Obama jobs death toll: private sector jobs, growth forecasts down
Automatic Data Processing is a payroll giant that cuts checks to employees. The company publishes a national employment report with Macroeconomic Advisers. Its latest stats show that the nation lost 10,000 private sector jobs last month. It’s not what economists expected. Via the WSJ:
Economists had expected ADP to report a jobs gain of 17,000 in August. The estimated change in employment for July was revised to a gain of 37,000 from an increase of 42,000 first reported. The ADP survey tallies only private-sector jobs, while the Bureau of Labor Statistics’ nonfarm payroll data, to be released Friday, include government workers. Economists surveyed by Dow Jones Newswires expect that continued layoffs of government workers hired temporarily for the Census will mean a drop of 110,000 jobs from total August nonfarm payrolls. Among those economists forecasting private-sector jobs within the BLS data, the median projection is for a gain of just 28,000.
The ADP number may cause some forecasters to change their Friday expectations. The August unemployment rate is projected to edge up to 9.6% from 9.5% in July.
The reasons for weak job growth? The WSJ cites “market volatility, regulatory uncertainty and weak demand has curtailed economic growth” and “business concerns on regulations, taxes and future health-care costs, plus job mismatch,” and lack of demand.
A separate jobs report by Challenger is getting positive spin: “Announced U.S. Job Cuts Fell 55% From Year Ago.” But: “While companies are cutting fewer workers from payrolls, larger job gains are needed to bolster consumer spending and sustain the recovery. Waning demand and concern over the economic outlook are causing companies and policy makers to cut their forecasts for growth.”
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Related: Results from an economists’ survey show that most favor extension of the Bush tax cuts on capital gains and dividends. And this:
Departing Obama economic adviser Christine Romer digs in: White House economist calls for more stimulus.
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Not to worry. After Congress extends unemployment benefits to 50 years, no one will really need a job anyway :>).
Wow, this was totally unexpected!
(cough! BS! cough!) We all know it’s really 20% but hey, what’s a few numbers amongst friends?
Obrainless isn’t Jimmy Carter 2, he’s FDR 2. Read “New Deal or Raw Deal” and you’ll see how in 1939, after almost 7 years of New Deal policies, the unemployment rate was still 20%. Just like now.
Only now, I think the populace has figured out that if the gov’t spends money it’s not good for the economy. Unlike in FDRs time.
Buh bye, O.
We have alreaqdy been warned of layoffs and those that are left with being socked with nearly double the amout we already pay for Healthcare. Thank you Zippy.
“Economists” (read that, “Keynesians”) maynot have expected that downturn, but anyone with a lick of common sense (leaving out most govt officials) knows you don’t grow the private sector by taxing and regulating it to death!
I get this mental picture of OweBowMao looking at the new job numbers, rubbing his hands, and saying, “Gooood! Everything is falling into place.”
Exactly. When Enron cooked the books, the company officers took a perp walk. When the gov’t cooks the books, they have their mouthpieces explain it away by trying to tell us that if someone is unemployed but is so fed up looking for work, they give up, so they’re really not unemployed.
Socialist logic.
OT/ Well I guess I can add John Cusack to the list of Hollyweed aholes that can eat my shorts!
Not to worry – nobody will have a job.
What employer will hire anybody when it costs far more after the employee is let go than it did to have them working for you?
(in case you didn’t know – employers pay an unemployment payroll tax based on how much the greedy little government mitts think they can get away with and the companies employment history)
There’s your answer, Rogue. It’s mostly hype for the movie. I’m sure he actually feels this way, but this is just more proof of the old hollyweird saying, there’s no such thing as bad publicity.
A recent article in the Money section of the Sun-Sentinal quoted AN EXPERT WITH A PHD, as saying that the reason small businesses are not hiring is not due to healthcare or taxes. It is due to “not having enough customers.” Since I do have a small business, but not a PhD, I am relieved to know the source of my current financial stress & strain. Perhaps my customers are just concerned that they may lose their jobs due to some reason, but it surely can’t be due to taxes or healthcare. No doubt the PhD works for the government, or his enlightening “research” was funded by the morons currently infesting all levels of government.
Everything Obama is doing is making it more expensive for businesses to operate. Like anything in life, if something is more expensive, less will be consumed. If something is less expensive, more will be consumed, all other things remaining unchanged.
Obama knows that his policies are producing this result, yet he is willing to do it to achieve social justice, economic righteousness and a new world order as he wishes there to be.
Obama’s goal is to have more government, less private sector and a decrease in human activity for the masses while a privelaged and connected few live the high-life off the misery of the population.
And this woman is going back to teaching econ at a prestigious university? Egads. No knowledge, no wisdom, and no common sense. A fool’s trifecta.
This guy is regarded by th world’s critcs as an elite actor but I would bet the farm that he could not begin to articulate his political positions. Oh, I forgot, he memorizes lines and emotes for a living. That explains a lot.
Thanks for NOTHING, obama, you worthless socialist black liberation theologist! Why don’t you grow up, you pathetic fool??
Wow, those Marxist professors really got to him, didn’t they?
Wow. Give that man the Nobel in Economics.
So, I guess the deficit is so high not because the government is spending too much, it’s because it’s not getting enough revenue.
Where’s my PhD?
Dex: I would give you one of mine, but I might need them to get a job writing cr@p for some newspaper.
I thought that’s all they were good for anyway.
I guess if your Doctorate is in something like Linguistics you could be one of the ‘scientists’ writing the IPCC’s report on Global Warming.
Not all government spending is the same. Another round of “stimulus”, of which 95% was supposed to go to the private sector but went into state operating budgets, is not stimulus.
If the only benefactors of “stimulus” are government unions and state bureaucrats, might as well just burn the money.
Isn’t it waaaaay past time to find a new group of economic expert economists? Like the group of Orangutans at the San Diego Zoo. NO ONE CAN BE THAT CONSISTENTLY WRONG AND STILL BE CONSIDERED EXPERTS AT ANYTHING OTHER THAN BEING DIPSH*TS. No business is going to hire anyone while the group of antibusiness communists are writing laws and regs every day. Anyone who has ever run a lemonade stand can tell you when the gubmint is actively searching for ways to shut you down and fine/tax you into bankruptcy, you don’t want to expand. As someone above noted, 6 months of employment and 2 years of unemployment payments to some sleaze ruins most small companies. And we wonder why companies are moving offshore?
Having a PhD means you know more and more about less and less until you know everything about nothing!
Wow, I’m there already!
There ya go! You are now a PhD! Just have some diploma mill mail the sheepskin to you!
Theoretically, if you cut expenses enough, you don’t need any income to make a profit.
This is a true statement, but realistically impossible. Therefore, I submit it as my doctoral dissertation.
If I may extrapolate, interpolate and percolate on your premise.
I think Congress should PAY for the privilige of representing us.
That would have two benefits:
1. It would add some drops in the treasury bucket.
2. It would generally solve the ‘term limits’ issue. Although Kerry would probably continue paying his wife’s money indefinitely to stay in the Senate.
They already do, you just don’t live in the correct district.
In bho’s land of the fairy dust and pixie powder, jobs get created all the time. But because of those mean and nasty corporate types, jobs are not being created. bho has asked them over and over just like all community organizers in the past who have used the ultimate guilt trip or extortion schemes to get people hired. The truth hurts and reality bites. Welcome to the new normal, libs!
What I meant was to pay their OWN money. Not our money back to us.
Job cuts fell 55% because so few people have jobs.The Bambi regime will get the “job cuts” down to zero by creating an economy where no one has a job to cut.
Oh sure, the economy is in the toilet, but what do you guys think of Paris Hilton?
That reminds me. A UCLA Professor of 36 years has been let go because his research doesn’t fit what his department wants (their excuse is something like that) but in reality, he doesn’t think the science is any good (sound familiar?) and showed that the “PhD” whose report was used as the scientific basis for California’s diesel pollution law actually bought his PhD on the Internet for $1000.
Channeling RSS?
But, as to your question, I never stayed there.
I worked hard for my degrees so I’m not going to throw stones. However, even my teenagers can tell you why there were few summer jobs availble and how their future employment outlook sucks. They dont need a Phd to read the writing on the wall.