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#1385680 - 02/01/13 05:24 PM
Another Dismal unemployment report
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cwjga
Senior Member
Registered: 11/06/08
Posts: 3704
Loc: NY
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BREAKING: January Jobs Report Released Day After Obama Shuts Down Jobs Council Bert Atkinson Jr. February 1, 2013 9:30 am
“My administration will not rest until every American who is able, and ready and willing to work can find a job. And a job that pays a decent wage and has decent benefits to support a family.” – President Obama, 2010
January saw an addition of 157,000 jobs while the unemployment edged higher to 7.9 percent (from 7.8 percent last month). As CNBC put it, this news is “unlikely to alter the Federal Reserve’s monetary policy or instill confidence that the recovery is gaining steam.” Total unemployed – 12.3 million (12.2 million last month) Black unemployment – 13.8 percent (14.0 last month) Adult Female unemployment – 7.3 percent (unchanged) Adult Male unemployment – 7.3 percent (7.2 last month) Civilian labor force participation rate – 63.6 percent (unchanged)
“I will not rest until businesses are investing again and businesses are hiring again and people have work again.” – President Obama, 2009
The U-6 unemployment rate, a much more encompassing figure than the U-3 rate (7.9 percent), that accounts for underemployed persons and discouraged workers remained unchanged at 14.4 percent. Just as a reminder, the U-6 rate stood at 14.2 percent as of January 2009, when the president took office.
[Click HERE to read about how Obama has put his Jobs Council (that he hasn’t met since January of 2012) to rest for good]
This is good news in many ways; we added 157,000 jobs. But this is barely enough to keep up with population growth. Reuters points out that our economy needs to see growth of about 250,000 jobs a month over a sustained period of time – much more than the average 181,000 jobs added per month we saw in 2012.
_________________________
"Don't expect to build up the weak by pulling down the strong." Calvin Coolidge
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#1385701 - 02/01/13 09:45 PM
Re: Another Dismal unemployment report
[Re: kyle585]
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Ghosts
Senior Member
Registered: 06/02/00
Posts: 2890
Loc: Seneca Falls
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I'm not saying this guy is right or wrong, after all; he is just a blogger, but it did make me go . . . hummmm:
Ponzi World (Over 3 Billion NOT Served)
The globalized economy is a colossal Ponzi Scheme, in which a fortunate few reap the vast majority of the rewards while those further down the pyramid eat the bread crumbs falling off the table. This Ponzi is fueled by unprecedented greed, gluttony, and debt. We have now reached a point of inescapable collapse that will lead to extreme geopolitical turmoil. The 2008 wake up call was ignored, squandering the fiscal/monetary safety net on Extend and Pretend - We are ALL IN.
Wednesday, January 30, 2013 Stocks Up, Economy Down
You can't make this s**t up anymore. It used to be that Wall Street spent all of their time lying to us. Now they spend all of their time lying to themselves...
Even though the U.S. stock market is at the highest level in four years, we just found out today that fourth quarter GDP was actually negative ! The GDP number missed expectations by over a percent. Economists of course shrugged it off, as due to "one time factors". Same thing in Europe, the UK economy shrank by .3% in the fourth quarter, but the FTSE is at a four year high. German GDP shrank .5%, DAX at five year high...
On a similar note, last night Amazon, the world's largest online retailer missed on the top and bottom line. However, in response, the stock was up 8% (in after hours) on the news, hitting a new all time high. Let's see, Walmart and Dollar Store can't meet expectations anymore and neither can Amazon. Nothing to see here, move along...
Like I've said before. The party is over, and we are all just standing around waiting for Wall Street to realize the lights are on...
And notice how the entire media are only focused solely on what's happening on Wall Street and totally oblivious to the real economy. They are taking their cue from Wall Street to ignore the ever-widening disconnect between reality and fantasy.
This will go down as the first time in history that the economy led the stock market down versus the market leading the economy down. First time - EVER.
http://ponziworld.blogspot.com/2013/01/stocks-up-economy-down.html?m=1
_________________________
I'M CONFUSED . . .wait, maybe I'm not.
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#1385708 - 02/01/13 10:38 PM
Re: Another Dismal unemployment report
[Re: kyle585]
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sands
Senior Member
Registered: 09/05/05
Posts: 6005
Loc: NY
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So "most" people put money from their paycheck into the stock market every week through 401K and IRA plans and stocks go up. I wonder what happens when those 12.3 million people (so far) who lost their jobs want to take money out
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#1385714 - 02/01/13 10:57 PM
Re: Another Dismal unemployment report
[Re: Ghosts]
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Lucinda Knotts
Senior Member
Registered: 01/11/11
Posts: 1026
Loc: USA
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Like I said, in response to VM, shutting the door on the bunker now since we're all DOOMED.
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#1385715 - 02/01/13 10:57 PM
Re: Another Dismal unemployment report
[Re: Ghosts]
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Lucinda Knotts
Senior Member
Registered: 01/11/11
Posts: 1026
Loc: USA
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Like I said, in response to VM, shutting the door on the bunker now since we're all DOOMED.
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#1385719 - 02/01/13 11:43 PM
Re: Another Dismal unemployment report
[Re: kyle585]
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howbouthat
Member
Registered: 12/12/12
Posts: 112
Loc: Ontario
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Yet those same blue-chippers are the ones being blamed for the economic woes in the health field. Interesting double standard you have.
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#1385812 - 02/02/13 04:28 PM
Re: Another Dismal unemployment report
[Re: sands]
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SilverRose
Senior Member
Registered: 07/13/05
Posts: 1899
Loc: Heart of the Lakes
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So "most" people put money from their paycheck into the stock market every week through 401K and IRA plans and stocks go up. I wonder what happens when those 12.3 million people (so far) who lost their jobs want to take money out
Isn't there a hardship document that can be filed? I have a friend that lost her job a few years ago and she was able to draw down from her retirement due to hardship. I don't know what penalties, if any, were involved. It's not like she was going to use the funds for a cruise or vacation - she had legitimate expenses to meet until she got back on her feet.
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#1385817 - 02/02/13 05:08 PM
Re: Another Dismal unemployment report
[Re: kyle585]
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sands
Senior Member
Registered: 09/05/05
Posts: 6005
Loc: NY
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The Obama Recovery - even his Jobs Council is unemployed!
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#1385825 - 02/02/13 06:37 PM
Re: Another Dismal unemployment report
[Re: sands]
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Ohithere
Senior Member
Registered: 09/27/12
Posts: 986
Loc: New York/PA
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150,000 jobs created, but 170,000 are no longer looking, driving the Unemployment number up to 7.9. But wall street says thats ok keep giving us money. Koolaid anyone. If you keep drinking it you may not see the bubble burst. You would think with all these people not driving to work there would be plenty of cheap gas. Nope, gas is more than double what it was when Obama took office.
Enjoy the ride.
I do everyday,now if history serve me correctly, Obama wants to go after giant oil companies, especially when they are "bragging" about record profits and lets not mention the subsidies to oil companies that Democrats are fighting. Gas prices just went up 20 cents in some places and for what reason other than corporate greed...way to go in supporting the big boys once again  When Obama took office in 2009, the price of gasoline was $1.80, Why is that? the economy was on the verge of collapse and we were about to go through the worst recession since the Great Depression.
http://money.cnn.com/2013/02/01/news/companies/exxon-mobil-profit/index.html?iid=HP_LN&hpt=hp_bn1
Edited by Ohithere (02/02/13 08:12 PM)
_________________________
“I can calculate the motion of heavenly bodies but not the madness of people.” Isaac Newton
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