Posted on 06/02/2006 4:25:12 PM PDT by Sub-Driver
A Heckuva Jobs Report
June 2, 2006
Today brought more evidence of President Bush's failed economic record. The Labor Department announced that only 75,000 jobs were created in May, about 100,000 fewer jobs than what economists were forecasting would be added last month. In addition, job gains for March and April were actually weaker than first reported by the government. Wage growth also slowed in May. [Bureau of Labor Statistics, 6/2/06; Associated Press, 6/2/06] The overall trend is not positive, as economists generally believe the economy needs to create 150,000 jobs each month just to keep up with population growth. [BBC, 6/2/06]
This recent report magnified the growing inequalities in America. While America lost 10,000 manufacturing jobs in May and many Americans are dealing with ever-rising gas prices and increasing health care costs, wealthier Americans are spending more.
"Despite the President's latest PR campaign, the Bush Economy is failing hard-working Americans and undermining our country's economic security," said Democratic National Committee Press Secretary Stacie Paxton. "America's working families don't benefit when incomes fall five years in a row, health care costs skyrocket, and gas prices hit record levels. Democrats remain committed to raising the minimum wage and adopting pro-growth job policies, tax cuts that help the middle class and not special interests, and an energy policy that makes America energy independent. Together, America can do better."
A "Haves And Haves Not" Jobs Market. "Unemployment fell to 4.6% largely because more adults chose to not participate in the job market. It is clearly a 'haves' and 'haves not' labor market, and these conditions go a long way toward explaining why President Bush cannot convince Americans the economy is on solid ground, even as it demonstrates robust GDP and productivity growth," according to Peter Morici, a professor at the University of Maryland. [Wall Street Journal, 6/2/06]
Auto And Retail Sales Offer Evidence Of Growing Economic Divide In America; Bush Economy Pinching Spending Of Lower-Income Americans. "May sales for big auto makers and retailers offered fresh evidence that rising energy prices are pinching the spending of lower-income Americans, even as wealthier consumers continue to spend strongly on luxury goods ranging from clothing to sports cars and SUVs. The stark figures raised the prospect that the increased cost of gasoline and heating oil could be aggravating the existing economic divide become lower-income workers and the best-paid, who already are seeing their wages rise at a faster rate. ...Results from Detroit's Big Three auto makers, as well as some foreign car makers including Toyota Motor Corp., for instance, showed that last month was good for luxury brands and foreign companies catering to affluent customers. ...By contrast, U.S. auto makers, who draw more lower-income buyers, continued to see a drop in sales, especially of sport-utility vehicles, and all three blamed the recent rise of gasoline prices to the range of $3 a gallon. ...The retail industry has seen a similar pattern this week. Despite concerns about slowing demand, retail sales were solid at upscale stores in May... But discounters have been warning that they see high gas prices crimping sales." [Wall Street Journal, 6/2/06]
In my area, all of the delivery trucks have permanent painted signs telling you who to call for job information; all of the malls, grocery stores, etc. have job kiosks; if you shop during the day, you will likely have a "help wanted" slip tucked into your bag; and everyone who is eligible for an unemployment check collects for nearly the maximum time.
I don't know how the economy can add more jobs - where are the people to take them?
5% GDP growth and a 4.6% unemployment rate. If that is a failed economy< Jimmy Carter was the apocalypse.
This is one of the most f#$king stupid statements ever about employment. And I used to be stupid enough to believe it. You don't just choose to be "permanently unemployed". You still have to make a living somehow. Damn I hate the media.
I'm getting pounded by recruiters. I've seen more "Help Wanted" signs than I can count. McDonald's in a local town, with a sign saying that if you show up on Wednesday's with an application, you WILL get an interview. Target with big red signs on the doors. Lowe's. I've even been seeing tow trucks with "Help Wanted" signs on them. This is BU!!$H!T.
How to survive the "doom and gloom" economy? That's easy. Just follow a few simple steps. (1) Turn off the television news channels--permanently. (2) Cancel your subscription to the "gloom and doom" newspapers; they report that you can't afford it, so take that message to heart and act on it! (3) Keep working hard at your job--or apply for and get a better one. What's better? Something you enjoy more, something that pays more, or something closer to your home. (4) If you own your home, get proper home insurance--including hurricane, flood, and earthquake coverage--and avoid pro-rated insurance policies. And (5) refrain from spending more than you earn and avoid debt, especially payday loans, credit cards, and loan sharks; if you're in debt, make a special effort to cut spending and pay off that debt.
We are desperatley seeking RN's at my job. But, if you listen to Rush, it's true these are hard times...if you work for the MSM
Come to Louisiana and Mississippi. There are tens of thousands of jobs going unfilled down here. Big concern is that there's not enough construction workers because so many are still getting big bucks in the demolision work. Not all low level jobs either. I'm looking for a scientist and a personal secretary which are rare as hen's teeth these days.
More adults have chosen not to participate in the job market for two major reasons:
(1) Some people have the assets necessary to sustain themselves without working, so they retire early.
(2) In families with children, the husband makes enough money to support the family (on account of the good economy), so the wife opts to stay home and rear the children.
A host of minor issues also play into this calculation, including the military, which employs nobody. In some calculations, farm workers, ranchers, and others deriving income from agriculture also do not count as employed. Seasonal fluctuations in agricultural personnel vary with the weather and other factors from year to year, so "seasonal adjustment" may not adjust for actual seasonal variations.
So that's why the illegals come here. They want to suffer with us! The DNC wants them to slip in and suffer!!!,,,And vote!!!,,and suffer,,,but mostly VOTE!!
Agreed and understood. What I'm simply trying to say is that no one with an economic need voluntarily "leaves" the job market. We're in agreement.
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