Posted on 09/05/2008 6:55:42 AM PDT by Sub-Driver
Unemployment Rate Hits 5-Year High As Economy Continues to Shed Jobs By BRIAN BLACKSTONE September 5, 2008 9:27 a.m.
WASHINGTON -- The U.S. jobless rate unexpectedly jumped in August to a nearly five-year high as employment fell for an eighth-straight month, raising the risk of recession as households face a struggling labor market and high inflation.
The data, which included a modest rise in wages, suggest Federal Reserve officials will hold interest rates steady when they meet later this month and at subsequent meetings through the end of the year.
Nonfarm payrolls, which are calculated by a survey of establishments, declined 84,000 in August, the Labor Department said Friday. The pullback was broad-based, including manufacturing, construction and service industries. June and July were revised to show bigger declines. June's revision was particularly large, to a 100,000 loss in jobs from a prior estimate of just 51,000.
(Excerpt) Read more at online.wsj.com ...
Higher business energy expenses need to be offset somewhere. Along with energy impact on consumer consumption.
McCain/Palin should hammer the point that cheap and plentiful energy fuels our economy and that Obama is happy about the high energy costs and the resultant brakes that puts on the US economy.
This is correct and I truly believe the Republicans could sell this message if they frame it correctly.
Absolutely! They need to hit a Drill, Drill, Drill theme all the time.
The Press loves getting in teh word ‘Recession’ into any story on the economy. Only Doom, Gloom and the Death of Hope at the hands of rich white men will do for their stories.
If any political entity effects the economy, it’s the Legislature. People understand this. That’s why the approval rating of Congress is in the single digits.
Students are returning to school. Wouldn’t that play a roll in this? I’m dumb when it comes to this stuff, so please excuse if it’s a stupid question. Somebody told me a long time ago, that the only stupid question, was the one you didn’t ask.
“Only Doom, Gloom and the Death of Hope at the hands of rich white men will do for their stories.”
Hard to spin a lot of the recent news in a positive light.
The US Auto industry is in the tank. That alone has to count for a lot of job loss. Ford’s market cap has almost dipped lower than Harley.
There is an unwinding happening here. Housing and other asset declines, deflated dollars and reduced purchasing power, lack of affordable energy and yes, there will be pain while we work this out. Bubbles create a huge mess when they pop and we saw it in 2000-2003 and we are seeing it now.
Last time they adjust growth up and lost jobs down. Why? Will it happen again?
Bingo - Along with the fact that the DEM Congress increased the minimum wage - Econ 101, tax something and you will get less of it for a period of time - The DEM congress put a tax on labor and we have less of it -
This issue is just sitting there for the GOP to go on the attack on - Show 06, when DEMs took control of Congress and today - The GOP is pathetic when it comes to going on the offensive on issues - Energy costs and labor costs are the two main factors for higher unemployment right now....
The Libs want socialism and will kill everyone that gets in their way.
Seems as though McLame and Zero and Mr. Gaffe aren't being asked any tough questions relating to this subject specifically about domestic energy improvements, trade deficits, unbalanced budgets, the sub-prime orgy, illegal immigration, and the open US southern border.
And what I mean is....why they did nothing to help any of the above from raping the US consumer??
Can someone tell me why kids, still in school and supported by their parents need to "make a living"?
Want to turn the economy around and create the good, long-term, high paying jobs of the future?
One word. Just one word:
“Hemp.”
Gee, didn’t President Bush on 30 June just sign another extension of unemployment benefits? Might this not have inspired more people to sign up as unemployed.
D’oh.
It takes energy to run a business, to get people to work and to the store. Carter found that out when unemployment went over 10 percent, back in the days of his double digit economy, double digit inflation rates, double digit interest rates and double digit unemployment. If the Dems and greens keep blocking energy progress, we’ll get another Carter economy and worse.
It’s all the layoffs of the dinosaur drive-by media.....
summer jobs are phasing out as students who mostly fill them return to school
many unemployed lifeguards, camp counselors and ice cream sellers in my town at the moment.
Not to mention the loss of jobs in the MSM.
D’oh!
Time for more raids on plants that are loaded with identity stealing illegal immigrants. The ‘now hiring’ billboards go up right after those raids.
The unemployment numbers are "seasonally adjusted" to take into account summer employment.
aw c'mon. He is not. he has been railing against the high gas and food cost.
Most students would not be included in the equation. It only includes those who are currently looking for a job.
In other news today employment is at 94%...
Don’t forget the MSM is having to shed jobs! They chose the wrong side to put their money on — liberal Democrats and now Obama.
Our unemployment rate in Oklahoma is low, very low compared to a lot of places. Our rate in July was 4.5% lower then any state surrounding Oklahoma. Why? Oil and gas and aviation make Oklahoma pretty recession proof.
We have become the location of a host of military aerospace companies. You want a job in aerospace, come to Oklahoma — they are looking for aerospace, electrical, and mechanical engineers. Have a list of all aerospace companies doing business in Oklahoma and it is page after page.
The rate in my County, Cleveland, is 3.4% and in Oklahoma County north of us 4.3%. There are help wanted signs everywhere I drive in this area. This year OU students can pick and choose where they want to work.
You are so right. After the Oklahoma Immigration law went into effect which was the toughest in the Country, the Oklahoma Unemployment rate dropped considerably as illegals fled Oklahoma.
Okay, thanks for letting me know.
I am sure the end of summer job season doesn’t help with the numbers.
“This will get flogged enthusiastically by the Democrats and the press, and blamed on Bush”
The McCain people are also running against Bush as hard or harder than against Obama. So they are trying to run against themselves.
And along with with the drive by media, overlook the fact of the democrats controlling the House AND Senate for the past 2 years and revisit the promises made by San Fran Nan and Dingy Harry, and the score card of results.
People should understand this, but generally they don't. They usually blame the administration for the economy. Let's face it, Bush is unpopular for a reason.
This is one reason McCain was emphasizing how he and Palin are Mavericks who will go after those corrupt Republicans and Democrats in Washington.
I hit the cd button like a frightened schoolgirl as soon as they barge in on my easy listening.
Lets see now. Record high oil prices have killed car sales leading to fewer jobs. Record high oil prices have made transportation costs higher, causing price inflation. Record oil prices have made food cost more. Record oil prices have made packaging and transporting food higher.
Record oil prices have taken away a higher personal disposabal income, resulting in less consumer spending, including new construction.
So why is unemployment going higher? Because of record oil and energy prices reducing jobs because of less disposable income. The blame of economic downturn is related directly to fewer domestic energy sources, limited by the Democrats, and a record dependence on foreign oil.
Drill Here. Drill Now. Pay Less!
All we have to do to even things out is boot a mere 1% of the illegal aliens here and get Americans to do those jobs.
Howard Dean, Nancy Pelosi, and Harry Reid rejoice...
This election cylce is smiliar to 1992’s. We had according to the clinton machine the worst economy in 50 years. Yet bill won by just 5, without perot in the race possibly loses. And we were out of the recession by the fourth quarter as well.
Now, we’re not in a recession, the economy grew by 3% in the last quarter. Jobs are a lagging indicator, and will pick up over the next year. Unfortunately, it provides the left with the cover they need to bash tax cuts and Bush. Anyway, unlike 1992 our side has a solution that we’re already promoting, drill here, drill now. If Mccain and the gop are successful in tieing Obama to the negative economy by virture of his oposition to oil exploration and drilling, McCain has a chance of winning.
“WASHINGTON — The U.S. jobless rate unexpectedly jumped in August to a nearly five-year high as employment fell for an eighth-straight month, raising the risk of recession as households face a struggling labor market and high inflation.”
FWIW, unemployment is a lagging indicator. The GDP numbers are more important. Productivity numbers are showing that businesses are running ‘lean’ by doing more with less.
“This election cylce is smiliar to 1992’s. We had according to the clinton machine the worst economy in 50 years. Yet bill won by just 5, without perot in the race possibly loses. And we were out of the recession by the fourth quarter as well.”
It’s even sooner than that. The LibDem media spent 1992 blasting GHW Bush for being out of touch on the economy for not admitting we were in recession in 1992... when the economist reviewed the numbers later, they concluded the recession ended in mid-1991! Overall 1992 growth was good and Q4 1992 was over 4%!
The 1992 performance was a huge media scam to get the Democrats elected.
On FR, they had a business article (bloomberg?) that reviewed the economic data for 2007 and 2008 and concluded that outside of the housing sector, growth has been very good. It further showed that YoY housing declines will stop in a quarter or so. The conclusion was clear: We’ve had a double whammy of oil prices and housing bubble that burst in the past 18 months. That’s playing out now but will not be as negative factor going forward.
“If Mccain and the gop are successful in tieing Obama to the negative economy by virture of his oposition to oil exploration and drilling, McCain has a chance of winning.”
I agree. The economy has issues - but HOW TO FIX IT is the question. If the answer to every problem is bigger Govt, then the USSR would have been the most successful govt on earth.
I concur.
And I believe much of the growth in the economy during the first part of the clinton years was due to the technology boom, something clinton had nothing to do with.
A large number of those ‘jobs’ were in the MSM! HooooHaaa!
Unemployment Rate Hits 5-Year High As Economy Continues to Shed JobsGood!
There's no more work for you Pedro, so pack up your 'Cheby' and hit the frigging road - and heading SOUTH amigo.
It is to the Democrats advantage to make sure the economy goes as south as it can in order to win this election. So much for a party that puts America first.
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