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Economy Creates 163,000 New Jobs but Rate Rises to 8.3%
CNBC ^ | Published: Friday, 3 Aug 2012 | 8:32 AM ET | Jeff Cox

Posted on 08/03/2012 5:36:33 AM PDT by Perdogg

The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate fell to 8.3 percent. June saw 80,000 new jobs.

(Excerpt) Read more at cnbc.com ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: economy; jobless; july2012; obama; obamanomics; recovery; unemployment; unexpected
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1 posted on 08/03/2012 5:36:35 AM PDT by Perdogg
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To: Perdogg

U6 increased again to 15%


2 posted on 08/03/2012 5:37:41 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Perdogg; All

I wonder how many of those are seasonal..


3 posted on 08/03/2012 5:38:06 AM PDT by KevinDavis (Radical Islam is a bigger threat than the LDS...)
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To: KevinDavis

The BLS is probably fudging those numbers as well. I do not understand how teachers returning from summer can be counted as “found employment”.


4 posted on 08/03/2012 5:39:52 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Perdogg; xzins

The economy does not create jobs. Hard working industrious people who risk their own capital in order to better their own lives create jobs.

To say that the economy created these jobs is the same as Obama telling people they didn’t build their own businesses, that other people did it for them.


5 posted on 08/03/2012 5:40:02 AM PDT by P-Marlowe (There can be no Victory without a fight and no battle without wounds.)
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To: KevinDavis
I wonder how many of those are seasonal..

And part-time, temp, etc.

6 posted on 08/03/2012 5:40:14 AM PDT by ScottinVA (Buying Drain-O requires photo I.D... yet voting doesn't???)
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To: KevinDavis; All

CNBC said more than 27,000 of the jobs were added to tge tourism sector (hotels, etc), so almost 20%...they also said a lot of this months number had to do with seasonal auto workers returning as well...

btw- Junes pathetic jobs numbers were revised downward 6000...


7 posted on 08/03/2012 5:40:38 AM PDT by God luvs America (63.5million pay no federal income tax then vote demoKrat)
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To: KevinDavis

Seasonal adjustments for July are usually 1 million upwards.


8 posted on 08/03/2012 5:41:56 AM PDT by Thane_Banquo (Support hate crime laws: Because some victims are more equal than others.)
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To: KevinDavis

Good news politically. Getting the unemployment rate moving in the WRONG direction is better politically than a smaller number of jobs created.

This is good for Romney, bad for Obama.

And the new jobs number will be revised downward in coming weeks.


9 posted on 08/03/2012 5:42:07 AM PDT by mwl8787
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To: Perdogg

-——the unemployment rate fell to 8.3 percent.———

I thought it was 8.2% before. I must have missed the unheralded re adjustment to 8.4%


10 posted on 08/03/2012 5:42:07 AM PDT by bert ((K.E. N.P. N.C. +12 ..... Present failure and impending death yield irrational action))
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To: Perdogg

Not good numbers. August, September & October will show lower numbers. Gas prices are rising rapidly. It takes a month or two to reflect the downward trend in the job numbers. Obama continues to destroy the USA economy which is just what he wants to do!!!


11 posted on 08/03/2012 5:42:28 AM PDT by JLAGRAYFOX (My only objective is defeat and destroy Obama & his Democrat Party, politically!!!)
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To: Perdogg
. . . Rate Rises to 8.3% . . . the unemployment rate fell to 8.3 percent

Are there no editors or even proofreaders left in the mainstream media? Some of us would agree with the headline that when the unemployment rate goes from 8.2% to 8.3%, that should be referred to as rising and not falling. This journalistic error is unexpected, just like the bad economic news.

12 posted on 08/03/2012 5:42:51 AM PDT by Pollster1 (Freedom is never more than one generation away from extinction. - Ronald Reagan)
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To: bert

Ministry of Truth must have gotten to this one before it was published.


13 posted on 08/03/2012 5:43:34 AM PDT by Thane_Banquo (Support hate crime laws: Because some victims are more equal than others.)
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To: All
NB: the CNBC corrected the mistake in the first sentence from “fell” to “rose”
14 posted on 08/03/2012 5:43:56 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Perdogg

Economy Creates 163,000 New Jobs but Rate Rises to 8.3%

but the unemployment rate fell to 8.3 percent.


Not to be picky, And I know you didn’t write this stuff. Which is it? Did it Rise or Fall?

I really detest poorly written material from these so-called Professionals.


15 posted on 08/03/2012 5:44:04 AM PDT by The Working Man
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To: Perdogg

Unemployment rate rises....stock market reacts positiveley

unexpectedly


16 posted on 08/03/2012 5:44:48 AM PDT by silverleaf (Every human spent about half an hour as a single cell)
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To: Pollster1; bert

NB: CNBC corrected the mistake in the first sentence from “fell” to “rose”


17 posted on 08/03/2012 5:45:23 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Perdogg

June new Jobs was revised down from 80,000 to 64,000.


18 posted on 08/03/2012 5:46:07 AM PDT by Old Retired Army Guy
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To: Perdogg

The 163,000 new jobs were all Obama campaign workers.


19 posted on 08/03/2012 5:46:37 AM PDT by iowamark
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To: Perdogg

The “unemployment rate fell to 8.3%”?

Wrong, propagandists, it rose to 8.3%.


20 posted on 08/03/2012 5:46:49 AM PDT by 9YearLurker
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To: The Working Man

Falling means lower, rising means higher. In the case of unemployment, rising is bad and is not the direction you want to be going.

Just the last day or two, Obama’s been out there crowing about how his economic plan has worked. On what planet?


21 posted on 08/03/2012 5:46:57 AM PDT by randita (Either the politicians fix our fiscal insanity, or the markets will.)
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To: randita

165K is still terribl considering we are supposedly in the third year of the recovery.


22 posted on 08/03/2012 5:48:19 AM PDT by GlockThe Vote (The Obama Adminstration: 2nd wave of attacks on America after 9/11)
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To: Perdogg

Thanks for posting. I did it when it was breaking on air but for some reason the thread got yanked...I guess URL inclusion is needed even if the breaking news is accurate and inevitably accessible.

Well, for some of us anyway ;-)


23 posted on 08/03/2012 5:49:07 AM PDT by SoFloFreeper
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To: Perdogg
I do not understand how teachers returning from summer can be counted as “found employment”.

That only makes sense if they were counted as unemployed when summer recess started. I don't believe that is the case--teachers don't draw unemployment all summer, as far as I know!

24 posted on 08/03/2012 5:51:01 AM PDT by Pearls Before Swine
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To: Perdogg

Clip from NPR:

Update at 8:42 a.m. ET. Job Growth Averaging Around 150,000 A Month:

According to BLS, “since the beginning of this year, employment growth has averaged 151,000 per month, about the same as the average monthly gain of 153,000 in 2011.”

At that pace, however, there aren’t enough new jobs being added to bring down the unemployment rate.

...................................


25 posted on 08/03/2012 5:51:49 AM PDT by Bulwinkle (Alec, a.k.a. Daffy Duck)
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To: Perdogg
So now, a statistical increase of unemployment number RISING from 8.2% to 8.3% is called falling? Their words "fell."

I swear, these people ought to be stood up against a wall and offered one last cigarette.

26 posted on 08/03/2012 5:52:58 AM PDT by Gaffer
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To: Perdogg

Does anybody think Obama voters really want jobs?


27 posted on 08/03/2012 5:53:05 AM PDT by P.O.E. (Pray for America)
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To: God luvs America

I think they include teachers going back to work as well.


28 posted on 08/03/2012 5:53:15 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Perdogg

It’s higher than that.


29 posted on 08/03/2012 5:53:33 AM PDT by erod (This Chicagoan will crawl over broken glass to vote the fake Chicagoan Obama out!)
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To: Perdogg
I think they include teachers going back to work as well.

OK, but are teacher counted as unemployed when school ends in June?

30 posted on 08/03/2012 5:56:49 AM PDT by AU72
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To: Perdogg

Gasoline just skyrocketed to $4/gallon here in Indiana.

Unemployment going back up.

Baraq is gonna suck bilgewater come November.


31 posted on 08/03/2012 5:56:53 AM PDT by nascarnation
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To: Perdogg

To be revised downward shortly...


32 posted on 08/03/2012 5:57:08 AM PDT by miss marmelstein
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To: Gaffer

They corrected it.


33 posted on 08/03/2012 5:57:14 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: All; Perdogg
In the details of the report is more bad news for Obama. The size of the U.S. workforce is continuing to shrink. See the bolded portion below from a Reuters analysis of the jobs report.
* The unemployment rate, which is derived from a separate survey of households, rose to 8.3 percent. That will give Republican presidential hopeful Mitt Romney ammunition for his charge that President Barack Obama has not done enough to help the economy since the 2007-2009 recession. It also raises pressure on Federal Reserve to ease monetary policy. The household employment survey ran in the opposite direction as the establishment survey of employers. The household survey showed the number of people with jobs fell by 195,000. In another worrisome sign, the household survey showed the size of the workforce decreased by 150,000. To be in the workforce, a worker must be either employed or seeking work. The participation rate, a measure of the amount of people employed compared to the size of the workforce, fell to 63.7 percent from 63.8 percent.

34 posted on 08/03/2012 5:58:15 AM PDT by Unmarked Package
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To: God luvs America

and these numbers will be revised as well. Watch!


35 posted on 08/03/2012 5:58:29 AM PDT by GoCards (I am a Hobbit)
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To: Perdogg
Rush is gonna have fun with this,as will others.Let's hope that Romney joins the bandwagon.
36 posted on 08/03/2012 5:58:29 AM PDT by Gay State Conservative (Poor Barack.If He's Reelected,Think Of The Mess He'll Inherit!)
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To: Perdogg

Unexpected! Everybody *hic* drink!


37 posted on 08/03/2012 5:59:00 AM PDT by TheBigB (Hippie liberal chick: "What do I do about birth control?" Me: "Just use your personality.")
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To: Perdogg

How widely did they correct? Did they retract in all the early/late morning drive time scripts they sent out to local radio? Did they get all the stations to retract their sound bites? Damage was done and intentionally, the retraction was likely perfunctory, but meaningless.


38 posted on 08/03/2012 5:59:48 AM PDT by Gaffer
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To: Bulwinkle
Yesterday's news ABC report set this up as good news by reporting that anything less than 100k new jobs created would be considered bad news (I've always heard the new job creation rate must be much higher than that in order just to keep pace with new work force entries).

So Halleluja, this is fantastic news. We MUST send BO back to the white house.

39 posted on 08/03/2012 6:00:02 AM PDT by skeeter
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To: AU72

I am not sure. I do not understand how or why they counted.


40 posted on 08/03/2012 6:01:23 AM PDT by Perdogg (Let's leave reading things in the Constitution that aren't there to liberals and Dems)
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To: Perdogg
"Everything that's supposed to be down is up."

"Everything that's supposed to be up is down!"

41 posted on 08/03/2012 6:03:05 AM PDT by eCSMaster ('Nancy Pelosi is a DINGBAT.' - Gov. Sarah Palin)
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To: Perdogg

Can someone please tell me how adding 163,000 jobs is seen as “positive”?

It takes 250,000 just to break even.

AND, they’re reporting the tick up to 8.3% from 8.2%, as “essentially unchanged”!!!!

Is THAT how it would have been reported under a Republican administration?


42 posted on 08/03/2012 6:03:24 AM PDT by G Larry (Progressives are Regressive because their objectives devolve to the lowest common denominator.)
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To: Perdogg
Here is the key paragraph I picked up from another news article.

The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.

so basically Seasonal Adjustments and Birth-Death Adjustments is everything. The raw numbers are 195k fewer workers.

43 posted on 08/03/2012 6:03:57 AM PDT by oldbrowser (As long as Obama's records are sealed, any discussion of Romney's past is off limits.)
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To: Perdogg
It's not bad numbers for July but they did decrease by 6,000 the previous 2 months and not nearly enough to satisfy the current unemployed.

The problem for Obama is going to come next month when companies really freeze hiring due to Obamacare.

44 posted on 08/03/2012 6:04:18 AM PDT by tobyhill (Defund Obamacare Now)
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To: Perdogg

BLS could only hide the weekly manipulations for so long.

Cricket chirps from the WH, so far. Obama is supposed to speak later in the morning.


45 posted on 08/03/2012 6:05:35 AM PDT by TomGuy
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To: silverleaf

The markets reacted positively because with a continuing weak economy the hopes for Fed action on QE3 rise. Bad news is good news...


46 posted on 08/03/2012 6:05:56 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Perdogg

Seasonal And Birth Death Adjustments Add 429,000 Statistical “Jobs”

“...the BLS “added” 377K jobs for seasonal purposes. This was the largest seasonal addition in the past decade for a July NFP print in the past decade, possibly ever...the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher...In other words, of the 163,000 jobs “added”, 429,000 was based on purely statistical fudging.”

http://www.zerohedge.com/news/seasonal-and-birth-death-adjustments-add-429000-statistical-jobs


47 posted on 08/03/2012 6:05:56 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: nascarnation
Baraq is gonna suck bilge bong water come November.

That's more like it.

48 posted on 08/03/2012 6:06:37 AM PDT by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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To: Old Retired Army Guy

In my book a 20% change isn’t a “revision” as these jokers call it... Being off by 20% means you didn’t have a clue. Or you just made up guesses that fit with the message you wanted to get out there, then later had to admit something closer to the truth.


49 posted on 08/03/2012 6:06:37 AM PDT by ThunderSleeps (Stop obama now! Stop the hussein - insane agenda!)
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To: oldbrowser
The news is saying the markets are reacting positively to the good news but the truth is that the markets are reacting positively because the news is bad and that means that the Fed may have to stimulate the market once more and that is short term positive for the stocks.
50 posted on 08/03/2012 6:06:54 AM PDT by oldbrowser (As long as Obama's records are sealed, any discussion of Romney's past is off limits.)
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