Unnemployment rate unexpectedly soars to 6.1%

CBS Marketwatch ^ | 09/05/2008 | Greg Robb

[Glenn]

Nonfarm payrolls decreased by 84,000, the Labor Department reported Friday. These are more job losses than the 75,000 drop expected by economists surveyed by MarketWatch.

The factory sector, especially the auto industry, shed jobs in August. Employment services, considered a bell whether of future labor market trends, also had sharp losses.

[txrangerette]

I would say this...the 8000 number is quite small. Yes, it went in a negative direction, but on the other hand the numbers are miniscule considering the size of our economy. In addition, it could be revised later on...have to wait and see.

We have had nothing else to indicate a recession. Which, remember, is back to back quarters with negative GDP.

What we have had is sluggishness. Prolonged sluggishness. However, the most recent growth numbers were trending upwards.

Finally, as another mentioned, these are lagging indications. Unemployment is always the last thing to show the ill effects of sluggish or negative growth GDP. It’s like looking in a rear view mirror.

And it will always be the last thing to show a positive turnaround.

Doesn’t mean the sky is falling.

I get so tired of the media saying that something was “unexpected” or “surprising” or “larger or smaller than predicted”.

How stupid is that?

There’s no way to hit these predictions on the head. Fact is, some of the recent data has been much better than anyone “expected”, so if this one is worse than expected, the whole thing evens out.

[quack]

TVA announced that it was increasing rates 20% for energy.Biggest increase ever,while at the same time,giving huge bonuses to contractors who completed nuclear reactor work well behind schedule.

Since 2003,TVA has increased rates by 57%.This,of course,gets passed on directly to the consumer,be it residential or commercial.It's not just fuel increases for employers,but electric bill increases as well.A double whammy for energy consumers.

[Tarpon]

We got slapped with a 20% rate increase starting September.

For some reason they all seem to think increasing people’s cost by 20% is a good number.

It’s only going to increase the “drill now baby” push.

[cw35]

This is near full employment and I know of only a few people who have lost jobs. This number has no meaning to me.

[kellynla]

You want to increase the number of jobs in America?

Start more domestic oil drilling, building more oil refineries, more nuclear power plants and deport the illegal aliens who are taking away jobs that Americans could easily fill...for a fair market wage.

It ain’t rocket science!

Next case...

[Garvin]

” MINIMUM WAGE INCREASE RAISES JOBLESS RATE” there fixed it

[ThePythonicCow]

We have had nothing else to indicate a recession. Which, remember, is back to back quarters with negative GDP.

If you take that as the definition of a recession, then yes it is not yet a recession.

I don't trust key government stats.

[NTHockey]

>>The factory sector, especially the auto industry, shed jobs in August.<<

Nothing new here. August is when auto plants shut down for model year changeovers.

[misterrob]

You want more jobs?

Cut corporate tax rates

Reduce mandates on ethanol based fuel sources

Open areas for drilling and build nuke plants

Reduce government spending by 5% and reduce marginal tax rates again

[kellynla]

and one last thing before I’m off to work here...
want to decrease the unemployment level and make more jobs available to AMERICANS....start fining employers BIG TIME who hire illegals!!!

[Finalapproach29er]

Tax hike on job creators/wealth anyone? /sarc

This country needs to think and snap out of this celebrity trance that it is in.

[ThePythonicCow]

I know of only a few people who have lost jobs.

Depends on where you live and work.

I guess you don't live in Detroit, nor work in the financial district in Manhattan, or sell mortgages, or build houses, or work retail in a shopping mall or at one of many closed Starbucks or ...

Enjoy.

False negativism is when the other guy loses his job.
A recession is when you lose your job. <grin>

[ThePythonicCow]

I get so tired of the media saying that something was “unexpected” or “surprising” or “larger or smaller than predicted”.

How stupid is that?

That part of your rant I agree with.

[ThePythonicCow]

Nor do I guess you work in travel, hotels, airlines or SUV sales ...

[agenda_express]

Let's see: Before Democrats took over house and senate (December 06), unemployment was 4.5%. Not even two years later, gas prices have doubled and unemployment is 6.1%. We DO need change!!! Our country was on much better footing before the American people gave up HOPE in 2006 and created the wrong kind of CHANGE. We do not need four more years of Democrat control! Look what they have done in just less than two years. WE NEED CHANGE WE CAN BELIEVE IN! VOTE McCAIN / PALIN to RESTORE AMERICA!

[nclaurel]

Because of Democrats in Congress and their stubbornness, we have much higher fuel prices that force all services and goods higher. No doubt businesses see less business if you can afford to get there, you have no money to spend there. Now some think that Obama raising corporate taxes will help by driving more companies out of this country. And the MSM will lay blame where?

[Joan Kerrey]

Perfect time to raise taxes. /s

[Freedom_Is_Not_Free]

You gloomy doomer! Don’t be lying to the good folks of this forum. Trying to pretend we are in a recession to get Hitlery elected. This is the best economy since WWII. Manufacturing is booming. Housing is going up like wildflowers. Wall Street is on a tear. Consumers are consuming and business is just booming!!! With the international community decoupled from the USA, look for exports to double next month and the month after.

You are just a doom and gloomer trying to talk down the economy. Don’t be fooled! There is NOOOOOOOOO recession. It is just a dirty lie by the evil MSM! Don’t believe it.

Best time to buy... EEEEEEEEEVVVVVVVVVVVVEEEEEEEEEEERRRRRRRRRR!!!!!!!!!!!!

[Freedom_Is_Not_Free]

And I remember when 6.1% meant there were REALLY only 6.1% out of work, not undercounted to skip all the people who quit looking, the part time workers who can’t find a full time job, all the private “contractors” out of work who are undercounted, all the people forced into retirement by layoffs.

Yep, I remember when 6.1% unemployment really was 6.1% and when 5.6% inflation really was 5.6% inflation.

[Freedom_Is_Not_Free]

I assume you heard the revised numbers for June and July, with July’s job loss increased by 9,000 and June’s job loss increased by a whopping 49,000 to 100,000?

So much for the idea that the revised numbers always show less unemployment.

http://www.247wallst.com/2008/09/unemployment-so.html