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Posts Tagged ‘July Jobs Report’

The Obama Boom: 162,000 Jobs created in July; Unemployment rate drops to 7.4%

by Phantom Ace ( 114 Comments › )
Filed under Business, Economy, unemployment at August 2nd, 2013 - 10:16 am

 The Economic Golden Age declared by some in the media continues to increase prosperity at an unprecedented rate not seen since antediluvian times. The rate of job growth continues to be historic and is putting the 90’s and 80’s boom to shame. An astronomic figure of 162,000 jobs was created in July. The Unemployment rate dropped to 7.4%, due to the increasing prosperity that is allowing people to drop out of the labor market. The labor force participation rate dropped to 63.4% reflecting a strong robust economy! Wages declined 2 cents due the bulk of job creation being low wage part jobs, which is a sign that people are doing so well, they prefer only working part time!

The above paragraph was a paradoy of how the Obama Regime will spin these numbers. 162,000 jobs are not bad, but it is just treading water. The drop in labor force participation is due to the low pay and bad quality of jobs created. People would rather stay on government assistance that pays more than take a crappy job. Make no mistake, this report is another sign of America’s 13 year economic decline.

Employers added fewer workers than anticipated in July and the U.S. jobless rate dropped to 7.4 percent, indicating uneven progress in the labor market.

The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 185,000 gain. Workers spent fewer hours on the job and hourly earnings fell for the first time since October.

[….]

Retailers added almost 47,000 workers in July, the most in eight months. Employment in education and health services showed the smallest gain in a year. Construction employment fell and manufacturing rose for the first time in five months.

[….]

Average hourly earnings fell 0.1 percent to $23.98 in July from the prior month, and were up 1.9 percent over the past 12 months.

The average work week for all workers fell to 34.4 hours from 34.5 hours.

The household survey showed that part-time employment climbed by 174,000 in July, exceeding a 92,000 gain in full-time hiring.

The number of discouraged workers, those not looking for a job because they don’t believe one is available, climbed to 988,000 in July from 852,000 a year ago.

America’s economic stagnation continues without any end in sight. THe Middle Class continues to lose ground and more people c ontinue to depend on government. The Obama Regime’s polcies are afilur, but the Republicans are not offereing any alternative either. Both parties continue to demonize other Americans and just engage in nasty rhetoric to distract from this bad economy.

No amount of media spin can cover up one simple truth, the economuc sucks!

Update: Zero Hedge has a good chart showing 70% of our jobs created were part time.

Part Time

This is a very daming statistic.

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Posted in Business, Economy, unemployment | 114 Comments »

The Obama Boom: Thanks to “Seasonal Adjustments” economy added 163,000 jobs in July but rate goes up to 8.3%

by Phantom Ace ( 92 Comments › )
Filed under Economy, unemployment at August 3rd, 2012 - 10:18 am

The Obama Boom continues to defy all economic logic. Just when you think the media is giving up on the booming economy theme the Obama Regime puts out a jobs report that makes the media cheer! According to the BLS, the economy added 163,000 jobs. That’s right, despite falling consumer spending, declining factory orders and an anemic GDP growth of 1.5% the economy added more jobs in June than July. Yet despite this increase in jobs, unemployment went up to 8.3%. The U6 number is up to 15%.  So what gives? This article explains what occurred.

The U.S. economy followed up a weak second quarter by creating more jobs than expected with 163,000 new positions added in July, but the unemployment rate rose to 8.3 percent.

Markets reacted positively to the announcement, with the stock market surging at the open and safe-haven bond prices plunging. Economists had been expecting 100,000 new jobs.

As the country struggles to gain growth traction, the unemployment rate held above 8 percent for the 41st consecutive month, according to the latest report from the Bureau of Labor Statistics.

[….]

Despite the seemingly good news, the report’s household survey showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments in the establishment survey. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.

The household survey also showed 150,000 fewer Americans in the workforce.

[….]

On a national level, that more encompassing rate edged higher to 15.0 percent.

The household survey showed a drop of 195,000, thus an increase in unemployment. So where did the 163,000 jobs created come from? The BLS used seasonal adjustments to come up with the 163,000 figure. This means that 163,000 jobs where probably not created or the number is lower. Zerohedge explains the seasonal adjustments numbers.

Happy by the headline establishment survey print of 133,245 which says that the US “added” 163,000 jobs in July from 133,082 last month? Consider this: the number was based on a non seasonally adjusted July number of 132,868. This was a 1.248 million drop from the June print. So how did the smoothing work out to make a real plunge into an “adjusted” rise? Simple: the BLS “added” 377K jobs for seasonal purposes. This was the largest seasonal addition in the past decade for a July NFP print in the past decade, possibly ever, as the first chart below shows. But wait, there’s more: the Birth Death adjustment, which adds to the NSA Print to get to the final number, was +52k. How does this compare to July 2011? It is about 1000% higher: the last B/D adjustment was a tiny +5K! In other words, of the 163,000 jobs “added”, 429,000 were based on purely statistical fudging. Doesn’t matter – the flashing red headline is good enough for the algos.

(Hat Tip: Macduff)

In other words, the 163,000 jobs are pure fiction. But it will not matter. The average Joe who is non political and economically ignorant will hear 163,000 jobs created and the media spin that the economy is roaring. This headline will help Obama. Many Conservatives think this election is a slam dunk. It’s not and this number even while make believe will be used to prove the Obama Boom is alive an well.

Do not underestimate what we are up against!

We here at Blogmocracy may know the truth but that doesn’t mean the general public does. We need to spread the truth to our neighbors and friends. It is up to us to counter the propaganda of the Pharonic Regime.

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Posted in Economy, unemployment | 92 Comments »

The Obama Boom: 117,000 jobs created and Unemployment at 9.1% for July

by Phantom Ace ( 143 Comments › )
Filed under Barack Obama, Economy, Media, Progressives, Socialism, unemployment at August 5th, 2011 - 11:30 am

After a string of bad economic data the Obama Regime loving media is grasping at straws. The latest ray of hope for the media is July’s job numbers. 117,000 jobs were created in July. This is normally an anemic number but to the media this is proof the Obama Boom is real. The unemployment rate declined to 9.1%, mostly due to people dropping out of the job market. The media will ignore this and just trumpet the lower figure.

Hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.

Employers added 117,000 jobs last month, the Labor Department said Friday. That’s better than the past two months, which were also revised higher.

[…]

“Huge sigh of relief in the markets that we got a relatively good number—not an absolutely good number but a relatively good number. And don’t underestimate how important that is,” Mohamed El-Erian, co-CEO of bond manager Pimco, told CNBC.

[…]

The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed.

The report follows a string of gloomy data that shows the economy has weakened.

Read the rest:  Job Creation Inches Higher; Unemployment Slips to 9.1%

Pop the champagne corks because good times are here, NOT! A statistical quirk is why unemployment went down. The Obama Regime hopes more people leave the job market so the number declines further. The media will proclaim an economic miracle of epic proportions due to the ficticious unemployment rate. 

The reality of the situation is that this figure of 117,000 is anemic. There is no Obama Boom no matter how much the media tries to promote this lie.

Update: Here’s a good analysis that shows this jobs report is not as good as the media is trumpeting.

Before getting too excited about the modest uptick in net job creation and a slight downward move in the unemployment rate, it’s probably worth a look under the hood.

[…]

Let’s start with the reality that fewer people actually were working in July than in June.

According to a Bureau of Labor Statistics breakdown, there were 139,296,000 people working in July, compared to 139,334,000 the month before, or a drop of 38,000.

But the job creation number was positive and the unemployment rate went down, right? So how does that work?

It’s a product of something the government calls “discouraged workers,” or those who were unemployed but not out looking for work during the reporting period.

This is where the numbers showed a really big spike—up from 982,000 to 1.119 million, a difference of 137,000 or a 14 percent increase. These folks are generally not included in the government’s various job measures.

So the drop in the unemployment rate is fairly illusory—stick all those people back in the workforce and you wipe out the job creation and the drop in unemployment.

No matter how much the media will hype this report, they can’t cover up the reality. The Obama Boom is like the tooth fairy, a myth.

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Posted in Barack Obama, Economy, Media, Progressives, Socialism, unemployment | 143 Comments »