Tag Archives: Recovery

News

Unemployment up to 9.6%, 283K jobs lost during recovery summer

3 Comments
Detroit Job Fair
Detroit Job Fair (AP Photo)

This is from the US Bureau of Labor Statistics.

Excerpt:

Nonfarm payroll employment changed little (-54,000) in August, and the unemployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor Statistics reported today. Government employment fell, as 114,000 temporary workers hired for the decennial census completed their work. Private-sector payroll employment continued to trend up modestly (+67,000).

Household Survey Data

The number of unemployed persons (14.9 million) and the unemployment rate (9.6 percent) were little changed in August. From May through August, the jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men (9.8 percent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 percent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little change in August. The jobless rate for Asians was 7.2 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

The total number of jobs lost during the Democrats’ “recovery summer” is now at 283,000.  283,000 jobs lost during the “summer of recovery”. No amount of good intentions and fine speeches is going to change the laws of economics – if you take money from the private sector and spend it on government programs and you will lose jobs.

I notice that the mainstream media and the White House are spinning the job numbers by talking about the jobs gained number instead of the net jobs lost, or the rising unemployment rate, so I had to set things straight.

And keep in mind that the Democrats intend to allow the Bush tax cuts to expire, which really means implementing the largest tax hike in history. It will totally destroy the economy.

Nonfarm payroll employment changed little (-54,000) in August, and the unem-
ployment rate was about unchanged at 9.6 percent, the U.S. Bureau of Labor
Statistics reported today. Government employment fell, as 114,000 temporary
workers hired for the decennial census completed their work. Private-sector
payroll employment continued to trend up modestly (+67,000).

Household Survey Data

The number of unemployed persons (14.9 million) and the unemployment rate
(9.6 percent) were little changed in August. From May through August, the
jobless rate remained in the range of 9.5 to 9.7 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for adult men (9.8 per-
cent), adult women (8.0 percent), teenagers (26.3 percent), whites (8.7 per-
cent), blacks (16.3 percent), and Hispanics (12.0 percent) showed little
change in August. The jobless rate for Asians was 7.2 percent, not season-
ally adjusted. (See tables A-1, A-2, and A-3.)
News

Manufacturing sector suffered sharpest drop in June for the past 12 months

2 Comments

Story here from Yahoo News. (H/T Hot Air)

Excerpt:

New evidence of a slowing economic rebound emerged Thursday in reports that manufacturing activity is slowing after helping drive the early stages of the recovery.

Factory output fell in June, according to a government report on industrial production. It was the sharpest monthly drop in a year. And two regional manufacturing indexes sank this month. …

Separately, the Labor Department said wholesale prices fell for a third straight month. Prices were pulled down by a drop in energy costs and the biggest plunge in food costs in eight years. But excluding those two volatile commodities, inflation was nearly flat. …

Adding to concerns in the manufacturing sector were steep drops reported Thursday in the Empire State and Philadelphia Fed Manufacturing indexes.

CNN Money explains what went wrong for the Obammunists.

Excerpt:

The U.S. Chamber of Commerce slammed President Obama’s economic policies Wednesday, saying administration officials “took their eyes off the ball” and “neglected” to focus on job creation.

A letter posted to the business group’s site and a summit with 500 business leaders were the latest moves in an ongoing battle between big business and the Obama administration.

The two are at odds over the best way to keep the recovery from slipping into a double-dip recession. The Chamber believes tax cuts are key to job creation. The Obama administration, however, has focused on stimulus and spending to create jobs.

The Chamber said in its letter that the administration “vilified industries while embarking on an ill-advised course of government expansion, major tax increases, massive deficits and job-destroying regulations.”

Democrat voters think that a left-wing president who opposes free trade deals with Panama, Colombia, etc., and who implements socialist policies will help the working man to keep his job. But they could not be more mistaken. Attacking businesses causes businesses not to hire anyone. And workers won’t spend money when they are afraid of their job disappearing. Which business hires people when there is no demand for products and services? Government’s job is to encourage businesses to hire by cutting regulations and taxes – that’s what creates sustainable consumer demand.

Just wait until he legalizes 20 million illegal immigrants. Then his union buddies will really get a little lesson in supply and demand.

News

Obama wants 23 billion more from taxpayers to bailout teacher unions again

1 Comment

Story from Fox News.

Excerpt:

Despite President Obama’s pledge for honest budgeting and billions of dollars in stimulus money spent to save teachers’ jobs, the Education Department is asking for off-the-books emergency funding to keep local districts from laying off school teachers next school year.

Education Secretary Arne Duncan sent Democratic lawmakers a request Thursday to pass a $26 billion emergency supplemental to fund up to 300,000 teachers’ jobs that he says will otherwise be lost in the fall.

[…]The request comes just a year after an unprecedented $100 billion in federal stimulus money was allocated to school districts as part of the $863 billion recovery act. Of that amount, $48 billion was designated for saving teachers’ jobs and investing in educational programs. Another $31 billion in stimulus funds were sent to states for Pell grants, competitive funds and programs helping disadvantaged students.

[…]An Education Department spokesman acknowledged that the stimulus funds have already saved roughly 300,000 teachers’ jobs once, but an additional $23 billion more is needed to preserve education jobs, along with $1 billion in funds to save early childhood education jobs and an additional $2 billion to support public safety.

Yet another bailout from productive private sector taxpayers, for yet another unproductive Democrat special interest group.

Oh well, at least the teacher unions are happy with their bailout. And the Wall Street bankers are happy with their bailout. And the auto unions are happy with their bailout. And the public sector unions are happy with their bailout. And so on, and so on, and so on.

I would expect that the left-wing media will getting a bailout soon. And then the left-wing trial lawyers. And then the left-wing illegal immigrants. And then the left-wing prisoners. That should about cover it, I guess.

Who else is left?

Hey Obama! Where's my bailout?

Oh. Of course.