Posted on 08/31/2011 6:44:30 AM PDT by xzins
NEW YORK -(Dow Jones)- Private businesses added a modest number of jobs in August, according to a report released Wednesday.
Private-sector jobs in the U.S. rose by 91,000 this month, ... had expected ADP would report an August gain of 100,000.
The July data were revised down to show a rise of 109,000 versus 114,000 reported earlier.
...Economists surveyed by Dow Jones Newswires expect total nonfarm payrolls rose by only 80,000 slots in August. This month's number is expected to be held down by workers on strike at Verizon Communications Inc. (VZ) in mid-August and layoffs in the state and local government sector.
The August unemployment rate is expected to remain at 9.1%.
Other job-related news released Wednesday suggests a sluggish labor market.
U.S. employers announced plans to trim 51,114 workers from the payrolls in August
TrimTabs said the decline in government stimulus is bringing to light an underlying weak economy incapable of generating enough jobs to reduce unemployment.
(Excerpt) Read more at foxbusiness.com ...
How can payrolls be held down by Verizon’s striking workers? They’re either striking or they’re unemployed. Which is it?
I suspect a new counting trick in which returning strikers are to be counted as new job hires.
Earlier reports today expressed the great news about the +91K jobs.
But it's not so great when you ‘expect’ 100k, and even 100K would be too anemic to help the economy. 91K is pathetic. And that is before they revise it down (like they have done with every single reports prior to this)
So this ‘great news’ is not so great.
You mean Obama’s plan of extending unemployment insurance and giving out more free money to FDA home owners and stimulating his mobs of the SEIU and fat cat companies didn’t work AGAIN? Wait...since ACORN has moved overseas and changed they’re name this will create more jobs to steal votes for Obama. Also moveon.org will also be providing USA jobs to ride illegal aliens and dead people around and give them a pack of smokes to go vote for Obama.
I expect this number to go down again after school shopping is done. The next big sales month isn't until Christmas. The stores this year will be seeliing cheap junk,too, because people can't afford as much this year, and stores can't afford to invest.
Obomanomics really sucks.
As an online retailer I can tell you "Christmas Shopping" actually begins in late September - so the retail sales figures for September and October will be revealing. Yes, December is the biggest month - but by late October one gets a sense of which direction things are going.
One surprising outcome (at least to me) of Obamanomics is that I am seeing a greater demand for high-end (rare or one-of-a-kind) merchandise. My theory is that since no small businessperson with a lick of sense is expanding with the sword of Obamacare hanging over his head, there is a lot of cash on the sidelines and some hard-working folks are deciding it's a good time to have a little "treat" for themselves. In normal times they would be ploughing their money back into their business; now, I think, they figure they don't dare expand & what they have is going to be taxed away, so why not enjoy it?
But, of course, that small slice of the market does not offset the huge middle-class market, where people are very much looking for a very good buy before they spend anything.
Here is the breakdown that should get people thinking. The large companies only added 3,000 people. The bulk of the hiring is in small business, but getting credit/capital is almost impossible for small business. Our economy is going to continue to limp into another recession (if we aren't already in it) if the driving force in the economy can't get money to grow.
I agree totally. Small business is in a strangle-hold, and they’ll not expand until there’s some clarity about the next 4 years.
Large business, though, is sort of like bell-weather states, they show broader trends, and their not hiring is the broad trend.
I think it is changing. Crony capitalism (corporatism) and globalization (moving operations overseas) has tended to stagnate growth of the multinationals. They can lock in market share through govt regulation and tax policy. Also, multinationals increasingly look first to expand overseas because of better labor conditions and less regulation.
Well, "on strike" is consistent with "not on the payroll this week." That's not inconsistent.
xzins wrote:
How can payrolls be held down by Verizon’s striking workers? They’re either striking or they’re unemployed. Which is it?
Also, some of the stiking workers tried to claim unemployment. Those claims should be denied, but I learned last week that the "new unemployment claims" numbers includes all claims, even claims that are denied. So fraudulent claims from striking Verizon workers apparently may have contributed to "higher than expected" claims last week.
Of course, that could be a complete lie told by the media to explain away some of the bad news, but the reports about that were fairly consistent, and some calls I made tended to support the "initial claims" numbers being reported every week actually do include some claims which are actually denied.
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NEW unemployment claims WEEKLY are about 400,000.
Times 4 weeks==1.6 million——1,600,000.
Not even one in SIXTEEN laid off persons is getting rehired.
NObama needs to be run out of the country—along with his illegal family members.
They’ll just come up with a new chart showing that unemployment would have been 20% without a recovery plan.
From the article....."The July data were revised down to show a rise of 109,000 versus 114,000 reported earlier"
The rise is a net number. 1.6 million laid off, 1.7 million hired.
NObama needs to be run out of the country—along with his illegal family members.
Well, yeah.
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