Employment Picture Still Gloomy ("jobless recovery")

Employment Picture Still Gloomy

WASHINGTON, Aug. 1, 2003

(CBS MarketWatch) The labor market continued to shed jobs in July, the government reported Friday.

July payroll employment fell by 44,000 jobs. The unemployment rate edged down to 6.2 percent from 6.4 percent last month. Economists polled by CBS MarketWatch looked for an increase of 13,000 jobs and a jobless rate to remain unchanged at 6.4 percent from June.

Much of decline in he unemployment rate represented the exodus of 470,000 discouraged people who abandoned job searches because they believed no jobs were available.

In another piece of bad news, June's payroll loss was revised to 72,000 from the 30,000 drop first reported.

edit ...

Responding to the unemployment report, White House spokesman Scott McClellan said Mr. Bush is still concerned about "a jobless recovery." McClellan said "too many people are looking for work."

More ...
http://www.cbsnews.com/stories/2003/08/02/national/main566380.shtml
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Doesn't the new buzzword "Jobless Recovery" make you feel all warm and fuzzy?

514,000 is 470,000 who drooped out...plus the 44,000 added?

I got data from some government body that says the following:

Those employed in the private industry: 109,269,000
Those employed in the Government sector: 21,473,000
Total Employed: 130,742,000 This is as of July, 2003 (p) meaning probably preliminary numbers???

So theoretically there are 140,000,000 people who work or want to work but are unemployed, are eligable workers...(I am including the 470,000 here)?

Of that number 130,742,000 are working? Well it equates to 6.61%...but the numbers are a rough estimation of the workforce and the unemployed, which is about 9,000,000 people! I would rather see numbers than percentages any day! We MAY have LOST 3,000,000 jobs in the workforce but we had 6,000,000 out of the workforce before that!!!

"jobless" and "recovery" are incompatible. Any kid who can add and subtract ought to be able to figure that out.

repeat ad nauseum.

This is the first administration, since Hoovers, underwhich there has been a monthly net LOSS of jobs for every month of the adminstration. That is HUGE.

I believe it is India's Economy that is recovering

Recovering healthcare jobs, programming jobs, manufacturing jobs..

Did you know that right now, radiologists in India are doing work for hospitals in the US? The radiographer (x-ray technologist) produces the digital images, sends them to a doctor in India. The doctor offers his/her reading on the case, and sends it back to America.

To get around accusations that someone is practicing medicine without a license, a radiologist here in America (who's happy to have a job) does a quick look at the diagnosis and then signs his/her name onto the diagnosis as their own. Taa-daa! Cheap medicine! Much cheaper than hiring radiologists to work right there at the hospital.

there won't be enough workers in India to cover all the jobs as*hole is sending their way. Wonder what the almighty corporations will do then? Sri Lanka?

the scumbags!

He says lots of jobs are being created, and he slaps Paul Krugman silly with lies like these:

HEY, BIG SPENDER: In one quarter, federal spending jumped 25 percent . As often, wars are good for economies. (On an encouraging note, non-defense spending slumped a little in the quarter. But given the Bush's fiscal record, don't count on this continuing.) Poor Krugman. It doesn't get much worse than this, does it? He'll be really bummed if people start getting jobs again.

:eyes::eyes::eyes::eyes::eyes:

eom

these are dupes!

in LBN and about 30 times in GD as every disruptor delighted in posting every single source that printed the same story, I don't remember you protesting then.

here are three of them.... and plus this story is 18 hours old... there is a 12 hour limit to have it posted on LBN...

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=48654&mesg_id=48654

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=47992&mesg_id=47992

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=46685&mesg_id=46685

I won't bother to visit all your links as you obviously didn't bother to visit mine. The CBS article I posted is only a couple of hours old. So tough!

OK, I lied I visit the first link ... AND IT'S THIS THREAD! Have I been transported to a parallel universe?

the jobless numbers were released 19 hours ago now...

Wall Street not buying revival
August 2, 2003
BY HOPE YEN

NEW YORK--Wall Street pulled back Friday after a lackluster employment report renewed investors' worries that the economic recovery would not be as speedy as hoped. The Dow Jones industrials fell nearly 80 points to end a four-week winning streak.
''Even though unemployment went down, the number of jobs available did too and that's really key,'' said Mike Kayes, chief investment officer at Eastover Capital in Charlotte, N.C. ''Investors have been looking for when the economy can create jobs and it hasn't yet.''
The Dow closed down 79.83, or 0.9 percent, at 9,153.97, more than wiping out a 33-point gain in the previous session that marked its fifth straight winning month.
More ...
http://www.suntimes.com/output/business/cst-fin-econ02.html

This is the first time I've read about the revised June numbers. That's quite the shocker.

HOW DO THEY KNOW THESE PEOPLE STOPPED LOOKING FOR WORK ???

...the Total Information Awareness database.