The greatest economic comeback in all history of humanity continues full steam ahead. The much heralded Obama Economic Boom continues. This dynamic economic comeback has lead to a loss of 131,000 jobs in July. The losses are attributed to the census workers being laid off and local government layoffs. Private sector jobs grew by an anemic 71,000, a number not enough to keep up with population growth. The unemployment rate stayed steady at 9.5, but that is because people stopped looking for work.
The Labor Department said Friday that nonfarm payrolls fell by a remarkable 131,000 last month, about double what economists were expecting. Private hiring was anemic; corporate America added 71,000 positions in July, about 20,000 fewer than anticipated and further evidence that, while profits are relatively robust, companies are reluctant to hire. That reluctance likely stems from the uncertain regulatory environment and concerns about higher taxes next year. The government’s payroll fell by 202,000 as temporary Census workers were let go.
What’s more, last month’s weak report now looks even worse, with the Labor Department revising that figure to a loss of 221,000 jobs from the originally reported 125,000.
The unemployment rate held steady at 9.5%. Ironically, while economists had anticipated that number would rise to 9.6%, it’s not necessarily good news that it didn’t. As more would-be workers become discouraged about their bleak prospects for employment, they simply drop out of the hunt, and fewer people classified as looking for work has the effect of keeping a lid on the overall unemployment rate.
The report also showed that 45% of those without a job, 6.6 million people, have been out of work for more than six months.
Read the rest: Weak U.S. Economy Shed 131,000 Jobs in July
The Obama Boom is a lie invented by Daniel Grossof Newsweek. The truth is the economy is anemic and there’s no sign of improvement. Until there is fundamental tax reform that will make America competitive in the Global economy there won’t be. Barack Hussein Obama and his Porkulus bill have only made things worse. The higher the debt and government involvement, the more it weighs down on our economy. Why would a businesses hire here with all these burdens? They will hire overseas.
The Progressive media can lie all they want but facts remain, the economy sucks! Unless we undertake massive transformation like Paul Ryan is advocating, we will be a 3rd World nation. Then again, that is the goal of the Neo-Feudalists Progressives.
Update: Here is your Tax Money at work! It turns out we are training offshore IT workers, with our tax money!
Despite President Obama’s pledge to retain more hi-tech jobs in the U.S., a federal agency run by a hand-picked Obama appointee has launched a $36 million program to train workers, including 3,000 specialists in IT and related functions, in South Asia.
Following their training, the tech workers will be placed with outsourcing vendors in the region that provide offshore IT and business services to American companies looking to take advantage of the Asian subcontinent’s low labor costs.
[….]
USAID is also partnering with Sri Lankan companies in other industries, including construction and garment manufacturing, to help create 10,000 new jobs in the country, which is still recovering from a 30-year civil war that ended in 2009.
Read it all: U.S. To Train 3,000 Offshore IT Workers
There are plenty of out of work American IT workers. Why are we spending our tax money to help foreigners ? This shows you the Transnationalist attitude of our Bi-Partisan Progressive elites. This needs to stop and we have to create jobs here in America.
(Update Hat Tip: Iron Fist)
Tags: Neo-Feudalism, Obama Economic Boom
