New Jobs July Payroll up 32,000, expectation were for 200,000+

[cthrumatrix]

U.S. July nonfarm payrolls up 32,000 By Rex Nutting

WASHINGTON (CBS.MW) -The U.S. economy added 32,000 nonfarm payroll jobs in July as hiring slowed for the fourth straight month, the Labor Department reported Friday. It was the slowest job growth of the year. Economists were expecting much stronger payroll growth of about 235,000 in July. Payroll growth in May and June was revised lower by a cumulative 61,000. Meanwhile, a separate survey of households showed the unemployment rate fell to 5.5 percent from 5.6 percent as 629,000 more adults were working. In July, hiring slowed across most sectors. Goods-producing industries added 18,000 including 10,000 in manufacturing. Services-producing industries added 14,000 jobs, the lowest since August 2003.

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp...


you need 200,000 just to handle new people coming into the workforce every month.


Bush's tax cuts working like a charm.

[freetobegay]

1. But But but Jobs were created!

Were not supose to remember the ones that were lost! /end sarcasm.

[Karenina]

16. You want some fries with that?

.

[Nickster]

2. I may be wrong....

But I think it's actually 150k to keep up with population growth. Still a pretty messed up outlook.

[cthrumatrix]

4. I should have said 200K to "grow" the economy. Wall Street was

expecting 215,000 I believe.

[Strelnikov_]

23. I Heard Robert Reich Say Earlier This Week The Figure Is

125,000/mo. to keep up with population growth.

[Yogi]

3. No wonder I can't find a job

n/t

[DrBB]

5. Billmon has a VERY interesting post in anticipation of this stat

Check it out, particularly his speculation toward the end. That somebody's leaking this info ahead of time and it's actually having a visible effect on the market seems fairly rash; on t'other hand, Billmon stuck his neck out, called it, and the speculation turned out correct. Interesting....

[59millionmorons]

20. It may be true

Last night Hannity said the unemployment rate would be down. How would he know that if it is not being leaked?

[On the Road]

25. Oh, It's Not Rash at All to Believe It Was Leaked

It's very, very common. The market adage "Buy on the rumor, sell on the news" assumes that the public are the last to know.

One of the reasons so many people, including me, turn to technical analysis is that people like us get information too late. You can often see that something is going on, and not realize what's causing it until a few days later when a formal annoucement comes out.

[DeepModem Mom]

6. What's the TV "news" saying about this?

[Flubadubya]

13. Actually they say it is "very bad"...

On CNN their "business analyst" (Andy Serwer) talks with Jack Cafferty and says it is VERY bad news, especially since the fed was anticipating raising interests after this report came out. Now it will be difficult for them to do that, but if they don't then everyone will wonder if the situation is worse than they are letting on. He said, of course, that he expects the Kerry campaign to "seize upon it" and that he wasn't sure what the Bush admin. would do about it.

Anyway, news analysts concede that it is not good news at all.

[DeepModem Mom]

15. Thanks, Flub!

[louis c]

7. They also "downgraded"

June and May numbers by nearly 90,000 jobs, making today's numbers actually negative.

[cthrumatrix]

8. this is bad... spin on this is tough. There goes Iowa, Mich, Ohio to Kerry

[Doctor_J]

9. DON'T YOU READ?

this economy is CLINTON'S fault, according to George Schultz. :eyes:

[terrya]

10. The tax cuts are kicking in! We should gain those 3 million jobs lost..

in the year 2023 at this rate.

[cthrumatrix]

11. that's just it.... the stimulus (borrowed money) is over.

What will stimulate the economy now? It takes policies that KEEP business from going overseaas to cheap labor.

It means less profit for companies...and wall street can't handle this.

[terrya]

12. Well,,,only a change of administrations at this point.

This one is fucking hopeless. I hope the American people can see that.

If Kerry can push through his policy of tax breaks to businesses who keep jobs here, maybe that's a start.

[ProfessorGAC]

18. The Stimulus Was Over 2 Months After. . .

. . .the refund checks, and fell exponentially after new payroll deduction tables went into effect. You're being generous.

The inflation rate is almost identical to the change in aftertax income for the middle 95% of americans. So, there is no growth based upon consumption.

The first rush to spend the $300 per household bumped up nGDP a little, but it only lasted 2 months. Big deal!
The Professor

[charlie105]

14. Do I cheer or do I mourn? That's the 32 thousand dollar question.

I'm an employee of one of the biggest name in US business. One of the five 'icons' that was in the news recently and I know I will be laid off in a few months. So, I have a vested interest in the US job numbers going up every month.

BUT. I'd be willing to accept the disappointing numbers than brighter prospects when I'm on the street looking for a job. From being a casual 'drive-by' voter in past years to actually getting involved enough to choose between a paycheck and a second Bush term speaks tons about the way this administration has alienated me. And hordes like me.

[cthrumatrix]

17. i'm sorry to hear of your job loss. I wish we had 5,000,000 jobs this mo.

i don't wish for weakness in our country or others. It's time to look

at facts...we are not being told the truth in alot of ways and we

need change.

[AmerDem]

19. can't wait to hear the repuke spin on this never changing stat!

same statistic over and over again. They predict 1 million jobs we get 100,000 they predict 200,000 we get 32,000. Plus they always fail to mention that most of these jobs are less paying and lacking benefits.

I also love the way they make the poor hard working families suffer with NO unemployment extension benefits so as to keep their unemployment comp number as low as possible.

May all these repuke nazi scumbags rot in their own created hell!:puke: :mad:

[unfrigginreal]

21. Memo to: Dick Cheney

Oh shit! We already trotted out Ridge earlier this week. WTF are we gonna do about this? Do you think we should have Doofus threaten Iran or Korea?

KKKarl

[napi21]

22. Unemployment rate of 5.5% very deceiving!

I keep hearing how the unemployment rate is only 5.6% now down to 5.5%. Something is very wrong here! Way too many people I know or have heard about are either laid off, or afraid they will be soon. I can only atribute these #'s to people dropping off the unemployment rolls and no longer being counted, or things must be very terrific in a few places that are shoreing up the averages for the Country's average.

[unfrigginreal]

24. Their numbers are consistently revised in a negative direction

The crooks in this administration are not fools. They know that issuing bogus numbers to be revised later will give them all the positive momentum on the news with little negative reaction on the revision. I wouldn't be surprised if this jobs number out this morning is actually revised next month to reflect a negative number.

Their numbers have no credence.

[On the Road]

26. And Here's More from the Billmon Piece: Leading Indicators at Zero

"...I've been keeping a close eye on the Economic Cycle Research Institute's leading index. It has a pretty good record of forecasting major turns in the economy, based on things like jobless claims, mortgage applications and stock prices. And since early May it's been falling at a pretty rapid clip:



http://billmon.org/archives/001622.html

[ItsMyParty]

27. A piece of news and an observation

I was watching Bloomberg News (financial)late last evening and they made no bones about the oil situation reaching panic proportions. The news kept flashing on the bottom of the screen from countries around the world and the impact it is all having. They were handed a note about another oil refinery fire in the US, etc. They said if it goes to $50 a barrel (and is starting to look that way) this economic "recovery" is going to collapse and collapse big. The stock market is not in good shape.

My observation has to do with the reporting of the numbers stated in this post. Again on Bloomberg they were talking about stock market reaction because of fears of consumers just not spending. Well "no duh"---isn't it about time that the rich, greedy bastards who think it's a bowl full of laughs to keep sticking it to the middle class start realizing that if they kick that middle class hard enough, their golden gooses are going to stop laying eggs as their investments plummet. If these people hadn't been so blinded by greed perhaps things would be getting better.