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+244,000 jobs....Are we seeing hope? Options
drew34
Posted: Saturday, May 07, 2011 7:59:27 PM

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I've got to give the president credit. Jobs and jobs have been created for the seventh consecutive month, since November. There is one question, though. If 244,000 jobs were created, why did unemployment go up to 9.0%? Does that rating hurt the economy?

Dream as if you'll live forever, live as if you'll die today~ James Dean


redgriffin
Posted: Saturday, May 07, 2011 9:23:44 PM

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244,000 Jobs were created in the Private Sector while the Public Sector lid off more people so the we lost more jobs then were made so the unemployment numbers went up.
HWNN1961
Posted: Saturday, May 07, 2011 9:34:54 PM

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Good point, R.G. Also, the number crunchers were adjusting their figures. Apparently, the reports that come out about employment are subject to revision, and this current report is affected by adjustments to previous statistics.

What we are in is a huge hole. The private sector is going to have to humm for a couple years at least just to get us back to the "normal" rate of around 5%.

"Be without fear in the face of your enemies. Be brave and upright that God may love thee. Speak the truth always, even if it leads to your death. Safeguard the helpless, and do no wrong". (Knight's Oath, Kingdom of Heaven)
silver
Posted: Saturday, May 07, 2011 10:00:30 PM
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Very soon, you'll figure it out.
RuthP
Posted: Saturday, May 07, 2011 11:53:28 PM
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Location: United States, Pacific Northwest
There has been credible production of private sector jobs in terms of numbers and I definitely agree that insistance on laying-off public sector employees, from teachers to park service employees, seems to be exacerbating the unemployment numbers, as well as leading to crowded schools, lines for services, and possibly fewer vacation options. (Some parks may be closed)

There have been recent anecdotal reports of increases in production / manufacturing jobs, human-interest stories on the nightly news about this or that (usually small) manufacturer who is hiring thirty (or two) more employees. I have, however, seen no firm numbers respecting the kinds of jobs which make up the bulk of these new private sector jobs.

The reports I have seen have also failed to say whether or not these numbers have been seasonally adjusted: we are reaching the summer, temporary employment season. Temporary jobs, related to increased agriculture, and leisure and entertainment during the summer show up around this time. As well, summer jobs in retail and fast-food or other food service, and camp / swim positions will likely be filled primarily by teen summer workers. Agricultural jobs are unlikely to make a large difference in unemployment numbers among the long-term unemployed.

Today's (Saturday's) New York Times has a very interesting article comparing the recovery following the 1970s recession with today's recovery. NYT 5/7/2011: A Recovery Less Robust

Except for the stock market, which has roared back, this recovery is much slower. This recovery shows better numbers for the stock market, durable goods, and industrial production than that of the 1970s: all signs of business recovery. Business (large corporate, in my jaundiced opinion) is recovering very well: people, not so much.

Consider two differences between the '70s and today: today, there is more automation and today, more corporations have a larger international footprint. The recovery of business does not require the recovery of people, either to perform the work or (necessarily) to buy the product. People are replaceable by machines, by transferring production somewhere else. Short sighted? Yes. But this quarter's bottom line is looking good.
GabhSigenod
Posted: Sunday, May 08, 2011 9:03:48 AM

Rank: Advanced Member

Joined: 12/22/2010
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Points: 4,934
Location: Gaeltacht, Ireland
The employment famine continues.

Off to Singapore for a spell!
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