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U.S. economy gains 117,000 jobs in July, unemployment rate fell slightly to 9.1%

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posted on Aug, 5 2011 @ 08:41 AM
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The U.S. added 117,000 jobs outside the farm sector in July and the unemployment rate fell slightly to 9.1%, the government reported Friday, in a better-than-expected report that might provide temporary calm to jittery financial markets.

On Wall Street, investors greeted the news with immediately positive results, as stock-index futures erased their early-morning losses.


With such wonderful news that the UE rate has dropped and the economy gained 117k jobs in July, including upward revisions in May and June, do youse think it's time to pack our bags, go home and forget that there is any economic problems facing the world? Given the US and global economy are now on a robust footing going forward? Maybe. But maybe not. From the same article..


Yet while employers hired more workers than economists expected, the gain wasn’t big enough to put a dent in the overall, negative labor-market trend.

The jobless rate has stayed above 8% for 30 straight months, the longest stretch of high unemployment since the Great Depression in the 1930s.

During times of rapid growth, the U.S. typically adds at least 200,000 jobs a month, and much larger increases would be required for months on end to yank the unemployment rate back down to pre-recession levels.

The rate of hiring in July wasn’t even enough to absorb the natural increase in the labor force, which requires about 125,000 new jobs a month.


U.S. economy gains 117,000 jobs in July

Additionally, it has been reported that Labor Force participation has dropped to 26 year lows...

Labor Force Participation Rate Drops To 63.9%, Lowest Since January 1984

On CNBC we read...


The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.

The report follows a string of gloomy data that shows the economy has weakened.


Job Creation Inches Higher; Unemployment Slips to 9.1%

Commentary I watched on CNBC suggested that US businesses have far better balance sheets now than in 2008 and there is more money and that this is just a crisis of confidence.

However I am not convinced. There remain a lot of structural problems that are impediments to growth in GDP. Clearly there may be more jobs that have been created in July, and this is in the right direction, but it is no way enough to firewall the economy from a recession should trends continue.

Everyone including investors appear to be partying over this good news (Good Not Great, but time will tell, and the broader global structural economic problems, particularly the Eurozone, probably will come back to haunt.




posted on Aug, 5 2011 @ 08:49 AM
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reply to post by surrealist
 


can you say "bu11$#1t" just to get the stocks back up, and it worked. back to sleep everyone!



posted on Aug, 5 2011 @ 08:54 AM
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Looks good ... until those revisions come in!



posted on Aug, 5 2011 @ 08:59 AM
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Question is...how many jobs were full-time instead of part-time or temp?



posted on Aug, 5 2011 @ 09:08 AM
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Originally posted by anon102
Question is...how many jobs were full-time instead of part-time or temp?


That is a very good question, I know most employers around here now hire through temp agencies. I think they also only count people drawing unemployment, so people like me who were screwed so we couldn't draw when we were laid off are not counted. If they counted everyone that was unemployed I bet the rate would be well over 10%.
edit on 5-8-2011 by 7slinger because: (no reason given)



posted on Aug, 5 2011 @ 09:14 AM
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reply to post by surrealist
 





The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed


Nearly 200,000 people left the labor force. Gotta love the way the gov shows us the figures!

www.bloomberg.com...


The jobless rate declined as 193,000 people left the labor force and the number of unemployed dropped by 156,000. The share of the eligible population holding a job declined to 58.1 percent, the lowest since July 1983


Also, if anyone has been watching the stocks open up, it was....awful (if thats the best word?) They started out gaining 1% up to 2%.....and after 30 minutes of opening....they're back in the red. Europes stocks are all in red now to, but atleast they were able to stay green for over an hour.
edit on 5-8-2011 by buni11687 because: (no reason given)



posted on Aug, 5 2011 @ 09:16 AM
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From what I've read, the problem here is that the 117,000 figure doesn't actually represent job creation, but a downward alteration to the number of people classified as "looking for work". That means that there aren't 117,000 new jobs...

there are 117,000 people who have given up looking for work, and are now no longer counted in the unemployment figures according to the US government.



posted on Aug, 5 2011 @ 09:16 AM
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edit: double posted (for some unknown reason...? Does this sometimes happen? I only submitted this post once!)...

please delete!
edit on 5-8-2011 by Awen24 because: (no reason given)



posted on Aug, 5 2011 @ 09:18 AM
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Funny how everyone and I mean everyone on wallstreet was expecting the jobs numbers to be bad, and magically they are all rainbows and unicorns after yesterdays sell off?
These numbers are so fabricated it will be hard to imagine anyone swallowing this BS! Monday they will revise these numbers to lower than expected watch and see.
edit on 8/5/2011 by SpaDe_ because: .........



posted on Aug, 5 2011 @ 09:59 AM
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These numbers are BS! There is no way we gained 1117,000 jobs after nearly all major citys in america clamed jobless rate incressed in there city for the month.

This is your dictator at work throwing up fake numbers

"Hey everyone look over here... no look, over here. stop looking over there, look over here"



posted on Aug, 5 2011 @ 10:09 AM
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Wall Street rallies on cooked books, classic. When the real players decide to pull the plug the small fry will just be food for a snack. Heard that there might be some instability in a major bank in Italy. If true, then the markets could continue to head south with the prospect of further troubles in the European sector.



posted on Aug, 5 2011 @ 10:18 AM
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Reply to post by surrealist
 


100K walmart greeters and 17K airport groin checkers


 
Posted Via ATS Mobile: m.abovetopsecret.com
 



posted on Aug, 5 2011 @ 11:05 AM
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I bet with the United-Continental merger.....they are counting all the Continental people United fired.....then hired a few back on.....as "a gain of 117,000 jobs".

When in fact 30% of their labor force alone was shown the door and not hired back on.



posted on Aug, 5 2011 @ 11:05 AM
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Yeah, it's sad that they announce how many jobs were created without telling you how many jobs were lost. I mean If I take $50.00 to the casino and blow it all on slots but won $25.00 back I would still be out $25.00, but the casino will publicly only focus on the fact that you won $25.00.

Found THIS intersting




According to a Bureau of Labor Statistics breakdown, there were 139,296,000 people working in July, compared to 139,334,000 the month before, or a drop of 38,000.


So we "gained" 117,000 jobs but at the same time we lost 155,000 jobs.



posted on Aug, 5 2011 @ 11:19 AM
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2.8 Million High school graduates this summer. All these people need jobs. 117,000 job additions is pitiful if we are to keep on pace with growing unemployment rates. While its nice to have some job growth, jobs will grow with population increases. If the job growth numbers cannot keep on par with the amount of new workers we have entering the work field, then it just shows we are falling behind.



posted on Aug, 5 2011 @ 11:30 AM
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According to a CNN poll of statiscians/economists.... there was only 75,000 jobs created

and some +38,000 scheduled jobs terminated by 5 prominent corporations.



Economists polled by CNNMoney are expecting 75,000 jobs were added to payrolls in the month. The unemployment rate is expected to stay at 9.2%


The data was hardly a surprise though, given a flurry of mass layoffs announced in the last few weeks by Cisco Systems (CSCO, Fortune 500), Merck & Co., (MRK, Fortune 500) Borders, Lockheed Martin (LMT, Fortune 500) and Boston Scientific (BSX, Fortune 500). Those five companies alone accounted for 38,100 planned cuts in July.

"What may be most worrisome about the July surge is that the heaviest layoffs occurred in industries that, until now, have enjoyed relatively low job-cut levels, including pharmaceuticals, computer and retail,"....



source: money.cnn.com...



now... here's where these BS revisions come in... see, the +38,000 who were laid off cannot immediately file for unemployment because they were given different sized checks in lieu of unemployment by the Company that laid them off... ome people were given severence checks to carry them for maybe 26 weeks others received severence for perhaps 2 weeks.... but eventually most of these people will eventually end up on the unemployment rolls in need of checks & foodstamps...

the governments" birth-death "model completely disregards this natural path of receiving assistance... but uses the accounting stats to make the actual workforce model look rosey when its not!


=====

other sources report that retail sales had a giant increase in layoffs... and what about the teachers that are out of payroll during the Summer months?
bet they are not counted as non-working !
i believe that the business/financial/banker/ investment community is looking at real figures and they see the future economy tanking thats' why they are all selling their holdings for whatever profits they can retain--- to have cash on hand, to hopefully ride out the coming bust...
There sure won't be a Monday turnaround to regain the 512 points lost yesterday/

edit on 5-8-2011 by St Udio because: (no reason given)



posted on Aug, 5 2011 @ 11:40 AM
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Originally posted by fixitwcw
reply to post by surrealist
 


can you say "bu11$#1t" just to get the stocks back up, and it worked. back to sleep everyone!


Honestly its all 1984 style reports. This month boot production went up, just when it needed to! Nothing to see here, move along!



posted on Aug, 5 2011 @ 01:18 PM
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After this how many people are still steadfastly reliant on the so called stats we're given every now and then.

"Lies, damned lies, and statistics"

I am reminded of the film 1984, and how you hear the bloody mechanical economy updates per unit/gdp/ gross/loss/profit AHHHH!!

chocolate rations are increased by 2.3 grams this week !



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