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.
Yep, me too. Could be a regional thing here, but every store I've gone into in the past 4 months or so has been full of shoppers with carts full of stuff. People are still buying. I also see a lot of cars on the road. Make no mistake, there have been some serious layoffs here, but things seem to still be humming along. Even real estate doesn't seem that far off here. I've noticed two new houses being started recently along the route of my daily commute and this is in a very rural area.
“Happy Reagan’s Birthday!”
I wonder when the media will start pointing out that the modern record for unemployment is held be the Carter economy. And that Carter managed to have high unemployment, high interest rates and high inflation all at once. The later two are just a matter of time under 0 given the vast amount of money being printed today.
How conveeeeeniet that this bad number arrives right before the Senate vote on BO’s Porkulus Bill. The Labor Dept. wouldn’t cook the books for the boss, would they?
Perhaps the market interprets Obama and the dems tanking poll numbers as a sign that the pork bill will not pass and that it a good thing?
Hunker down for what? Someone else to do the work? That is not the American way and the worst advice.
We need to start doing everything we can to push the economy and get everyone moving again.
It’s always the first friday of the month.
It’s always the first friday of the month.
“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”.
...right now, the market is made up of day traders on “e-trade”, “ameritrade” etc making a quick buck. No long term investments. If the “porkulus” bill is passed (in it’s present state), we’ll see massive sell offs and a drop of 2,000-2,500 points. The vote is today and I think it’s likely that it won’t pass. Big news on Monday from Geitner on the bail outs will be “good” for the market. Temporarily.
The lower the educational attainment, the higher the likelyhood of being unemployed. Having less than high school the rate is around 12%. Having a high school diploma the rate is around 8%. It would seem to me dropping the minimium wage might stimulate some employment in those groups.
While the numbers are not good...let’s keep this in perspective...unemployment was at 25% during the depression and we have a higher number of people in the work force now.
Do these numbers reflect all of the illegals fleeing back to Mexico and other parts of the globe to look for work? That could be a good thing too....lol
Actually, futures may be up because the vote didn't happen last night.
Two of my 4 adult kids have lost their jobs. Unemployment is paying them $450 a week.
Abso-frikkin’-lutely Obama’s fault!
Yeah, because the market expects this bad news will coerce the Senate into signing Obama’s spending bill.
Our economy itself has become as hopelessly addicted to taxpayer theft as are most Obama voters.
We’re screwed. This thing is gonna have to burn to the ground before it turns around.
More news coming Monday that the vast majority of Americans don’t know is that Obama is going to ask for ANOTHER 500 BILLION for the financial sector after he rams he ‘Great American Rip Off Bill through the Senate!
THE MADNESS HAS TO STOP!! CALL DC TODAY!! MELT THE PHONE LINES!!
They're not fleeing in droves. We're stuck with them because it's still far better to be poor in this country than in Mexico.
sw
Sadly..you are probably right. They are standing in American unemployment lines.
Obama will next be telling us that 92.4% are employed. End of problem.
LOL. Which is exactly why Reid announced that they are going to try to get the porkulus bill passed Sunday.
Can you imagine if O-Dumbo can't get this pork bill out for the unwashed masses, yet proposes another 400 B for the banks? LOL!
Oops...make that 500 B.
HUNDREDS OF THOUSANDS OF FEDERAL GOVERNMENT JOBS ARE ON THE WAY!!!
Can someone start posting a list of all the US senators and their respective phone numbers?????
Yep..they are over-reaching big time! If the national polls are tanking this fast...can you imagine what their internal polls are telling them? That is why Obama is on a full bore ‘pork campaign’ the last few days.
I well remember when 6% unemployment was considered FULL EMPLOYMENT
My husband is one of those laid off but I can assure you the last thing I want is for my children to be paying higher taxes on our behalf.
can someone please get a list compiles of telephone numbers with the respective senators? We also needs to call about the charges being dropped on the USS cole suspect.
“HUNDREDS OF THOUSANDS OF FEDERAL GOVERNMENT JOBS ARE ON THE WAY!!!”
Actually those jobs will be years away...but not to worry. There ARE ‘SHOVEL READY’ PROJECTS in the bill....THOUSANDS of DOG PARKS around the country. Guess what you will be shoveling?
LOL
Without tax cuts, ASAP, targetted on small business, we will see a double digit unemployment rate by September 1st, 2008...if not by June.
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