The Labor Department reports nonfarm payrolls increased by 54,000 in May, significantly less than the 150,000 economists had been expecting. The jobless rate rose to 9.1% from 9% the month prior. Economists had been expecting the jobless rate to fall to 8.9%. Stock futures were down sharply on the news.
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How was this a surprise?
ReplyDeleteNo surprise to me. Being in the contruction/housing business, I can tell you that the economy is not recovering as some in the media would have us believe.
ReplyDeleteThey can engage in wishful thinking reporting all they want, but the reality is the continued printing of money without backing is only going to continue to erode the economy downhill further.
You can't create wealth out of thin air! You need productivity to back the economy, and it ain't happening!
Taxing the so-called "rich" does not give them much incentive to engage in activity that made them that way in the first place. Why should they, if the Gov't comes along and takes it away? I don't blame `em for sitting on their hands (and piles of money, if you believe in that line of thinking).
This is not correct as it is higher! the rate is only based on who is collecting unemployment and not who has been cut off already. The books are fixed.
ReplyDeleteAmazing how with Obama the unemployment is always "Unexpectedly high" and with Bush is was always "Unexpectedly low"
ReplyDeleteGuess these dumbocrat economists are incompetent!
To quote Ronald Reagan:
ReplyDelete"Ask yourself if you are better off today than you were 4 years ago......."
"No surprise to me. Being in the contruction/housing business, I can tell you that the economy is not recovering as some in the media would have us believe."
ReplyDeleteHonestly if you are using new housing construction as an indicator you might as well give it up for another 2 years. You guys had your boom. Hope you planned accordingly.
1207-Although I'm not Daddio, I too was in the construction business, although nearly all of my work was in renovations in the DC/Baltimore area. It's still totally dry, and rightly so. Many people bought too much home, and renovated with "equity". From 2005-2008 I was working 13+ hour days atleast 6 days a week. We had to turn away business constantly. Now, I've gone back to school(I'm 25); and even though I love doing renovation work, it's just not enough out there to survive on. Housing will be in the pits for another 3 years or so, way too much inventory+lack of demand. But I will say, everyone with a half decent double digit IQ in the business saw this coming.
ReplyDeleteWhat? No jobs? How can those people on welfare get a job? Geesh
ReplyDeleteI'm just wondering how many of you true blue Reagan Conservatives recall that during the recession of the early 80's, unemployment spiked at 9.5% two and three years into the man's 1st term. Were you screaming doom and gloom and calling for Reagan's head then? Or were you telling the dummies on the other side of the aisle to "chill out, it's going to take a minute for things to recover"?
ReplyDeleteWere you screaming about the nearly 3-fold increase in the national debt druing the Reagan years, or do you only see a bad deficits when a Dem occupies the white house?
I'm not saying Obama is perfect, or that Reagan was evil. I'm just saying be consistent, stay true to the facts, and make judgement accordingly.
5:27
ReplyDeleteThe differnce is people trusted Reagan there was no doubt that he loved this country and wanted the best for it. Sorry I can't say the same for Obama
6:22, yes because Rush/Hannity/Beck told you how evil that Obama was in order for you to stay tuned through the commercials, and you idiots ate it up like it was the gospel truth. Guess what, despite all the "immediate America's destruction" forecast by these blowhards, we are going through a cycle similar to what we saw in the 80's except this time the recession was worse.
ReplyDelete527-I'm not a "Reagan" Repub, to be honest I better identify with Teddy and Abe but I'm an I. I know what you're saying, nary a peep was raised when George W. increased federal spending by 80%+ over his two terms. People voted for "change" and ended up getting more of the same, as Obama in his 2 years has raised spending levels a similar percentage. Some "conservative" talking heads say we need to go back to Pre-2008 spending levels, personally I'd prefer Pre George W/B. Obama spending levels. Instead of "change", George W jumped out the ditch, tagged in Barack, and handed him the shovel.
ReplyDelete