Job Losses Slow, Signaling Earliest Days of a Rebound - NYTimes.com
The most heartening employment report since last summer suggested on Friday that a recovery was under way — and perhaps gathering steam — despite the reluctance of the nation’s businesses to resume hiring or even stop shedding jobs.
Employers eliminated 247,000 jobs in July, a huge number by the standards of an ordinary recession, but the smallest monthly loss since last August, the Bureau of Labor Statistics reported. And the unemployment rate, rising for months, actually ticked down, to 9.4 percent from 9.5 percent in June, mainly because so many people dropped out of the hunt for work, ceasing to list themselves as unemployed.
Unemployment Line.
Suggested on Friday that a recovery was under way — and perhaps gathering steam but never in the 61 years of record keeping has one-third of the unemployed, currently 14.5 million people, been out of work for 27 weeks or more.
The unemployment rate, rising for months, actually ticked down, to 9.4 percent from 9.5 percent in June,
More than 400,000 who had been looking for work dropped out of the labor force in July, if all those people had continued to look for work, then the unemployment rate last month would have ticked up, to 9.7 percent,” said Nigel Gault, chief domestic economist at IHS Global Insight.
After months of painful job losses, the Obama administration was clearly relieved at the brightening picture. Through July, 6.7 million jobs have disappeared since the recession began in December 2007, with manufacturers accounting for nearly one-third of the loss. But manufacturing losses in July eased to
52,000, largely because of a fluke in the auto industry.
"The worst may be behind us," President Barack Obama declared. "Today, we're pointed in the right direction." 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 16.3 percent in July. All told, 14.5 million were out of work in July.
Analysts say companies will keep cutting jobs probably through the rest of this year, though the pace of layoffs should continue to taper off. The beginnings of recovery could actually push the unemployment rate higher, since far more people would be energized to look for work again.
So President Obama, don't count your chickens before they hatch. It is like saying you are getting better because your cancer is not growing as fast.Your not getting better when your cancer slows in growth but until it's in remission.
An elevated unemployment rate could become a political liability for Obama when congressional elections are held next year. Ronald Reagan's GOP lost 26 House seats in the midterm elections in 1982.
More Post form Wag This Dog.
President Obama says Lost Auto Jobs Gone Forever.
Report, Biofules will not Replace Oil.
PETA Angry at President Obama Executing a fly.
Technorati Tags: Unemployment
Enjoyed this post? Email a friend, Leave a comment, Subscribe to Wag This Dog, Link to any post.
Unemployment Hits 16.5% (U6) Unbelievable
The most heartening employment report since last summer suggested on Friday that a recovery was under way — and perhaps gathering steam — despite the reluctance of the nation’s businesses to resume hiring or even stop shedding jobs.
Employers eliminated 247,000 jobs in July, a huge number by the standards of an ordinary recession, but the smallest monthly loss since last August, the Bureau of Labor Statistics reported. And the unemployment rate, rising for months, actually ticked down, to 9.4 percent from 9.5 percent in June, mainly because so many people dropped out of the hunt for work, ceasing to list themselves as unemployed.
Unemployment Line.
Suggested on Friday that a recovery was under way — and perhaps gathering steam but never in the 61 years of record keeping has one-third of the unemployed, currently 14.5 million people, been out of work for 27 weeks or more.
The unemployment rate, rising for months, actually ticked down, to 9.4 percent from 9.5 percent in June,
More than 400,000 who had been looking for work dropped out of the labor force in July, if all those people had continued to look for work, then the unemployment rate last month would have ticked up, to 9.7 percent,” said Nigel Gault, chief domestic economist at IHS Global Insight.
After months of painful job losses, the Obama administration was clearly relieved at the brightening picture. Through July, 6.7 million jobs have disappeared since the recession began in December 2007, with manufacturers accounting for nearly one-third of the loss. But manufacturing losses in July eased to
52,000, largely because of a fluke in the auto industry.
"The worst may be behind us," President Barack Obama declared. "Today, we're pointed in the right direction." 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 16.3 percent in July. All told, 14.5 million were out of work in July.
Analysts say companies will keep cutting jobs probably through the rest of this year, though the pace of layoffs should continue to taper off. The beginnings of recovery could actually push the unemployment rate higher, since far more people would be energized to look for work again.
So President Obama, don't count your chickens before they hatch. It is like saying you are getting better because your cancer is not growing as fast.Your not getting better when your cancer slows in growth but until it's in remission.
An elevated unemployment rate could become a political liability for Obama when congressional elections are held next year. Ronald Reagan's GOP lost 26 House seats in the midterm elections in 1982.
More Post form Wag This Dog.
President Obama says Lost Auto Jobs Gone Forever.
Report, Biofules will not Replace Oil.
Technorati Tags: Unemployment
Enjoyed this post? Email a friend, Leave a comment, Subscribe to Wag This Dog, Link to any post.
Unemployment Hits 16.5% (U6) Unbelievable
No comments:
Post a Comment