It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
U.S. job growth accelerated in June thanks to a big jump in hospitality and service workers, news that is likely to trigger more debate about how aggressively the Federal Reserve will begin pulling back on monetary easing.
Unemployment steadied at 7.6 percent for the month, as nonfarm payrolls grew by 195,000, according to a closely watched Labor Department report Friday. Economists expected 165,000 more jobs and a decline in the unemployment rate to 7.5 percent.
Big economic reports such as the nonfarm payrolls data are viewed nowadays primarily through the prism of how they will affect the Fed's zero interest rate policy and its $85 billion a month in bond buying.
The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million from May to June, the Labor Department reported on Friday.
“These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job,” said the news release from the Bureau of Labor Statistics.
As the Obama administration prepares to roll out the Democrats’ health-insurance-for-all plan in 2014, many businesses have warned that they will keep their payrolls below 50 full-time workers to avoid penalties imposed by the law.
The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million
The New Abnormal is turning out to be quite an embarrassment for Obama's "manufacturing renaissance" agenda not to mention high paying, manufacturing jobs but at least it explains why Bernanke doesn't mind sending the USD surging when all other central banks are now talking their currencies down (especially if it means fresh S&P records benefiting the 0.1%): after all, if you have nothing to export, who cares what the relative value of your currency is.
There is good news however. Even as the manufacturing jobs continue to collapse, posting their fourth consecutive monthly drop in June to 11.964 million jobs, minimum wage waiters and bartenders have never been happier. In June Restaurant and Bar employees just hit a new all time high of 10,339,800 workers, increasing by a whopping 51,700 in one month.
Employers took 1,301 mass layoff actions in May involving 127,821 workers as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today.
Followed by this statement...
Mass Layoffs Data Discontined
On March 1, 2013, President Obama ordered into effect the across-the board spending cuts (commonly referred to as sequestration) required by the Balanced Budget and Emergency Deficit Control Act, as amended. Under the order, the Bureau of Labor Statistics (BLS) must cut its current budget by more than $30 million, 5 percent of the current 2013 appropriation, by September 30, 2013. In order to help achieve these savings and protect core programs, the BLS will eliminate two programs, including Mass Layoff Statistics, and all "measuring green jobs" products. This news release is the final publication of monthly mass layoff survey data.
Originally posted by xuenchen
reply to post by Deetermined
I wonder how many people lost their jobs or got cut to part time ?
Fortunately there are other sites.
A useful site is Daily Job Cuts .com