Politics Awful September Jobs Report Highlights Obama's Decimated Economy

Discussion in 'The Howard Stern Show' started by ltd86, Oct 2, 2015.

  1. ltd86

    ltd86 Racist Banned User

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    September jobs report delivers bad news

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    There is only one word to describe the September jobs report: awful.

    The economy added just 142,000 jobs last month, a dismal reading that may give the Federal Reserve second thoughts about raising interest rates any time soon and hurt Democrats’ chances of holding onto the White House in 2016.


    Everywhere you looked in the report, the news was bad.

    The monthly trend in job gains is now 198,000 this year, down from 260,000 in 2014. The August reading, typically revised higher, was downgraded to a paltry 136,000 from 173,000.

    “This is an unambiguously bad report, and the headline figure isn’t even the worst part,” said Megan Greene, chief economist at Manulife. “There’s the downward revision in August, the lack of wage growth and the fact that more people are giving up on looking for work than finding work. If you are Democrat running in 2016, you point to the 5.1 percent unemployment rate, but that’s about it."

    Even the unemployment rate would have increased in August without a drop of 350,000 in the size of the labor force.

    Average hourly wages fell by 1 cent in September after rising 8 cents in August. The labor force participation rate dropped to 62.4 percent in September, down from the 62.6 percent rate in June, July and August, which was already its lowest level since the 1970s. The participation rate is falling for Americans in their prime working years, meaning the figure cannot be explained away entirely by baby boomer retirements.

    Unemployment remained at 5.1 percent, unchanged from August. Adding insult to injury, the average workweek fell 0.1 hour to 34.5 hours, suggesting employers feel a limited need to add new workers. Stocks sold off after the report, with the Dow dropping more than 200 points, or 1.4 percent, in early trading Friday.

    The soft reading — and the clear downshift in trend — will make it harder for Democrats hoping to succeed President Barack Obama next year to argue that the economy is improving. Recent surveys show Americans already believe the nation is on the wrong track, and the economy is soft. And the past two jobs reports are likely to make those numbers even worse.

    The grim report makes it much less likely that the Federal Reserve will raise interest rates later this month, or possibly even in December. Fed Chair Janet Yellen has said she expects an interest rate hike by year's end. But many analysts believe an increase when the central bank meets later this month is now off the table.

    Analysts expect a slowdown in the third quarter, with the Atlanta Fed forecasting a quarterly GDP growth rate of 0.9 percent. The Commerce Department's first cut at estimating third quarter growth will be released Oct. 29.

    Read more: http://www.politico.com/story/2015/10/economy-added-142-000-jobs-in-september-214362#ixzz3nQsAOh1B
     
  2. ltd86

    ltd86 Racist Banned User

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    FOREIGN-BORN GAIN JOBS AS NATIVE-BORN LOSE JOBS

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    The number of foreign-born people employed in the U.S. increased again last month while the number of employed native-born Americans declined, according to new data released Friday by the Bureau of Labor Statistics.

    According to the not seasonally adjusted BLS numbers, in September 24,928,000 foreign-born people were employed in the U.S., growing by 14,000 jobs compared to August when 24,914,000 foreign-born people were employed.

    Native-born Americans, meanwhile, experienced a loss in jobs, declining 262,000 from August’s level of 124,314,000 to 124,052,000 employed native-born people in September.

    Since the start of the recession in December of 2007, the foreign-born population has outpaced the native born population in net job growth.


    http://www.breitbart.com/big-government/2015/10/02/foreign-born-gain-jobs-native-born-lose-jobs/
     
  3. maroon

    maroon Well-Known Member Banned User

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    climate change strikes again.
     
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  4. Rockside7

    Rockside7 VIP Extreme Gold

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    I didn't watch Fox News this morning but, I can picture Stuart Varney, beside himself with glee that there's finally a bad jobs report.

    He's usually reading the positive jobs reports as if he's reading a eulogy for his dead dog.
     
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  5. agnes

    agnes Well-Known Member

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    But unemployment is down!
     
  6. AmishGirl

    AmishGirl Well-Known Member VIP

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    unclefreddy, babybear, ltd86 and 4 others like this.
  7. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    I wouldn't give the Pres all the blame, but I have to say I haven't heard a more universally negative outlook, often from near perma-bulls, than in the past month or so.

    Today I am actually working on finding recession proof business ventures for a leasing company to put their money with, in fact. And this wasn't my idea. I've known the bottom was going to drop out for a while, I'm surprised it took this long.
     
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  8. spark888

    spark888 Well-Known Member

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    Are you sure about this???? According to Ving everything is great!
     
  9. Joe Bauers

    Joe Bauers Well-Known Member

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    Thanks Obama,
     
  10. lilbuddy67

    lilbuddy67 A man with breath-taking anger management issues Banned User

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    [​IMG]
     
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  11. Rockside7

    Rockside7 VIP Extreme Gold

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    They're actually waiting in line for the new iPhone 6S.
     
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  12. Anyonenow

    Anyonenow Well-Known Member

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    Here’s some good news to offset the bad, however: household incomes have finally shown a sharp gain, which means the typical family’s purchasing power is bouncing back. And the pace of car sales is accelerating toward record levels, with consumers more than willing to commit to costly long-term purchases. Meanwhile, several other indicators that don’t get as much attention as the monthly jobs report show sustained improvement in key parts of the economy.
    The monthly employment report tends to dominate the markets, however, and stocks largely tanked on the news that employers created only 142,000 jobs in September, about 60,000 fewer than expected. In the past, markets have often interpreted bad news about jobs as good news for stocks, because it would prompt the Federal Reserve to push interest rates lower or keep already-low rates in the basement. But markets now seem to think bad news is just plain bad news, as if a few months of weak job creation tell us the economy might be stalling. "Silver linings were tough to come by in the September jobs data," Bloomberg reported after surveying several economists.

    There are silver linings in other data, however. A new report by Sentier Research, for instance, shows that median household income, adjusted for inflation, grew by $615 in August, to a post-recession high of $55,794. Real incomes are still about 2.7% lower than they were in 2000, indicating ongoing stress on American consumers. But the trend is improving after a period of stagnation, as this chart shows:

    Median Household Income Index (in red)


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    Source: Sentier Research

    Robust auto sales seem to confirm that consumer finances are improving. Sales in September hit an annualized rate of 18.2 million, which is close to the strongest level ever. Low interest rates and cheap gas prices help, but strong sales are not the result of desperate discounting, which has sometimes been the case before. The average price paid for a new car these days is more than $31,000, a record, according to TrueCar.com. This chart shows how sales have rebounded steadily since the darkest days of the recession:

    Monthly Auto Sales, annualized rate


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    Source: Moody's Analytics

    Automakers are making good money these days, which is obviously good for employment and may also allow unionized auto workers to demand better pay during upcoming negotiations with General Motors (GM), Ford (F) and Fiat Chrysler (FCAU). Home builders are doing better, too, with a pickup in both commercial and residential purchases pushing construction spending back to very healthy levels:

    Construction Spending, millions of dollars


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    Source: Moody's Analyticxs

    And while job growth may be disappointing, jobless claims are at the lowest level since 1973, as the chart below shows. Companies may not be hiring aggressively, but they’re not laying off many people, either:

    Weekly Jobless Claims



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    Source: Moody's Analytics

    What all four of those charts show is unspectacular but steady improvement in important sectors of the economy—including the job market, even if antsy traders feel otherwise for the time being. The latest numbers are “just a continuation of the good, not great, slow labor recovery we have been living with for the last 5 years,” say economists at Wells Fargo. It’s worth keeping in mind that good, not great, is a lot better than lousy.
     
  13. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    I read about an interesting concept that had not occured to me. Inflation as measured by the CPI does not fully measure the true cost of all the money creation over time. Because as society and technology progress, things have naturally gotten cheaper to produce. Even services, due to their use of better technology. So, if price levels only rise 2%/year we think we've got inflation under control and are doing well. But it omits the fact that without monetary inflation these same things would have gotten much cheaper.

    Example: A flight from the US accross the Pacific in the 1930's cost about 3 times the average wage in the USA. !!! Today it's what, $1,000?
    TV sets, lawn mowers, you name it. For the level of performance, cheaper.

    Anyway, we've come to the point in the last couple of decades were we have basically arrested this progress of life getting better and cheaper to a large degree and we're not really aware of it. Money creation has shifted wealth from savers and earners to those who can buy assets and those who gain access to the newly created money first. Very clever, these money men.

    Another related concept is "yield purchasing power" . http://snbchf.com/gold-standard/yield-purchasing-power/

    Basically, it means that if you saved $1M in the past you were able to generate $50,000 a year in income off it. Now, you'd be lucky to get half that. That is a HUGE increase in the cost of living, as you now have to save twice as much capital to generate the same income in retirement.
     
  14. AcquiringSignal

    AcquiringSignal Girthy VIP

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    Too many non-white and old people.





    Sent from my iPhone 6S Plus
     
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  15. OV

    OV Rapscallion

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    Well considering September was the largest reported month for new car sales since the RE bubble burst year 2 into Bush's last term, obviously, there's more money flowing into consumer pockets than since '05
    http://www.usatoday.com/story/money...s-fiat-chrysler-pope-gm-ford-toyota/73135450/
     
  16. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    You mean 6 years in. 2006 was the peak. edit: oh, last term.

    Yes, 0.0% money creates malinvestments like broke people buying $35,000 new cars because 72 month payments at 0% with nothing down seems cheaper than making 36 months of payments at 5% on a $20,000 4 year old used car where they had to come up with a 20% down payment.
     
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  17. OV

    OV Rapscallion

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    No.. summer of 05 was the peak. 6 year financing takes us up to 'July '11.. and last i looked we're past the summer of '15. This is a legitimate plus. Sorry .

    Sales hit an annualized rate of 18.17 million units in September, the highest rate since July 2005, according to Autodata. Overall industry sales rose 16% compared with September 2014.
     
  18. SouthernListen

    SouthernListen I don't follow the crowd. Sorry about that. VIP

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    [​IMG]
     
  19. OV

    OV Rapscallion

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    thought so LOLOL
     
  20. ltd86

    ltd86 Racist Banned User

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    when has there been a positive jobs report? every month is a nightmare
     
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