Employment Situation - June 2010 (Obamaconomics = FAILURE!)

Bureau of Labor Statistics ^ | July 2, 2010 | BLS

[C19fan]

Total nonfarm payroll employment declined by 125,000 in June, and the unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor Statistics reported today. The decline in payroll employment reflected a decrease (-225,000) in the number of temporary employees working on Census 2010. Private-sector payroll employment edged up by 83,000.

[ScottinVA]

So this is great news and we should be happy! More unemployment compensation! Jobs are being created!

So, if I understand this correctly, here's 0bama's unemployment good-news "math:"

The % number 0bama thinks is "bad:" = 15

minus

The % number shown on today's report = 9.5

equals

Actual % GAIN in employment = 5.5

Yep! THAT makes sense.

[NC28203]

>>>Does anyone know of an article or study that shows what this is doing to the tax base?

Numbers were released this week for 1Q10.

http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=a_4tonf2PeYU

State government tax revenue increased during the first three months of the year for the first time since 2008 on higher income tax collections, according to the U.S. Census Bureau.

The revenue rose $4 billion, or 2.7 percent, to $164.5 billion in the first quarter from a year earlier, according to Census Bureau figures released today. State and local government revenue combined rose 0.8 percent from the year-ago period to $299 billion, the second straight quarterly increase. State income tax receipts climbed $1.3 billion to $53.2 billion.

[Sgt_Schultze]

From Shadowstats.com...

[C19fan]

Notice the growing gap between U6 or the SGS alternative and U3. Really shows the effect of discouraged workers dropping out.

[andy58-in-nh]

The fix is in, and has been for some time. One has to look at the U-6 employment number to get even a sense of how bad things really are. In June, that number was 16.5%, reflecting "total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons... plus all persons marginally attached to the labor force".

In June 2010, the BLS estimates that there are 82,923,000 Americans no longer in the labor force. There are approximately 235 million Americans age 18 and older. By extension, 35% of our adult population is no longer working.

[LowTaxesEqualProsperity]

DemonRat economics KILL jobs.

DemonRats need to be wiped out for this nation to recover.

[Sgt_Schultze]

Income taxes collected won’t tell the story about the economy. Many folks are getting in front of pending cap gains tax increases. The condition of the economy is best told by sales tax receipts. I don’t know if there is a single location that tracks sales tax performance, but I’ve heard on a couple of radio interviews that sales taxes are off all over - though I cannot confirm that.

[mmanager]

Shovel ready b/s.

[NC28203]

>>>I don’t know if there is a single location that tracks sales tax performance, but I’ve heard on a couple of radio interviews that sales taxes are off all over - though I cannot confirm that.

Here are the breakouts on the Census data. General sales tax receipts are up YOY. Gas and Tobacco are down.

http://www2.census.gov/govs/qtax/2010/q1t2.pdf

[kempster]

Can you say LOSER???

[Night Hides Not]

It was just a bunch of people listening to wily ol’ Joe Biden... He told them the jobs aren’t coming back, so they just gave up looking.

I could've sworn I heard the VP say just a couple of months ago that "we'll soon be seeing 350,000 jobs created every month."

Not an exact quote, but I remember the number.

[P-Marlowe]

It’s just sickening to see this national decline...when we know what would turn things around. We could have gotten started in 2008 & be pulling out of this by now.

We need to keep a positive mental attitude.

I believe one of two things is going to happen.

One, Obama will be tossed out on his rear in 2012 and we can begin the next Reagan revolution, or

Two, he will declare himself dictator of the world and Jesus will be coming back soon.

[investigateworld]

The condition of the economy is best told by sales tax receipts. I don’t know if there is a single location that tracks sales tax performance, but I’ve heard on a couple of radio interviews that sales taxes are off all over - though I cannot confirm that.

That sounds like a question NV Dave would know.

[NC28203]

For reference and educational purposes:

The Current Population Survey (sometimes called the household survey) looks at a random sample of 60,000 households each month, and examines the status of all working-age civilians who are not in institutional settings (like prisons or nursing homes). In order to establish a standard point of measurement, the survey inquires into the working status of an individual for the week that contains the 12th day of the month, and is generally conducted the following week, to make sure respondents clearly remember whether they were working or looking for work during the relevant period.

A number of other labor statistics, which are also included in the monthly jobs report, are gathered from a separate monthly survey called the Current Employment Statistics survey (often referred to as the payroll survey). The CES polls employers rather than workers, asking them to report on the number of workers they employ, as well as on their employees' hours and earnings.

In essence, the CES survey measures jobs, while the CPS measures workers. The CPS is therefore a more reliable source for unemployment statistics — since, for instance, a person with two jobs could be counted twice in the CES survey but only once in the CPS, and self-employed Americans are not counted in the CES measurement at all.

[maggief]

“Santelli on CNBC is pissed off!”

Can you elaborate, please?

[Grunthor]

We needed a leader. A proven, loyal problem solver. We got amateur night at the Apollo.

[justlurking]

The way they count this number is wrong. The unemployment situation is getting worse, and if the rate is improving, then something is wrong with the methodology being used to track it.

The reason is buried in the fine print: the unemployment rate is dropping because a significant number of people are giving up -- and no longer looking for work.

Those people are removed from the ranks of the "unemployed".

[23 Everest]

YOU LIE!

For God’s sake, vote them out of office!

[Patriotic1]

Over three million people dropped out of the labor force since last June

Smoke and mirrors....

So they do these phone surveys - doesn't that strike you as a little inaccurate maybe? Sigh....

[Patriotic1]

In my subdivision, the amount of monthly dues that are late is higher than the amount collected. I feel like we’re reaching a tipping point. And the dues are only $59 or so - not a lot.

My neighbor jogs and says there are empty houses all over, but you can’t really tell when you drive past.