's fault.. just ask Bush. N/T

[beyurslf]

10. Rate that story. Help move it up on Yahoo for more to see!