U.S. labour market shrinks again in July

Ottawa Business Journal ^ | Friday, August 1, 2003 | staff

[Willie Green]

For education and discussion only. Not for commercial use.

The number of working Americans continued to decline in July, the nation's Labor Department reported on Friday, despite the first drop in the jobless rate in more than a year.

The U.S. Labor Department said non-farm payrolls lost another 44,000 jobs in July following a loss of 72,000 in June.

Economists expected to see job gains, with estimates ranging from 10,000 to 100,000.

Jobs have been lost in every month so far this year for a total of 486,000.

However, the jobless rate fell for the first time in more than a year, to 6.2 per cent from 6.4 per cent in June.

The seemingly contradictory numbers are reconciled by the fact that the overall U.S. labour force contracted in July by 556,000 people.

"Job losses persisted in manufacturing and a number of other industries," U.S. labour commissioner Kathleen Utgoff said in a statement.

Offsetting losses at the nation's factories were gains in temporary help and other service industries.

The manufacturing sector lost another 71,000 jobs in July, with the largest decline found in transportation equipment.

The languishing air transportation sector continued to weaken, shedding another 9,000 positions.

On the plus side, the temporary service sector has added 122,000 jobs since April.

The labour report is lagging indicator of the health of the U.S. economy.

Expectations were for a stronger number considering other indications this week that the world's largest economy is ramping up for a long overdue recovery in the second half of the year.

On Thursday, the U.S. Department of Commerce reported that the nation's economy grew by an annualized 2.4 per cent in the second quarter. The consensus forecast was for growth of only 1.5 per cent.

Earlier in the week, the U.S. Federal Reserve reported that 10 of its 12 regional banks saw signs of improvement in June and July.

Canada's July employment figures are due next Friday.

[Willie Green]

ping

[harpseal]

Ping

on or off this list let me know

[harpseal]

I can't wait for the Marist internationsist so called Free Traders to come on and tell us this is good news.

[Moonman62]

The seemingly contradictory numbers are reconciled by the fact that the overall U.S. labour force contracted in July by 556,000 people.

More Enron accounting by the government.

[maestro]

More Enron accounting by the government.

The 'SEC' forever!

/sarcasm

[harpseal]

In post for that should have been Marxist not Marist. I do not believe that order of Catholic priests has taken a stand on Free Trade but I could be wrong.

[Willie Green]

More Enron accounting by the government.

It sure makes you wonder how the economy is supposed to be "growing" when over ½ million fewer people are working.

[LibertyAndJusticeForAll]

"The number of working Americans continued to decline in July, the nation's Labor Department reported on Friday, despite the first drop in the jobless rate in more than a year."

Does not compute...

"the number of working Americans" and "the jobless rate" drop

Therefore, "the jobless rate" does not include those who have been unemployed for so long they are not counted. The actual jobless rate is much higher.

[familyofman]

"The U.S. Labor Department said non-farm payrolls lost another 44,000 jobs in July following a loss of 72,000 in June. ....


Jobs have been lost in every month so far this year for a total of 486,000."

Must be a left-wing group to report such lies, or worse "treasonous bast*rds". Bill Clinton must be at fault - or Hillary.

[Willie Green]

In post for that should have been Marxist not Marist. I do not believe that order of Catholic priests has taken a stand on Free Trade but I could be wrong.

LOL! But as a Catholic, I can understand how you might get the two different groups confused.

[Steven W.]

you're just going to have to accept the fact that some folks, yourself seemingly the ultimate poster child, are just truly unemployable ... there are so many who should have never been employed during the 90's or holding positions they were. so go bus some tables and get back to work! ROFLMAO

[samuel_adams_us]

Join up!
http://groups.yahoo.com/group/USEngineers/

[Willie Green]

Once again, no substantial contribution to discussion of economic issues, Steven?
Just the same old boring personal attacks?
Is there any reason whatsoever why forum participants should pay any attention to you?

[harpseal]

I just did

[Orangedog]

Ping! Looks like people are finally starting to actually READ yesterdays numbers.

[arete]

It sure makes you wonder how the economy is supposed to be "growing" when over ½ million fewer people are working.

According to the monetary and fiscal authorities, Americans don't need none of those dirty old fashioned jobs. You are being liberated from the restraints and limitations of having to work for a living. It's the new era of structured finance and living life to it fullest on borrowed money. All you have to do is believe.

Richard W.

[samuel_adams_us]

Check this one out! I just joined!

http://www.numbersusa.com/index

[samuel_adams_us]

Join UP:

http://www.numbersusa.com/index

Cool stuff on this one!

[hedgetrimmer]

Watch out!

This site promotes sustainable development. Sustainable development is the new communist name for global socialism.

Freedom loving Americans cannot support "sustainable development" as this term means the death of freedom, not a long term future for it.