Posted on 02/06/2009 6:20:01 AM PST by Perdogg
The hits just keep on coming on the jobs front...
The Labor Department this morning reported that the nation lost another 598,000 payroll jobs in January.
The unemployment rate, meanwhile, jumped to 7.6 percent from 7.2 percent in December. That's the highest unemployment rate since late 1992.
The December job loss number was worse than consensus expectations. And revisions to previous months darkened the picture even more.
(Excerpt) Read more at economy.kansascity.com ...
What’s astounding about this is that the stock market is interpretting this as a good thing - futures are UP because apparently the market thinks this means that this news increases the chance of Obama’s porkulus bill getting passed.
Great. Just great.
Extend unemployment benefits again and watch the unemployment rate go even higher! This is not rocket science folks. When the government subsidizes something, you get more of it. When the government subsidizes unemployment, you get more people unemployed. Which Obama and the Democrats desire. The worse things are, the better for them, a great opportunity to transfer power from the people to the government and nationalize the economy.
Oh well, who is John Galt?
Happy Reagan’s Birthday!
Companies have Zero confidence in Zero.
I see nothing being done to inspire confidence. In fact, I see the opposite.
>> the nation lost another 598,000 payroll jobs in January.
That’s a typo. Should be 598 *million* jobs, not 598 *thousand*.
;-)
Ditto for investors.
I’ve just posted two articles about the economy this morning, too.
I can’t decide if things really ARE that bad, or if the MSM is just pimpin’ for 0 and his ‘hurry up and sign this’ spending free-for-all.
I’m thinking the latter...
Wall Street will often react positively to layoffs because it means that businesses are cutting expenses which will ultimately improve their bottom line.....
They have to get that stimulus bill passed quickly, before the economy recovers (on its own, independent of fascist policies). Otherwise, it will be difficult to credit their Keynesian/fascist policies with the recovery, and harder to slip in their grab-bag of socialist demands accumulated since the mid-90’s (under the “stimulus” ruse).
Perdogg for President 2012 - If we still have a country
LOL - according to Pelosi's "fuzzy math"
We ain't seen nothin yet!
BTW... CALL YOUR SENATORS TODAY AND TELL THEM TO VOTE NO! ON THE "STIMULUS BILL!"
The Obama Recession!
Hey these figures are way beyond people wanting to get (and remain) on unemployment.
I think the idea that folks are choosing unemployment due to government subsidy is frankly delusional.
No way those people make up the bulk of 7.6%.
>>- If we still have a country<<
I think you might have something there.
Hunker down folks.
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