By JEANNINE AVERSA, Associated Press Writer WASHINGTON - The nation's payroll growth slowed dramatically in July with a paltry 32,000 jobs being added_ a potentially troubling sign that the rough patch the economy hit in June was no aberration. The unemployment rate, however, dipped down a notch to 5.5 percent last month, from 5.6 percent in June, the Labor Department (news - web sites) reported Friday. The new jobless rate was the lowest since October 2001. The payrolls figure and the unemployment rate can sometimes go in different directions because they are derived from two separate statistical surveys. Economists, however, look more closely at the payroll figure as a better barometer of the health of the jobs market. The 32,000 net jobs added in July represented the smallest gain in hiring since December and followed a revised gain of just 78,000 in June, even less than previously reported. May's payrolls also were revised down to show a gain of 208,000. Analysts were expecting the economy to add anywhere from 215,000 to 247,000 jobs in July. They were predicting the jobless rate to hold steady at 5.6 percent. Since Bush took office in January 2001, the economy has lost a net 1.1 million jobs. http://story.news.yahoo.com/news?tm...06/ap_on_bi_go_ec_fi/economy&cid=668&ncid=716
32,000 jobs. And all of them are either in the military or at a fast food restaurant near you! WOOHOO!
As I mentioned in another thread, the best track-record investment letters are long on a short fund. This does not bode well. Let's see, we have substantial stimulus in the form of tax cuts and increased military spending, yet could anyone claim this is a strong recovery? There are question now whether the recovery will continue at all.
I get a feeling that terror alert level will be risen from yellow to orange very soon. Ridge, time to work.
And, we need to add about 150,000 jobs just to keep up with additions to the employment pool. Guess we are 118,000 jobs in the red in July.
You do realize that this is due to people ceasing their search for work, right? It is interesting that you think that people who get disgusted with the economy and give up their search for a job is good news.
The Government and the economy are not mutually exclusive. If they were, every politician in the history of the U.S. would manipulate it to where there was zero unemployment, jobs all paid twice as much the same year, etc. This would go on until the facade was not able to stand on its own anymore, and everything would go to shinola.
Hence my mutual funds took a massive nosedive this morning...damn! Anyway, if the economy stumbles as badlly as it could under a worst case scenario, I think that would be the final nail for GWB
No problemo. I just wanted to make sure. Hey.....not to derail this thread, but.....isn't it about time for another BBS drunken get-together somewhere? I was actually thinking about this while I was shaving this morning. Yeah I know...GET A FRIGGING LIFE!!!!
RM Tex: this won't be a get together, but I'm going with some friends to the Men's club after work.....
And what could make that happen any more certainly than a successful terrorist attack. Better keep your eyes open between now and November.
