Job losses slow to 247,000; jobless rate dips

WASHINGTON – Employers throttled back on layoffs in July, cutting just 247,000 jobs, the fewest in a year, and the unemployment rate dipped to 9.4 percent, its first decline in 15 months.
It was a better-than-expected showing that offered a strong signal that the recession is finally ending.
The new snapshot, released by the Labor Department on Friday, also offered other encouraging news: workers' hours nudged up after sinking to a record low in June, and paychecks grew after having fallen or flat lined in some cases.

Source:

news.yahoo.com...


It is kind-of hard to cut more and more jobs when more and people are out of work.

I hate the way that the MSM and these "analysts" will spin numbers to give the American people (and the remaining global community who looks to the dollar to see what will happen) a false sense of hope that things are shaping up.

And numbers can always be misleading depending on which type of unemployment numbers are being used. Here is some lit for people that are not strong in Economics:

en.wikipedia.org...

economics.about.com...

www.spiritus-temporis.com...


Sad to say it, but we are not as close to coming out of this mess as the MSM would want you to think.

-Sliadon

reply to post by Sliadon


I already dissected this report over in the Market Thread

The spin on these numbers is amazing, but reality is, it's still just as bad if not worse.

reply to post by Sliadon


It is kind-of hard to cut more and more jobs when more and people are out of work.

and to put another reality scenario in the mix. ITS STILL SUMMER! in a good market in any given summer month there should be a gain in employment!

starting to puke in my mouth with the ( recession is winding down) CRUD

if this is the route were heading, i am not looking forward to lets say december or january 2010
ut ro scoobie

reply to post by Sliadon


Can somone explain this to me? If we still lost 247,000 jobs how could unemployment drop from 9.5% to 9.4%? Wouldn't that mean that jobs would have had to be added? Sounds like BS to me.

Originally posted by Erasurehead
reply to post by Sliadon

 

Can somone explain this to me? If we still lost 247,000 jobs how could unemployment drop from 9.5% to 9.4%? Wouldn't that mean that jobs would have had to be added? Sounds like BS to me.

That is because the increasing amount of people whose unemployment benefits expired are not counted anymore in the unemployment figure.

Definite BS.

No NEW jobs from the trillions of stimulus money to report?

Dang, how sad.

Too bad, if they had given me those trillions of dollars I would have put everyone to work by now, in high paying jobs with loads of benefits.

And still had millions left to blow on a few pet projects.

MSM agrees with you.

REAL Jobless Rate Not So Rosy
Obama administration touts a 9.4 percent jobless rate as evidence 'we've pulled back from the edge' — but, technically, it all depends on who you count

www.foxnews.com...

In New Jobless Stats, Good News Hides the Bad
The dip in the unemployment rate -- from June's 9.5 percent -- was the first since April 2008. But by other measurements, the jobless rate is still above 10 percent.

FOXNews.com
Friday, August 07, 2009

The White House, reacting to the latest jobless report showing the unemployment rate fell unexpectedly to 9.4 percent in July, predicted that despite the good news the rate would still hit 10 percent before year's end.

But in effect it already has.

The actual percentage of Americans who remain unemployed -- including those who have stopped looking for work -- is considerably higher than 9.4 percent and surpassed 10 percent months ago. By one measure, the unemployment rate is really 10.7 percent.

...

More at link

There is a year over year improvement but because the noninstitutional population increased by 240,000 back in July 2008. Be aware that the noninstitutional population normally grows steadily, and it dropped suddenly in January 2009 by 400,000. That means that year over year for January 2010 will look especially bad.

Image link
[atsimg]http://files.abovetopsecret.com/images/member/419d73ce3973.jpg[/atsimg]

[edit on 7-8-2009 by Dbriefed]

reply to post by Sliadon


This is excellent. More rosy economic news = higher oil prices = idiot peasants contained.

Ah, yeah.